عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Secures Half of the Gulf’s Energy Spare Parts Market

Inside the factories of Immensa in Dammam (Asharq Al-Awsat)
Inside the factories of Immensa in Dammam (Asharq Al-Awsat)
TT
TT

Saudi Arabia Secures Half of the Gulf’s Energy Spare Parts Market

Inside the factories of Immensa in Dammam (Asharq Al-Awsat)
Inside the factories of Immensa in Dammam (Asharq Al-Awsat)

Saudi Arabia’s energy spare parts industry is experiencing unprecedented growth, driven by the adoption of digital manufacturing technologies. The Kingdom now commands more than half of this market in the Gulf region, with an estimated annual value of $10 to $15 billion, while the global market stands at approximately $90 billion per year. This underscores the importance of localization, especially with the increasing adoption of 3D printing.

During an interview with Asharq Al-Awsat, Fahmi Al-Shawwa, founder and CEO of Immensa, said he expects the local sector to witness significant growth in the coming years, as expansion opportunities in the Saudi market present promising prospects.

Immensa, a Saudi company, is the largest digital manufacturer in the Middle East and North Africa. The company has digitized over 15,000 spare parts, evaluated more than 2.1 million parts using artificial intelligence, and produced over 200 components using additive manufacturing—an advanced technique that builds parts layer by layer from a 3D digital model.

According to Al-Shawwa, the value of locally manufactured energy sector components in Saudi Arabia using 3D printing ranges between $1 billion and $4 billion, creating significant opportunities for local companies to expand their operations.

He also revealed that Immensa aims to double its growth by 2025 as 3D printing technologies continue to advance. In 2024, the company achieved a 300% increase in production capacity, reflecting substantial improvements in manufacturing processes.

Al-Shawwa emphasized that Immensa is expanding its production capabilities and offering innovative solutions to enhance efficiency. The adoption of 3D printing allows Saudi Arabia to produce high-value components domestically, strengthening the industrial sector, which contributes 12% to 15% of the country’s GDP.

The biggest challenge facing the industry is raising awareness about the potential of advanced manufacturing technologies, according to Al-Shawwa. He stressed that 3D printing is not just an emerging industry but a revolutionary manufacturing method capable of transforming various sectors.

“Both the private and public sectors face challenges in embracing the risks associated with adopting new technologies. This calls for greater awareness and education on the true benefits of these innovations,” he stated.

Regarding local talent development, Al-Shawwa confirmed that Immensa is investing in specialized consulting services, training programs, and new manufacturing facilities to support national innovation. The company is also strengthening cybersecurity and infrastructure to create a secure and sustainable environment for protecting local digital inventories.

He noted that Saudi Arabia is strongly committed to adopting the Fourth Industrial Revolution, which has become a strategic necessity rather than a luxury.

Al-Shawwa concluded by saying that Immensa’s greatest value lies in its ability to create a local digital inventory, which could reduce reliance on global markets and unlock new opportunities for innovation in the energy spare parts industry.

Most Viewed

 
 
Business

New Shipping Service Connects Jeddah Islamic Port with China, Malaysia and Egypt

Jeddah Islamic Port (Mawani)
Jeddah Islamic Port (Mawani)
TT
TT

New Shipping Service Connects Jeddah Islamic Port with China, Malaysia and Egypt

Jeddah Islamic Port (Mawani)
Jeddah Islamic Port (Mawani)

The Saudi Ports Authority (Mawani) has announced the addition of China United Lines’ new SGX shipping service to Jeddah Islamic Port, enhancing the Kingdom’s connectivity with global markets, improving supply chain efficiency, and supporting trade flows through the Red Sea- one of the world’s most important maritime routes.

The new shipping service connects Jeddah Islamic Port with the ports of Shanghai and Nansha in China, as well as ports in Malaysia and Egypt, with a capacity of up to 2,452 TEUs.

This initiative forms part of Mawani’s ongoing efforts to improve the Kingdom’s performance in global logistics indicators, strengthen national exports, and support the objectives of the National Transport and Logistics Strategy, which aims to position Saudi Arabia as a global logistics hub and a key link between three continents.

Business

Saudi Trade Offices Contribute to Creating 2,221 Export Opportunities, Securing 393 New Investments

King Abdullah Economic City port (Economic Cities and Special Zones Authority)
King Abdullah Economic City port (Economic Cities and Special Zones Authority)
TT
TT

Saudi Trade Offices Contribute to Creating 2,221 Export Opportunities, Securing 393 New Investments

King Abdullah Economic City port (Economic Cities and Special Zones Authority)
King Abdullah Economic City port (Economic Cities and Special Zones Authority)

Saudi Arabia’s General Authority of Foreign Trade said Saudi commercial attachés contributed to creating 2.221 export opportunities and secured 393 new investment opportunities, underscoring efforts to expand the Kingdom’s global economic footprint.

The gains came alongside measures to protect domestic industry, including four anti-dumping investigations and five decisions imposing protective duties on imports to ensure fair competition and support Saudi exports abroad.

Established in 2019 as an independent authority, the body is tasked with advancing Saudi trade interests internationally and supporting economic development under Vision 2030.

According to a recent authority report seen by Asharq Al-Awsat, the agency held 25 meetings of its main negotiating team involving Saudi government entities, 75 meetings of related subcommittees and 149 meetings of Gulf technical negotiating teams. It also conducted seven rounds of negotiations between Gulf Cooperation Council states and trade partners.

International Partnerships

The authority carried out 38 overseas visits, participated in or prepared for 39 international forums and conferences, and held 305 technical meetings with domestic and foreign entities.

It launched four anti-dumping investigations into imports, prepared 182 economic reports to support companies and took part in seven international investigations to defend Saudi exports. It also issued five anti-dumping duty decisions covering imports of several products.

The report said the authority continued negotiations with a number of countries to support non-oil exports - goods and services - by securing preferential access to global markets, encouraging and protecting investment, strengthening supply chains and advancing free trade agreements with major economies and blocs.

Diversification Push

The authority said the efforts align with Vision 2030 goals to diversify the economy and strengthen Saudi Arabia’s position in global trade, adding that it was pressing ahead with trade policies aimed at widening the reach of Saudi exports and opening new markets, reinforcing the Kingdom’s ambition to position itself as a global trade hub.

The authority also said it was working with public and private sector partners to develop a more flexible and competitive external trade system while adopting international best practices in trade regulation.

The efforts form part of broader plans to boost the competitiveness of Saudi exports, improve efficiency and build a sustainable, diversified economy in line with the Kingdom’s foreign trade ambitions.

Business

Analysts Say Iran is Drowning in its Own Oil

FILE PHOTO: Iranian flag overlayed with a rising stock graph and 3D printed gas pump miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Iranian flag overlayed with a rising stock graph and 3D printed gas pump miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

Analysts Say Iran is Drowning in its Own Oil

FILE PHOTO: Iranian flag overlayed with a rising stock graph and 3D printed gas pump miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Iranian flag overlayed with a rising stock graph and 3D printed gas pump miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

The US naval blockade is having significant impact on oil flows in Iran, which is running out of places to store its own crude and only about 22 days of capacity left to avoid a crippling production shutdown.

With shipments falling sharply and fuel reservoirs nearly filled, Iran’s storage capacity crisis poses a prominent threat to the country's infrastructure.

Analysts say the country could soon run out of space to store oil — forcing deeper production cuts and potentially triggering long-term damage to its energy system.

According to data firm Kpler, The Wall Street Journal and Bloomberg, the blockade has cut exports by roughly 70%, forcing Iran to revive derelict sites known as “junk storage,” using improvised containers and trying to ship crude by rail to China.

The unusual steps are aimed at delaying an infrastructure crisis and blunting Washington’s leverage in the standoff over the Strait of Hormuz, according to The Wall Street Journal.

Since early April, with the imposition of the naval blockade on Iranian ports, the volume of oil loading onto tankers has dropped from 1.85 million barrels per day in March to only 567 thousand, according to a Bloomberg report.

And despite reports saying some tankers have evaded the blockade, data from Kpler and The Wall Street Journal said no ships have successfully escaped the US blockade of Iranian ports, with officials stating that vessels had been turned back or complied with redirection orders.

Chabahar Port, located east of the Strait of Hormuz and outside the Arabian Gulf, is a critical backup gateway for Iran to circumvent strait-related risks. However, satellite imagery confirms that around six to eight Very Large Crude Carriers (VLCCs) are anchored off the coast of Chabahar in the Gulf of Oman, where the tankers serve as “floating oil storage” unable to break the US blockade.

To manage the crisis, Iran is using new ways to store excess oil that it cannot sell due to the blockade. Tehran has activated the 30-year-old supertanker Nasha for emergency oil storage near Kharg Island.

According to Kpler, the accumulation of oil at sea is substantial. Iran currently holds around 184 million barrels of crude in floating storage, with 60 million barrels trapped within the blockade zone and the remainder located near major Asian trading hubs.

Last week, the US Navy said it forcefully intercepted and turned away two VLCCs.

Iran's onshore crude inventories have risen by about 4.6 million barrels since the blockade to nearly 49 million barrels, according to Bloomberg.

While total storage capacity is estimated at around 95 million barrels if additional northern refinery tanks are included, Kpler said operational constraints, safety limits, and geographic factors mean a significant portion of this capacity may not be practically usable.

This means that Iran has just 12 days of onshore capacity storage left, rising to about 22 days including floating storage, before it is forced to cut production of up to 1.5 million barrels a day as soon as mid-May.