Al-Rabiah urges factories to employ modern technology, boost Saudization

Updated 09 May 2012
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Al-Rabiah urges factories to employ modern technology, boost Saudization

Tawfiq Al-Rabiah, minister of commerce and industry and chairman of the board of directors of the Saudi Industrial Property Authority (MODON), recently opened a group of factories in Dammam Second Industrial City in the presence of top executives of MODON, Al-Sharqiya Chamber of Commerce in the Eastern Province, and a number of officials and businessmen.
He also opened the Administration Building of Dammam Second Industrial City, which the administration and Customer Service Center to provide various services including certificate of origin, chamber of commerce, labor and passport office branches.
Meanwhile, MODON is keen to attract government service agencies to open offices within the limits of the industrial cities to facilitate the procedures and provision of services for industrialists in the Industrial City.
The minister then toured the Industrial City and saw the development and rehabilitation projects being carried out there. Next, he opened the factories —Welson Middle East Pipelines Co. Ltd., which has a capital of SR67 million and the production capacity of 300,000 tons. Also opened are Ma'aleh factory, Fahd Al-Thnayan for chemical products.
At the end of the tour, the minister praised the factories for employing Saudi citizens and urged factories in general to employ modern technology and increase the percentage of Saudization.
Al-Rabiah said: "Eastern Region with its largest industrial complex has became the capital of industry in the Middle East, notably in terms of industrial cities of Jubail, Ras Al-Khair, Dammam 1, 2, 3, Al-Ahsa and Hafr Al-Baten. Soon Salwa and the new industrial cities will attract more than 2,000 industrial projects and services.
Director General of MODON Saleh Al-Rashid said: "The volume of demand for industrial land in the region is a strong indicator of the future of the industry and will make the Kingdom's economy independent of oil, which is the vision of Custodian of the Two Holy Mosques King Abdullah, who announced that industry is our strategic choice to diversify sources of income."
He added: "The second industrial city in Dammam has 340 factories that are in operation or under construction with employees numbering 75,000. The city has several development projects and rehabilitation of roads, sidewalks, lighting, water and wastewater treatment, landscaping and maintenance and the establishment of a highway link and electrical transfer station, totally valued at SR804 million."


OECD warns of global economic slowdown

Updated 21 November 2018
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OECD warns of global economic slowdown

  • ‘We urge policy-makers to help restore confidence in the international rules-based trading system’
  • Trade tensions have already shaved 0.1-0.2 percentage points off global GDP this year

PARIS: The global economy has peaked and faces a slowdown driven by international trade tensions and tighter monetary conditions, the Organization for Economic Cooperation and Development warned Wednesday.
The OECD, which groups the top developed economies, said it had trimmed its growth forecast for 2019 to 3.5 percent from the previous 3.7 percent.
The 2018 estimate was left unchanged at 3.7 percent.
For 2020, the global economy should grow 3.5 percent, it said in its latest Economic Outlook report.
“The shakier outlook in 2019 reflects deteriorating prospects, principally in emerging markets such as Turkey, Argentina and Brazil,” it said.
“The further slowdown in 2020 is more a reflection of developments in advanced economies as slower trade and lower fiscal and monetary support take their toll.”
OECD chief Angel Gurria highlighted problems caused by trade conflicts and political uncertainty — an apparent reference to US President Donald Trump’s stand-off with China which has roiled the markets.
“We urge policy-makers to help restore confidence in the international rules-based trading system,” Gurria said in a statement.
Trade tensions have already shaved 0.1-0.2 percentage points off global GDP this year, the Economic Outlook report said.
If Washington were to hike tariffs to 25 percent on all Chinese imports — as Trump has threatened to do — world economic growth could fall to close to three percent in 2020.
Growth rates would drop by an estimated 0.8 percent in the US and by 0.6 percent in China, it added.
For the moment, the OECD puts US economic growth at 2.9 percent this year and 2.7 percent in 2019, unchanged from previous estimates, but trimmed China by 0.1 percentage point each to 6.6 percent and 6.3 percent.
It warned that “a much sharper slowdown in Chinese growth would damage global growth significantly, particularly if it were to hit financial market confidence.”
Laurence Boone, OECD Chief Economist, said “There are few indications at present that the slowdown will be more severe than projected. But the risks are high enough to raise the alarm and prepare for any storms ahead.”