Al-Othman new SAGIA chief

Updated 22 May 2012

Al-Othman new SAGIA chief

JEDDAH: Abdullatif bin Ahmed Al-Othman, senior vice president of Saudi Aramco, has been appointed governor of Saudi Arabian General Investment Authority (SAGIA) with the rank of a minister. An MIT graduate, Al-Othman replaces Amr Al-Dabbagh.
"We have appointed Eng. Abdullatif bin Ahmed bin Abdullah Al-Othman as governor of SAGIA with the rank of a minister," a royal decree issued by Custodian of the Two Holy Mosques King Abdullah said yesterday.
Al-Othman thanked King Abdullah and Crown Prince Naif for the appointment and said he would work with SAGIA staff to realize the hopes and aspirations of the Saudi leadership.
King Abdullah issued two more decrees appointing Abbas bin Ahmed Hadi, deputy minister of housing, and Khaled bin Abdul Qader Taher mayor of Madinah, both with excellent ranks. Taher replaces Abdul Aziz Al-Hosain, who has been "relieved of his position as Madinah mayor upon his request."
Al-Othman, the new SAGIA chief, earned his bachelor's degree in civil engineering from King Fahd University of Petroleum and Minerals in Dhahran in 1979 and a master's degree in business management from MIT's Sloan School of Management in 1998.
He joined Aramco in 1981 and has over 30 years of experience in planning and managing oil and gas projects. He has participated in the execution of major hydrocarbon projects for the company. He was appointed the Saudi oil giant's senior vice president for engineering and project management on Aug. 29, 2011.
He was manager of the Project Support & Controls Department in the Project Management Division, also a manager of Contract Review and Cost Compliance in Finance. He also served as manager of Business Analysis in Corporate Planning in Aramco.
SAGIA has been playing an important role in attracting foreign investment and improving Saudi Arabia's competitiveness. Working in partnership with the world's most prestigious developers and investors, SAGIA initiated the establishment of four giant economic cities in Rabigh, Madinah, Hail and Jazan.
It has set up business centers to make investment easy in the Kingdom.

SAMI and French Naval sign MoU

Updated 3 min 58 sec ago

SAMI and French Naval sign MoU

  • SAMI is expected to create 5,000 new jobs
  • Saudi plans to nationalize 50% of its military spending for Vision 2030

DUBAI: State-owned Saudi Arabian Military Industries (SAMI) and France’s Naval Group signed a memorandum of understanding Sunday, said Al-Arabiya.

Reuters said Paris and Riyadh agreed to manufacture warships, frigates, and submarines in Saudi, Al-Arabiya added.

The parties also agreed to produce and develop naval systems.

The Saudi 2030 Vision is highly reliant on the contribution of SAMI to the GDP. According to the vision, the plan is to nationalize 50% of the military spending, and increase the contribution of the private sector to the GDP by 40-65%.

Public Investment Fund of Saudi Arabia expects SAMI to contribute almost $240 million to the national GDP by 2020, and to create 5,000 new jobs.

SAMI is set to become one of the top 25 manufacturers in the military industry globally, combining latest technologies and best expertise to produce military equipment according to international standards and aid the development of the Saudi army.

The company’s strategy is based on implementing best practices from extensive studies in the industry, and collaborating with national and international partners.

SAMI designed their areas of operation to increase profitability and nationalization of the industry.