Amiantit sets standards in pipe technology

Updated 03 December 2012

Amiantit sets standards in pipe technology

Eastern Province Gov. Prince Muhammad bin Fahd yesterday opened the Research & Development Center of Saudi Arabian Amiantit Co. in Dhahran yesterday.
The governor, accompanied by Prince Ahmed bin Khaled, chairman of Amiantit, and Prince Turki bin Muhammad, vice chairman, toured the center and its advanced research facilities.
Dr. Khaled Al-Sultan, president of King Fahd University of Petroleum and Minerals, Sulaiman Al-Thunayan, governor of Alkhobar and Dr. Sulaiman Al-Tuwaijri, CEO and managing director of Amiantit were also present.
The new Amiantit Technology Center is the result of a close cooperation between the company and the King Fahd University of Petroleum and Minerals (KFUPM).
The building, with its distinctive architecture, has been established prominently in Saudi Arabia’s Dhahran Techno Valley and the building’s outline symbolizes the innovative work that will be performed there.
Together with the state-of-the-art testing and research equipment in the new laboratories, the R&D aims to be a leading center of competence in composite and pipe technologies and will work closely and in full cooperation with the Flowtite Technology Center in Sandefjord, Norway.
The new center will further enhance the group’s Research & Development activities and contribute to the further success and sustainability of the group and its products, both in existing and new markets worldwide.
The Saudi Arabian Amiantit Company was established in 1968 in Dammam in the Kingdom to manufacture pipes for the local market. Since then, it has grown and developed into a major diversified industrial group with operations spanning the globe.
The group’s core business activities comprise: Manufacture and sale of pipe systems; ownership and sale of pipe technologies; the provision of water management consultancy and engineering services; and manufacture and supply of polymer products
Today, the company markets a wider range of pipe products than any other pipe manufacturer, and provides a total solution to customers fluid transfer needs, designed to optimize the applied technology and costs. The group serves municipal, civil engineering, industrial, energy, and agricultural markets worldwide, supporting global infrastructure development.
The group comprises 30 pipe system manufacturing plants, 6 technology companies, 4 materials suppliers, and 8 supply and engineering subsidiaries, in a number of countries around the globe. In addition, an extensive sales and service network caters for the needs of customers in more than 70 countries around the world.

Financial crime leads to billions of lost business in Middle East, survey finds

Updated 52 min 54 sec ago

Financial crime leads to billions of lost business in Middle East, survey finds

  • Some 45 percent of MENA respondents in Thomson Reuters victims of fraud, corruption and bribery
  • 77 percent of MENA respondents deliberately avoided customers, suppliers, countries or industries viewed as most exposed to financial crime.

LONDON: Middle Eastern companies are losing billions of dollars in business opportunities because of fears about financial crime, according to a Thomson Reuters survey published on Thursday.

Concern about the possibility of severe financial and reputational damage due to regulatory breaches leads foreign investors and firms to shun companies and entire regions where they see “heightened risk.”

In the Middle East and North Africa (MENA), 77 percent of survey respondents said that they deliberately avoided customers, suppliers, countries or industries which they viewed as most exposed to financial crime.

“The impact in terms of lost opportunities at both organizational and national level is difficult to quantify, but likely to impact productivity and economic development,” Thomson Reuters said.

The report was conducted online by an independent third party in March 2018. More than 2,000 senior managers at large global organizations completed the survey, from 19 countries.

In a hard-hitting conclusion, the report said: “For the first time our research has put a price on financial crime: three and a half percent of corporate turnover for the 2,373 large companies in our survey alone. That adds up to a staggering $1.45 trillion.”

Financial crime was said to blight individual lives and undermine the ability of governments to provide key services such as education and health. The IMF has shown that it reduces economic growth and social cohesion.

Che Sidanius, global head of financial crime regulation at Thomson Reuters, said that financial crime caused “incalculable” harm around the world. The proceeds of activities spanning bribery, corruption, fraud, and narcotics trafficking have been implicated in the financing of terrorism, human rights abuses such as slavery and child labor, and environmental crime.

“This has serious economic and social costs in terms of the lost revenues to national exchequers that could be invested in social development, and in terms of the impact on individual lives,” Sidanius said.

Other key findings were that 45 percent of MENA respondents had been a victim of financial crime as opposed to 47 percent globally; 96 percent believed that bribery and corruption was an important issue to tackle; 57 percent indicated that the consequences of bribery and corruption meant less government revenue; only 59 percent said that they fully conducted due diligence; and only 60 percent fully conducted due diligence, the report said.