540 firms lineup for Saudi Print & Pack Exhibition
540 firms lineup for Saudi Print & Pack Exhibition
Prince Saud Al-Abdullah Al-Faisal bin Abdulaziz, chairman, REC, said in his announcement here on Tuesday that the major exhibiting companies would include China, Taiwan, India and Italy.
Prince Saud in his welcome address highlighted the role played by the REC over the years in upgrading the MICE Industry by organizing hundreds of conferences and attracting thousands of exhibitors and visitors.
“The Saudi Print & Pack Plastics and Petrochemicals exhibition is an annual event that gathers the decision makers from the private and public sector, to discuss the latest trends in the industry and explore the local opportunities with a global audience attending from the 24 countries participating in the event,” the prince said.
The press conference was attended by the commercial attaches of China, Taiwan, Italy and India; media representatives, and sponsors’ represented by Fawaz Al-Fawaz, chief financial officer, National Industrialization Company (Tasnee); Ayoub Al-Ghamdi, vice president commercial and logistics, Saudi Polyemrs Co.; Ahmed Bu-Hazza, supply chain general manager, Advanced Petrochemical Company.
Sami Mohammed Al-Osaimi, vice president, Elastomers, PVC, PS, PET, PMMA and POM, explained that SABIC’s participation in this exhibition aims to present innovative and economic solutions that can be developed locally to promote sustainable development.
He confirmed that SABIC is committed through its participation in the exhibition to raise awareness about sustainability as a crucial industrial concept to preserves the future of our generations and natural resources, pointing out the importance of spreading the innovation culture among their visitors during the show.
He added that the specialized chemicals sector focuses its efforts to provide specialized products that offer solutions, and new modern applications for customers and end-users.
Al-Ghamdi said: “The exhibition is an excellent opportunity to exhibit the needs of a growing market in packaging, printing, and plastics industries, and sheds light on the latest technical development and techniques for current and future demands.” Ahmed Bu-Hazza, supply chain general manager, Advanced Petrochemical Company, said, “The Saudi Print & Pack, Plastics & Petrochemicals exhibition is the largest industrial event in the Middle East, the polymers field in particular and provides opportunities to communicate at all levels, which will support the growth and development of polymers products. The industrial manufacturing, especially in the Kingdom, thus accommodates the localization of this industry and of its technical support and development of the Saudi work force and to sustain the growth of this promising market, which is compatible with the goals of our government.”
Pramod Kumar Agarwal, second secretary (economic and commercial), Embassy of India, thanked the REC for organizing this significant event and said “The Kingdom of Saudi Arabia is the 4th largest trade partner with an annual bilateral trade of around $ 40 billion.” He added that India will be represented by more than 50 companies at the show and it is also arranging a B to B event in Riyadh.
Faisal AN, economic counselor, Taipei Economic & Cultural Representative Office, Taiwan, said: “The Taiwan pavilion will host 24 suppliers who are ready to show their cutting-edge products and technologies, and prove their expertise in making plastic and rubber machinery.”
Indonesia’s Go-Jek close to profits in all segments
- Go-Jek is Indonesia's first billio-dollar startup
- Ride haling app evolves into online payment platform
JAKARTA: Go-Jek, Indonesia’s first billion-dollar startup, is “extremely close” to achieving profitability in all its segments, except transportation, its founder and CEO Nadiem Makarim told Reuters.
Launched in 2011 in Jakarta, Go-Jek — a play on the local word for motorbike taxis — has evolved from a ride-hailing service to a one-stop app allowing clients in Southeast Asia’s largest economy to make online payments and order everything from food, groceries to massages.
“We’re seeing enormous online to offline traction for all of our businesses and are close to being profitable, outside of transportation,” said the 34-year old CEO.
The startup is expected to be fully profitable “probably” within the next few years, Makarim added.
Already a market leader in Indonesia, where it processes more than 100 million transactions for its 20-25 million monthly users, Go-Jek is now looking to expand in Southeast Asia.
Ride hailing services in Southeast Asia are expected to surge to $20.1 billion in gross merchandise value by 2025 from $5.1 billion in 2017, according to a Google-Temasek report.
Go-Jek said in May it would invest $500 million to enter Vietnam, Singapore, Thailand and the Philippines, after Uber struck a deal to sell its Southeast Asian operations to Grab — the bigger player in the region.
Go-Jek is seeing strong funding interest from its backers as it targets an aggressive expansion, Makarim said.
“Since its Aug. 1 launch, the app has already grabbed 15 percent of market share in Ho Chi Minh,” Makarim said. The firm this week opened recruitment for motorcycle drivers in Thailand.
The startup expects anti-monopoly concerns swirling around the Grab-Uber deal, which Singapore said had substantially hurt competition, to help clear a path for its expansion.
“We’re bringing back choice. The Singapore government is particularly eager to bring back competition,” Makarim said, adding that the order of overseas rollouts had not been set.
Go-Jek’s offshore push comes at a time when Singapore-based Grab is stepping up funding to expand in Indonesia and transform itself into a consumer technology company, starting with a partnership with online grocer HappyFresh.
“Mimicking Go-Jek’s strategy is the highest form of flattery,” laughed Makarim.
Grab told Reuters in a statement, “The super app strategy has been around for a while now and no Southeast Asian player can claim to have pioneered it.” The company also said Grab has not lost market share in Ho Chi Minh since August, but declined to provide market share data.
Makarim believes Go-Jek’s understanding of food merchants will give it an edge over Grab, which counts investors such as Chinese ride-hailing firm Didi Chuxing and Japan’s SoftBank Group Corp. among its backers.
Makarim, who sees food delivery as Go-Jek’s core business, said he was not concerned about funding, without giving details.
Go-Jek was reported in June as being in talks to raise $1.5 billion in a new funding round and was valued at about $5 billion in a prior fundraising, sources have told Reuters. The firm had said in March it was considering a domestic IPO.
Makarim noted Go-Jek’s backers were sharing both capital and expertise. The company is collaborating with Alphabet Inc’s Google on platform mobility, Tencent on payments strategy, JD.com on logistics operations, and Meituan Dianping on merchant transactions and deliveries.
Go-Jek has set up a venture capital arm, Go-Ventures, to invest in startups in Southeast Asia “with strategic importance to our business,” the CEO said.