Private sector invests SR 28 bn in Saudi ports

Updated 30 May 2013

Private sector invests SR 28 bn in Saudi ports

The private sector has pumped additional investments in Saudi ports estimated at SR 28 billion, and helped the Kingdom generate an income estimated at SR 4 billion annually since the start of the privatization policy by the Saudi Ports Authority (SPA) over 17 years ago (in 1417 H), said Captain Mahmoud Hussain Al-Harbi, director of Duba Port.
The SPA has signed 28 contracts with Saudi firms and other mixed Saudi foreign companies, to work in the ports on the profit-sharing basis, Al-Harbi said while speaking at an international exhibition on ports in Jeddah. He added that these companies have contributed to the development of mechanisms of action, improvement of the methods of management, training the Saudis and localization of global expertise in the field of port operation. They also helped in the construction of ports handling and stations and provision of modern ports handing equipment with full funding from the private sector.
The privatization has helped in achieving significant reduction in the operational costs of ports, and provision of job opportunities to Saudis, he said.
The privatization has also helped in implementing specialized and advanced training programs, and achieving a quality shift in the method of management of ports, high productivity rates in accordance with international rates, and keeping the privileged position of Saudi ports and enhancing their competitive position with global ports, he pointed out.
Captain Gaid Al-Itaibi of Saudi Aramco presented a working paper on the management system of the company's ports aimed at raising their performance of operations and connecting them with other systems in the company.
Elaborating on the system, he said it includes four major programs — the first is concerned with accepting vessels in the ports of Saudi Aramco, the second is the data bank that contains information on all carriers in the world and records of visits to the ports of the company, the third is the performance monitoring system for tanker operations, and the fourth is the customer satisfaction measurement system on services provided to them by the company.

Saudi Arabia has lion’s share of regional philanthropy

Updated 26 April 2018

Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.

In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.