KSA ‘has golden opportunity to attract global investments’

Updated 22 January 2014
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KSA ‘has golden opportunity to attract global investments’

Saudi Arabia has the golden opportunity to attract global investments and is moving in the “right way” to become the leading manufacturing country in the region, said Andrew Liveris, president and CEO of Dow Chemical.
The Dow chief’s remarks came at the Seventh Global Competitiveness Forum in Riyadh.
His work paper focused on manufacturing, partnership, sustainable development, innovation, and industrialization
Observing that each job in a manufacturing plant creates three others, he said advanced manufacture always acted as the engine of innovation, facilitating over 90 percent of spending on research.
He said his company had entered into partnership with the Ministry of Commerce and Industry and had jointly worked out a plan for advanced manufacturing in the Kingdom.
Saudi Arabia is one of the leading oil exporting countries but oil alone will not support industrial growth, he said.
The Dow chief also referred to a 40-year-long partnership with Juffali Group.
Saudi Arabia is poised to become the first manufacturing country in the region, notably in creating more jobs and development based on partnership and exploitation of available opportunities, he said.
Mutasim Al-Mashouq, deputy president of Saudi Aramco for business development, traced the history of the company in support of mega projects and entrepreneurship.
Saudi Aramco facilitated entrepreneurs to put forth their industrial plans through Wa’ed project, which targets small and medium enterprises (SMEs) in the Kingdom, he said.
Speaking at the session, Deputy CEO of Saudi Basic Industries Corporation (SABIC) Mutlaq Al-Miraishid said his company had adopted the “Made in Saudi Arabia” concept since its inception.
The petrochemical sector has become robust in the Kingdom, thanks to plans and partnerships concluded between SABIC and other manufacturers, he said.


Kuwait says overnight fire at onshore oil rig now contained

Updated 23 April 2018
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Kuwait says overnight fire at onshore oil rig now contained

  • Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields
  • The company acknowledged another spill at the field earlier this month, without elaborating

KUWAIT CITY: Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields.
The Kuwait Oil Co. said early on Monday that a fire broke out while an emergency team responded to what it described as a “minor” leak at the Al-Maqwa field.
The company said the fire caused no injuries and production continued at the field. It did not offer an estimate for the number of barrels of oil spilled in the leak.
The company acknowledged another spill at the field earlier this month, without elaborating.
OPEC member Kuwait, a tiny emirate on the Arabian Gulf, is a major oil producer. Kuwait produces some 2.9 million barrels of crude oil a day and holds the world’s sixth-largest oil reserves.