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.


Farnborough airshow announces $192 bn in orders

Updated 21 July 2018
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Farnborough airshow announces $192 bn in orders

  • The biannual air industry gathering recorded more than 1,400 commercial aircraft orders
  • The total is an increase of $67.5 billion on the last airshow two years ago

LONDON: England’s Farnborough airshow this week saw deals worth $192 billion (164 billion euros), a jump of more than 50 percent compared to 2016, in a sign of “confidence in global trade,” organizers said Saturday.
The biannual air industry gathering recorded more than 1,400 commercial aircraft orders, valued at $154 billion, alongside at least 1,432 deals for engines worth $21.96 billion.
The total is an increase of $67.5 billion on the last airshow two years ago, with the mile-high rivalry between Boeing and Airbus — who made the majority of plane orders — swelling sales.
US aviation giant Boeing announced 676 orders, totalling $92 billion at list prices, as of Thursday, while its European competitor had unveiled 431 orders worth $70 billion.
“The major deals announced this week demonstrate how confident the aerospace industry is and the role of Farnborough as an economic barometer,” said Farnborough International chief executive Gareth Rogers.
The show attracted its most global attendance ever with around 100 countries represented and a record Chinese presence, Farnborough said in a statement.
There was also a near-10 percent rise in trade visitors compared to previous years, with more than 80,000 visitors passing through the gates, it added.