Saudi industrial exports reached SR162bn in 2012

Updated 03 May 2014
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Saudi industrial exports reached SR162bn in 2012

The value of Saudi industrial exports reached SR162 billion by the end of 2012 compared to SR110 million in 1974, Director General of Saudi Industrial Development Fund (SIDF) Ali Al-Ayed said.
Addressing a GCC industrial event in Oman, Al-Ayed said Saudi industrial exports have achieved high growth rates averaging 20 percent per year in the period 1974-2012.
The 14th GCC Industrial conference convened in Muscat, Oman, on March 30-31 was themed “Industrial exports: prospects and challenges.”
It was organized by the Omani Ministry of Commerce and Industry and the Gulf Organization for Industrial Consulting (GOIC) in coordination with the Riyadh-based GCC general secretariat.
The SIDF chief attributed the robust growth of the industrial exports to the availability of hydrocarbons at preferential prices in addition to the conclusion of international and regional trade agreements to this end.
Plastic and chemical products accounted for 77 percent of the total industrial exports in that year, followed by food products at 8 percent, base metals (6 percent), and electric devices and equipment (2 percent), he told the conference.
He said the SIDF used to adopt a series of measures to boost industrial exports, including attraction of foreign investments which had an effective role in transferring experience and technical know-how.
SIDF has approved SR42.2 billion, or 38 percent of total loans, for the industrial projects, he said.
He also enumerated a series of challenges facing local industries, notably how to diversify production and export base for local industries, upgrade technical knowledge, minimize global competition on local products, and how to boost efficiency of export logistics services.
The SIDF chief explored a number of recommendations for the development of national exports, including creation of a national strategy to develop industrial exports, expansion of regional and international trade cooperation and spread of awareness among investors and officials on the importance of exports.


Samsung delays Galaxy Fold media events in China

Updated 22 April 2019
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Samsung delays Galaxy Fold media events in China

  • Instead of plaudits ahead of the phone’s launch on April 26 in the US, Samsung has instead received brickbats
  • The hashtag #foldgate trended on Twitter because of the smartphone issues

SEOUL: Smartphone maker Samsung postponed media events for its Galaxy Fold planned for this week in Hong Kong and Shanghai, a company official said, days after reviewers of the foldable handset reported defective samples.
The official did not elaborate on reasons or rescheduling.
Instead of plaudits ahead of the phone’s launch on April 26 in the United States, the South Korean conglomerate has been blighted by technology journalists reporting breaks, bulges and blinking screens after using their samples for as little as a day.
Samsung said it received “a few” reports of damage to the displays of samples of the $1,980 handset, raising the specter of the combustible Galaxy Note 7 three years ago which the firm ultimately pulled from shelves at massive cost.
The reviewers’ reports of broken screens went viral online and prompted the creation of hashtag #foldgate on Twitter.
Samsung has hailed the folding design as the future in a field that has seen few surprises since Apple’s iPhone in 2007. Chinese rival Huawei Technologies has also announced a folding handset, the Mate X.
The Samsung official on Monday said it had no change to its previously announced release date in the United States.
It plans to begin South Korean and European sales in May, and Chinese sales from an undisclosed date.