Japan’s Canon to launch operations in KSA

A man walks past a Canon sign in Tokyo. The imaging giant plans to start operations in Saudi Arabia. (Reuters)
Updated 06 June 2018
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Japan’s Canon to launch operations in KSA

  • Aims to hire 300 by 2020
  • Part of regional expansion

LONDON: Saudi Arabia’s drive to attract foreign investment racked up another success on Wednesday when Japanese multinational Canon revealed plans to set up operations in Riyadh, Jeddah and Alkhobar, employing 300 by 2020.

The cameras, photocopiers and medical imaging giant has been operating in the UAE where it employs 260, but is now targeting KSA as it expands in the Middle East and North Africa.

Anurag Agrawal, managing director, Canon Middle East, said, “Saudi Arabia is witnessing a transformation into a more diversified economy with several industries developing and establishing a presence in the region’s largest market.”

The Japanese hope that demand for Canon products will come from small and medium enterprises (SMEs), which make up 90 percent of all enterprises in Saudi Arabia, and which require efficient digital systems to prosper.

Saudi Arabian wants to lift the GDP contribution of SMEs to 35 percent by 2030.

Canon will back the country’s Saudization program by employing Saudi nationals, including women, as modernization takes hold.


Russia’s RDIF to boost investment deals in Saudi Arabia

Updated 17 January 2019
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Russia’s RDIF to boost investment deals in Saudi Arabia

  • Fund's CEO Kirill Dmitriev leads a delegation of more than 20 Russian business figures to the Kingdom
  • The delegation discussed projects in oil refining, petrochemical, gas chemical and oilfield services

RIYADH: Russian sovereign wealth fund RDIF said on Wednesday it would significantly boost its investments deals with Saudi Arabia in 2019.

The fund’s CEO Kirill Dmitriev led a delegation of more than 20 Russian business figures to the Kingdom to discuss new projects.

Saudi Energy Minister Khalid Al-Falih met Dmitriev in Riyadh and expressed his happiness on the progress they made in the talks and the cooperation between the two countries. 

“Its not only commercial cooperation, but we are also working on scientific research, and we have opened a research center in Moscow University,” Al-Falih said.

The minister said the Russian delegation will also meet officials from Saudi Basic Industries Corporation SABIC and mining company Ma’aden among other companies during their three day visit to the Kingdom.

The delegation discussed projects in oil refining, petrochemical, gas chemical and oilfield services sectors, a Russian Direct Investment Fund statement said.

Al-Falih added that the Russian side has started a rubber plant project in Al-Jubail with Total and Novomet.

RDIF already has a $10 billion investment partnership with the Saudi Public Investment Fun (PIF), with more than $2 billion already invested in projects.

“We extend our cooperation not only on oil cuts but to cooperate in oil services, technology, LG and petrochemicals,” Dmitriev said. “We believe Saudi Aramco can be one of the greatest partners of Russia.”

The CEO said they were continuing to cooperate with PIF in Saudi Arabia through a number of energy investments.

Russian companies are also keen to invest in the Kingdom’s planned $500 billion mega-city NEOM.

“We have companies that have interest to invest in NEOM, we would like to build a port in NEOM, it can be a big port,” Dmitriev said.