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.


Egypt inks deal with Cyprus for power link to Europe

Updated 23 May 2019
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Egypt inks deal with Cyprus for power link to Europe

  • It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level
  • Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage

NICOSIA: Egypt has signed a deal with a Cypriot firm to lay a 310-kilometer (195-mile) cable under the Mediterranean to export electricity to Europe, the company said on Thursday.
Nicosia-based EuroAfrica described the deal, worth an estimated two billion euros, as a “landmark.”
“Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe,” said company chairman Ioannis Kasoulides.
It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level.
Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage.
“The national electricity grid of Egypt will be linked to the European electricity system through Cyprus and will contribute to energy security,” Kasoulides said.
Following the crises in Crimea and eastern Ukraine, the EU has been keen to develop alternative sources of energy to reduce its dependence on imports from Russia.
In the past year, gas has started flowing from four major new fields off Egypt’s Mediterranean coast, and output is already sufficient to meet domestic needs.
The Arab world’s most populous country is now seeking to develop the infrastructure to export its newfound energy wealth, both as liquefied natural gas and as electricity.
Egypt is also seeking to import gas from fields off Cyprus and Israel to boost the profitability of the new liquefaction and export facilities it is developing on its Mediterranean coast.
In September, Egypt signed a deal with Cyprus to build an undersea pipeline to pump Cypriot offshore gas to Egypt for processing for export to Europe.
The plans have led to closer eastern Mediterranean ties, with Cyprus, Egypt, Greece and Israel holding regular high-level meetings.