‘Saudi Arabia moving fast toward achieving its Vision 2030 goals’

Dr. Ayedh bin Hadi Al-Otaibi, deputy governor of investment climate.
Updated 13 December 2018
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‘Saudi Arabia moving fast toward achieving its Vision 2030 goals’

  • The SAGIA adopts strategies that are in accordance with Vision 2030 to support an investor’s journey within the Kingdom

RIYADH: The Saudi economy is standing strong and it is supported by a competitive environment, said a senior official of the Saudi Arabian General Investment Authority (SAGIA).
Dr. Ayedh bin Hadi Al-Otaibi, deputy governor of investment climate, was speaking at the Sixth Saudi Trade Finance Summit, which began on Wednesday in Riyadh.
Al-Otaibi delivered a speech on “Unlocking the potential of the Arab world’s largest economy” in which he reviewed the objectives and role of SAGIA with a particular reference to Vision 2030.
The SAGIA official also highlighted the recently introduced reforms in the investment environment to support the business sector in the Kingdom.
Al-Otaibi said Saudi Arabia is moving rapidly toward achieving its goals as envisaged in Vision 2030. The goals, he added, include an increase in foreign direct investment in the Kingdom, diversification of sources of income and leveraging its unique attributes as the heart of the Islamic world and the link between three continents.
The official said the Kingdom is taking all steps to make small and medium enterprises (SMEs) the main engine for economic development in the Kingdom.
Due to the recent measures and reforms the SMEs in the Kingdom are witnessing a spurt in growth and job creation, he added.
SMEs are considered a key partner in the development of Saudi Arabia.
One of the important actions in supporting these companies is the establishment of the General Authority for SMEs (Monshaat), which aims to increase the contribution of such businesses in the economy. Monshaat aspires to contribute to innovation, facilitate funding and create jobs for Saudi males and females.
The government has put in place stimulus packages of up to SR200 billion ($53 billion) until 2020 under the Fiscal Balance Program, one of the central initiatives for realizing the Kingdom’s Vision 2030 reforms.
The PIF, the Kingdom’s sovereign wealth fund, has also supported the sector by setting up a SR4 billion fund ($1 billion) that will give SMEs access to capital. The “fund of funds,” as it is known, will invest in venture capital and private equity funds targeting the SME sector.
A privatization program also encourages the private sector to own or manage state-owned assets and to take over public services currently provided directly by the government.
SMEs are important to all economies around the world and will specifically play a major role in the non-oil-reliant Saudi economy. SMEs contribute to the economy by generating employment opportunities for the Saudi people and fostering economic empowerment for the youth and women. This will help in achieving the Vision 2030 goals of decreasing unemployment from 11.6 percent to 7 percent and increasing female participation in the workforce from 22 percent to 30 percent.
The SAGIA adopts strategies that are in accordance with Vision 2030 to support an investor’s journey within the Kingdom.
It also promotes a business environment based on customer service by measuring the satisfaction of investors with the services offered to them.


Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

Updated 22 January 2019
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Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

JEDDAH: Saudi Aramco’s Uthmaniyah Gas Plant (UGP) has been recognized by the World Economic Forum (WEF) as a “Lighthouse” manufacturing facility and a leader in technology applications of the Fourth Industrial Revolution. 
Saudi Aramco is the first energy company globally to be included in this select group of manufacturing sites. The plant is also the only facility in the Middle East to be recognized by WEF. 
The announcement was made ahead of WEFs annual meeting in Davos, Switzerland.
The gas plant is one of the world’s largest gas processing plants and was commissioned in 1981 as part of Saudi Aramco’s Master Gas System to process associated gas from oil wells. 
The use of drones and wearable technologies to inspect pipelines and machinery has helped cut inspection time by 90% in this industrial facility.
“The recognition of the Uthmaniyah Gas Plant demonstrates Saudi Aramco’s shift to transform and adapt in the rapidly changing global energy landscape. Uthmaniyah is only one part of our large integrated energy value chain where IR 4.0 technologies are playing a critical role to enable significant capital and operational efficiencies,” said Amin H. Nasser, Chief Executive Officer of Saudi Aramco.
The seven new facilities join nine other “Manufacturing Lighthouses” which WEF unveiled in September 2018. The 16 factories were selected from an initial list of 1,000 manufacturers based on their successful implementation of cutting-edge technologies of the future that drive financial and operational impact.
The “Lighthouse” program was conducted by WEF in collaboration with McKinsey during a year-long study. A study team visited UGP in Saudi Arabia and performed a thorough audit.