SAGIA
Former British Prime Minister Tony Blair visited SAGIA today to meet with Saudi Arabian General Investment Authority (SAGIA) Gov. Amr Al-Dabbagh to have its vision for the Kingdom’s investment future. According to Blair, who listened eagerly to the governor’s presentation, it makes great sense for western countries and companies to invest in the Economic Cities given their value proposition, especially now during the present global economic recession. Blair spent more than an hour with the governor and his executive team, making mental notes as the various members outlined the overall strategic value of the cities, and how the various components of each will set global standards for competitiveness. He was impressed with the details the way the cities leverage Saudi Arabia’s core competencies, focusing on those sectors in which the Kingdom has strategic advantages, as well as the huge increase in the Kingdom’s competitiveness rankings, Tony Blair would refer to SAGIA’s strategic goals as an “amazing vision.”
BMG/EVONIC
Evonik Industries, a German multinational company, based in Essen, Germany, has signed with BMG Financial Group an “Advisory Mandate” to be its financial advisor and arranger for potentially upcoming investments in Saudi Arabia. At a signing ceremony held in Dubai recently, Evonik Industries expressed its strong interest to invest within the Saudi petrochemical sector and the Gulf. “We already have experience in the region. We have a tradition here as a partner, extending in some cases over 40 years. People trust us. And we plan to take increased advantage of the growth opportunities offered by the region. BMG will help us get to know the markets even better,” Klaus Engel, member of the board of Evonik Industries, said. Basil Al-Ghalayini, chairman and CEO of BMG Financial Group, highlighted that “the financial crisis has not halted foreign investments in Saudi Arabia, and these plans will provide for a positive sentiment within the local and regional markets. We are excited about partnering with one of the worldwide leading companies in the petrochemical sector. On the other hand, we are very optimistic with this deal since Evonik is considered one of the largest multinational companies in the world that specializes in petrochemicals, and is emphasizing on beginning the search for strategic partners who wish to invest, after doing all the needed research and acquiring the required permissions.”
AL-SORAYAI
Al-Sorayai Trading Industrial Group, the Middle East’s largest carpet manufacturers and exporters, once again participated in Domotex Hannover 2009, described as the world’s most comprehensive floor covering expo, which ended yesterday, showcasing its latest line of innovative flooring products. This year’s participation was more significant as the company plans to reveal its new corporate identity as well as its plans to introduce the first ever Chromo-jet products, Saleh Nasser Al Sorayai, CEO of the group said. “Our participation in this event is an opportunity for the Al-Sorayai Group to demonstrate the high level of development of Saudi industry in various fields, particularly those in the carpet and furniture industries, in an international arena. This year, we plan to reveal our new corporate identity, and will be introducing some of our new designs specially prepared for our export markets.” The group is on the threshold of executing several transactions during the show.
MASDAR
Riyadh-based Masdar, a multi-faceted future energy initiative wholly owned by the Mubadala Development Company, is well-positioned to capitalize on the “undeniable momentum and long term viability” of renewable energy technology, Masdar Chief Executive Sultan Al-Jaber said in his keynote speech at the World Future Energy Summit in Abu Dhabi on Monday. Al-Jaber acknowledged the recent global economic downturn in his opening ceremony address, but said that the renewable energy sector continued to grow and pointed to recent global commitments that call for increasing investment and deployment of renewable energy technologies. “Masdar will be at the forefront of the research, development and deployment of solutions that will enable governments around the world, including our own, to meet the targets they are setting for the adoption of renewable energy,” said Al-Jaber. In the past 12 months, Masdar has made significant advancements across the full spectrum of renewable energy solutions to help build a renewable energy sector in Abu Dhabi and accelerate the deployment of clean technologies globally, he added.
STC
During the Jeddah International Real Estate, Finance and Residential Exhibition (JREX 2009) held earlier this month, Saudi Telecom Company (STC) signed agreements with two real estate companies, Ahmad Abdullah Al-Klebi & Partners Real Estate Company and Aqar Al-Nokhbah Company, to implement telecommunication infrastructure services that will transform the companies’ real estate developments plans into model districts. The first agreement was signed between STC and Ahmad Abdullah Al-Klebi & Partners Real Estate Company of Riyadh and is for the provision of telecommunication infrastructure services to a real estate development project covering more than 646,000 square meters of land. The second agreement, signed between STC and Aqar Al-Nokhbah Company in Jeddah will provide the Al-Ma’ali project with telecommunication infrastructure services covering more than 460,000 square meters of land. As part of the model districts program to implement telecommunication infrastructure around the Kingdom, STC has to date signed 170 agreements to develop model districts covering a total area of more than 51 million square meters.
EMAAR
Emaar, the Economic City (Emaar.E.C.), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has revealed the final blueprints of the KAEC Sea Port, designed in coordination with Halcrow, the international consultancy specializing in the provision of planning, design and management services for maritime projects. One of the six key components of the 168 million sq m KAEC, the Sea Port will be the largest in the Red Sea and one of the top 10 ports in the world with a capacity to handle 20 million TEU (twenty foot equivalent container units). Planned as a logistics hub, the world-class port is uniquely bonded with city’s industrial zone, facilitating the flow of primary material and products to the industries within the zone, furthermore assisting regional and global export. “KAEC facilities planned and designed to satisfy not only current needs, but to provide for the Kingdom’s future requirements and boost the Kingdom’s global competitive advantage”, stated Fahd Al-Rasheed, board member and CEO, Emaar.E.C.