Saudi-made cars are on the way!

Saudi-made cars are on the way!
Updated 02 February 2014

Saudi-made cars are on the way!

Saudi-made cars are on the way!

ALTHOUGH Saudi Arabia is still the largest car importer in the region with an estimated 777,000 cars at the end of 2013, there are indications that car manufacturers are keen to start some local operations in order to make use of abundant energy and support industries.
As of 2017, cars made in Saudi Arabia could be in the market.
The Saudi government is encouraging this trend through the National Clusters Development Program, which includes attracting carmakers to come and invest in the Kingdom.
The response is encouraging with Jaguar Land Rover signing a preliminary agreement with the Ministry of Commerce and Industry to build a plant to produce 50,000 Land Rovers a year as of 2017.
Other companies have expressed interest in local manufacturing operations including Ford, GM and Chrysler and are in talks with the ministry.
There are a number of comparative advantages for Saudi Arabia including the availability of cheap land and energy and the existence of support companies that provide materials to the car industry. Saudi Basic Industries Corporation (SABIC) is a world leader in polymers and plastics, a material increasingly used by the carmakers.
Also, Alcoa is working on a mega plant to produce aluminum in Saudi Arabia at an investment cost of $10.8 billion.
This plant is the carrot that convinced Land Rover that Saudi Arabia is the best location for manufacturing new Land Rovers with aluminum body shells.
At the moment there is a small Isuzu truck assembly plant in Dammam.
There are also a number of factories which produce spare parts and lubricants for cars.
These support plants are vital in developing local car assembly plants.
It is hoped that major exporters to the Saudi market, such as Toyota and Hyundai, would also consider setting up a local manufacturing base in order to keep their edge in the long run.

— Adel Murad is a senior motoring and business journalist, based in London.
Email: [email protected]


In oil-rich Iraq, a few women buck norms, take rig site jobs

In oil-rich Iraq, a few women buck norms, take rig site jobs
Updated 20 min 43 sec ago

In oil-rich Iraq, a few women buck norms, take rig site jobs

In oil-rich Iraq, a few women buck norms, take rig site jobs

BASRA: It’s nearly dawn and Zainab Amjad has been up all night working on an oil rig in southern Iraq. She lowers a sensor into the black depths of a well until sonar waves detect the presence of the crude that fuels her country’s economy.
Elsewhere in the oil-rich province of Basra, Ayat Rawthan is supervising the assembly of large drill pipes. These will bore into the Earth and send crucial data on rock formations to screens sitting a few meters (feet) away that she will decipher.
The women, both 24, are among just a handful who have eschewed the dreary office jobs typically handed to female petroleum engineers in Iraq. Instead, they chose to become trailblazers in the country’s oil industry, donning hard hats to take up the grueling work at rig sites.
They are part of a new generation of talented Iraqi women who are testing the limits imposed by their conservative communities. Their determination to find jobs in a historically male-dominated industry is a striking example of the way a burgeoning youth population finds itself increasingly at odds with deeply entrenched and conservative tribal traditions prevalent in Iraq’s southern oil heartland.
The hours Amjad and Rawthan spend in the oil fields are long and the weather unforgiving. Often they are asked what — as women — they are doing there.
“They tell me the field environment only men can withstand,” said Amjad, who spends six weeks at a time living at the rig site. “If I gave up, I’d prove them right.”
Iraq’s fortunes, both economic and political, tend to ebb and flow with oil markets. Oil sales make up 90% of state revenues — and the vast majority of the crude comes from the south. A price crash brings about an economic crisis; a boom stuffs state coffers. A healthy economy brings a measure of stability, while instability has often undermined the strength of the oil sector. Decades of wars, civil unrest and invasion have stalled production.
Following low oil prices dragged down by the coronavirus pandemic and international disputes, Iraq is showing signs of recovery, with January exports reaching 2.868 million barrels per day at $53 per barrel, according to Oil Ministry statistics.
To most Iraqis, the industry can be summed up by those figures, but Amjad and Rawthan have a more granular view. Every well presents a set of challenges; some required more pressure to pump, others were laden with poisonous gas. “Every field feels like going to a new country,” said Amjad.
Given the industry’s outsized importance to the economy, petrochemical programs in the country’s engineering schools are reserved for students with the highest marks. Both women were in the top 5% of their graduating class at Basra University in 2018.
In school they became awestruck by drilling. To them it was a new world, with it’s own language: “spudding” was to start drilling operations, a “Christmas tree” was the very top of a wellhead, and “dope” just meant grease.
Every work day plunges them deep into the mysterious affairs below the Earth’s crust, where they use tools to look at formations of minerals and mud, until the precious oil is found. “Like throwing a rock into water and studying the ripples,” explained Rawthan.
To work in the field, Amjad, the daughter of two doctors, knew she had to land a job with an international oil company — and to do that, she would have to stand out. State-run enterprises were a dead end; there, she would be relegated to office work.
“In my free time, on my vacations, days off I was booking trainings, signing up for any program I could,” said Amjad.
When China’s CPECC came to look for new hires, she was the obvious choice. Later, when Texas-based Schlumberger sought wireline engineers she jumped at the chance. The job requires her to determine how much oil is recoverable from a given well. She passed one difficult exam after another to get to the final interview.
Asked if she was certain she could do the job, she said: “Hire me, watch.”
In two months she traded her green hard hat for a shiny white one, signifying her status as supervisor, no longer a trainee — a month quicker than is typical.
Rawthan, too, knew she would have to work extra hard to succeed. Once, when her team had to perform a rare “sidetrack” — drilling another bore next to the original — she stayed awake all night.
“I didn’t sleep for 24 hours, I wanted to understand the whole process, all the tools, from beginning to end,” she said.
Rawthan also now works for Schlumberger, where she collects data from wells used to determine the drilling path later on. She wants to master drilling, and the company is a global leader in the service.
Relatives, friends and even teachers were discouraging: What about the hard physical work? The scorching Basra heat? Living at the rig site for months at a time? And the desert scorpions that roam the reservoirs at night?
“Many times my professors and peers laughed, ‘Sure, we’ll see you out there,’ telling me I wouldn’t be able to make it,” said Rawthan. “But this only pushed me harder.”
Their parents were supportive, though. Rawthan’s mother is a civil engineer and her father, the captain of an oil tanker who often spent months at sea.
“They understand why this is my passion,” she said. She hopes to help establish a union to bring like-minded Iraqi female engineers together. For now, none exists.
The work is not without danger. Protests outside oil fields led by angry local tribes and the unemployed can disrupt work and sometimes escalate into violence toward oil workers. Confronted every day by flare stacks that point to Iraq’s obvious oil wealth, others decry state corruption, poor service delivery and joblessness.
But the women are willing to take on these hardships. Amjad barely has time to even consider them: It was 11 p.m., and she was needed back at work.
“Drilling never stops,” she said.


Arab states condemn Houthi attack on Saudi Arabia

Arab states condemn Houthi attack on Saudi Arabia
Updated 40 min 22 sec ago

Arab states condemn Houthi attack on Saudi Arabia

Arab states condemn Houthi attack on Saudi Arabia

DUBAI: Arab states on Saturday condemned the Houthi militia’s attacks on Saudi Arabia that targeted civilian areas across the Kingdom.
The Kuwaiti Ministry of Foreign Affairs said in a statement: “The Houthi militia’s insistence on continuing these terrorist acts constitutes a continuation of the dangerous escalation that these militias are undertaking to harm the security of the Kingdom of Saudi Arabia and undermine the stability of the region.”
The minister said this was “a flagrant challenge” to international and humanitarian law and an obstruction of international efforts seeking to reach a political solution that ends the ongoing conflict in Yemen.
Kuwait renewed its call to the international community, and the United Nations Security Council, to carry out its duties to curb the Houthis “dangerous escalation” and put an end to it to maintain international peace and security.
Kuwait affirmed its support of Saudi Arabia’s measures to preserve its security, stability and sovereignty.
The Yemeni government echoed Kuwait’s response in condemning the Houthi militia’s “repeated terrorist acts,” calling it a war crime that endangers the lives of civilians.
The Yemeni foreign ministry reaffirmed its support of the Saudi government, and praised the Saudi-led Arab coalition forces in supporting the internationally recognized Yemeni government.  
Bahrain also released a statement condemning Houthi attack on Saudi Arabia and affirmed its solidarity with its neighboring country.  
The Bahraini Foreign Ministry praised the coalition forces that were able to intercept and destroy the ballistic missile and drones, stressing the need for the international community to assume its political responsibilities towards these “unjust Houthi attacks” on the Kingdom’s territory.


Women fight for funding in man’s world of tech startups

Women fight for funding in man’s world of tech startups
Updated 58 min 2 sec ago

Women fight for funding in man’s world of tech startups

Women fight for funding in man’s world of tech startups
SAN FRANCISCO: Lauren Foundos has excelled at just about everything she has put her mind to, from college sports and Wall Street trading to her Forte startup that takes workouts online.
Being a woman in the overwhelmingly male world of venture capital was still a barrier — but, like many other female entrepreneurs, she only worked harder to succeed.
“In some cases, before I even spoke, they were asking me if I would step down as chief executive,” Foundos said of encounters with venture capitalists.
“This was a whole new level.”
Men would speak past her in meetings, discussing whether she could emotionally handle the job as if she wasn’t there, or wondering out loud who would take care of the books.
“When that happens, I tell them I am right here,” Foundos said. “I am the finance guy; I worked at big banks for more than 10 years. I’ve been the best at everything I have ever gone into.”
Startups can only get by so long relying on friends, family or savings before eventually needing to find investors willing to put money into young companies in exchange for a stake in the business.
Money invested in startups in their earliest days, perhaps when they are no more than ideas or prototypes, is called “seed” funding.
When it comes to getting backing for a startup it is about trust, and that seems to be lacking when it comes to women entrepreneurs, according to Foundos and others interviewed by AFP.
“I don’t think women need to be given things,” Foundos said of venture capital backing. “But I think they are not seeing the same amount of deals.”
Forte has grown quickly as the pandemic has gyms and fitness centers scrambling to provide online sessions for members.
Foundos brought on a “right-hand man,” a male partner with a British accent, to provide a more traditional face to potential investors and increase the odds of getting funding.
She has taken to asking venture capitalists she meets if they have invested in women-led companies before, and the answer has always been “no.”


A paltry few percent of venture capital money goes to female-led startups in the United States, according to Allyson Kapin, General Partner at the W Fund and founder of Women Who Tech (WWT).
Being sexually propositioned in return for funding, or even an introduction to venture capitalists, is common for women founders of startups, according to a recent WWT survey.
Some 44 percent of female founders surveyed told of harassment such as sexual slurs or unwanted physical contact while seeking funding.
And while last year set a record for venture capital funding, backing for women-led startups plunged despite data that such companies actually deliver better return-on-investment, according to Kapin.
“This isn’t about altruism or charity, this is about making a (load) of money,” Kapin said of backing women-led startups.


Prospects for funding get even more dismal for women of color.
Black entrepreneur Fonta Gilliam worked overseas with financial institutions for the US State Department before creating social banking startup Invest Sou Sou.
Gilliam took the idea of village savings circles she had seen thrive in places such as Africa and built it into a free mobile app, adding artificial intelligence and partnering with financial institutions.
She created a Sou Sou prototype and started bringing in revenue to show it could make money, but still found it tougher to get funding than male peers.
“We always have to over-perform and overcompensate,” Gilliam said. “Where startups run by men would get believed, we’d have to prove it 10 times over.”
Gilliam got insultingly low valuations for her startup, some so predatory that she walked away.
“We are still lean and mean bootstrapping, but I think it is going to pay off in the end,” Gilliam said.
“One thing about women-owned, black-owned startups: because there is such a high bar to get support our businesses tend to be scrappier, stronger and more resilient.”


Women-led startups tend to be on the outside of the “pipeline” that unofficially funnels entrepreneurs to venture capitalists, according to Kapin and others.
In Silicon Valley, that channel is open to male, white tech entrepreneurs from select universities such as Stanford.
“The pipeline becomes filled with people from the same universities; from similar backgrounds,” Kapin said.
“It is not representative of the world, which is problematic because you are trying to solve the world’s problems through the lens of very few people — mostly white men.”
Investors competing for gems in the frothy tech startup scrum are missing out on a wealth of returns, and stability, to be had by investing in neglected women founders, according to Caroline Lewis, a managing partner in Rogue Women’s Fund, which does just that.
“At the end of the day, it is the right thing to do and it is a good thing to do,” Lewis said.

Yemeni minister warns of looming humanitarian crisis in Marib

Yemeni minister warns of looming humanitarian crisis in Marib
Updated 28 February 2021

Yemeni minister warns of looming humanitarian crisis in Marib

Yemeni minister warns of looming humanitarian crisis in Marib

DUBAI: Yemen’s information minister has warned of an imminent humanitarian crisis in the governorate of Marib that “cannot be contained” due to continued fighting by the Iran-backed Houthi militia. 

Minister Muammar al-Eryani told the country’s state news agency Saba that the governorate holds the biggest number of refugee families, who have been displaced due to the ongoing Houthi violence. 

Eryani said Marib had received more than two million refugees who have settled there since the war broke out, saying they make up 60 percent of refugees in the country. Those refugees represent 7.5 percent of the total population in Yemen.  

The minister was citing a report on from the Executive Unit for IDPs Camps Management that was released Friday. 


UK’s Sunak will set out plans to raise income tax by $8.36bn: report

UK’s Sunak will set out plans to raise income tax by $8.36bn: report
Updated 28 February 2021

UK’s Sunak will set out plans to raise income tax by $8.36bn: report

UK’s Sunak will set out plans to raise income tax by $8.36bn: report
  • The chancellor will say he needs to raise more than 40 billion pounds to tackle the budget deficit, the report said

British finance minister Rishi Sunak will set out plans to raise income tax by 6 billion pounds ($8.36 billion), The Times reported on Sunday.
The chancellor will say he needs to raise more than 40 billion pounds to tackle the budget deficit and protect the economy from rising rates of interest on government borrowing, the report said.
The government on Saturday said Sunak will announce 5 billion pounds of additional grants to help businesses hit hard by pandemic lockdowns, in his budget.
Separately, the government said Sunak is also expected to announce an initial 12 billion pounds of capital and 10 billion pounds of guarantees for the new UK Infrastructure Bank.
A Telegraph report said Sunak is also weighing up bringing back the small profits rate, axed by George Osborne in 2014, to support small to medium-sized companies.