Saudi Arabia to invest more than $20 bln in its military industry over next decade

Saudi Arabia to invest more than $20 bln in its military industry over next decade
The Governor of the General Authority for Military Industries (GAMI) Ahmed bin Abdulaziz Al-Ohali was speaking at a defense conference in Abu Dhabi. (File/Reuters)
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Updated 20 February 2021

Saudi Arabia to invest more than $20 bln in its military industry over next decade

Saudi Arabia to invest more than $20 bln in its military industry over next decade
  • Saudi Arabia wants to develop and manufacture more weapons and military systems domestically, aiming to spend 50 percent of the military budget locally by 2030

DUBAI: Saudi Arabia will invest more than $20 billion in its domestic military industry over the next decade as part of aggressive plans to boost local military spending, the head of the kingdom’s military industry regulator said on Saturday.
The Gulf state wants to develop and manufacture more weapons and military systems domestically, aiming to spend 50 percent of the military budget locally by 2030.
“The government has put a plan that we will be investing in excess of $10 billion in the military industry in Saudi Arabia over the next decade and equal amounts on research and development,” Governor of the General Authority for Military Industries (GAMI) Ahmed bin Abdulaziz Al-Ohali told a defense conference in Abu Dhabi.
He also said the kingdom plans to increase military research and development (R&D) spending from 0.2% to around 4% of armaments expenditure by 2030.


Saudi Arabia to introduce rules to promote continued education, says minister

Saudi Arabia to introduce rules to promote continued education, says minister
Updated 13 sec ago

Saudi Arabia to introduce rules to promote continued education, says minister

Saudi Arabia to introduce rules to promote continued education, says minister

RIYADH: Saudi Arabia is considering introducing new rules to facilitate and encourage the culture of continued education, said Saudi Education Minister Hamad Al-Alsheikh.

He was addressing a conference in Riyadh on Monday launched under the auspices of the Human Capability Development Program, which was recently launched by Crown Prince Mohammed bin Salman. The program’s strategy will be built on three pillars: Developing a resilient and strong educational base, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.

The education minister said the government is taking measures to ensure that graduates find suitable openings in relevant field within 12 months of their graduation.

He also said by 2030 the Saudization percentage in high-skilled positions will increase to 40 percent.

Referring to the national capability development plan, the minister said it aims to develop a guidance system for high school students to help them make career choices based on their aptitudes.

He said efforts are underway to introduce regulations to attract global educational institutions in the Kingdom, which will boost competition between the local and foreign universities.

Ahmad Al-Faheed, governor of the Technical and Vocational Training Corp., said the government in partnership with the private sector will design training programs to increase employment rates and enhance competitiveness among Saudi graduates.

Minister of Human Resources Ahmed Al-Rajhi said that a primary goal of the program is to match talent with demand in the market, and in case of failure of matching candidates with available jobs, the program will upgrade their skills.

Industry Minister Bandar Alkhorayef said the aim of the program launched by the Saudi crown prince is to transform the Kingdom’s industrial sector along modern lines. He said the Kingdom has no dearth of talent and the local companies have the potential to compete with their global counterparts.

The minister stressed the importance of adopting modern technology for strong industrial growth. 


Cryptocurrencies make a quick comeback from last week’s turmoil: Market wrap

Cryptocurrencies make a quick comeback from last week’s turmoil: Market wrap
Updated 27 September 2021

Cryptocurrencies make a quick comeback from last week’s turmoil: Market wrap

Cryptocurrencies make a quick comeback from last week’s turmoil: Market wrap
  • The two major cryptocurrencies regained most of their losses on Monday

RIYADH: The two major cryptocurrencies regained most of their losses on Monday, as the market quickly rebounded from last week’s turmoil sparked by the crackdown in China.

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Monday, rising by 3.5 percent to $44,008.57 at 12:32 p.m. Riyadh time.

Ether, the second most-traded cryptocurrency, traded at $3,130.43, up 8.56 percent, according to data from CoinDesk.

Meanwhile, the second-largest stablecoin by market valuation, USDC, has seen its capital increase significantly, rising by more than $10 billion in 125 days.

As of Sept.25, there are $129.3 billion worth of stablecoin assets in existence which represents 6.54 percent of the cryptocurrency economy.

Many US lawmakers see China’s crackdown on cryptocurrencies as a perfect opportunity for American leadership in the crypto space.

“China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the US. It’s also a reminder of our huge structural advantage over China,” Sen. Pat Toomey from Pennsylvania said.

In comments to media, Indonesia’s Trade Minister Muhammad Luthfi asserted that the Indonesian government would not follow the lead of China, which has confirmed a ban on all cryptocurrency transactions.

Noting that the state will limit itself to ensuring that it is not used in illegal activities, the statement comes after local cryptocurrency exchanges reported a significant increase in trading volume this year. “We don’t prohibit it, but we will tighten the regulations,” said Luthfi

Cryptocurrency trading on 13 local exchanges licensed by the Indonesian Futures Exchange Supervisory Board also increased by 40 percent in the first five months of 2021. During 2020, the volume of transactions reached 65 trillion rupees ($4.5 billion), according to the reports.

 

Crash ahead

Renowned author and investor Robert Kiyosaki, author of the bestselling book “Rich Dad Poor Dad,” predicts that a giant stock market crash is coming in October, noting that gold, silver and bitcoin may also crash.

"Giant stock market crash coming October. Why? Treasury and Fed short of T-bills. Gold, silver, bitcoin may crash too. Cash best for picking up bargains after crash. Not selling gold, silver, bitcoin, yet have lots of cash for life after stock market crash. Stocks dangerous. Careful,” Kiyosaki tweeted.

 

Tipping point

Twitter users on Apple’s iOS will now be able to link third-party tipping services to their profile on the social networking site. This will include the ability to link both Bitcoin and Lightning Network addresses.

The tipping feature will be entirely dependent on third-party payment services such as the Jack Mallers Strike app. The company said that it “is not in the flow of funds" and will not take a percentage of tipping proceeds.

Company representatives said that the Tips feature will be rolling out to the Twitter app for iOS and will be available on Android soon.

Twitter also announced that it will add non-fungible tokens verification features to the platform. No specific timeline has been set for this, which is still under development.


More than 50 companies plan listing on Saudi stocks market, regulator says

More than 50 companies plan listing on Saudi stocks market, regulator says
Updated 27 September 2021

More than 50 companies plan listing on Saudi stocks market, regulator says

More than 50 companies plan listing on Saudi stocks market, regulator says

More than 50 companies are waiting to be listed on the Tadawul, according to the chairman of the Capital Market Authority.

Speaking at the Financial Sector Conference on Monday, Mohammed Al-Quwaiz said he expected to have over 30 listed by the end of the year.

“If we look at the numbers today we have over 50 files that are either offering or listing either in the primary market or the Tadawul market,” he said.

“Our expectation is obviously this is subject to market norms and the readiness of these businesses but we imagine that we will end the year with over 30 listed,” he added.


Switching to renewables will save Kingdom's businesses $13bn, Saudi debt office chief claims

Switching to renewables will save Kingdom's businesses $13bn, Saudi debt office chief claims
Updated 27 September 2021

Switching to renewables will save Kingdom's businesses $13bn, Saudi debt office chief claims

Switching to renewables will save Kingdom's businesses $13bn, Saudi debt office chief claims

The transition to renewable energy will save companies $13billion, the CEO of the National Centre for Debt Management said on Monday.

Speaking at the Financial Sector Conference in Riyadh, Hani Al-Madini said many local entities are already transforming towards sustainable energy, which can decrease expenses by SR50 billion.

His comments were echoed by Mohammed Al Kuwais, chairman of the capital market authority, who said: “Companies are doing this because they recognize their responsibility, and to relate to investors’ demands.” 


Consortium signs financing deals for world’s largest IGCC complex in Jazan

Consortium signs financing deals for world’s largest IGCC complex in Jazan
Updated 27 September 2021

Consortium signs financing deals for world’s largest IGCC complex in Jazan

Consortium signs financing deals for world’s largest IGCC complex in Jazan
  • The JV is purchasing the ASUs, gasification, syngas cleanup, utilities and power assets from Aramco

RIYADH: A consortium of Saudi Aramco, Air Products, ACWA Power and Air Products Qudra on Monday signed asset acquisition and project financing agreements for a $12 billion air separation unit, gasification and power joint venture in Jazan Economic City, said a press release.

“This JV is meant to be central to the self-sufficiency of our megaprojects at Jazan,” said Mohammed Al-Qahtani, senior vice president of downstream, Saudi Aramco.

It serves Aramco’s Jazan Refinery, a megaproject to process 400,000 barrels per day of the crude oil to produce the main products such as ultra-light sulfur diesel, gasoline, and other products.

All parties under the joint venture expect asset transfer and funding to occur during October 2021. Air Products intends to conduct a public investor call at that time.

Seifi Ghasemi, Air Products chairman, president and CEO, said the project is a “perfect fit with our growth strategy.”

The JV is purchasing the ASUs, gasification, syngas cleanup, utilities and power assets from Aramco. The JV owns and operates the facility under a 25-year contract for a fixed monthly fee. Aramco will supply feedstock to the JV, and the JV will produce power, steam, hydrogen and other utilities for Aramco.

Mohammad Abunayyan, chairman of ACWA Power, said:  “Jazan IGCC is set to be the largest integrated project for gasification and combined cycle energy production in the world.”

Aramco via its subsidiary Saudi Aramco Power Co. has a 20 percent share in the JV; Air Products 46 percent; ACWA Power 25 percent; and Air Products Qudra 9 percent. Air Products’ total ownership position is 50.6 percent by owning an additional 4.6 percent through Air Products Qudra.