Saudi MODON signs contract to manufacture medical supplies in Jeddah

Saudi MODON signs contract to manufacture medical supplies in Jeddah
The contract aims to establish a project to localize the manufacture of sterile surgical instruments ready for use in operations
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Updated 10 September 2021

Saudi MODON signs contract to manufacture medical supplies in Jeddah

Saudi MODON signs contract to manufacture medical supplies in Jeddah
  • Deal signed with Mölnlycke Tamer Company, a Saudi-Swedish joint venture between the Tamer Group and Mölnlycke

RIYADH: The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed an industrial land lease contract in the Third Industrial City in Jeddah to localize the medical supplies industry in the Kingdom, SPA reported on Thursday.

An industrial land lease contract with an area of 20,000 square meters (sqm) was signed in the Third Industrial City in Jeddah with the Mölnlycke Tamer Company, a Saudi-Swedish joint venture between the Tamer Group and Mölnlycke, MODON CEO Khalid Al-Salem said.

The contract aims to establish a project to localize the manufacture of sterile surgical instruments ready for use in operations, he said.

The new project would contribute to the localization of the medical devices and supplies industry, and promote digital transformation in the industrial sector in the context of the trend toward the Fourth Industrial Revolution and the transfer of important technologies to the local market, in addition to increasing job opportunities, training and education for citizens, Al Salem said.

MODON has succeeded in raising the number of factories in this sector in the industrial cities by 150 percent over the past five years, to nearly 173 factories, existing and under construction, up from 64 factories in 2016, the CEO said.

Investment in industrial lands in the industrial cities witnessed 21 percent growth by the end of last year, despite the global economy being affected by the pandemic, as a result of the incentives and facilitating measures that MODON provides to its partners in the private sector, according to Al Salem.

MODON launched for the first time small areas of industrial land between 1,700 sqm and 3,000 sqm to support pioneers, entrepreneurs and small and medium enterprises (SMEs), as the product became ready in many industrial cities with a total of 114 plots of various sizes, he said.


International events help boost Dubai hotels’ profits

International events help boost Dubai hotels’ profits
Updated 12 sec ago

International events help boost Dubai hotels’ profits

International events help boost Dubai hotels’ profits

RIYADH: Hotels in Dubai are raking in huge profits due to high-profile international events taking place in the emirate.

Expo 2020 and T20 Cricket World Cup boost Dubai hotels’ gross operating profit per available room to SR668 ($178) while the total revenue per available room of hotels amounted to $316 in October, according to an industry report cited by Khaleej Times.

“The average occupancy rate across the UAE in October registered at 78.8 percent, the highest level recorded since October 2015. As of October 2021, Dubai recorded the highest occupancy rate of 80.7 percent.” the report said.


TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 

TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 
Updated 11 min 13 sec ago

TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 

TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 

RIYADH: The Dhahran-based Industrialization and Energy Services Company also known as TAQA has signed a non-binding memorandum of understanding with US-based Newpark Fluids Systems to establish a joint venture in Saudi Arabia. 

The joint venture is to provide oilfield chemicals and other related products and services including drilling and reservoir completion fluids and industrial minerals in Saudi Arabia. 

“Establishing this joint venture with a world-class drilling and completion fluids technology provider such as Newpark is a milestone in TAQA’s journey to build capabilities and offer competitive, technically sound integrated Lump sum turnkey drilling to Saudi Aramco’s growing market,” TAQA CEO Khalid M. Nouh said.

Newpark will supply the joint venture with technical support, with a mandate to increase manufacturing capabilities in the Kingdom as well as specialty chemicals research and development. 


Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia

Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia
Updated 20 min 10 sec ago

Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia

Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia

JEDDAH: The consortium for Saudi Aramco’s largest energy infrastructure deal, is looking to obtain a $14.7 billion loan. 

The source revealed to CNBC Arabia that the consortium sought to take advantage of current low financing rates. The loan will last for seven years.

Saudi Aramco signed on Dec. 6 a $15.5 billion leaseback deal involving its gas pipeline network with a consortium led by investment giant BlackRock and Hassana Investment Co.

Hassana sits within the General Organization for Social Insurance and is the Saudi government’s new fund established to invest in stock markets regionally, globally as well as leading real estate ventures, commercial and service projects.

Aramco will hold a 51 percent majority stake in the new subsidiary for the project, Aramco Gas Pipeline Company, with the remaining 49 percent stake held by investors led by BlackRock and Hassana.


Bahrain to increase VAT to10 percent 

Bahrain to increase VAT to10 percent 
Updated 23 min 43 sec ago

Bahrain to increase VAT to10 percent 

Bahrain to increase VAT to10 percent 

RIYADH: Bahrain’s parliament on Wednesday approved plans to increase value-added tax to 10 percent from the current 5 percent, according to Reuters.

The Cabinet referred last September a draft law to the parliament, to decide on increasing VAT starting Jan. 1, 2022.

The  legislators discussed earlier this year the options of reducing wages or social welfare given to the nationals to bolster the economy.

According to IMF estimates, Bahrain’s budget deficit will contract by half this year due to lower oil prices and the coronavirus disease pandemic boosted it to a record 18 percent of the economic output in 2020.


Wa’ed announces $2.39m funding for startups in final roadshow

Wa’ed announces $2.39m funding for startups in final roadshow
Updated 26 min 48 sec ago

Wa’ed announces $2.39m funding for startups in final roadshow

Wa’ed announces $2.39m funding for startups in final roadshow

A creatives’ marketplace, a quick way to share internet discoveries, and a scalability platform were some of the startups to receive investment from Saudi Aramco’s entrepreneurship arm at its final roadshow event in Makkah.
 
The sixth stop on Wa’ed’s nationwide tour — organized in collaboration with investment joint stock company Wadi Makkah Ventures — welcomed tech-focused startups from different industrial sectors on Dec. 6.
 
Some SR7.65 million ($2.39 million) were assigned by Wa’ed, including SR75,000 to the first-place winner Slates, a web browser extension that allows people to save, curate, and share their internet discoveries in organized collections with notes in a single URL.
 
CensorIT, a platform which focuses on increasing efficiency and scalability, was awarded SR50,000, while Naseej Market, a creative online marketplace that connects shoppers with local artists, designers, and small businesses, received SR25,000.
 
Wa’ed also announced a SR7.5 million venture capital investment in Lamaa, a fintech startup that provides finance solutions for small and medium enterprises.
 
Fahad Alidi, managing director at Wa’ed, said: “By supporting the most disruptive and tech-focused Saudi-based startups and opening applications to all qualified entrepreneurs, Wa’ed’s Entrepreneurship roadshow represented the ideal platform to showcase emerging innovations led by younger entrepreneurs, and the perfect opportunity for Wa’ed to provide them with the needed financial and entrepreneurial support to grow.”
 
The latest allocations bring Wa’ed’s total financial support to local entrepreneurs during the roadshow campaign to over SR43.65 million, divided among 28 Saudi entrepreneurs.
 
Wa’ed was founded in 2011 and has invested over SR400 million in venture capital deals, incubation programs, and loan agreements to empower Saudi entrepreneurs and assist them in leading initiatives that could further pursue the Kingdom’s economic diversification plan.