Mobily appoints former Saudi transport minister Al-Amudi as new Chairman

Mobily appoints former Saudi transport minister Al-Amudi as new Chairman
Short Url
Updated 07 December 2021

Mobily appoints former Saudi transport minister Al-Amudi as new Chairman

Mobily appoints former Saudi transport minister Al-Amudi as new Chairman

RIYADH: Saudi telecom operator Etihad Etisalat Co, also known as Mobily, has appointed former Saudi transport minister Nabeel Mohamed Al-Amudi as its new chairman.

Mobily also appointed Suliman Abdulrahman AlGwaiz as Vice Chairman, following the Board of Directors' meeting on Monday Dec. 2, according to a bourse filing.

 


Aramco’s IKTVA forum kicks off in Dhahran

Aramco’s IKTVA forum kicks off in Dhahran
Updated 14 sec ago

Aramco’s IKTVA forum kicks off in Dhahran

Aramco’s IKTVA forum kicks off in Dhahran
  • The three-day forum is being held at the Dhahran Expo Center in the Kingdom’s Eastern Province

The In-Kingdom Total Value Add, or IKTVA, has kicked off on Monday in Dhahran, highlighting the oil giant’s role in boosting local opportunities in Saudi Arabia. 

The three-day forum, held at the Dhahran Expo Center in the Kingdom’s Eastern Province, will feature opportunities for businesses who are “committed to boosting local content within the Saudi energy economy.”

Read more: Saudi Aramco balances competing priorities as IKTVA enters 6th year

Aramco’s CEO Amin Nasser, as well as its chairman, Yasir Al-Rumayyan, are speaking at the event. Saudi Energy Minister Prince Abdulaziz bin Salman and the governor of the Eastern Province, Said bin Nayef, are also set to speak. 

Launched in 2015, the IKTVA program set out Aramco’s drive to increase domestic value creation as part of the Kingdom’s ambitious economic transformation objectives.

Opinion

This section contains relevant reference points, placed in (Opinion field)

“The most important measurement of success is the impact that IKTVA is having on people’s lives; creating jobs, encouraging learning, expanding career options, and enhancing the Saudi business environment,” according to the event’s website. 

The event ends on Jan. 26.


Saudi-Iraqi businessmen and trade officials meet in Riyadh today

Saudi-Iraqi businessmen and trade officials meet in Riyadh today
Updated 22 min 35 sec ago

Saudi-Iraqi businessmen and trade officials meet in Riyadh today

Saudi-Iraqi businessmen and trade officials meet in Riyadh today

RIYADH: The head of the Saudi-Iraqi Coordination Council on Sunday stressed the importance of relations and common interests between Riyadh and Baghdad, especially in the commercial and investment fields.

Abdulrahman bin Ahmed Al-Harbi, who is also the governor of the General Authority for Foreign Trade, said that “the Kingdom, under the leadership of King Salman and Crown Prince Mohammed bin Salman, attaches great importance to relations with Iraq and the establishment of the Saudi-Iraqi Coordination Council is meant to strengthen the historical relations between the two countries in all fields.”

The secretary-general was speaking a day ahead of the Kingdom hosting the Saudi-Iraqi Business Forum and Council in Riyadh, a statement issued by Saudi Press Agency said.

Al-Harbi said that hosting the forum and the council was also in line with the Kingdom’s Vision 2030 and its role in making the most of economic opportunities and the rapid transformation taking place in the country.

Al-Harbi said that trade relations between the two countries had reached unprecedented levels, with the volume of trade exchange from 2016 to 2021 amounting to nearly SR20 billion ($5.3 billion).

He added that the Saudi-Iraqi Business Forum and the Saudi-Iraqi Business Council were expected to sign a number of agreements and memoranda of understanding between the Saudi and Iraqi private sectors.


Saudi Arabia calls on GCC to speed up establishment of customs union, common market

Saudi Arabia calls on GCC to speed up establishment of customs union, common market
Updated 24 January 2022

Saudi Arabia calls on GCC to speed up establishment of customs union, common market

Saudi Arabia calls on GCC to speed up establishment of customs union, common market
  • Saudi finance minister stressed the importance of overcoming obstacles by achieving a qualitative leap in cooperation

RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan called on Gulf countries to complete the establishment of a customs union, and implement the Gulf common market, to achieve economic unity by 2025.
He was speaking during the 115th extraordinary meeting of the Financial and Economic Cooperation Committee in Riyadh, with Gulf Cooperation Council member state counterparts also in attendance.
The meeting was chaired by Al-Jadaan with the participation of GCC Secretary-General Nayef Al-Hajraf, and a number of officials and specialists.
Al-Jadaan said the Kingdom was keen to redouble efforts to implement King Salman’s vision of promoting joint Gulf action, a statement released by the Saudi Press Agency said.
He stressed the importance of overcoming obstacles by achieving a qualitative leap in cooperation and a consensus among the GCC states at all levels, praising the role of the General Secretariat in expanding ties in line with global developments and long-term strategies of GCC members.
Al-Jadaan added that vigorous steps were being taken to achieve coordination, integration and interdependence among GCC member states in all fields.
During the meeting, the attending ministers reviewed progress on strengthening financial and economic cooperation between GCC states.
They were briefed on the economic decisions issued by the Supreme Council in its 42nd session and a plan to complete the remaining steps for establishing the customs union before the end of 2024, as well as recommendations made by the Customs Union Authority and the Gulf Common Market Committee.
The committee meeting is held periodically to discuss matters of economic progress and developments in legislation and economic measures adopted by GCC members to achieve long-term common strategic interests.


Saudi Arabia spends $991m on water projects in Jazan area

Saudi Arabia spends $991m on water projects in Jazan area
Updated 23 January 2022

Saudi Arabia spends $991m on water projects in Jazan area

Saudi Arabia spends $991m on water projects in Jazan area

RIYADH: Saudi Arabia’s Ministry of Environment, Water, and Agriculture, known as MEWA, launched on Sunday 20 water and environmental projects to provide sustainability in the southwest of Saudi Arabia, set to cost a total of SR3.6 billion ($991 million). 

The Ministry, in participation with the Emirate of Jazan Province inaugurated four water projects costing over SR2.5 billion, to produce desalinated water in Jazan.

Five further water projects costing more than SR709 million were also initiated to expand water transmission systems. Seven projects for water and environmental services costing SR346 million were initiated to expand distribution.

The inauguration involved four projects costing more than SR70 million, to enhance water resources, serving more than 1.3 million beneficiaries in the region.

 


Saudi Industrial Development Fund to provide new financing products worth $3bn this year

Saudi Industrial Development Fund to provide new financing products worth $3bn this year
Updated 23 January 2022

Saudi Industrial Development Fund to provide new financing products worth $3bn this year

Saudi Industrial Development Fund to provide new financing products worth $3bn this year

RIYADH: The Saudi Industrial Development Fund will launch and update new financing products to serve new sectors during the current year, at a value ranging between SR10 billion to SR11 billion ($2.6 billion to $3 billion).

The Fund's spokesperson Khalil Al-Nimri told Alarabiya it will be targeting four sectors, with the Supply Chain Finance program being one of the programs to be updated. Alarabiya didn't name the sectors.

This comes as the fund seeks to boost private sector investment in targeted sectors and appeal to a large number of investors. 

So far, the Saudi Industrial Development Fund has approved the financing of more than 100 projects in the mining sector, amounting to a total of SR28 billion, Al-Nimri said.