National Investment Strategy essential for Vision 2030 attainment, King Salman says

National Investment Strategy essential for Vision 2030 attainment, King Salman says
King Salman bin Abdulaziz (AFP)
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Updated 30 December 2021

National Investment Strategy essential for Vision 2030 attainment, King Salman says

National Investment Strategy essential for Vision 2030 attainment, King Salman says

RIYADH: The National Investment Strategy, launched by the Crown Prince Mohammed bin Salman last October, is one of the most important pillars to achieve Vision 2030, according to King Salman bin Abdulaziz.

In his Shoura Council speech on Wednesday, the monarch said the strategy will entail the pumping of investments worth up to SR12 trillion ($3.19 trillion) through projects and initiatives.

In particular, the Shareek program — which aims at strengthening the Kingdom’s private sector — is set to inject SR5 trillion, he said.

The strategy will contribute to developing the economy and diversifying its sources, in addition to developing infrastructure, improving quality of life, and providing new job opportunities, he added.

The financial sustainability policies have positively reflected on the gradual recovery of the local economy, and new investments in the Kingdom have continued their steady growth, which was evident in the performance of activities until the end of the third quarter of this year 2021, King Salman said.

He added that there are expectations of achieving financial surpluses in the state’s general budget in 2022 and lower public debt as a share of GDP to 25.9 percent, compared to 29.2 percent in 2021.

As for the privatization programs that have been implemented since 2018, they will increase and speed up the quality of services, generate investment opportunities and enhance the sustainability and competitiveness of the Kingdom’s economy, he said.

On the Public Investment Fund front, the King said it aims to invest SR3 trillion in the national economy by 2030, which will raise the volume of public spending until that date to SR27 trillion — the largest volume of spending witnessed by the Kingdom in its history.

This will result in achieving economic and social development goals, and keeping pace with the Kingdom’s vision and placing its economy among the 15 largest economies in the world, he explained.

King Salman praised the financial sustainability policies implemented by the state, which reflected positively on the gradual recovery of the Saudi economy, as investments continued their steady growth, which was evident in the performance of the third quarter of 2021, with expectations of achieving financial surpluses in the 2022 budget.

He also emphasized the Kingdom’s success in dealing with the repercussions of the Coronavirus pandemic, which led to the influx of Haj and Umrah pilgrims, as 17.5 million Muslims were able to perform Umrah during the month of Ramadan only.

The National Transport and Logistics Strategy launched by the Crown Prince affirms moving forward with economic development and reform, working to develop this important sector and unleashing its potential as part of the vision’s initiatives, the King said.

The strategy will work on diversifying the local economy and consolidating the link with the global economy and developing local content, to 33 percent of the sector’s costs, to support sustainable development, he added.

The King also lauded milestones achieved in the education sector, as it sustained the pandemic through the use of both e-learning and in-person attendance. This was possible due to the development of the digital infrastructure, which allowed the transfer of large data.


MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 
Updated 17 sec ago

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

RIYADH: Companies have submitted bids for the technical and economic consultancy contract for developing wind power projects in Oman, reported MEED.

Oman Power & Water Procurement Co. originally tendered the contract in July and received its bids on Sept. 27. 

The company announced that the contractor will be selected by early October.

The scope of work includes two stages — undertaking feasibility studies, followed by the provision of technical consultancy services.

This project aims to diversify fuel sources for power generation in Oman.

ADNOC receives bids on seawater plant

Abu Dhabi National Oil Co. has received three bids for the contract to develop a seawater treatment plant and transmission pipeline project in Mirfa, according to MEED.

The project’s work includes the development of a nanofiltration plant — which will hold a capacity of 115 million imperial gallons a day in Mirfa.

It also includes seawater intake and outfall facilities for the plant, a pumping station and a 75 km water transmission pipeline to the Bab and Bu Hasa oil fields.

The project, estimated at $2 billion, is part of ADNOC's Project Wave — a huge scheme that plans to replace the current aquifer water injection systems used to maintain reservoir pressure in all onshore oil fields in Abu Dhabi.

Saudi Arabia and Kuwait inject $256m in housing project in Egypt 

Saudi Arabia-based Binladin Group has partnered with Kuwait’s Bukhamseen company in a 5 billion Egyptian pound ($256 million) investment into a large housing project in Egypt.  

Located in Sheikh Zayed City near Cairo, ‘Marascene’ will stretch over 275,000 sq. m, according to Zawya.       

 “This is a large project which will be completed within seven years...we expect revenue to reach 9 billion pounds,” stated Bukhamseen’s CEO Imad Bukhamseen.


Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt
Updated 14 min 54 sec ago

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi Arabia's Ministry of Finance,and the National Debt Management Center signed an agreement with the international banks, including BNP Paribas, to join primary dealers in government debt instruments.

The deal also includes CitiGroup, Goldman Sachs, Standard Chartered and J.P. Morgan, the ministry said in a statement released on Oct 3. 

The Minister of Finance Mohammed Al Jadaan said: “These agreements are a continuation of the developmental steps taken towards achieving Vision 2030 objectives under the umbrella of the Financial Sector Development Program.”

This will be primarily achieved through cooperation between relevant entities, to develop the infrastructure of the local debt market and increase the liquidity of the government's local debt instruments by attracting more capital from foreign investors, he added. 

The five international banks will join five other local banks in that role — the Saudi National Bank, AlJazira Bank, Alinma Bank, and AlRajhi Bank.

The applications for subscription in the primary market for the government's local debt instruments are submitted to the National Debt Management Center.


Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund
Updated 38 min 40 sec ago

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

RIYADH: Egypt-based venture capital firm Algebra Ventures has finalized a $100 million first close of its second fund — exceeding the $90 million target.

The company, which is set to invest $15 million in startups by the end of the year, is expecting to make its final close by the end of the first quarter of 2023.

The company’s second fund is backed by existing limited partnerships from the first fund including IFC, EBRD, and EAEF in addition to new investors like FMO, BII, MSMEDA, DGGF and regional family offices.

Founded in 2016, Algebra Ventures has backed a number of startups like Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.


Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise
Updated 50 min 36 sec ago

Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise

RIYADH: The Saudi Cabinet has approved a memorandum of understanding with the UK to share technical knowledge and expertise on energy.

The Cabinet is also discussing a draft MoU with its Finnish counterpart for further cooperation in the fields of information technology, communications, and digital economy.

Moreover, the Cabinet has transferred the licensing competence for the professions of industrial consultancy and mining consultancy from the Ministry of Commerce to the Ministry of Industry and Mineral Resources.


Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade
Updated 04 October 2022

Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade

RIYADH: Metaverse is predicted to add $360 billion to the economy in the Middle East, North Africa and Turkey over the next 10 years, an official for Meta, the parent company of Facebook, told Asharq Business.

The metaverse is an online world where users can play games, work, and study.

Globally, the metaverse is expected to add $3 trillion to the world’s economy over the next decade, according to Fares Akkad, regional director for Meta in MENA.

Speaking about Meta platforms, he said there are over 300 million users on Instagram, Facebook, and Whatsapp.

Meta is investing more than $1 billion in programs that support creators on these platforms and help them succeed, Akkad said.