Saudi SNAM to produce 10,000 cars by 2023, CEO confirms

Saudi SNAM to produce 10,000 cars by 2023, CEO confirms
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Updated 27 January 2022

Saudi SNAM to produce 10,000 cars by 2023, CEO confirms

Saudi SNAM to produce 10,000 cars by 2023, CEO confirms

RIYADH: The Saudi National Automotive Manufacturing Co., or SNAM, will produce 10,000 cars by 2023, CEO Fahad Al-Duhaish said in an interview.

Also president of the Kingdom's first carmaker, Al-Duhaish confirmed laying the foundation stone for the first car assembly plant in Jubail Industrial City in Saudi Arabia.

The assembly plant along with the testing area will reach 120,000 square meters, he told Al Arabiya.

The production capacity of the plant is set to hit 30,000 cars annually, he said.

This target capacity is anticipated to be achieved within two or three years.

The first production quantities — ranging between 5,000 and 10,000 — are expected to start in the second half of 2023, Al-Duhaish added.

He continued that this initial phase will cost around SR300 million ($79.95 million) and is expected to generate 700 direct jobs.

This comes in line with the Kingdom’s Vision 2030 objective of localizing knowledge-based and multi-content industries such as cars that have a high return on the national economy, the Saudi Press agency reported.


Riyadh to host first International Association for Energy Economics conference to be held in the Middle East

Riyadh to host first International Association for Energy Economics conference to be held in the Middle East
Updated 33 sec ago

Riyadh to host first International Association for Energy Economics conference to be held in the Middle East

Riyadh to host first International Association for Energy Economics conference to be held in the Middle East

RIYADH: Riyadh will host the International Association for Energy Economics in February 2022 in what will be a first for the Middle East.

Organized by the King Abdullah Petroleum Studies and Research Center in cooperation with the Saudi Association for Energy Economics, the 44th iteration of the conference will be held from Feb. 4 to 8, the Saudi Press Agency reported. 

The theme of the conference is “Pathways to a clean, stable and sustainable energy future.” 

Global experts will discuss issues related to traditional and renewable energy, environmental challenges and stability of the energy market.


Aramco eyes IPO of its trading unit that could raise $30bn: Bloomberg

Aramco eyes IPO of its trading unit that could raise $30bn: Bloomberg
Updated 52 min 10 sec ago

Aramco eyes IPO of its trading unit that could raise $30bn: Bloomberg

Aramco eyes IPO of its trading unit that could raise $30bn: Bloomberg

RIYADH: Saudi oil giant Aramco is weighing an initial public offering of its trading arm that could potentially raise over $30 billion, slated to become one of the world’s biggest listings this year.

The move comes as the oil major is benefiting from oil prices rising to record levels in the wake of the Russian-Ukraine war. 

As it is considering the potential listing of Aramco Trading Co., the oil giant is working with banks including Goldman Sachs, JPMorgan Chase & Co. and Morgan Stanley, Bloomberg reported citing people familiar with the matter. 

It could also sell a 30 percent stake in the division, which could make it one of the world’s largest IPOs in 2022, Bloomberg reported citing the unnamed people.

Most recently Saudi Aramco’s profit has surged 82 percent in the first quarter of 2022, beating the median of analysts’ expectations with the highest quarterly profit since it went public in 2019.


Breaking the news on the frontlines of war — Arizh Mukhammed on finding her ‘courage’

Breaking the news on the frontlines of war — Arizh Mukhammed on finding her ‘courage’
Updated 25 min 49 sec ago

Breaking the news on the frontlines of war — Arizh Mukhammed on finding her ‘courage’

Breaking the news on the frontlines of war — Arizh Mukhammed on finding her ‘courage’

The old adage that women have to work twice as hard for half the recognition clearly applies to war correspondent Arizh Mukhammed.

Working as a Sky News reporter based in Moscow, she has the demanding role of reporting from the frontlines of the Russia-Ukraine war.

The half-Russian, half-Syrian speaks three languages and holds a doctorate in pharmacology but describes her current role as one of the most challenging and rewarding of her life.

“Reporting about the war is an extraordinary, unpredictable event; I was shocked when it began, and I was the only one on the team who spoke Russian,” she said in an interview on the sidelines of the Arab Women’s Forum in Dubai.

“I hate wars and conflicts. I struggled in the areas controlled by Russian forces and was not allowed on the Ukrainian side. Like any human being, I had fears and wondered if what I was doing was useful and balanced. At the same time, it’s a new step in my career, and I have to move forward and rely on my skills. I had to find courage.”

 

 

Often, Mukhammed has time to do a single take with no room for error.

“I have to accurately portray the facts with no option of redoing a shot,” she said. “And I dislike the word ‘truth’ because each side has their version of ‘truth.’ It’s not a reporter’s job to provide analysis. My job is to report the facts on the ground, be neutral, and not express an opinion about one side being right and another wrong. War is complex.”

Mukhammed spoke on a panel alongside other esteemed war reporters at the Arab Women’s Forum, including Alhadath senior news anchor Christiane Baissary, about the trials and rewards of the job. Having other female role models helped them carve their path.


Read More: Arab Women Forum kicks off in Dubai


“I came to journalism from another field, but honestly, Shireen Abu Akleh is the one I knew from my childhood from her Al Jazeera days,” she said.

Akleh was a world-renowned journalist. Press circles across the world mourned her death.

“Nobody in the Arab World doesn’t know her. She was famous for her coverage in danger zones and for getting out. So, when I heard the sad news, everyone I knew, even friends and family not related to journalism, was deeply affected. She had a magnetic charisma. I like her language, her voice. I am so sad to lose an idol.”

While pursuing her doctorate in Moscow, Mukhammed yearned for the Arabic language and wanted to work in a field where she could better utilize her bilingual skills. She soon landed a career in media, translating between Russian and Arabic. She joined Sky News when they opened their Moscow Bureau.

“I prefer not to categorize myself as a war reporter. I am prepared to report on politics and business wherever the story carries me,” she said. “My advice to a young female reporter is to educate herself, always look at two sides of a story and assess if you are objective enough to report on a story.”


Dnata boosts Erbil operations with over $17m invested in advanced facilities

Dnata boosts Erbil operations with over $17m invested in advanced facilities
Updated 17 May 2022

Dnata boosts Erbil operations with over $17m invested in advanced facilities

Dnata boosts Erbil operations with over $17m invested in advanced facilities

RIYADH: Aviation and travel services provider dnata has announced a major expansion of its operations in Erbil, Iraq.

The UAE-based company opened a new cold chain facility and bus maintenance depot for its advanced fleets at Erbil International Airport, or EBL, which together represent a total investment of $3.5 million, the Dubai Government Media Office reported.

dnata also announced that it will invest $14 million and add 16,000 square meters of warehouse space to its infrastructure in Iraq.

The three new facilities will create up to 100 local jobs with dnata.

The new cold chain facility at dnata is capable of processing 10,000 tons of perishable materials annually.

It enables dnata's freight team to offer cold storage, frozen and cold chain products to its airline customers at EBL, catering to product categories including fresh fruit, meat and pharmaceuticals.

The new bus facility was designed to maintain the fleet of eight passenger apron buses and over 10 transportation buses operated at EBL.

Dnata’s new cargo warehouse, which is expected to open in 2023, will further significantly enhance the company’s cargo offering in Iraq. 

“Our latest investment in three new facilities will help us further expand and improve our operations in Erbil as demand for reliable and safe cargo services is on the rise across the region,” Tom Jones, managing director of dnata Erbil, said. 

 


Saudi pharma giant SPIMACO’s profit rises 25% to $8m in Q1

Saudi pharma giant SPIMACO’s profit rises 25% to $8m in Q1
Updated 17 May 2022

Saudi pharma giant SPIMACO’s profit rises 25% to $8m in Q1

Saudi pharma giant SPIMACO’s profit rises 25% to $8m in Q1

RIYADH:  Saudi Pharmaceutical Industries and Medical Appliances Corp., or SPIMACO, has posted a 25 percent rise in profit in the first quarter, compared to the same quarter a year earlier.

Profits of the Saudi-listed firm went up from SR24 million ($6.4 million) to SR31 million, according to a bourse filing.

The increase in profit was driven by a 30 percent growth in gross profit, coupled with a 45 percent increase in operating expenses.

Established in 1986, SPIMACO has been engaged in the medical and pharmaceutical industry, including the development, manufacturing, and distribution of pharmaceutical products and medical appliances.