Young Saudis helping to achieve Vision 2030 goals, says deputy minister

While speaking at the Saudi-Spanish Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the challenges that are arising as the country progresses toward achieving the goals of Vision 2030.
While speaking at the Saudi-Spanish Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the challenges that are arising as the country progresses toward achieving the goals of Vision 2030.
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Updated 06 June 2022

Young Saudis helping to achieve Vision 2030 goals, says deputy minister

Young Saudis helping to achieve Vision 2030 goals, says deputy minister

RIYADH: The young population in Saudi Arabia is helping the country to achieve the goals of Vision 2030, according to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment.

While speaking at the Saudi Spanish Investment Forum in Riyadh on Sunday, the deputy minister revealed that the young population in the nation is tackling all the challenges that are arising as the country progresses toward achieving the goals of Vision 2030.

The deputy minister noted that the oil industry was the key driver of the Kingdom’s economy before 2016.

“In 2016, the crown prince came up with Vision 2030 and set up the rules and guidelines for our economy to be more ambitious, effective, and diverse. We had 13 programs launched in 2016 from diverse fields including macroeconomic reforms, microstructure reforms and other institutional reforms,” said Al-Shahrani.

The deputy minister also added that the unemployment rate in Saudi Arabia will go down from 12 percent to 7 percent by 2030. 

He pointed out that the Kingdom also set up a target to have the private sector lead the economy, contributing up to 65 percent of gross domestic product from 40 percent by 2030.

The deputy minister further noted that Saudi Arabia has a target for foreign direct investment to be at 5.7 percent of GDP, from less than 1 percent currently. 

 

 


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 04 October 2022

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 04 October 2022

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 04 October 2022

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 04 October 2022

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.