Ministers, business leaders agree deals, discuss opportunities at Saudi-Caribbean investment forum

The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)
1 / 5
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)
2 / 5
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (Twitter/@MISA)
3 / 5
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (Twitter/@MISA)
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (Twitter/@MISA)
4 / 5
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (Twitter/@MISA)
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)
5 / 5
The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)
Short Url
Updated 08 July 2022

Ministers, business leaders agree deals, discuss opportunities at Saudi-Caribbean investment forum

The Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. (SPA)

RIYADH: The Saudi-Caribbean Investment Forum concluded on Thursday in Punta Cana, Dominican Republic, which was held in partnership with the Caribbean Association of Investment Promotion Agencies.
The forum featured participation of investment leaders from the public and private sectors in the Kingdom and the Caribbean countries to discuss investment opportunities and developments in priority sectors.
The forum, which included leaders in the tourism and hospitality sector for some of the world's leading luxury tourist destinations, was made up of a series of meetings between companies and investors from both sides to discuss developments in tourism and hospitality.
The Saudi-Caribbean Investment Forum was part of several investment forums and conferences organized by the Ministry of Investment to enhance international investment relations and support attracting foreign investment.

Multiple memoranda of understanding were signed during the forum to strengthen cooperation and explore investment opportunities in various sectors.
During the forum, the Undersecretary of the Ministry of Investment, Bader Al-Badr, stressed that the development of the tourism sector will play a key role in implementing the national investment strategy and achieving the goals of Kingdom's Vision 2030.
"The forum provides an opportunity for us to enhance the ability to exchange knowledge and build partnerships with some of the world's leading luxury tourism destinations, and we look forward to continuing to build relations between the Kingdom and the Caribbean in the coming years," he said.
Saudi Arabia has recorded strong growth in foreign direct investment in recent years, as the Kingdom's economic reforms have provided a wide range of opportunities for international investors.
The net growth of foreign direct investment rose last year by an unprecedented rate of 257.2 percent, and total inflows reached nearly $20 billion - the highest in a decade, even amid the pandemic-induced global lockdowns in 2020.
Meanwhile, foreign direct investment flows to the Kingdom continued to rise against global declines of 35 percent.


EMAAR EC sells $95m industrial plot to facilitate Saudi Ceer EV plant 

EMAAR EC sells $95m industrial plot to facilitate Saudi Ceer EV plant 
Updated 24 sec ago

EMAAR EC sells $95m industrial plot to facilitate Saudi Ceer EV plant 

EMAAR EC sells $95m industrial plot to facilitate Saudi Ceer EV plant 

RIYADH: Emaar The Economic City has announced the sale of an industrial plot to Ceer National Automotive Co. to build a specialized factory for electric vehicles in a move that will create thousands of high-skilled jobs. 

The deal was valued at SR359.04 million ($95.53 million), which Ceer will pay Emaar EC in installments over 15 years, the company said in a statement to Tadawul. The asset book value stood at SR19 million. 

Once complete, the manufacturing facility will create thousands of direct and indirect high-skilled jobs, the majority of which will be filled by Saudi nationals. Construction at the site will begin in early 2023. 

Ceer, the first Saudi electric vehicle brand, was announced by Crown Prince Mohammed bin Salman at the beginning of November, and will see EVs designed, manufactured, and sold to consumers in Saudi Arabia and the Middle East and North Africa region.

“We have found a place that meets all our needs. KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to develop our future workforce,” said Ceer CEO James DeLuca in a press statement. 

According to a Ceer press release, the site in Industrial Valley near King Abdullah Port in KAEC will cover over 1 million square meters. 

The factory will feature the latest technologies to ensure manufacturing efficiency while minimizing energy and water usage, making it a zero-waste-to-landfill site. 

Ceer, a joint venture between the Public Investment Fund and Hon Hai Precision Industry Co., also known as Foxconn, will license component technology from BMW to design and build vehicles, including sedans and sport utility vehicles in the Kingdom. 

Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in infotainment, connectivity and autonomous driving technologies. 

The establishment of Ceer comes in line with the PIF strategy to focus on unlocking the capabilities of promising sectors in the Kingdom, including the automotive industry and creating opportunities for the growth and diversification of its economy. 


Saudi Arabia offering $6tn of investment opportunities in travel and tourism: Minister

Saudi Arabia offering $6tn of investment opportunities in travel and tourism: Minister
Updated 50 min 46 sec ago

Saudi Arabia offering $6tn of investment opportunities in travel and tourism: Minister

Saudi Arabia offering $6tn of investment opportunities in travel and tourism: Minister

RIYADH: Saudi Arabia is offering investment opportunities worth $6 trillion in the travel and tourism sector through to 2030, as the Kingdom steadily pursues its journey to emerge as a global tourist destination by the end of this decade, according to the Saudi Minister of Tourism, Ahmed Al-Khateeb. 

Speaking at the World Travel and Tourism Council Global Summit in Riyadh on Nov. 29, Al-Khateeb said that collective action globally is required to combat the challenges in the tourism sector. 

“We built our tourism industry against the backdrop of a global disaster (COVID-19 pandemic). And we now have $6 trillion of investment opportunities through 2030,” said Al-Khateeb. 

He added: “We value collaboration, we have proved that it will work. Our shared commitment to partnerships will drive the global industry forward. Saudi Arabia is reimagining tourism, making use of the power of partnership and ensuring that no one is left behind.” 

Al-Khateeb noted that he is proud of Saudi Arabia’s achievements, both as a rapidly developing destination and as a global partner driving change across the travel and tourism sector. 

“As the travel and tourism sector recovers stronger, we must put people and the planet first, at the very center of every decision we take,” he said. 

The minister further noted that the travel and tourism industry will create 126 million new jobs in the next decade globally, which means one in every three new jobs created will be from the tourism sector. 

Reaffirming Saudi Arabia’s commitment toward the industry and the young population in the nation, Al-Khateeb pointed out that the Kingdom is training 100,000 people annually to work in the tourism sector. 

Arnold Donald, chairman of WTTC, said that Saudi Arabia is evolving rapidly as a tourist destination. 

“This is my third visit to Saudi Arabia within the last 14 months, and each visit has been very impressive when compared to my previous visit. Saudi Arabia’s bold ambitions embody the region’s drive and energy in the travel and tourism sector,” said Donald. 

He added: “This is a Kingdom that aspires to become one of the top 5 tourist destinations in the world, welcoming 100 million domestic and international travelers a year.” 

Donald said the public and private sectors are working together in pursuit of a common goal in Saudi Arabia, which is an example to the entire world. 

“Partnership across the public and private sectors should come first to push forward the action that will benefit all,” added Donald. 

For her part, Julia Simpson, president and CEO of WTTC said that investments worth $800 billion are happening in the travel and tourism sector of Saudi Arabia now, and that is the biggest ever in the history of the industry. 

She also added that the travel and tourism sector will witness tremendous growth over the next decade. 

“Travel and tourism sector will outpace global growth over the next decade. We will be growing at a rate of 5.8 percent annually, but globally GDP will grow 2.8 percent,” said Simpson. 

During her speech, Simpson also announced the launch of the world’s first environmental and social impact report for travel and tourism, describing it as a “groundbreaking piece of research that allows us to measure and track the sector's footprint.”

She also highlighted the necessity to embrace sustainable aviation fuel to reduce emissions in the transport sector. 

“In 2019, transport accounted for 38 percent of emissions. It is critical to ensure wide scale availability of sustainable aviation fuel,” added Simpson.


UAE brings forward oil production capacity expansion to 2027

UAE brings forward oil production capacity expansion to 2027
Updated 29 November 2022

UAE brings forward oil production capacity expansion to 2027

UAE brings forward oil production capacity expansion to 2027

DUBAI: The board of Abu Dhabi’s ADNOC endorsed plans on Monday to bring forward the company’s five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand, according to Reuters.

The UAE’s hydrocarbon reserves increased by 2 billion stock tank barrels of mostly Murban-grade crude and 1 trillion standard cubic feet of natural gas in 2022, the state oil firm said in a statement.

The additional reserves increase the UAE’s reserve base to 113 billion STB of oil and 290 TSCF of natural gas.

ADNOC’s board of directors, which was chaired by the UAE’s President Sheikh Mohammed bin Zayed on Monday, also approved the creation of ADNOC Gas.

A gas processing and marketing entity to be effective from January, the company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.

ADNOC said it plans to float a minority stake in the new company on the Abu Dhabi Securities Exchange in 2023.

A five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for the period 2023-2027 was also approved by the board to enable the company’s growth strategy.

ADNOC will also create a low carbon solutions and international growth vertical focused on new energies, gas, LNG and chemicals. The board directed the firm to pursue a net zero by 2050 ambition to support the UAE’s drive toward net zero carbon.

“The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security,” ADNOC’s chief Sultan Al-Jaber was quoted as saying in the statement.

 


S&P Global lowers 2023 growth forecast for emerging markets

S&P Global lowers 2023 growth forecast for emerging markets
Updated 29 November 2022

S&P Global lowers 2023 growth forecast for emerging markets

S&P Global lowers 2023 growth forecast for emerging markets

BENGALURU: S&P Global Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions, according to Reuters.

The ratings agency now projects real gross domestic product growth of 3.8 percent next year, down from its previous forecast of a 4.1 percent expansion.

“The downward revision to growth comes from all EMs (emerging markets) excluding China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates,” it said, adding that forecasts for 2024 and 2025 remain broadly unchanged, averaging at 4.3 percent.

While inflation in emerging markets have passed the peak or are peaking soon on the back of declining food and fuel inflation, it is still poised to remain above central banks’ targets in many economies, forcing monetary policies to stay restrictive, the agency warned.

“But the deceleration in inflation--coupled with a worsening growth outlook--could bring policy easing onto the agenda in several EMs, especially in Latin America, by the middle of next year,” S&P said.

 


Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes

Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes
Updated 29 November 2022

Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes

Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes

RIYADH: Oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, as investors weighed a potential output adjustment from the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, who are set to have a key meeting this week.

Brent crude futures advanced $1.81, or 2.2 percent, and traded at $85.00 a barrel at 0446 GMT. US West Texas Intermediate crude futures rose $1.37, or 1.8 percent, to $78.61 a barrel.

Brent settled down 0.5 percent the previous day, having slumped more than 3 percent to $80.61 earlier in the session to its lowest since Jan. 4. WTI settled up 1.3 percent on Monday after touching its lowest since December 2021.

Chevron awaits Venezuelan oil cargoes, but PDVSA wants payments

Chevron Corp. aims to start receiving cargoes of Venezuelan oil as early as December after the oil company last week received a US license to do so, but Caracas may not be as eager because US sanctions restrict payments, people familiar with the matter told Reuters.

The US on Saturday granted Chevron a six-month license to operate in Venezuela, reinstating oil trading privileges it had, while preventing exchanges of cash and requiring the crude cargoes go to US refiners.

Executives at Venezuelan state firm PDVSA initially welcomed the authorization for a partial return to the US, once the country’s most important market. They are less enthusiastic after learning of license terms that will not allow Chevron to reimburse operational costs or pay taxes and royalties in Venezuela, according to the people.

PDVSA and Venezuela’s oil ministry did not immediately reply to requests for comment.

As of Nov. 23, Chevron’s largest joint oil venture in Venezuela had 1.79 million barrels of exportable crude in stock, a document seen by Reuters showed. Another oil processing project where it is a minority partner halted operations earlier this year due to accumulated inventories that could not be exported.

Talks with EU on Russia oil price cap going well: White House

A White House spokesperson on Monday said talks with the European Union about a Russian oil price cap are going well.

Spokesperson John Kirby told reporters that he did not see inordinate pressure to take more action on the cap.

(With input from Reuters)