Kazakhstan president invites Saudi investors as both countries eye greater economic ties

Kazakhstan president invites Saudi investors as both countries eye greater economic ties
Kazakhstan President Kassym-Jomart Tokayev has invited Saudi companies to invest in the central Asian country. (Arab News: Ghazi Mahdi)
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Updated 24 July 2022

Kazakhstan president invites Saudi investors as both countries eye greater economic ties

Kazakhstan president invites Saudi investors as both countries eye greater economic ties

RIYADH: Kazakhstan President Kassym-Jomart Tokayev has invited Saudi companies to invest in the central Asian country as it offers a lot of opportunities in the areas of energy, space, recycling, food and agriculture, and construction. 

While speaking at the Saudi-Kazakhstan Investment Meeting in Jeddah on July 24, Tokayev urged mutual cooperation between the countries to promote investments. He also invited companies like Saudi Basic Industries Corp. to implement joint projects in Kazakhstan. 

Tokayev added that Kazakhstan could be the best choice for Saudi Arabia to explore uranium, as the Kingdom has concrete plans to develop nuclear power plants. 

“We are very much interested in the technological expertise of Saudi Arabia in green hydrogen production. Given the impressive results of Saudi companies in green energy, I would encourage you to explore similar opportunities in Kazakhstan,” he said. 

The president further added that Saudi Arabia has supported Kazakhstan by implementing several projects in education, healthcare, culture, and infrastructure, worth more than $120 million in the country. 

Talking about the potential in space exploration, he said, “We also see cooperation in space exploration as a promising area. We are pleased to see the Kingdom’s desire to drive the space program as part of Saudi vision 2030. The two countries have a relevant legal framework for cooperation on research and peaceful use of outer space.” 

Kazakhstan is a vibrant economy, says Khalid Al-Falih 

While speaking at the same event, the Saudi Arabian Minister of Investment, Khaled Al-Falih called Kazakhstan a “vibrant economy.” 

“Some of you may know Saudi Arabia was one of the first nations which recognized the independence of Kazakhstan in 1991. And in three decades, Kazakhstan has become one of the most vibrant economies,” said Al-Falih. 

He added, “I want to emphasize that the trade between Kazakhstan and Saudi Arabia has increased significantly, especially the last few years, although there’s a lot of room to grow further.” 

Almassadam Satkaliyev, the CEO of Samruk-Kazyna JSC, said that the mission of Kazakhstan’s sovereign wealth fund is to ensure sustainable development of the economy and the creation of a diversified portfolio of assets and business support in the interest of the people of the Republic of Kazakhstan.

Satkaliyev hailed Saudi Arabia's strategy to achieve carbon neutrality which will bring large-scale structural changes to the economy. He added that traditional energy sources will continue to play a crucial role in the energy system. 

He further noted that initiatives taken by Saudi Arabia to develop renewable sources of energy are impressive. 

The CEO revealed that Kazakhstan is planning to diversify its energy baskets. 

“We plan to diversify our energy basket by developing renewable energy sources and new regeneration hydrogen power. For energy efficiency and reliability, we will introduce energy storage systems and smart grids,” he said. 

Deals signed

The investment forum also saw several agreements and memorandum of understanding signed, with the Ministry of Culture and Sports of Kazakhstan and the Ministry of Sports of Saudi Arabia striking a memorandum. 




A number of agreements were signed between the countries during the event. (Arab News: Ghazi Mahdi)

Another memorandum was signed between the Ministry of Information and Social Development of Kazakhstan and the Ministry of Media of Saudi Arabia on media cooperation. 

The Saudi Press Agency also signed a memorandum with the TV and Radio Complex of the Republic of Kazakhstan.

The Ministry of Energy of Kazakhstan also entered into a deal with Saudi’s ACWA Power to work together in areas like renewable energy, desalination, energy storage, and green hydrogen. 

During the forum, a cooperation agreement was signed between Kazakhstan sovereign wealth fund Samruk-Kazyna JSC and Ajlan and Bros Holding Co. 

Ajlan and Bros Holding Co. also signed multiple memorandums for red meat exporting and for the construction of a sorghum syrup production plant in Kazakhstan. 

Al Rajhi International for Investment signed a deal with Kazakh Invest National Co. on investment cooperation.


Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production
Updated 21 sec ago

Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production

RIYADH: Saudi food firm Wafrah for Industry and Development Co. has signed a contract with German GEA Food Solutions, one of the world’s largest manufacturers of food lines and plants.

Under the $4 million contract, GEA Food Solutions will manufacture and supply highly automated lines for processing and packaging frozen and cooked meats for Wafrah, according to a bourse filing.

Wafrah said the company will start upgrading its production capacity and revenue in the second half of 2023.


Bank Albilad launches $53m wholly owned payments arm Enjaz

Bank Albilad launches $53m wholly owned payments arm Enjaz
Updated 14 min 46 sec ago

Bank Albilad launches $53m wholly owned payments arm Enjaz

Bank Albilad launches $53m wholly owned payments arm Enjaz

RIYADH: Saudi-based Bank Albilad has established a wholly owned payments arm in Riyadh with SR200 million ($53 million) capital, according to a bourse filing.

Enjaz Payment Services Co., licensed by the Saudi Central Bank as a Major Electronic Money Institution, will handle all payments and remittances activities currently operated as a business division in the bank.

The incorporation of Enjaz is in line with Bank Albilad’s strategy and any major developments in this regard will be announced in due course, it said.

 


Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets

Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets
Updated 43 min 55 sec ago

Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets

Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets

RIYADH: Alkhair Capital has seen the value of its assets under management rise to SR13.42 billion ($3.6 billion) in the first quarter, making it one of Saudi Arabia’s top ten financial institutions.

The Riyadh-headquartered investment firm reported a 34.6 percent increase in assets under management in the first quarter of 2022 compared to the year-ago period, according to the Capital Market Institutions Report.

“Alkhair Capital is a pioneer in providing Islamic products, and the recent ranking by the Capital Market Institutions confirms our strong track record and operational excellence,” said Abdullah Al Shilash, CEO of Alkhair Capital Saudi Arabia.

Most recently, Alkhair Capital acted as the financial advisor and underwriter to two Saudi-listed companies’ rights issue offerings.

The first was a SR173 million capital raise for Saudi Industrial Export Co. and the second was Amana Cooperative Insurance Co.’s SR300 million capital hike plan.


Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues

Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues
Updated 08 August 2022

Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues

Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues

RIYADH: Saudi papers maker MEPCO has posted a 216 percent leap in profits during the first half of 2022 fueled by higher revenues.

Profits of the company, formally known as Middle East Paper Co., rose to SR192 million ($51 million) in the first half, up from SR60 million in the prior year period, it said in a bourse filing.

This was coupled with a 45 percent increase in revenue to SR652 million during the same period owing to higher demand and pricing.


 


Saudi dairy giant Almarai re-appoints chairman and vice chairman

Saudi dairy giant Almarai re-appoints chairman and vice chairman
Updated 08 August 2022

Saudi dairy giant Almarai re-appoints chairman and vice chairman

Saudi dairy giant Almarai re-appoints chairman and vice chairman

RIYADH: Saudi-based dairy giant Almarai has re-elected Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer as board chairman and Suliman Al Muhaideb as vice chairman.

The new term takes effect from Aug. 7 and will last for three years, according to a bourse filing.

Last month, the dairy giant announced strong results as it recorded an 8.4 percent increase in profit for the first half of 2022 to SR940 million ($250 million).