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

Saudi Wafrah signs $4m contract with German GEA Food for meat production
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. (Supplied)
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Updated 08 August 2022

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.


SMEs in KSA jump 9.3% in Q3 driven by healthy entrepreneurial ecosystem 

SMEs in KSA jump 9.3% in Q3 driven by healthy entrepreneurial ecosystem 
Updated 26 sec ago

SMEs in KSA jump 9.3% in Q3 driven by healthy entrepreneurial ecosystem 

SMEs in KSA jump 9.3% in Q3 driven by healthy entrepreneurial ecosystem 

RIYADH:  The number of small and medium-sized enterprises in Saudi Arabia jumped 9.3 percent in the third quarter of 2022, driven by strong economic growth and a healthy entrepreneurial ecosystem in the Kingdom, according to latest government figures.  

A report released by the General Authority for Small and Medium Enterprises, known as Monsha’at, showed the number of firms reached 978,445 in the three months to the end of September, up from 892,063 in the second quarter.  

The Monsha’at report pointed out that venture capital funding in Saudi Arabia in the first nine months of 2022 witnessed a 93 percent year-on-year increase totaling at SR3.1 billion ($820 million).  

According to Monsha’at, policy changes which have been implemented in the Kingdom since 2016 are one of the reasons behind the surge in the number of SMEs.  

“By increasing access to capital and offering and increased upskilling and specialized training to help people grow their businesses, entrepreneurial culture has taken root in the Kingdom,” said Monsha’at in the report.  

The report further noted that dedicated policies to invest in emerging technologies have also triggered innovation and job creation in the SME sector.  

Investments in the fintech sector were strong in the third quarter, with 22 deals signaling a 266 percent year-on-year rise, the report said.  

Renewable energy, tourism, and agricultural sectors are driving SME growth in the Al-Jouf province, with the province’s close proximity to the Jordanian market also spurring new business creation across multiple sectors.  

The report noted that initiatives and increased investments in the information and communication technology sector have also led to new SME growth in the Kingdom.  

“Monsha’at’s Thakaa Center is investing SR335 million to help over 90 tech startups and 250 SMEs integrate advanced technologies into their business,” the report added.  

The Monsha’at report for the third quarter came after Saudi Arabia’s National Development Fund announced the start of operations at the Small and Medium Enterprises Bank, aimed at bridging the finance gap in the SME sector.  

The launch of the new bank is expected to help the SME sector contribute as much as 35 percent to the Kingdom’s gross domestic product in line with the Saudi Vision 2030. 

Some other goals Monsha’at is trying to materialize by 2030 include lowering the unemployment rate from 11.6 percent to 7 percent and increasing women’s participation in the workforce from 22 percent to 30 percent.  


Global renewable capacity to double over next 5 years as energy crisis deepens: IEA

Global renewable capacity to double over next 5 years as energy crisis deepens: IEA
Updated 11 min 12 sec ago

Global renewable capacity to double over next 5 years as energy crisis deepens: IEA

Global renewable capacity to double over next 5 years as energy crisis deepens: IEA

RIYADH: Global renewable power capacity is expected to double over the next five years primarily driven by energy security concerns caused by Russia’s invasion of Ukraine, according to the International Energy Agency. 

In its annual report on the outlook of renewables, the organization noted that the capacity of renewables globally is expected to grow by 2,400 gigawatts over the 2022-2027 period, an amount equal to the entire power capacity of China today. 

“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalize on their energy security benefits. The world is set to add as much renewable power in the next five years as it did in the previous 20 years,” said the IEA's executive director Fatih Birol. 

According to IEA, this massive rise in the renewables sector is 30 percent higher than the amount of growth that was forecast just a year ago, which indicates the fact that governments all across the world are quickly embracing sustainable energy measures for a better future. 

The report further pointed out that renewables are set to account for over 90 percent of global electricity expansion over the next five years, overtaking coal to become the largest source of global power by early 2025.

Birol added: “This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system. Renewables’ continued acceleration is critical to help keep the door open to limiting global warming to 1.5 degree Celsius.”

The report added that global solar photovoltaic capacity is expected to almost triple by 2027, becoming the largest source of power capacity in the world, while wind capacity is set to double in the same period. 

The IEA also noted that global biofuel demand is set to expand by 22 percent over the 2022-2027 period. 

“Together, wind and solar will account for over 90 percent of the renewable power capacity that is added over the next five years,” the IEA added. 

According to the report, Europe is leading the energy transition from the front as EU nations are looking to rapidly replace Russian gas with alternatives post the conflict in Ukraine. 

The report added that countries like China, US and India are implementing policies and introducing regulatory and market reforms to combat a possible energy crisis.


Veolia and Emirates Waste to Energy form JV to operate region’s first waste-to-energy plant

Veolia and Emirates Waste to Energy form JV to operate region’s first waste-to-energy plant
Updated 06 December 2022

Veolia and Emirates Waste to Energy form JV to operate region’s first waste-to-energy plant

Veolia and Emirates Waste to Energy form JV to operate region’s first waste-to-energy plant

RIYADH: Environmental management firm Veolia Near & Middle East has joined forces with Emirates Waste to Energy to operate and maintain the Sharjah waste-to-energy plant, touted to be the first in the region.

A joint venture between Sharjah environmental management company Beeah and Abu Dhabi renewable energy company Masdar, Emirates Waste to Energy can process 300,000 tons of municipal waste every year along with producing 30 megawatts of low carbon energy — sufficient enough to power up to 28,000 homes and offset up to 450,000 tons of CO2 emissions per annum, according to a press release.

Sharjah currently has a 76 percent landfill waste diversion rate and upon completion of this project it will enable that to be increased to 100 percent, thus making Sharjah the first zero waste-to-landfill cities in the Middle East.

“As part of our efforts to promote ecological transformation, Veolia is dedicated to diverting domestic waste away from landfill and to supporting the UAE’s push for green energy. This project helps achieve both goals, while being aligned with the UAE’s ambitious environmental vision,” said Pascal Grante, CEO of Veolia Near & Middle East.

Khaled Al-Huraimel, Group CEO of BEEAH Group, said the new venture with Veolia and Masdar is “another exciting development in our mission to shape a zero waste to landfill, net-zero emissions future in Sharjah and the UAE.”

He added: “Over the next 25 years, we will continue to build on our integrated waste management and zero waste-to-landfill ecosystem through the Sharjah Waste to Energy Plant.”

The waste management complex in the plant will recover a majority of the recyclable material from the waste it processes. Later, the remaining waste will be thermally treated, and the heat produced from the process will be applied to a boiler, which will produce steam and drive a turbine to produce electricity, the press release noted.

Mohamed Jameel Al-Ramahi, CEO of Masdar said: “We will work together to ensure the smooth operation and maintenance of the region’s first commercial-scale waste-to-energy facility, supporting Sharjah and the UAE in achieving their zero-waste and net-zero ambitions.”


Saudi-Vietnamese trade ties boosted by Riyadh forum

Saudi-Vietnamese trade ties boosted by Riyadh forum
Updated 06 December 2022

Saudi-Vietnamese trade ties boosted by Riyadh forum

Saudi-Vietnamese trade ties boosted by Riyadh forum

RIYADH: Saudi and Vietnamese business leaders from more than 40 companies met in Riyadh to discuss ways to increase their already flourishing health trade exchange volume, which stands at SR8.2 billion ($2.2bn).

The Saudi-Vietnamese Business Forum, held at the Federation of Saudi Chambers, saw the representatives of 21 Saudi companies and 20 from Vietnam discussing how to benefit from the opportunities provided by the Kingdom’s Vision 2030.

Vice-chairman of the Saudi Regional Business Council for Southeast Asian Countries Abdulghani Al-Rumaih praised the Saudi-Vietnamese Joint Committee and its reflection on the volume of trade exchange, which amounted to about SR8.2 billion in 2021, Saudi Press Agency reported. 

Saudi Arabia is a major market for the South-East Asian country and one of Vietnam’s important partners in the Middle East and Africa region. 

The Saudi-Vietnamese Joint Committee was launched in 2006 and it aims to discuss ways of cooperation in many areas that contribute to the development of the two countries.

Vietnam is among the fastest growing economies in Southeast Asia, with an average gross domestic product growth of between 6 and 7 percent prior to the COVID-19 pandemic.

The meeting comes in line with recent efforts by Saudi Arabia to increase linkages with international markets through establishing new bilateral organizations, as well as holding forums and meetings with countries including Finland, India, Uzbekistan, Thailand, France, Indonesia and Spain.

Speaking to Arab News earlier this year, Saad Al-Shahrani, the acting deputy minister for investment promotion in the Ministry of Investment of Saudi Arabia, said the Kingdom achieved an 18 percent increase in foreign direct investment in 2020, even as the global FDI declined by 35 percent due to the pandemic.

Saudi Arabia has enacted over 600 economic reforms since the launch of the Vision 2030 blueprint in a bid to attract SR12.4 trillion of cumulative investment and SR1.8 trillion in foreign direct investment inflows between 2021 and 2030 as part of the National Investment Strategy.


Saudi Arabia, UAE recognize seafarer certifications to encourage maritime relations 

Saudi Arabia, UAE recognize seafarer certifications to encourage maritime relations 
Updated 06 December 2022

Saudi Arabia, UAE recognize seafarer certifications to encourage maritime relations 

Saudi Arabia, UAE recognize seafarer certifications to encourage maritime relations 

RIYADH: Saudi Arabia and the UAE have reached an agreement for mutual recognition of maritime certificates issued in both countries. 

A Memorandum of Understanding was signed at the International Maritime Organization’s headquarters in London by Hessa Al Malek, adviser to the UAE’s minister for maritime transport affairs, and Abdulrahman Matooq Al-Thonayan, deputy for maritime transport at the Transport General Authority in Saudi Arabia.  

According to the MoU, both sides will recognize the education, training, medical fitness and competency certificates of seafarers issued by maritime bodies and authorities. 

It will also honor seafarers on board ships flying the other party’s flag in line with international regulations and agreements. 

“The MoU between MOEI (Ministry of Energy and Infrastructure) and Saudi Arabia’s PTA will support integration between the two countries and facilitate procedures that ensure the safety and security of the maritime sector, as well as strengthen bilateral relations in the maritime field,” said Al Malek. 

According to the MoU, both sides will recognize the education, training, medical fitness and competency certificates of seafarers issued by maritime bodies and authorities. 

It will also honor seafarers on board ships flying the other party’s flag in line with international regulations and agreements. 

Al-Thonayan said: “At the Public Transport Authority, we work to develop the fleet of ships that carry the Saudi flag and enhance the capabilities of seafarers on board these ships in line with international safety, protection of the marine environment and maritime security standards issued by the IMO.”

In addition to its regulatory role, the Public Transport Authority provides an efficient and high-quality transport environment using the latest technologies to enhance economic and social development and achieve Vision 2030. 

Also present was Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure, and officials and maritime strategic partners from both sides. 

“The leadership in both the UAE and the Kingdom of Saudi Arabia are keen to enhance strategic cooperation and economic, trade and development integration between the two countries,” said Al Mazrouei.