Saudi Arabia to launch ‘Made in Makkah’ and ‘Made in Madinah’ products: Minister

Saudi Arabia to launch ‘Made in Makkah’ and ‘Made in Madinah’ products: Minister
The Kingdom is aiming to significantly increase the number of pilgrims in the upcoming years after witnessing a huge decline due to COVID-19 (Shutterstock)
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Updated 10 January 2023
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Saudi Arabia to launch ‘Made in Makkah’ and ‘Made in Madinah’ products: Minister

Saudi Arabia to launch ‘Made in Makkah’ and ‘Made in Madinah’ products: Minister

RIYADH: Products bearing the slogans “Made in Makkah” and “Made in Medina” will soon be launched for pilgrims to Saudi Arabia’s holy sites, the Kigdom’s Minister of Industry and Mineral Resources has revealed. 

During the Hajj Expo 2023 held in Jeddah on Jan. 9, Bandar Al-Khorayef said: “We will raise the quality of products made in Makkah and Madinah to be worthy of them.”

He further added that the Ministry is working with the Ministry of Hajj and Umrah to prepare the launch of these products as part of the initial program “Made In Saudi”.

The “Made in Saudi” program was launched in March 2021 by Crown Prince Mohammed bin Salman and Al Khorayeg as part of the Kingdom’s Vision 2030 goals.

Running until Jan. 12, the Expo is set to see around 400 agreements aiming to build a thriving digital ecosystem that helps pilgrims have better experiences.

Under the patronage of Makkah Governor Prince Khaled Al-Faisal, the event will host over 200 speakers and participants from around the world and have 10 keynote sessions, 13 panel discussions and Hajj talks, and 36 workshops.

The conference will discuss and highlight a wide range of themes relevant to the development of services for guests, including logistics, transportation, and crowd management operations.

There will also be a focus on housing and hospitality services, catering services, facility and service management, safety and healthcare, and enriching pilgrims’ experiences. 

On the sidelines of the opening ceremony, the participants watched a visual presentation highlighting the Kingdom's efforts in serving the pilgrims, followed by the launch of the “Made in Makkah and Madinah” initiative by the Governors of Makkah and Madinah regions.

The Kingdom is aiming to significantly increase the number of pilgrims in the upcoming years after witnessing a huge decline due to COVID-19.

The “Made in Saudi” program is a National Industrial Development and Logistics Program initiative led by the Saudi Export Development Authority that aims to help local businesses grow, by encouraging local consumers to buy more locally made products, and helping businesses increase their exports to priority markets. 


UAE non-oil business see new orders touch 4-year high  

UAE non-oil business see new orders touch 4-year high  
Updated 12 sec ago
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UAE non-oil business see new orders touch 4-year high  

UAE non-oil business see new orders touch 4-year high  

RIYADH: The non-oil private sector in the UAE witnessed strong demand in September, as new orders grew at their fastest rate in four years, an economy tracker showed.  

The latest S&P Purchasing Managers’ Index report revealed the country’s PMI hit 56.7 in September, rising from 55 in August, boosted by a robust economy and competitive pricing. 

According to the report, lower prices and stronger economic conditions drove the new orders sub-index to its highest level since June 2019. 

While overall selling prices fell in September, rising input charges have limited the pricing pressures for some firms as they were forced to raise their charges due to increasing costs, according to the report.   

“Demand growth meanwhile spurred greater purchasing at non-oil firms in September, which acted to quicken the pace of purchase price inflation,” said David Owen, a senior economist at S&P Global Market Intelligence.   

According to the report, confidence in the UAE market peaked at its highest levels since March 2020.   

Some factors attributing to this are the country’s business-friendly regulations, stable political environment and infrastructure development. 

Other positive factors included tax benefits, economic diversification and quality of life for expatriates and skilled labor.  

The report added that demand from domestic and external markets grew, with market needs from foreign clients rising at the sharpest pace in over four years. 

Other PMI sub-components, such as input and employment inventories, rose slightly in September.   

Moreover, firms leveraged on previous hires and inventory growth, indicating that firms have sufficient capacity to deal with the new orders flow.    

Delivery times also shortened this month, the sharpest in over four years, as non-oil businesses witnessed further improvements in supply chains. 

The report stated that the UAE economy is projected to expand by 4 percent in 2024 and by 3 percent this year, driven by definite growth in its non-oil sector. 

The credit rating agency highlighted growth in the UAE’s non-oil sectors, such as tourism, government agencies and technological advancements and its policy implementation designed to set the stage for the country’s long-term economic expansion.     

Last month, Fitch Ratings echoed similar economic trends, stating that the country has benefited from strong economic conditions reflected by improved banking sector profitability.  

A healthy banking sector attracts foreign investments and could be instrumental in its higher economic activity and PMI.


flynas receives 5 new A30new aircraft, expands fleet to 56

flynas receives 5 new A30new aircraft, expands fleet to 56
Updated 33 min 36 sec ago
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flynas receives 5 new A30new aircraft, expands fleet to 56

flynas receives 5 new A30new aircraft, expands fleet to 56

RIYADH: Saudi Arabia’s flag carrier flynas received five new Airbus A320neo aircraft on Wednesday, raising its fleet to 56 airliners, according to Al-Ekhbariya.

The report said that the budget airline marked a 100 percent growth over the last two years with this acquisition.

The fleet expansion also aligns with Saudi Arabia’s National Civil Aviation Strategy to reach 330 million passengers and to increase the number of international destinations linked to 250 by 2030.


Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport

Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport
Updated 36 min 17 sec ago
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Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport

Saudi GACA, Portuguese Ministry of Infrastructure sign agreement to propel air transport

RIYADH: Air transport services between Saudi Arabia and Portugal are on course to flourish thanks to a new agreement between the Kingdom’s General Authority of Civil Aviation and the European country’s Ministry of Infrastructure.

Signed on the sidelines of the Saudi-Portuguese Joint Committee, the deal aims to establish air services that ensure the highest levels of safety and security, enhance trade exchange, and support economic growth between the two countries, the Saudi Press Agency reported.

The agreement is one of a range of contracts inked during the visit of the Saudi Minister of Economy and Planning Faisal Al-Ibrahim to Lisbon. These deals aim to strengthen economic relations and promote increased collaboration between Portugal and the Kingdom.


Saudi Arabia announces oil production cuts for November and December

Saudi Arabia announces oil production cuts for November and December
Updated 04 October 2023
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Saudi Arabia announces oil production cuts for November and December

Saudi Arabia announces oil production cuts for November and December

RIYADH: Saudi Arabia will continue the voluntary cut of 1 million barrels of oil per day in November and December, a Ministry of Energy source has told the Kingdom’s official news agency.

The move means Saudi Arabia’s production for the final two months of the year will be approximately 9 million bpd.

Brent crude oil futures were down 58 cents, or 0.64 percent, on the day at $90.34 a barrel before the announcement, but after the cuts were confirmed they were instead trading at 0.46 percent lower at 12:21 p.m. Saudi time.

This reduction is in addition to the voluntary cuts the Kingdom had previously announced in April, when Riyadh agreed to reduce output by 500,000 bpd until the end of December 2024.

“The source indicated that the decision on this reduction will be reviewed next month, to consider increasing the reduction, or increasing production,” said the Saudi Press Agency reported

The source confirmed that this additional voluntary reduction comes to strengthen the precautionary efforts made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, with the aim of supporting the stability and balance of the market.

In June, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman urged everyone to trust OPEC+ and called it the most effective international organization working hard to maintain market stability. 

“Taking a precautionary measure tends to put you on the safe side. And it is part of the typical rhythm that we have installed in OPEC, which is being proactive, being preemptive,” Prince Abdulaziz told CNBC. 

Meanwhile, Russia said that it will continue its current 300,000 bpd crude export cuts until the end of 2023, and will review its voluntary 500,000 bpd output cut, set back in April, in November, Reuters reported. 

Speaking at the World Petroleum Congress in Calgary in September, the Saudi energy minister said international energy markets need light-handed regulation to limit volatility.

Prince Abdulaziz added that supply and demand forecasts regarding oil are not always reliable.

“It’s always better to go by my motto, which is, ‘I believe it when I see it.’ When reality comes around as it’s been forecast, Hallelujah, we can produce more,” he said. 

The energy minister added that Saudi Arabia wants to develop and trade clean hydrogen and electricity, but the Kingdom requires partnerships with other countries, offtake buyers, and investors.


Saudi Ports Authority rises in global maritime index Q3 report

Saudi Ports Authority rises in global maritime index Q3 report
Updated 03 October 2023
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Saudi Ports Authority rises in global maritime index Q3 report

Saudi Ports Authority rises in global maritime index Q3 report

RIYADH: Confirming the progressive trajectory of Saudi Arabia’s maritime sector, the Saudi Ports Authority, commonly known as Mawani, has jumped in the global maritime index for the third quarter of 2023.  

As outlined in a recent report from the UN Conference on Trade and Development, the data highlights a leap from 76.16 points in the second quarter to 77.66 points in the third quarter of the year, the Saudi Press Agency reported.

The uptick reflects Mawani’s commitment to strengthening the competitive capabilities of Saudi ports on the global stage, bolstering the maritime transport sector, enhancing networks, and refining logistics services.

Commenting on the achievement, Saleh Al-Jasser, Saudi minister of transport and logistics services and chairman of Mawani, emphasized that the Kingdom’s advancement is in alignment with the objectives of the National Strategy for Transport and Logistics Services.  

He also pointed to Mawani’s success in improving maritime shipping, with the introduction of 24 new services in 2023 alone.  

This move fortifies trade and export activities and strengthens the Kingdom’s connection to global markets through enhanced operational capabilities, maritime communication routes development, and an uplifted competitive stature.

The maritime network connectivity index, which gauges the interconnection levels of global ports with shipping line networks quarterly, incorporates several sub-indicators, including the scheduled ship visits to the country per week and the number of regular service routes offered by vessel lines to and from the national ports.

Earlier this year, Saudi Arabia celebrated climbing 17 global ranks in the Logistics Performance Index issued by the World Bank.  

On a separate ranking, the Kingdom’s ports rose to the 16th position in the UN Conference on Trade and Development’s Liner Shipping Connectivity Index in June.  

Moreover, Saudi Arabia achieved significant progress in the World Bank’s Logistics Performance Index, jumping 17 places to reach the 38th position in 2023.  

This marks a notable improvement compared to its rankings of 55 in 2018 and 52 in 2016.  

The Kingdom currently has 97 shipping links that connect to 348 international ports.