AD Ports Group signs deals to expand Kazakhstan oil industry

AD Ports Group signs deals to expand Kazakhstan oil industry
The deals were signed in the presence of UAE President Sheikh Mohamed bin Zayed and Kazakh President Kassym-Jomart Tokayev. (Twitter/@ADPortsGroup)
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Updated 18 January 2023
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AD Ports Group signs deals to expand Kazakhstan oil industry

AD Ports Group signs deals to expand Kazakhstan oil industry
  • Collaboration with national firm on Caspian and Black Sea projects
  • Kazakh chairman says deal will help manage growing exports

ABU DHABI: AD Ports Group has signed deals with Kazakhstan’s national oil company and government to develop shipping fleets and facilities on the Caspian and Black Seas to aid growing exports.

The KazMunayGas partnership agreement will explore projects including the development of a new shallow-water fleet to support operations in the Caspian and a tanker fleet to carry Kazakh oil exports. 

AD Ports has also signed a memorandum of understanding with the Ministry of Industry to develop international trade and transport corridors, including upgrading port and logistics facilities and strengthening the national maritime fleet.

The agreements expand on the shareholder agreement signed in December with Kazmortransflot, a subsidiary of KazMunayGas, to establish a joint venture that will provide offshore services to energy companies in the Caspian. 

The deals were signed in the presence of UAE President Sheikh Mohamed bin Zayed and Kazakh President Kassym-Jomart Tokayev. 

AD Ports Group Chairman Falah Mohammed Al-Ahbabi said the deal with KazMunayGas “aligns with the strategic priorities of the UAE and establishes a strong platform for growth in Kazakhstan and the wider region.” 

The company’s CEO Mohamed Juma Al-Shamisi added that the deal “provides us with a solid foundation for growth in one of the most important markets.” 

KazMunayGas Chairman Mirzagaliyev Magzum said the agreement would help address the challenges of a growing industry and help develop port infrastructure and shipping.

Kazakh Minister of Industry and Infrastructure Development Marat Karabayev said the deals “represent an important step forward in the fraternal economic relationship between the Republic of Kazakhstan and the UAE.

“We see significant potential in developing port and logistics facilities in Kazakhstan to enhance our role as a trade corridor and increase export opportunities for our companies,” Karabayev added.

AD Ports Group will also work with Abu Dhabi Maritime Academy to develop bespoke training and development programs for Kazakh teams.

 


Oman’s GDP falls 9.5% in Q2 to $26.3bn driven by drop in oil activities

Oman’s GDP falls 9.5% in Q2 to $26.3bn driven by drop in oil activities
Updated 24 September 2023
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Oman’s GDP falls 9.5% in Q2 to $26.3bn driven by drop in oil activities

Oman’s GDP falls 9.5% in Q2 to $26.3bn driven by drop in oil activities

RIYADH: Oman’s gross domestic product registered a decline of 9.5 percent in the second quarter of 2023 compared to the same period last year, primarily driven by a drop in oil activities.

The GDP at current prices fell to 10.08 billion Omani rials ($26.3 billion) in the second quarter from 11.14 billion rials recorded in the same period last year, according to the National Center for Statistics and Information. 

Citing data from NCSI, Oman News Agency reported that the fall was because the value of oil activities declined 18.3 percent to 3.64 billion rials in the second quarter from 4.46 billion rials in the year-ago period.


Saudi National Housing Co. delivers over 30k units up to September  

Saudi National Housing Co. delivers over 30k units up to September  
Updated 57 min 50 sec ago
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Saudi National Housing Co. delivers over 30k units up to September  

Saudi National Housing Co. delivers over 30k units up to September  

RIYADH: In a bid to expedite first-time home ownership among Saudi families, the National Housing Co. has announced the successful delivery of over 30,000 units up to September 2023, in collaboration with property developers.  

The announcement coincided with the celebration of the 93rd Saudi National Day, further emphasizing the NHC’s objective of providing modern accommodations to over 300,000 individuals by 2025.  

This mission also aligns with the firm’s efforts to accelerate the pace of first-time home ownership, with the provision of diverse housing options and high-quality projects contributing significantly to the development of the real estate supply in the Kingdom. 

In a statement, the NHC explained that the delivery of the residential units is dispersed across 11 cities around the Kingdom, including Riyadh, Jeddah, Makkah and Al-Ahsa. They are also distributed across Dammam, Qatif, Alkhobar, Khamis Mushayt, Taif, Yanbu and Madinah. 

The company also stated that it is actively working on various future projects under construction, offering competitive prices while adhering to the highest standards of quality and sustainability within residential environments designed to enhance the quality of life.  

These projects integrate services, green spaces, vital facilities, and pedestrian paths to ensure safe and easy access to all amenities, it added. 

The housing company said this holistic approach is expected to boost social and environmental sustainability while promoting a healthy lifestyle for Saudi families. These projects are being carried out in partnership with the Real Estate Development Fund and financing agencies from the private sector. 

Established in 2016, the NHC aims to become a leader in the real estate development sector and foster strategic partnerships between the public and private sectors. 

The company said it is committed to providing high-quality projects in urban communities with modern designs and various housing solutions at affordable prices. This commitment aligns with the aspirations of future generations and aims to improve their quality of life, all in collaboration with experienced and efficient real estate developers. 

Under the housing program, one of the key initiatives of Saudi Vision 2030, the Kingdom aims to increase the proportion of Saudi households that own a house from 47 percent in 2016 to 70 percent by 2030.  

 


Arab forum calls for localization of renewable energy sector

Arab forum calls for localization of renewable energy sector
Updated 24 September 2023
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Arab forum calls for localization of renewable energy sector

Arab forum calls for localization of renewable energy sector

RIYADH: As several nations in the Middle East and North Africa region are steadily diversifying their economies, the Arab Forum for Renewable Energy and Energy Efficiency has urged them to focus on localizing the nonconventional power sector, according to Qatar News Agency.

The eighth edition of the forum, held in the Jordanian capital Amman, also called for manufacturing electric cars locally and contributing to new energy sources like green hydrogen.

Furthermore, the forum stressed the need for universities in the Arab region to focus on renewable power, energy efficiency and management besides electric cars, smart cities and green hydrogen.

Earlier this month, a report released by the Global Energy Monitor revealed that the MENA region has witnessed a surge of 292 gigawatts in prospective renewable energy capacity, marking a 400 percent year-over-year growth since 2022.

According to the report, this surge in capacity is substantial enough to meet the energy demands of countries like Saudi Arabia, Egypt and Qatar combined.

Meanwhile, G20 leaders, during the recently concluded summit in New Delhi, had agreed to triple renewable energy capacity globally by 2030.


Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022

Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022
Updated 24 September 2023
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Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022

Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022

RIYADH: Reflecting robust economic growth, Saudi Arabia’s financial markets reported a remarkable performance in 2022, surpassing the targets outlined in Vision 2030. 

The Kingdom’s Capital Market Authority witnessed an uptick in 2022, with 49 new listings, beating the projected 24 for that year, marking a completion rate of 204 percent, according to a statement by Mohammed El-Kuwaiz, chairman of the authority. 

The stock market’s capitalization as a proportion of the country’s gross domestic product also increased by 91 percent, exceeding the initial Vision 2030 strategic objective of 77 percent. 

Furthermore, the debt instruments market had initially aimed to comprise 18.7 percent of the GDP. However, by the end of the year, it exceeded this target, constituting 32 percent of the GDP, achieving a completion rate of 171 percent. 

El-Kuwaiz noted that these figures and other achievements contributed to making the market a model to be followed among the regional markets. 
He added: “As we celebrate this year’s National Day, the Kingdom has advanced 7 positions in the annual World Competitiveness Yearbook issued by the International Institute for Management Development for 2023, reaching the 17th position globally out of 64 countries that are the most competitive in the world, and the third among the G20 countries, supported by strong economic and financial performance in 2022 and improved business legislation.” 

Additionally, by the close of the second quarter of 2023, the financial market witnessed a significant uptick in numbers.   

Investment funds soared to a historic peak of 1,130, marking a 34.68 percent surge from the 839 funds in the same period last year.   

Participants across both general and specialized investment funds climbed 33.5 percent year on year, reaching 901,896 from 675,465 in the same timeframe the previous year.   

The second quarter of this year also saw the ownership value of foreign investors in the primary stock market elevate to SR298.45 billion ($79.5 billion). This is a 5.1 percent increase from SR284.01 billion recorded in the second quarter of 2022. 

With this momentum, the CMA is now outlining its strategy spanning 2024-2026. Central to its blueprint is the objective to spur sustainable advancements in the financial realm, breaking new grounds and further strengthening the national economic fabric, El-Kuwaiz noted.


‘UN Group of Friends for Digital Cooperation’ launched to promote sustainability and inclusivity

‘UN Group of Friends for Digital Cooperation’ launched to promote sustainability and inclusivity
Updated 24 September 2023
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‘UN Group of Friends for Digital Cooperation’ launched to promote sustainability and inclusivity

‘UN Group of Friends for Digital Cooperation’ launched to promote sustainability and inclusivity

RIYADH: The “UN Group of Friends for Digital Cooperation” was launched at the UN headquarters in New York by five member states of the Digital Cooperation Organization — Saudi Arabia, Bahrain, Cyprus, Pakistan and Rwanda, according to the Saudi Press Agency.

The SPA said the DCO formed the group to facilitate international digital cooperation and advocate sustainable growth of the electronic economy, promoting prosperity and social inclusion globally.

This initiative was introduced on the sidelines of the 78th UN Annual General Assembly meeting. 

The group underscored the profound impact of digital technologies on societies over the past two decades, connecting billions of individuals, governments and businesses. It will actively support collective efforts to enhance the digital economy.

The DCO, headquartered in Riyadh, strongly supports this initiative and its member states’ active participation.

Dima Al-Yahya, secretary-general of the DCO, said: “The establishment of the UN Group of Friends for Digital Cooperation by the Digital Cooperation Organization is an initiative aimed at contributing to realigning the UN’s sustainable development goals for 2030 through international multi-stakeholder collaboration and action.”

She added: “We are pleased that the Republic of Cyprus has joined the Group of Friends for Digital Cooperation.”

Thessalia Shambou, commissioner at the Ministry of Foreign Affairs of Cyprus and an observer at the UN, emphasized that the DCO will play a pivotal role in uniting member states to leverage the potential of cooperation and expedite the achievement of SDGs.

The group’s launch reaffirms the commitment of the DCO and its member states to foster a sustainable and more inclusive digital economy, aligning with Saudi Vision 2030’s objectives to drive economic diversification, nurture innovation and entrepreneurship, and empower youth and women in the digital sphere.

The DCO, established in November 2020, is the world’s first standalone international intergovernmental organization dedicated to accelerating the growth of an inclusive and sustainable digital economy.

This global multilateral organization brings together the ministries of communications and information technology of its member states, focusing on empowering youth, women and entrepreneurs.