Moderna plans regional expansion in 5 years, top official tell Arab News

Moderna plans regional expansion in 5 years, top official tell Arab News
Moderna and its partners are expected to investigate the possibility of mRNA to tackle some of the most severe public health threats worldwide. (Reuters/File)
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Updated 10 June 2023
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Moderna plans regional expansion in 5 years, top official tell Arab News

Moderna plans regional expansion in 5 years, top official tell Arab News

RIYADH: Biotechnology research and early detection of viruses could soon ramp up in the Middle East, with the US vaccine maker Moderna planning to expand its presence in the region over the next five years, revealed a senior company official.
In an interview with Arab News, Dan Staner, vice president and head of the Middle East, said that the COVID-19 pandemic and other health emergencies have shown that countries must respond to infectious disease threats with tailored preparedness plans.
“In the next five years, we want to explore the opportunity to have a direct presence in the region and support governments and public health authorities with pandemic preparedness,” Staner stressed.
This move comes as regions like the Middle East are known to have different and more widespread diseases compared to countries like the US, Canada and others in Europe, he described.
“We are interested in working with governments in the Middle East to facilitate early discovery efforts and clinical development of those specific diseases, to identify potential mRNA (messenger RNA) targets that can treat or mitigate the symptoms of those diseases and develop lead candidates,” the vice president underlined.

FASTFACTS

In 2021, Saudi Arabia’s Tabuk Pharmaceutical signed a contract with Moderna to sell and distribute its COVID-19 vaccine in the Kingdom.

The scope of the deal included providing proper handling of the products for distribution to wholesalers, hospitals, clinics and others.

In March 2022, Moderna rolled out a new program called mRNA Access which offers researchers worldwide use of the company’s mRNA technology to explore new vaccines against emerging or neglected infectious diseases.

According to the US-based National Human Genome Research Institute, mRNA is a single-stranded ribonucleic acid involved in protein synthesis from a deoxyribonucleic acid template during transcription.
In recent years, the technology has gained significant attention in medicine, particularly in developing mRNA vaccines produced by Moderna and Pfizer-BioNTech.
Currently, the firm is working with several governments to facilitate mRNA vaccine manufacturing competencies in their respective countries, providing a reliable supply of vaccines against respiratory viruses, Staner added.
He explained that this would help countries with the required capabilities to respond swiftly to emerging crises using domestically manufactured COVID-19 vaccines.
So far, the pharmaceutical firm has announced collaborations with Canada, Australia, the UK and Kenya, Staner disclosed.
Speaking on the firm’s performance in Saudi Arabia specifically, Staner clarified that Moderna’s mRNA technology platform has a significant opportunity to elevate human health in the Kingdom.
“In the Kingdom, mRNA technology has the potential to help protect the population against a wide variety of diseases across rare diseases, infectious diseases, immuno-oncology, cardiovascular diseases and autoimmune diseases,” he said.
Moreover, Staner affirmed that there is also room for significant partnerships, technology and knowledge sharing in the Saudi market, propelling mRNA vaccines for various diseases, including infectious disease prevention, added the Moderna executive.
“We know that Saudi Vision 2023 — in its ambition to diversify the Kingdom and create a knowledge-based economy — values partnerships between the public, private, nonprofit and international organizations to achieve its aspirations,” added Staner.
In 2021, Saudi Arabia’s Tabuk Pharmaceutical signed a contract with Moderna to sell and distribute its COVID-19 vaccine in the Kingdom. The scope of the deal included providing proper handling of the products for distribution to wholesalers, hospitals, clinics and others.
Meanwhile, in March 2022, Moderna rolled out a new program called mRNA Access which offers researchers worldwide use of the company’s mRNA technology to explore new vaccines against emerging or neglected infectious diseases.
The program aims to open Moderna’s preclinical manufacturing capabilities and research and development expertise to international partners.
The pharmaceutical firm and its partners are expected to investigate the possibility of mRNA to tackle some of the most severe public health threats worldwide.
“We are open to discussions with governments and institutions in the Middle East regarding our mRNA Access initiative,” said Staner.
“In the near-term, we are ready to support the Kingdom and the wider Middle East region with the rollout of updated COVID-19 vaccines to support vaccination campaigns in 2023 and beyond,” he concluded.


Saudi fund commits $140m for infrastructure projects in Bahamas and Mauritius  

Saudi fund commits $140m for infrastructure projects in Bahamas and Mauritius  
Updated 8 sec ago
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Saudi fund commits $140m for infrastructure projects in Bahamas and Mauritius  

Saudi fund commits $140m for infrastructure projects in Bahamas and Mauritius  

 RIYADH: The Saudi Fund for Development has inked two loan agreements totaling $140 million, catalyzing progress in the infrastructure projects of the Bahamas and Mauritius. 

The fund’s CEO Ahmed Al-Khateeb signed these deals on the sidelines of the World Tourism Day 2023 event, which was hosted by Saudi Arabia in Riyadh from Sept. 27 to 28, as per an official statement. 

In addition to these agreements, Al-Khateeb also signed a letter of intent with the government of the Republic of San Marino. This letter aims to explore potential cooperation in infrastructure development across economic, cultural, and transportation sectors. 

These initiatives align with the Saudi fund’s commitment to supporting sustainable projects in developing countries and Small Island Developing States worldwide. 


Greece, Saudi Arabia to look at linking their power grids

Greece, Saudi Arabia to look at linking their power grids
Updated 28 September 2023
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Greece, Saudi Arabia to look at linking their power grids

Greece, Saudi Arabia to look at linking their power grids

ATHENS: Greece and Saudi Arabia agreed on Wednesday to set up a jointly-owned company that will look at linking their power grids, taking the first step in their plan to supply Europe with cheaper green energy, the Greek energy ministry said.

Greece’s IPTO and Saudi Arabia’s National Grid will set up a company, Saudi Greek Interconnection, tasked with examining the commercial viability of the power interconnection, the ministry said in a statement.

IPTO and National Grid will each hold a 50 percent stake, it added.

The deal comes after Greece and Saudi Arabia discussed last year the possibility of such a tie-up.

About 40 percent of power in Greece is produced by renewables, and the Mediterranean country is already looking to build an undersea cable linking its grid to Egypt as it seeks an enhanced role in supplying cheap energy produced by renewables.

Greece has also agreed with Cyprus and Israel to build the world’s longest and deepest underwater power cable to link their grids at a cost of about $900 million.


Oil Updates — prices climb on crude draw, tight global supply

Oil Updates — prices climb on crude draw, tight global supply
Updated 28 September 2023
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Oil Updates — prices climb on crude draw, tight global supply

Oil Updates — prices climb on crude draw, tight global supply

RIYADH: US oil futures jumped to their highest in more than a year on Thursday as a drop in crude stocks in the US added to worries over tight global supplies from output cuts by the Organization of the Petroleum Exporting Countries and its allies known as OPEC+, according to Reuters.

US West Texas Intermediate crude futures were up 85 cents at $94.53 a barrel by 9:49 a.m. Saudi time, after rising above $95 earlier in the session for the first time since August 2022.

Brent crude futures climbed 78 cents, or 0.8 percent, to $97.33 a barrel after hitting levels not seen since November.

“The oil market is quickly coming to terms with the fact that the OPEC+ cuts announced in the summer are having a deep effect on crude availability,” said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

“Stocks are drawing while demand keeps growing. We are still far away from a price level causing demand destruction.”

US crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll. 

Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for US crude futures, fell by 943,000 barrels in the week to less than 22 million barrels, the lowest since July 2022, data showed.

Stockpiles at Cushing have been falling to near historic lows due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.

The crude draws follow production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia, Russia, and other allies that make up the grouping known as OPEC+. The producers’ group will be meeting on Oct. 4 to review markets.

Grasso said: “I think Saudi can accept much higher prices, but not much lower, and if cutting 10 percent production gives them a 30 percent price increase it make sense to do.”

Meanwhile, President Vladimir Putin ordered his government to ensure retail fuel prices stabilize after a jump caused by an increase in exports.

In response, his deputy prime minister cited proposals to restrict exports of oil products purchased for domestic use, adding to market tightness.

“Though oil prices are eyeing the $100 a barrel mark for Brent, the narrative of higher-for-longer interest rates in the US might dampen enthusiasm and could put a lid on prices,” said Sugandha Sachdeva, executive director and chief strategist at Acme Investment Advisers.


Saudi Arabia’s overall unemployment rate drops to 4.9% in Q2   

Saudi Arabia’s overall unemployment rate drops to 4.9% in Q2   
Updated 7 min 2 sec ago
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Saudi Arabia’s overall unemployment rate drops to 4.9% in Q2   

Saudi Arabia’s overall unemployment rate drops to 4.9% in Q2   

RIYADH: Saudi Arabia’s Vision 2030 has started paying dividends, with the Kingdom’s overall unemployment rate declining to 4.9 percent in the second quarter of this year, a dip of 0.2 percentage points compared to the previous three months, official data showed.   

The report released by the General Authority for Statistics revealed that the rate of joblessness among Saudi nationals reached 8.3 percent in the second quarter, dropping 0.2 percentage points compared to the first quarter of this year.   

The overall unemployment rate in the Kingdom decreased by 1.4 percentage points in the second quarter of this year, compared to the same period in 2022, the report added.  

The GASTAT data further revealed that Saudi Arabia’s employment-to-population ratio decreased by 0.6 percentage points in the second quarter to hit 47.4 percent compared to the previous quarter.  

Saudi Arabia’s Vision 2030 has set ambitious targets for the joblessness rate to drop to 7 percent by the end of the decade, alongside a predicted women’s participation rate in the workforce of 30 percent. 
According to the GASTAT report, the unemployment rate among Saudi females decreased to 15.7 percent, down by 0.4 percentage points from the previous quarter. Meanwhile, the rate among Saudi males remained unchanged at 4.6 percent in the second quarter. 

The report also acknowledged that a significant 95.3 percent of unemployed Saudis are open to job opportunities in the private sector. 

Regarding commuting preferences, the GASTAT survey revealed that 58.9 percent of Saudi females without jobs and 44.9 percent of unemployed Saudi males would be willing to commute for a maximum of one hour. 

Furthermore, 75 percent of such Saudi females and 90 percent of Saudi males who are jobless expressed their readiness to work for eight hours or more each day. 

Among Saudi job seekers, the most commonly used active search method was seeking assistance from friends and relatives, with 85.6 percent of aspirants using this method. Some 70.9 percent applied directly to employers, while 61.3 percent utilized the National Employment Platform, known as Jadarat. 

Meanwhile, Minister of Culture Prince Badr bin Abdullah announced that the cooperation agreement between his ministry and the Human Resources Development Fund had boosted employment support in the cultural sector from 30 percent to 50 percent. 
“This initiative was introduced, in cooperation between the Ministry of Culture and the Human Resources Development Fund under the Ministry of Human Resources and Social Development, to enhance professional sustainability in the cultural sectors,” said the minister.  

He further added that the supported cultural professions encompassed a wide range of jobs in language, books and publishing as well as libraries, fashion arts, theatre, and performing arts. 


Saudi Arabia holds talks to boost economic ties with Bahrain, Slovenia

Saudi Arabia holds talks to boost economic ties with Bahrain, Slovenia
Updated 29 min 25 sec ago
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Saudi Arabia holds talks to boost economic ties with Bahrain, Slovenia

Saudi Arabia holds talks to boost economic ties with Bahrain, Slovenia
  • Energy, mining on agenda at discussions by ministers in Riyadh
  • At meeting in Ljubljana, officials focused on tourism, commerce

RIYADH: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef held a meeting on Wednesday with his Bahraini counterpart Abdullah Fakhro at the ministry’s headquarters in Riyadh, which focused on ways to improve economic ties.

The discussions focused on the objectives of Saudi Vision 2030 and Bahrain’s Economic Vision 2030, with an emphasis on strengthening industrial cooperation, fostering private-sector exchange of expertise and technology, and boosting trade, particularly non-oil exports, the Saudi Press Agency reported.

Last year, Saudi Arabia’s non-oil exports to Bahrain amounted to SR7 billion ($1.8 billion), while imports were SR9.8 billion.

The Saudi Industrial Development Fund contributed to financing 13 projects worth SR1.5 billion.

Meanwhile, Saudi Minister of Economy and Planning Faisal Alibrahim began an official visit to Slovenia, where he held meetings with senior government officials, including Minister of Economy, Tourism and Sport Matjaz Han, Minister of Finance Klemen Bostjancic, and Chamber of Commerce and Industry President Tibor Simonka.

On the sidelines of his visit, Alibrahim participated in the Slovenia-Saudi Business Roundtable Meeting that featured several presentations on investment opportunities in the Kingdom.

Speaking at the event, he said: “There is substantial untapped potential for collaboration between Saudi and Slovenian private sectors. This synergy can lead to innovative ventures, and investment opportunities that create mutually beneficial outcomes for businesses in both countries.”

Slovenia’s officials highlighted key investment opportunities in the central European country as well as its current successful business ventures in the Kingdom.

The roundtable meeting included the signing of a memorandum of understanding to establish the Saudi-Slovenian Business Council.

Alibrahim’s visit is part of the Kingdom’s efforts to build bridges and boost cooperation with the rest of the world, in line with Saudi Vision 2030.

It is expected that stronger multilateral cooperation and cross-border investments will result in a thriving private sector that supports the Kingdom’s socio-economic development.