Public entities empowered for investment initiatives after Saudi Cabinet ruling

Public entities empowered for investment initiatives after Saudi Cabinet ruling
The most recent Cabinet session was chaired by Crown Prince Mohammed bin Salman in Jeddah,
Short Url
Updated 27 March 2024
Follow

Public entities empowered for investment initiatives after Saudi Cabinet ruling

Public entities empowered for investment initiatives after Saudi Cabinet ruling

RIYADH: Public entities in Saudi Arabia can now participate in the establishment of investment companies or profitable ventures following the approval of regulations by the Council of Ministers.

The decision, announced during the most recent Cabinet session chaired by Crown Prince Mohammed bin Salman in Jeddah, represents a significant step in the Kingdom’s economic expansion and diversification efforts.

The meeting also underscored Saudi Arabia’s dedication to environmental sustainability, regional diplomacy, and humanitarian concerns.

The Cabinet also approved an agricultural memorandum of understanding between the Ministry of Environment, Water, and Agriculture and the Turkish Ministry of Agriculture and Forestry.

Furthermore, the Council of Ministers authorized an MoU for collaboration in the field of communication and information technology between the Ministry of Communications and Information Technology and the Ministry of Information Technology and Telecommunication of Pakistan.

Additionally, the Council of Ministers approved another agreement between the Ministry of Industry and Mineral Resources and the Ministry of Petroleum, Mines, and Energy of Mauritania. This MoU underscored mutual collaboration in the field of mineral resources.

Among the 15 approvals and decisions made during the session, the Cabinet also gave the go-ahead to a deal between the Saudi Space Agency and its Egyptian equivalent to cooperate in the sector for peaceful purposes.

In December, the SSA signed an agreement with Egyptian Space Agency in Riyadh, aiming to establish a framework for mutual collaboration.

According to information provided on the SSA website, the MoU facilitates the exchange of information and technologies, while also fostering cooperation in research and development across relevant fields. These efforts are geared toward enhancing achievements and advancing collaboration in space and its technologies.

The SSA emphasized that the deal builds upon existing partnerships between the two nations across various sectors, adding that this tie-up is expected to contribute significantly to the economic and technological advancement of the space sector.

Meanwhile, the Cabinet also announced that the state will continue to cover the visa fees for seasonal workers participating in the sacrifice project, known as Adahi, during the upcoming Hajj season.

Based on statistics from last year published by SPA, the estimated number of these abattoir workers of various nationalities exceeds 30,000.


Saudi, Dutch officials hold talks on logistics at Port of Rotterdam

Saudi, Dutch officials hold talks on logistics at Port of Rotterdam
Updated 46 min 39 sec ago
Follow

Saudi, Dutch officials hold talks on logistics at Port of Rotterdam

Saudi, Dutch officials hold talks on logistics at Port of Rotterdam
  • Discussions touched on encouraging Dutch infrastructure investments for metal processing in the Kingdom

RIYADH: The Kingdom’s Industry and Mineral Resources Minister Bandar Ibrahim AlKhorayef has held talks with officials at the Dutch Port of Rotterdam on ways to enhance cooperation in logistics, the Saudi Press Agency reported on Wednesday.

They discussed the role of the Kingdom, as a supplier of vital minerals, in the global supply chain, and investment cooperation with Dutch companies in metal processing and recycling.

AlKhorayef reviewed the objectives of the National Industrial Development and Logistics Program, under Saudi Vision 2030, which focuses on developing this sector of the Kingdom’s economy.

The minister also toured the port’s FutureLand area where he was briefed on the services provided to shipping companies which includes towing, docking, repairs, building and supply.


Saudi Arabia and Austria sign MoU for economic cooperation

Saudi Arabia and Austria sign MoU for economic cooperation
Updated 51 min 31 sec ago
Follow

Saudi Arabia and Austria sign MoU for economic cooperation

Saudi Arabia and Austria sign MoU for economic cooperation

VIENNA: Saudi Arabia’s economy ministry and its Austrian counterpart signed a memorandum of understanding to boost economic cooperation between the two nations.
The Saudi Ministry of Economy and Planning Austria’s Ministry of Labor and Economy in the deal on the sidelines of the Saudi-Austrian Joint Committee held in the Austrian capital.
 The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher.
 The MoU aims to diversify and strengthen economic ties, exchange experiences and information, and encourage cooperation in a number of fields, including trade, industry, research and development, tourism, small and medium enterprises.
Among the content of the MoU is the organization of conferences, seminars and the exchange of visits between experts, in addition to cooperation between government institutions and the private sector.
The parties are also committed to protecting intellectual property rights and exchanging information for the purposes specified in the MoU.
This MoU comes within the framework of a cooperation agreement in the economic, commercial, industrial and technical fields signed between the two governments in 2004.


Xi calls for more jobs for youth, migrant workers

Xi calls for more jobs for youth, migrant workers
Updated 28 May 2024
Follow

Xi calls for more jobs for youth, migrant workers

Xi calls for more jobs for youth, migrant workers
  • (We should) insist that employment of young people including college graduates is a top priority: Chinese president

BEIJING: China’s President Xi Jinping called on Monday for efforts to promote high-quality and sufficient jobs for college graduates and migrant workers, while presiding over a Politburo group study session, state media Xinhua reported on Tuesday.

“(We should) insist that employment of young people including college graduates is a top priority,” the Xinhua report quoted Xi as saying at a group study session of the Politburo, a top decision-making body of the ruling Communist Party.

The Xinhua report did not give details on job promotion support measures or plans.

The survey-based jobless rate for 16-24 year-olds, excluding college students, was 14.7 percent in April, down from 15.3 percent in March, official data showed last week.

China’s statistics bureau revised its methodology by removing college students from the survey pool after youth jobless rate surged to around 20 percent last year.

Xi also said the government should take steps to promote the employment of migrant workers, guide them to return to their hometowns and for people to start businesses in the countryside.

He called for stabilizing the income of people who had been lifted out of poverty and preventing large-scale return to poverty due to unemployment, Xinhua said.

Companies and industries with strong job creation capabilities will be supported, the report said.

China created 4.36 million new urban jobs in the first four months, Human Resources Ministry data showed, 36 percent of its annual job creation target.


Saudis spent more money on electronic devices during the 4th week of May: SAMA data

Saudis spent more money on electronic devices during the 4th week of May: SAMA data
Updated 28 May 2024
Follow

Saudis spent more money on electronic devices during the 4th week of May: SAMA data

Saudis spent more money on electronic devices during the 4th week of May: SAMA data

RIYADH: Saudi Arabia’s point-of-sale spending reached SR11.2 billion ($2.98 billion) in the fourth week of May, official figures showed.

The latest data from the Saudi Central Bank, also known as SAMA, revealed that spending on electronic and electric devices surged by 9.5 percent to reach SR240.4 million.

Beverages and food, which accounts for the largest share at 14.9 percent, saw a 5.9 percent decline, reaching SR1.66 billion, during the week from May 19 to 25.

Meanwhile, transactions at restaurants and cafes, holding a 14.6 percent share, recorded a slower decline of 4.8 percent, amounting to SR1.64 billion. 

Saudi spending on miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, constituted the third-highest share and witnessed a 5.1 percent decline that week, reaching SR1.36 billion. 

Despite composing only 1 percent of the week’s overall POS value, spending on education recorded a minimal increase of 0.1 percent to SR152.48 million.

In the past few years, this sector has been allocated the largest share of government expenditure in comparison to other divisions of the economy. 

Efforts are underway to revamp the education system, aiming to equip the national workforce with the necessary skills to thrive in a technological and information-centric global economy.

The hotel sector experienced the largest decline in POS transaction value, dropping 10.9 percent to SR227.13 million.

According to data from SAMA, 35.44 percent of POS spending occurred in Riyadh, with the total transaction value reaching SR3.97 billion. However, this represents a 1.6 percent decrease from the previous week.  

Riyadh has undergone considerable expansion, evolving into a pivotal center for growth and progress. The city is witnessing a surge in new businesses setting up operations, drawn by its vibrant economic landscape and strategic prospects for investment and innovation.

Spending in Jeddah followed closely, accounting for 14.3 percent of the total and reaching SR1.60 billion; however, it marked a 3.1 percent weekly drop. 

The two cities that registered the highest declines in POS spending were Makkah and Madinah, with decreases of 11 percent and 6.8 percent, respectively. The value of transactions in Makkah reached SR380.98 million, while in Madinah, it was SR393.26 million.


Saudi healthcare to advance with major digital tech partnership

Saudi healthcare to advance with major digital tech partnership
Updated 28 May 2024
Follow

Saudi healthcare to advance with major digital tech partnership

Saudi healthcare to advance with major digital tech partnership

RIYADH: The Saudi healthcare system is set to advance as two of the country’s major companies partner to leverage digital technologies to enhance the Kingdom’s capabilities.

SAMI Advanced Electronics Co., a wholly owned subsidiary of SAMI, the nation’s defense and digital solutions provider, has signed a cooperation agreement with the National Unified Procurement Co., a Public Investment Fund company.

The agreement, signed on May 27, will provide solutions for medication tracking and IT infrastructure and increase local content through medical devices manufacturing and maintenance.

This partnership demonstrates SAMI-AEC’s unremitting efforts to build a harmonious and applicable healthcare system in Saudi Arabia based on digital technologies.

Ziad Al-Musallam, CEO of SAMI-AEC, commented on the agreement, saying that they are honored to collaborate with NUPCO, as this deal underscores the unwavering commitment of both entities to bolstering efforts aimed at enhancing the healthcare ecosystem in Saudi Arabia.

“At SAMI-AEC, we firmly believe in the significance of augmenting public health services through digital solutions and delivering e-health services. This involves integrating effective, fast technologies to empower the healthcare sector, aligning with the objectives of Saudi Vision 2030,” he said.

Fahad Al-Shebel, CEO of NUPCO, highlighted the agreement’s importance and its role in fortifying the healthcare infrastructure and facilitating access to the integrated technology offered by SAMI-Advanced Electronics Co.

Aiming to upgrade the healthcare sector by improving its facilities in all public hospitals and medical centers in the Kingdom, NUPCO is the country’s largest central company providing medical purchasing, storage, and distribution services for medicines, devices, and supplies.

With a workforce of over 3,320 individuals, 85 percent of whom are Saudi nationals, SAMI-AEC has positioned itself as a leader in electronics, technology, engineering, and manufacturing. Its services span sectors such as defense and aerospace, digital, energy, and security.

Over 800 of the company’s employees are engineers and certified experts, reaffirming the dedication of SAMI-AEC, which was established in 1988, to excellence and innovation.

On the other hand, NUPCO was established in 2009 with SR1.5 billion in capital. It is the leading company in Saudi Arabia in procurement, logistics, and supply chain management for pharmaceuticals, medical devices, and supplies for governmental hospitals.