SAGIA grants Pfizer 100% ownership of KSA business

SAGIA grants Pfizer 100% ownership of KSA business
Updated 29 July 2016

SAGIA grants Pfizer 100% ownership of KSA business

SAGIA grants Pfizer 100% ownership of KSA business

RIYADH: Saudi Arabian General Investment Authority (SAGIA) granted the US pharmaceutical company Pfizer Inc. 100 percent ownership of its business in the Kingdom to, among other things, import, export and trade in products, permitting a supply of quality innovative and essential medicines directly to the Saudi market.
The new license is effective immediately.
Majid Al-Qassabi, minister of commerce and investment, and chairman of SAGIA’s board of directors, said: “As one of the international companies investing in the Kingdom, Pfizer has been granted a trading license with 100 percent ownership, a step that will contribute to the expansion of its activities for the Saudization of the pharmaceutical industry in Saudi Arabia.
"The company proposed a distinct action plan for future projects and the Saudi government looks forward to providing Pfizer with the support it needs, as part of an effective partnership between the public and the private sector in order to achieve the development goals of the Kingdom, which are crystallized by Vision 2030, and part of which aims to enhance the role of the private sector in the Saudi economy.”
Pfizer plans to open in 2017 a facility in the King Abdullah Economic City to manufacture 16 of its leading medicines.
The trading license will also allow the company to consider many other investment projects aimed at advancing the health care goals of the National Transformation Program (NTP 2020), which is the first phase of Vision 2030, spearheaded by the Council of Economic and Development Affairs (CEDA) chaired by Deputy Crown Prince Mohammed bin Salman.
John Young, group president, Pfizer Essential Health, said: “We are honored to be one of the first companies to receive fast-track approval of a trading license.
"This is yet another step in our long-term commitment to the Kingdom and a reflection of our shared commitment, with the government, to provide a continued reliable supply of innovative and essential medicines to Saudi patients.”
He underlined that Pfizer’s obtaining the trading license from the SAGIA demonstrates the shared commitment to developing the Kingdom’s healthcare market.
“Pfizer Inc. has set the standard for quality, safety and value in the discovery, development and manufacture of healthcare products and its global portfolio includes medicines and vaccines as well as many of the world's best-known consumer healthcare products,” said Young.


Smugglers post gold from Dubai to India hidden in Tang

Smugglers post gold from Dubai to India hidden in Tang
Updated 9 min 28 sec ago

Smugglers post gold from Dubai to India hidden in Tang

Smugglers post gold from Dubai to India hidden in Tang
  • It is the latest ruse by smugglers trying to avoid hefty import duties for the precious metal by employing increasingly intriguing methods

DUBAI: Indian customs have foiled an attempt to post gold from Dubai disguised in containers of the popular Tang drink.

After sieving the contents of the drink mix, Chennai customs officials discovered it had been mixed with gold granules, according to a statement from the Commissioner of Customs at Chennai International Airport.
Officials probing the racket found that the address of the receiver had been misused.
It is the latest ruse by smugglers trying to avoid hefty import duties for the precious metal by employing increasingly intriguing methods.
Earlier this year officials at Chennai airport also nabbed two men trying to smuggle gold through the airport underneath their wigs.
The hapless pair were nabbed after their unusual hairstyles caught the attention of officials.

They were found to be carrying two gold paste packets weighing almost 700 g


UK-based tower operator to acquire Omantel sites in $575m deal

UK-based tower operator to acquire Omantel sites in $575m deal
Updated 11 May 2021

UK-based tower operator to acquire Omantel sites in $575m deal

UK-based tower operator to acquire Omantel sites in $575m deal
  • The move signals Helios Towers’ entry to the Middle East market as a major tower infrastructure provider

DUBAI: British telecommunications company Helios Towers has signed a deal with Omantel to acquire 2,890 sites for $575 million from the sultanate’s largest mobile network operator.
The move signals Helios Towers’ entry to the Middle East market as a major tower infrastructure provider.
The deal is expected to bring in a $59 million bump in revenues in the first full year of operations.
It also involves a $35 million plan to add 300 new build-to-suit sites over the next seven years.
“We view Oman as a very attractive and supportive market for foreign investments, with strong growth and exciting future prospects,” the UK-based company’s chief Kash Pandya said in a statement.
He said the acquisition strengthens its business through “further hard-currency revenues and diversification” in what the CEO described as the fastest growing markets in the region.
“We look forward to working with Omantel and the other MNOs over the coming years to further develop next generation mobile infrastructure solutions and services in Oman,” he added.
The partnership reflects Oman’s FDI aspirations, Omantel CEO Tala Said Al-Mamari said, adding it will create jobs and opportunities in the country.
“This move also allows the monetization of our towers at attractive valuation levels, de-lever our balance sheet, and will accelerate network development in next generation advanced technologies,” he noted.
He said it would allow Omantel’s management to focus on innovation and product development while outsourcing infrastructure management to an independent firm.
The transaction will close by the end of 2021, and the long-term partnership will last for an initial period of 15 years.


Arab world renewables growth slows in 2020

Arab world renewables growth slows in 2020
Updated 11 May 2021

Arab world renewables growth slows in 2020

Arab world renewables growth slows in 2020
  • Total renewables capacity stood at 24,224 MW last year

DUBAI: The Middle East saw a 5 percent increase in its renewable energy capacity in 2020, as the region’s push to go greener stalled.
Total renewables capacity stood at 24,224 MW last year, according to a report by the Abu Dhabi-based International Renewable Energy Agency (IRENA).
Growth in the sector slowed from the 13 percent increase in renewables capacity achieved between 2018 and 2019, as the COVID-19 pandemic took a toll on projects in the pipeline.
Still, the targets set by countries in the region could translate into a combined 80 GW of renewable capacity by 2030, IRENA said.
The global agency said the regional renewables push goes hand-in-hand with the Middle East’s ambition to diversify its economy, with projects typically bringing other economic benefits.
“The region recognizes the socio-economic benefits of renewable energy deployment, which is perceived as an opportunity for industrial diversification, new value-chain activities and technology transfer,” IRENA said.
The UAE has grown its renewable energy capacity from just 13MW in 2011 to 2,540 MW capacity in 2020. Saudi Arabia’s capacity also grew significantly over nine years – starting at only 3MW and increasing to 413 MW last year.


Indian oil refiners cut output, imports as pandemic hits demand

Indian oil refiners cut output, imports as pandemic hits demand
Updated 11 May 2021

Indian oil refiners cut output, imports as pandemic hits demand

Indian oil refiners cut output, imports as pandemic hits demand
  • IOC’s refineries at 95 percent of their capacity in late April
  • Several Indian states remain under lockdown

NEW DELHI: India’s top oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the plants, company officials told Reuters on Tuesday.
Indian Oil Corp, the country’s biggest refiner, has reduced runs to an average of between 85 percent and 88 percent of processing capacity, a company official said, adding runs could be cut further as some plants are facing problems storing refined oil products.
IOC’s refineries were operating at about 95 percent of their capacity in late April.
“We do not anticipate that our crude processing would be reduced to last year’s level of 65 percent-70 percent as inter-state vehicle movement is still there ... (the) economy is functioning,” he said.
Several states across India are under lockdown as the coronavirus crisis showed scant sign of easing on Tuesday, with a seven-day average of new cases at a record high, although the government of India, the world’s third largest oil importer and consumer, has not implemented a full lockdown.
State-run Bharat Petroleum Corp. has cut its crude imports by 1 million barrels in May and will reduce purchases by 2 million barrels in June, a company official said.
M.K. Surana, chairman of Hindustan Petroleum Corp, expects India’s fuel consumption in May to fall by 5 percent from April as the impact on driving and industrial production is not as severe as last year.
“This time it is not a full lockdown like last time,” he said.
“Sales in April was about 90 percent of March and we expect May could be about 5 percent lower than April.”


Sea and space in demand as UAE property buyer mix changes says Aldar boss

Sea and space in demand as UAE property buyer mix changes says Aldar boss
Updated 11 May 2021

Sea and space in demand as UAE property buyer mix changes says Aldar boss

Sea and space in demand as UAE property buyer mix changes says Aldar boss
  • Aldar said on Monday it had achieved property sales of above 1 billion dirhams for the third consecutive quarter

DUBAI: UAE property buyers are seeking bigger villas and seafront locations as the post-pandemic real estate market puts a premium on space, according to the CEO of Abu Dhabi’s biggest developer.

Aldar Group CEO Talal Al-Dhiyebi also revealed a rapidly changing mix of investors acquiring the developer’s units with the number of Indian expatriate and female investors rising sharply.
Aldar on Monday reported an 80 percent jump in first quarter profit from a year earlier to 544 million dirhams ($148 million), beating analyst expectations.
“The story in Abu Dhabi and Dubai post-pandemic has been very similar where people are moving to prime sea-facing properties. After the lockdowns in Europe and the sub-continent we saw a strong push of people moving in,” said Al-Dhiyebi in an interview with Bloomberg TV on Tuesday. “Our Indian buyers are now our second strongest buyers for the first time in Abu Dhabi. What is also interesting is that it is the first time we have crossed 30 percent female investors in off-plan sales since our inception. So the dynamics have changed. People are looking for opportunities. That has resulted in price increases in those prime and horizontal developments and we expect that to continue until the end of 2021.”
His remarks and the company’s underlying performance are the latest indicator of a shift in sentiment toward some segments of the UAE property market, despite a large overhang of completed and soon-to-be-completed new homes.
Aldar said on Monday it had achieved property sales of above 1 billion dirhams for the third consecutive quarter with its development business reporting a 47 percent year-on-year increase in revenues.