Saudi Investment Information

Time:2019-06-11 14:47:47


 

1.China’s Belt and Road Initiative consistent with Saudi Vision 2030 reform plan, says Chinese envoy 
Riyadh, 23 May, 2019-Chinese Ambassador Chen Weiqing said his country’s Belt and Road Initiative is consistent with the Saudi Vision 2030 reform plan, and he praised communication between the two countries. (ARAB NEWS)

2.Exclusive: Saudi's Sipchem, Sahara to seek deals in U.S. And Asia after merger
Khobar, 14 May, 2019 - Saudi International Petrochemical Co (Sipchem) and Sahara Petrochemical plan to target acquisitions and joint ventures in the United States and Asia when their merger is completed in order to expand market reach, top executives said.
The new entity, Sahara International Petrochemical Company, will have combined assets worth more than 22 billion riyals ($5.9 billion), ranking second after the kingdom’s biggest petrochemicals firm, Saudi Basic Industries (SABIC). “We are looking at opportunities in Asia and U.S. markets for either acquisition or organic growth, JVs, and locally we are also exploring,” said Sipchem CEO Abdullah Al-Saadoon, who will be the new company’s chief operating officer.
The two companies will have a shared services structure, including human resources, IT, finance, maintenance and technical services. They will also have increased scale for procurement and boost cross-selling through 24 companies and affiliates offering 30 distinct petrochemical products, Bahamdan added. (Reuters)

3.Saudi Arabia Will Establish Special Fund for ICT
To achieve Saudi ‘Vision 2030’ goal of diversifying its sources of income, the Ministry of Communications and Information Technology and the Social Development Bank signed an agreement on providing 1 billion riyals special funds to develop Saudi information and communication technology (ICT), aiming to promote the development of high-tech localization, enhance the Kingdom’s digitalization, strengthen economic vitality to attract more talent and investment, increase employment and create more jobs, and better meet national strategic requirements, Al Eqtisadiah reported on May 23.
Specific measures will include: providing financing support for small and medium-sized enterprises (SMEs) in ICT; offering direct financial support for research in high-tech fields, including Artificial Intelligence, the Internet, virtual reality, 3D printing, robotics, e-commerce, smart application, cloud computing, financial technology, and cyber security, among others; and setting up incubators, accelerators, and other institutions to support innovative individuals and groups in the development of smart applications. It is estimated that the funds will be invested in about 3,500 projects to stimulate the development of local ICT industry, Chairman of the Social Development Bank said.

4.MODON to establish integrated pharmaceutical complex
JEDDAH, May 23, 2019May 28, 2019 The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed an industrial land lease covering more than 62 thousand square meters in the city of Madinah, to build a pharmaceutical complex including research and development centers, with a total investment reaching SR 570 million.
MODON’s Director General Khalid bin Mohammed Al-Salem said that the signing of the contract was the result of joint work with the National Program for the Development of Industrial Compounds. MODON provided various facilities and incentives to support the investment, with the project set to provide nearly 1000 jobs for both genders with a localization rate exceeding 50 percent. He added that the project is in line with the goals of the National Industrial and Logistics Development Program (NIDLP) to localize the most advanced industries in the world, in accordance with Saudi Vision 2030 for economic diversification. (ARAB NEWS)


 


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