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News & Activities in Saudi Arabia and the Middle East Region
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  ENERGY

  • The China Nuclear Energy Corporation and King Abdullah City for Atomic and Renewable Energy (KA-CARE) signed a memorandum of understanding for the construction of a high-temperature gascooled reactor. World Nuclear News. 20-1-16 
  • Saudi Arabia and China launched a major oil refinery project, as part of Saudi Aramco’s strategy to expand and diversify. Al Bawaba. 21-1-16 
  • 3M has opened two Customer Experience Centers to enable customers to collaborate and explore creative oil and gas solutions. Saudi Daily Report. 13-1-16
  • Egypt will receive approximately $20b in oil products from Saudi Arabia over the next five years.  Bloomberg. 24-1-16

  CONSTRUCTION

  • Developers in Saudi Arabia now are permitted to sell homes before those homes are built—known as “off-plan” sales. Arabian Business. 19-1-16
  • To reduce expenditures and improve efficiency, Saudi Arabia’s finance ministry has cut advance payments from 20 percent to 5 percent for firms doing construction work for the government. Arabian Business. 20-1-16
  • Saudi Arabia plans to build the world’s largest solar-powered desalination plant for the northeastern city of Al Khafji. Clean Technica. 22-1-16

  AUTOMOTIVE

  • Geely Auto launched its flagship Geely GC9 ca in Saudi Arabia, making KSA the first market outside of China to receive the vehicle. Automotive Fleet. 19-1-16

  CONSUMER

  • The Civil Defense has revoked the commercial licenses of three big shopping malls in Jeddah due to health and safety concerns. Al Bawaba. 20-1-16
  • UAE retail group Lulu plans to invest SR700m in Saudi Arabia, with four more hypermarkets in 2016. Gulf Business. 14-1-16
  • Saudi Arabian consumers spent $5.21 billion on beauty and personal care products in 2015. Saudi Daily Record. 19-1-16

SABIC

  • As part of the 2016 World Economic Forum in Davos, Switzerland, SABIC presented ICEhouse (Innovation for the Circular Economy), which incorporates a cradle-to-cradle design philosophy and advanced energy and resource efficiencies. Arab News. 21-1-16
  • SABIC has set up a committee to promote the SMEs (small and medium-sized enterprises) in Saudi Arabia to create downstream industries and provide youth employment opportunities. Arab News. 19-1-16
  • At the Armed Forces exhibition for Diversification on February 22 to 28, the Ministry of Defense and several state-owned firms—including SABIC—will offer 20,000 opportunities for the manufacturing sector to supply it with equipment, spare parts, medical equipment, and tools. Arab News. 22-1-16

TRADE & FOREIGN DIRECT INVESTMENT

  • Muhammad Bin Salman, Saudi Arabia’s deputy crown prince and the country's defense minister, conducts an in-depth interview with the Economist. 4-1-16
  • The inaugural U.S.-Saudi Arabia CEO Summit kicked off in Riyadh, bringing together high-level business executives. Saudi-US Relations Information Service. 24-1-16
  • Saudi Gulf Airlines is set to become the first privately owned airline granted regulatory approvals to launch flights within the KSA. Gulf News. 21-1-16
  • Saudi Arabia and Mexico strengthened their ties by signing nine cooperation agreements. Al Bawaba. 18-1-16
  • An alliance of Saudi Arabian and Kuwaiti investors seeks to buy a number of Egyptian Red Sea resorts and hotels. Al Bawaba. 18-1-16
  • Saudi Arabia will build a center for development of telecommunications and information technology benefitting telecommunications companies, research centers, and universities. Arab News. 22-1-16
  • To counter the impact of lower oil prices, Saudi Arabia plans to at least double annual inflows of foreign direct investment over the next 10 years by focusing on new sectors such as mining, health care, automobiles, and information technology. Reuters. 24-1-16

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