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

  • SABIC acquired a majority stake in Netherlands-based Fiber Reinforced Thermoplastics, which specializes in the production of engineered thermoplastic, fiber-reinforced unidirectional tapes used in construction, transportation and energy. Plastics and Rubber Weekly. 3-2-16
  • SABIC’s “They See, They Learn” initiative that provides vision screening and free eyeglasses to underprivileged school-age children in Gurgaon, India. Business Wire India. 2-26-16

  ENERGY

  • Saudi Arabia plans to split the Saudi Electric Company into four units by the end of 2016, enabling local and international companies to take stakes in the new companies and increase solar generation. PV-Tech. 4-3-16
  • Researchers at King Abdul Aziz University in Jeddah converted plastic waste into liquid fuel and valuable char, among other waste-to-energy technologies. Arab News. 4-3-16
  • Saudi Arabia’s PetroRabigh, a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical, received bids from up to six foreign engineering companies to build new units at its petrochemical and refining complex. Zawya. 3-2-16
  • ABB, a Performance-level participant in Home of Innovation, won a $26-million order to design, supply, and commission a 420-kV gas insulated switchgear for a substation that will transmit power from an integration of solar energy and natural gas to approximately 600,000 Saudi households. Trade Arabia. 3-2-16

  CONSTRUCTION

  • The Saudi Ministry of Housing and the General Authority of Civil Aviation (GACA) signed a memorandum of understanding for new housing near the Kingdom’s airports. Zawya. 4-3-16
  • Dubai-based Al-Futtaim purchased a 325,400-square-meter plot of land in the KSA’s Industrial Valley for a logistics and distribution facility. Zawya. 3-2-16
  • To boost home ownership, Saudi Arabia’s central bank plans to launch an “affordable mortgage” program for Saudi citizens. Trade Arabia. 28-2-16

  AUTOMOTIVE

  • Abdul Latif Jameel, a diversified business with an automotive distributor and automotive consumer finance business in Saudi Arabia, plans to invest almost $2bn in the KSA in the next five years. Arab News. 4-3-16
  • Manahil International Co., part of the Mohamed Yousuf Naghi & Brothers Group, has launched a new generation of Chinese-made Ankai commercial buses in Saudi Arabia. Zawya. 3-3-16
  • Western Auto Company, Ltd., opened a new 25,000-square-foot warehouse for its spare parts division in Dammam. Saudi Daily Record. 3-1-16

  CONSUMER

  • Bahrain’s Gulf Air added four more flights to Riyadh in a recent push to expand its service in Saudi Arabia. Arabian Business. 3-2-16
  • New Look and Koton clothing brands, which are part of Dubai-based Landmark International, are opening several branches in 2016, many of which will be in remote locations such as Taif and AlQassim and will create job opportunities for Saudi women.  Saudi Gazette. 3-3-16

TRADE & FOREIGN DIRECT INVESTMENT

  • For its main customers in Asia, Saudi Arabia lifted the official selling price of its Arab Light crude by 25 cents per barrel for cargoes loading in April. Zawya. 3-3-16
  • Ontario-based Tower Solutions secured funding from Export Development Canada for emergency power line maintenance in Saudi Arabia. Gulf News. 3-3-16
  • The KSA General Authority of Civil Aviation is in talks with government agencies to set up free zones at the Jeddah and Riyadh airports to attract foreign businesses. Arabian Business. 3-3-16
  • Sikorsky, a Lockheed Martin Company, signed an agreement with Taqnia Aeronautics to jointly explore helicopter production opportunities in Saudi Arabia. Saudi Daily Record. 24-2-16
  • Dubai’s Aster DM Healthcare Group intends to commit more than Dh1 billion in building four new (or acquiring existing) health care facilities in Saudi Arabia over the next four years. Gulf News. 5-3-16
  • A Saudi-UAE alliance of companies is seeking approval to establish a $3bn industrial city near the Suez Canal in Egypt. Arabian Business. 6-3-16

FOREIGN POLICY

  • Saudi Arabia’s King Salman bin Abdulaziz Al-Saud met with Malaysian Prime Minister Datuk Seri Najib Tun Razak in KSA to deepen relations between the two countries. Saudi Daily Record. 3-2-16
  • Saudi Crown Prince Muhammad bin Nayef bin Abdulaziz received the Legion of Honour Award, France’s highest decoration, for fighting terrorism. Arabian Business. 7-3-16

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