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News & Activities in Saudi Arabia and the Middle East Region.
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SPECIAL SECTION: HOME OF INNOVATION™ FACILITY INAUGURATION

  • The Riyadh governor patronized the inauguration of Home of Innovation facility that is intended to foster collaboration and local downstream development. SABIC. 25-5-16
  • SABIC launched an innovation hub that is intended to develop downstream business in the petrochemical industry, help build energy-saving smart homes, and foster collaboration among companies. Arab News. 28-5-16
  • Yousef Abdullah Al-Benyan, SABIC Acting CEO and vice chairman hails the importance of Home of Innovation as a melting pot of the public and private sectors, the educational sector, and investment opportunities. CARMA Insight/Al Eqtisadiah TV. 27-5-16
  • Al Riyadh governor attended the launch of SABIC’s Home of Innovation. CARMA Insight/Saudi Channel 1. 26-5-16
  • Emir of Riyadh attended the SABIC ceremony for the opening of the Home of Innovation. CARMA Insight/Al Eqtisadiah TV. 27-5-16
  • Minister of Energy, Industry and Mineral Resources Khalid Al Falih said SABIC’s Home of Innovation facility is recording progress in fulfilling the goals of the Saudi Vision 2030. (Arabic) Al Riyadh. 29-5-16
  • His Royal Highness Prince Faisal bin Bandar bin Abdulaziz Al Saud, governor of Riyadh, attended the SABIC Home of Innovation facility inauguration on May 25. CARMA Insight/Al Eqtisadiah TV. 29-5-16
  • SABIC Vice Chairman Yousef Abdullah Al-Benyan said the Home of Innovation is part of SABIC’s strategy 2025 to support technology, development, and innovative ideas. CARMA Insight/CNBC Arabiya. (Arabic) 29-5-16
  • Financial expert Saud al-Battal stated that SABIC’s launch of the Home of Innovation will foster new investments to support the petrochemical sector as the company attains the Saudi Vision 2030 goals. (Arabic) CARMA Insight/CNBC Arabiya. 29-5-16


SABIC

  • SABIC hosted Innovation Day in Riyadh to support of the Kingdom’s Vision 2030 strategy, showcasing more than 200 innovative systems, products, and materials. Saudi Gazette. 29-5-16
  • SABIC organized the Innovation Day in Riyadh to showcase future innovative products. (Arabic) Al Eqtisadiah TV. 29-5-16
  • In response to media speculation, Saudi Aramco and SABIC stated they have no plans to merge their petrochemicals businesses. Al Arabiya. 21-5-16
  • SABIC established 2016 sustainability and efficiency targets that include product differentiation with greater downstream value and new technologies to reuse carbon dioxide and other waste materials. Argaam. 22-5-16
  • SABIC inaugurated a new state-of-the art research center in Geleen, The Netherlands, for its research on innovative chemistry and materials. EPPM. 24-5-16
  • Yousef Abdullah Al-Benyan, SABIC Acting CEO and vice chairman, was elected chairman of the Gulf Petrochemicals and Chemicals Association. IHS Chemical Week. 25-5-16
  • Yousef Abdullah Al-Benyan, SABIC Acting CEO and vice chairman said the company is making steady progress toward fulfilling the goals of its 2025 business strategy. (Arabic) CARMA Insight/CNBC Arabiya TV. 27-5-16
  • The company (SABIC) has agreed to establish an innovation center at Dhahran Techno-Valley. (Arabic) CARMA Insight/Al Eqtisadiah TV. 29-5-16

HOME OF INNOVATION™ PARTICIPANTS IN THE NEWS

  • Leadership participant GE signed a $3bn memorandum of understanding with the Saudi Arabian Industrial Investments Company to help expand local KSA manufacturing and co-develop digital industrial applications and solutions. Al Bawaba. 23-5-16
  • Performance participant Honeywell and Bayer Pearl have unveiled new polyurethane spray foam insulation to improve energy efficiency in residential and commercial buildings in Saudi Arabia. Spray Foam Magazine. 24-5-16
  • The company (Honeywell) also is fostering Saudi engineering talent through its Global TECPro Program. Saudi Gazette. 30-5-16
  • Program participant Siemens delivered the first “produced-in-KSA” gas turbine for the Jazan refinery project. Hydrocarbon Engineering. 25-3-16

  ENERGY

  • Saudi Arabia is reviving its solar-power program but is scaling it back to one-fourth of the ambitious targets it set four years ago. Bloomberg. 25-5-16
  • The Rabigh Power Plant 2 in Saudi Arabia received the Power & Water Project of the Year Award from the Middle East Economic Digest. Arab News. 26-5-16
  • Jordan will sign a memorandum of understanding with the GCC interconnection authority to join the Gulf countries’ grid via Saudi Arabia. Al Bawaba. 19-5-16
  • Germany’s MAN Diesel & Turbo will build a 40-MW power plant that will power a cement factory in Rabigh. Saudi Daily Record. 21-5-16
  • Saudi Arabia is expected to have produced 1.42bn barrels of crude oil from January to May 2016. (Arabic) Al Riyadh. 29-5-16

  CONSTRUCTION

  • Saudi Arabia construction contract awards dropped by 51% during the first three months of 2016 from the same time last year. The National. 22-5-16
  • Emaar Middle East appointed Arabian Construction Company to build three residential towers (283 apartments) at its Jeddah Gate master-planned community. The National. 22-5-16
  • The shortage of affordable homes in Saudi Arabia is projected to worsen as a global lull in oil prices forces the KSA government to cut back on projects. The National. 31-5-16

  TRANSPORTATION

  • The first privately run airport terminal in KSA opened at Riyadh’s King Khalid International Airport and will handle 12 million passengers annually. Gulf Business. 22-6-16
  • Saudi Arabia’s Transport Ministry is giving Saudi taxi companies seven months to modernize fleets that reduce pollution, improve service, and ensure passenger safety. Gulf Business. 25-6-16

  CONSUMER

  • The use of social media apps in Saudi Arabia is growing rapidly, with Internet penetration among Saudi nationals around 93 percent and video streaming replacing TV. Al Arabiya. 26-5-16
  • Saudi Arabia’s jewelry market continues on an upward trend, with production turnover expected to increase at 10% CAGR to reach SR5.6bn in 2018. Saudi Daily Record. 22-5-16
  • U.S.-based sandwich chain Arby’s will open 25 franchise restaurants in Saudi Arabia and Kuwait in the next seven years. Nation’s Restaurant News. 24-5-16

TRADE & FOREIGN DIRECT INVESTMENT

  • Saudi Arabia is considering the establishment of a unit in the Ministry of Economy and Planning that would pull together public–private partnerships to help the government cut costs and improve efficiency. Bloomberg. 23-5-16
  • The U.S. Treasury revealed that Saudi Arabia was holding $116.8bn in U.S. Treasuries as of March 2016. USA Today. 17-5-16

FOREIGN POLICY

  • Saudi Arabia and Iran have agreed on terms to allow Iranian citizens to perform the Hajj pilgrimage this year. Al Bawaba. 25-5-16
  • Saudi Ambassador to Iraq Thamer Al-Sabhan announced that the Kingdom intends to appoint a military attaché to Baghdad. Middle East Monitor. 26-5-16

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