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

  • SABIC signed a Project Development Agreement for potential joint development of a greenfield petrochemical complex in the Ningxia Hui region of China. SABIC. 30-5-16
  • SABIC announced the winners of its Innovation Award toward fostering innovation in KSA. Saudi Gazette. 31-5-16
  • As part of its transformation strategy, SABIC is focusing on becoming an agri-nutrient organization to help improve crop yields while reducing impacts on the environment. Saudi Gazette. 9-6-16
  • SABIC, with its experience from operating the world’s largest carbon dioxide utilization plant in Saudi Arabia, has joined the UK’s Teesside CCS [Carbon Capture and Storage ] Collective as the group’s latest partner in the capture, transport, and storage of up to 90% of the carbon dioxide emissions produced industrial facilities in Europe’s first CCS equipped industrial zone. The Chemical Engineer. 7-6-16
  • SABIC was one of three companies to receive the American Chemical Society’s Responsible Care Company of the Year award for achievements and leadership in environmental, health, safety, and security activities in their businesses. Powder & Bulk Solids. 7-6-16

ENERGY

  • Saudi Electricity Company invited companies to submit expressions of interest for the Kingdom’s first major standalone renewable energy projects: the 50 MW solar plants at Al-Jouf and Rafha. Emirates Business. 5-6-16.
  • Saudi Arabia is scaling back renewable power targets such as solar energy from 50 percent to 10 percent of the energy mix, in favor of using more natural gas. Bloomberg. 7-6-16
  • Saudi Aramco and General Electric are partnering to install Saudi Arabia’s first wind turbine at the Turaif Bulk Plant in northwest KSA, with an initial target of generating 9.5 gigawatts of renewable energy. Arabian Business. 10-6-16
  • South Korea and Saudi Arabia have signed an agreement for the construction of a nuclear power plant in KSA. PressTV. 12-6-16

CONSTRUCTION

  • Dar Al Arkan Real Estate Development Co. is negotiating with the Saudi Ministry of Housing to provide housing units under the Kingdom’s economic reform plan. Arabian Business. 7-6-16
  • Saudi Arabia will offer foreign and local property developers five or six types of partnership deals to build 1.5 million homes in the Kingdom over the next seven or eight years. Reuters. 8-6-16
  • Water desalination in KSA takes the first step toward privatization. Asharq Al-Awsat. 10-6016

TRANSPORTATION

  • Saudi Petromin Corporation will invest $28 million in the Egyptian automotive market to expand the firm’s oil lubricants and car servicing “Petromin Express” network, including 100 stations by 2020. MENAFN. 9-6-16
  • Saudi-based vehicle transportation company Al Bassami International Group opened a new branch north of Jeddah at a cost of SR10 million. Saudi Gazette. 9-6-16
  • The General Authority of Civil Aviation has licensed SaudiGulf Airlines, one of two new air carriers in KSA, to offer domestic flights beginning June 22. Air Transport World. 10-6-16

CONSUMER

  • Saudi Arabia will introduce new taxes on non-basic goods such as tobacco and sugary drinks. CNN.7-6-16
  • Saudi Arabia was ranked No. 8 worldwide on the Global Retail Development Index for new retail development opportunity in 2016. Gulf Business. 8-6-16
  • Saudi Minister of Finance Ibrahim Al-Assaf denied alleged reports of income taxes on either Saudis or foreign to fund its plan to diversity its economy. Arab News. 9-6-16
  • Amid concerns about a global economic downturn, Saudi businesswomen, female employees, and housewives have started to invest in gold as a safe haven. Arab News. 11-6-16

TRADE & FOREIGN DIRECT INVESTMENT

  • Saudi Arabia has released its Naional Transformation Plan, which outlines annual and sector initiatives and 2020 target levels to support Vision 2030. Saudi-US Trade Group. 7-6-16
  • Saudi Arabia invested $3.5 billion from its Public Investment Fund in U.S.-based Uber to expand its existing service within the Kingdom. New York Times. 1-6-16
  • Saudi Real Estate Co. has agreed with U.S. firm Starwood Hotels and Resorts to build two hotels adjacent to the King Abdullah Financial District in Riyadh. AMEinfo. 5-6-16

FOREIGN POLICY

  • Saudi Arabia is building 1,900 housing units, 33 schools, and 23 healthcare centers in Pakistan as part of a relief package for victims of the 2005 earthquake and 2010 flood in Pakistan. Al Arabiya.12-6-16
  • Deputy Crown Prince Mohammed Bin Salman will meet with various U.S. government officials to strengthen bilateral relations and discuss issues of mutual concern. Saudi-US Trade Group. 13-6-16

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