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

  • At the upcoming K Show, SABIC will showcase innovations that reduce food waste and highlight solutions that address the challenges of the packaging industry. Plastics Today. 3-8-16
  • SABIC’s LEXAN™ sheets were used in the “ICEhouse” (Innovation for the Circular Economy) project, in which structures can be built, disassembled, and reused. Plastemart. 8-8-16. 
  • SABIC announced it is considering a joint venture with ExxonMobil Chemical for a multibillion-dollar petrochemical complex in the US Gulf Coast region. The Barrel. 3-8-16. 
  • SABIC is the world’s third-largest manufacturer of polyethylene (PE) pipe resin according to the Global PE Pipe Resin Industry 2016 Market Research Report. cHOLLYWOOD. 5-8-16. 

   CONSTRUCTION

  • Abdul Latif Jameel Land, announced its first residential project in Saudi Arabia. The J One Complex in Jeddah is being developed through the company’s real estate development company, Sakan Jameel, and will consist of 242 apartments for completion by 2018. Saudi Gazette. 1-8-16.
  • Saudi Arabia plans to launch an $800 million housing project with the private sector—either as buildoperate-transfer or public-private partnership—to provide homes to widows and orphans in cooperation with the Ministry of Housing charities. Arabian Business. 4-8-16
  • Qatar’s Barwa Real Estate bought a vacant plot of land in Riyadh for $175.8 million for possible real estate development that would include residential and commercial use. AMEinfo. 1-8-16
  • Saudi Arabia is studying a proposal from the Shanghai-based company WinSun to use 3D printing techniques to build housing units. Trade Arabia. 3-8-16
  • The Saudi Arabian government is considering a proposal to take over construction conglomerate Saudi Oger that has been hit hard by a construction slowdown. AMEinfo. 3-8-16
  • Contractors in Saudi Arabia have called for the creation of a dedicated bank to help finance projects and pay workers’ salaries amid a slowdown in government payments. Arabian Business. 4-8-16
  • More than 44,000 new schools are expected to be built in Saudi Arabia by 2020 in both the public and private sectors as part of a school construction project across the GCC. Arab News. 3-8-16 

   ENERGY

  • Saudi Arabia has emerged as the fastest-growing consumer of energy in the MENA region, positioning its power sector for unprecedented growth. US-Saudi Arabian Business Council. 6-8-16.
  • Rebounding oil prices are promoting oil and gas firms to invest in technology innovation, supporting Saudi Vision 2030 and driving nearly $300 billion in oil exports. Saudi Gazette. 4-8-16. 
  • Saudi Arabia’s Petro Rabigh appointed Nasser al-Mahasher as president and chief executive officer after the resignation of Abdullah bin Saleh al-Suwailem from the position. Reuters. 31-7-16.
  • Oil consumption in Saudi Arabia is expanding at the slowest pace in at least six years as low energy prices affect economic growth. Saudi Gazette. 1-8-16.
  • The combined net profits of Saudi Arabia’s 14 petrochemical firms fell 20% from last year, far less of a decline than analysts’ projections. Gulf News. 7-8-16 

   TRANSPORTATION

  • The Ministry of Transport stopped granting new taxi licenses or the addition of new vehicles to fleets of already licensed firms in Riyadh and Jeddah. Arab News. 1-8-16 
  • Oman Air and Saudi Arabian Airlines signed a codeshare agreement covering services between Muscat and four destinations in the KSA. Al Arabiya. 2-8-16
  • The King Abdullah Economic City signed a contract with Gulf Start Factory for Petroleum Industries for the company to lease land in the Industrial Valley for production of motor oils and lubricants for sale in the KSA, other Arab countries, and Africa. Trade Arabia. 3-8-16 
  • The Ministry of Labor and Social Development is set to nationalize nearly 69 professions in the retail sector, including auto dealers. Inc. Arabia. 8-8-16.  

  CONSUMER

  • As part of its pivotal role in the growing GCC global theme park and amusement industry, Saudi Arabia’s KidzMondo Theme Park is slated to open its first branch in early 2017. Al Arabiya. 2-8-16 
  • State-controlled Petromin Corporation of Saudi Arabia plans to spend $666 million to build 230 petrol stations throughout the KSA by 2020. Emirates 24/7. 4-8-16
  • According to a Nielsen report, consumer confidence in Saudi Arabia remained flat during the first quarter of 2016. Al Arabiya. 8-8-16

TRADE & FOREIGN DIRECT INVESTMENT

  • Saudi Arabia will establish a $1.1 billion fund to develop its venture capital industry and support the creation of small and medium-sized companies in the KSA. Arabian Business. 8-8-16 
  • GE will collaborate with Prince Mohammed bin Salman bin Abdulaziz Al-Saud Foundation (MiSK) to deliver training programs for young Saudi professionals and executives. Saudi Gazette. 3-8-16. 
  • Saudi Arabia is the second largest importer of UAE-made products and the largest importer of UAE gold. Emirates 24/7. 3-8-16

FOREIGN POLICY

  • KSA’s private sector will need to employ 2.5 million more Saudis to meet the expectations of Saudi Arabia’s Vision 2030 to employ millions of Saudi nationals. Saudi Gazette. 4-8-16.
  • Saudi Arabia wants to build its relations with Russia in a number of joint cooperation fields, according to the Kingdom’s Foreign Minister Adel al-Jubeir. Saudi Gazette. 1-8-16.
  • Saudi National Campaign is developing water purification plants in northern Syria to provide safe drinking water to displaced Syrians. Arab News. 31-7-16 
  • Saudi Arabia’s Council of Ministers stated that the agreement reached between Houthis and followers of ousted President Ali Abdullah Saleh to form a political council in Yemen violates resolutions of the Arab League. Al Arabiya. 2-8-16 
  • Jordan’s King Abdullah II met with Saudi King Salman Bin Abdulaziz and Saudi Deputy Crown Prince Mohammad Bin Salman in Morocco to affirm ties between the two kingdoms to discuss continuous coordination on various Arab and Islamic issues. The Jordan Times. 4-8-16  
  • Saudi Arabia’s King Salman bin Abdulaziz Al Saud received at his residence Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, to review close relations between the two countries as well as regional and international developments. Al Arabiya. 8-8-16

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