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

  • SABIC achieved 200 million safe work hours without lost-time injury for construction of its mega engineering projects. Saudi Gazette. 12-10-16
  • SABIC to intensify plans to develop local human talent. Saudi Gazette. 13-10-16
  • SABIC is working with PDI, a supplier of infection prevention products, to study environmental stress cracking of medical device enclosures using SABIC’s thermoplastics. Plastics Today. 13-10-16 

MARKETS

CONSTRUCTION

  • The Ministry of Housing signed pacts with two national real estate development companies to build more than 10,000 housing units in Al-Qatif governorate, Eastern Province, including infrastructure work. Saudi Daily Record. 5-10-16
  • A consortium of Hyundai Engineering & Construction Company and Dutch project management consultancy Royal HaskoningDHV won the contract for the front-end engineering design of the world’s largest maritime yard in Saudi Arabia. Gulf Construction. 11-10-16 

ENERGY 

  • Saudi Electricity Company awarded French utility company Engie, in partnership with Saudi Aramco, to build the 1,504 MW Fadhili power plant. Al Bawaba. 6-10-16
  • Saudi Aramco plans to sell a 5% stake in all of the company’s business when its initial public offering through the Saudi stock market. Saudi Daily Record. 9-10-16
  • Saudi Arabia announced that the price of crude oil could surge to $60 a barrel by the end of 2016 but warned against drastic production cuts that might shock the markets. Al Arabiya. 10-10-16
  • Saudi Arabia’s crude oil reserves of 266.5 billion barrels are expected to last for the next 70 years. Bloomberg. 11-10-16
  • The Saudi Minister of Energy, Industry, and Mineral Resources Khalid al-Falih called for solutions to challenges facing non-profit institutions. Asharq Al-Awsat English. 4-10-16
  • First Solar has commissioned the 52.5 MW Shams Ma’an solar array in Jordan, the largest PV array brought to completion so far in the Middle East. ReCharge. 10-10-16

TRANSPORTATION

  • Trade volume between Georgia and Saudi Arabia increased by 200% and Saudi investments exceeded $100 million since Georgian Airways Company started operating flights from Dammam to the Georgian capital Tbilisi this summer. Al Arabiya. 10-10-16 
  • Turkey’s low-cost airline Pegasus signed a codeshare agreement with online booking service flynas of Saudi Arabia. Saudi Daily Record. 11-10-16
  • Nissan-Petromin opens its first Nissan showroom in Riyadh, with plans to open another 20 showrooms across the Kingdom by the end of 2017. Saudi Daily Record. 16-10-16 

CONSUMER

  • Saudi Arabia has launched an entertainment revolution in the Kingdom as the General Authority for Entertainment schedules a variety of performers and events. Al Arabiya. 8-10-16
  • A total of 800 telecommunication establishments in KSA have closed because they were unable to meet the Saudization requirement. Al Arabiya. 9-10-16 

TRADE & FOREIGN DIRECT INVESTMENT

  • The Saudi Capital Market Authority has started to prepare a program to accomplish the Kingdom’s 2030 Vision. Saudi Gazette. 3-10-16
  • U.S.-based General Electric (GE) plans to expand its investment in Saudi Arabian manufacturing, including the development of digital management systems. The National. 12-10-16
  • Japan and Saudi Arabia agreed to advance bilateral cooperation in fields such as networkconnected devices and renewable energy. The Japan Times. 9-10-16
  • Saudi Arabia is exploring the possibility of granting more licenses to foreign banks and easing restrictions on their operations to boost growth in the private sector. Emirates Business. 13-10-16
  • UK’s BAE Systems disclosed that it is in talks with Saudi Arabia over a five-year multibillion-pound arms contract, likely centered on BAE’s Eurofighter Typhoon combat aircraft. BBC News. 6-10-16 
  • Privately owned King Abdullah Port in Saudi Arabia is ranked as the world’s fastest-growing port. Al Arabiya. 7-10-16
  • Japan’s SoftBank is forming a new investment fund that could invest up to $100 billion in technology companies worldwide, with Saudi Arabia’s Public Investment Fund contributing at least $45 billion. New York Times. 13-10-16

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