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RIYADH: Saudi state-owned mining company Ma’aden plans to increase production capacity and invest in exploration to tap into $1.3 trillion mineral reserves, the company CEO said.
“Our focus is on increasing our production capabilities in value chains, and we will continue to invest in exploration, as the Kingdom’s untapped mineral resources are estimated at $1.3 trillion,” said Robert Wilt at the International Mining Conference ‘Indaba 2022,’ taking place in Cape Town, South Africa.
He explained that the company’s goal in the coming years is to transform these raw materials into a value for the Kingdom to become one of the world’s mining pioneers.
“We will seek partners to help us achieve our goals in exploration, technology, innovation and sustainability,” Wilt added.
The company is working to embody a role model in all aspects of sustainability and environmental and social governance, in line with the objectives of the Saudi Green Initiative and through value-added partnerships.
RIYADH: The Central Bank of the UAE has revised up its forecast for the country’s real gross domestic product to reach 4.2 percent in 2023, up from its previous projection of 3.3 percent.
According to its annual report for 2021, the bank expected the non-oil GDP growth to reach 3.9 percent in 2023, up from its previous estimate of 3.3 percent, Emirates News Agency reported.
Oil GDP growth is projected to reach 5 percent next year, compared to 3.4 percent in earlier estimates.
This happens as the UAE’s economic activity begins to grow again due to the country’s economic measures.
RIYADH: Saudi Arabia’s Obeikan Glass Co. is planning to build a new production line at its site in Yanbu Industrial City for the production of high transparency glass used for solar panels, Argaam reported quoting the company’s CEO Fayez Abdulrazzag.
Talking about the plans of the firm, Abdulrazzag said that it will add investments to new production lines that support the expansion of transformative industries in the glass industry field.
He also said Obeikan has all the expertise to execute these plans, and made it clear that the company had a strong fiscal in 2021, primarily driven by improvement in domestic and global demand to almost pre-pandemic levels.
The CEO further added Obeikan Glass has now expanded into the Central and South Americas, and is also eyeing to mark its presence in Europe and West Africa.
Talking about Obeikan’s commitment to the local market, he said: “The company’s strategy is based on giving priority to meeting local demand and then exporting the surplus to global markets. Thus, Obeikan Glass reduced its exports to satisfy the growing domestic demand, which rose 26 percent YoY in Q1 2022.”
RIYADH: The Governor of the Eastern Province, which is located in Saudi Arabia, witnessed the signing of 11 contracts to implement projects that support and improve the infrastructure of water services in the region, with a value exceeding SR4.3 billion ($1.15 billion) on Wednesday.
“These projects will have a significant impact in covering the region’s needs of desalinated water and keeping pace with the construction boom taking place in all the region’s governorates,” said the province’s governor, Saud bin Abdulaziz.
The duration of the implementation of these contracts ranges between 18-30 months and includes Dammam, Khobar, Al-Ahsa and Qatif, minister of Environment, Water and Agriculture Abdulrahman Al-Fadhli said.
“The National Water Company is currently working on completing the procedures for awarding 3 contracts, at an estimated cost of more than SR1.2 billion,” Al-Fadhli added.
RIYADH: UAE-based multi-brand retailer Brands For Less, has entered the Saudi market with a store in Riyadh.
The opening comes in the wake of a Euromonitor forecast of an expansion of the Kingdom’s retail industry by 20 percent this year.
“Opening a store in Saudi Arabia, one of the region’s major markets, is an incredible achievement for our brand. It is in line with our expansion plan covering key markets across the Middle East,” said Toufic Kreidieh, co-founder and CEO of the Brands For Less Group.
He added: “The demand is influenced by the changing lifestyle of customers in Saudi Arabia. Moreover, we also take note of Saudi Arabia’s booming e-commerce industry. It gives us a venue to strengthen further our e-commerce business.”
Brands For Less operates more than 80 branches across the Middle East and Europe.
RIYADH: Saudi stocks erased early morning gains to close lower on Wednesday, even as Moody’s affirmed the Kingdom’s rating at ‘A’ with a stable outlook.
The main TASI index lost 0.5 percent to 12,596, and the parallel market Nomu slipped nearly 0.6 percent to 22,206 despite a rise in oil prices.
This was driven by losses recorded by some of TASI’s heavyweights in the banking sector, with Al Rajhi Bank and Saudi National bank down 1.2 and 0.8 percent, respectively.
Oil giant Aramco bucked the trend to end the session slightly higher at SR40.6 ($10.8), up 0.3 percent on the day.
Chemicals maker Petro Rabigh added 6.7 percent to lead the gainers, while Saudi Industrial Export Co. recorded the biggest drop of almost 4.8 percent.
East Pipes Integrated Co. for Industry saw a 2.6 percent rise in its share price after obtaining Shariah-compliant financing worth SR500 million.
In energy trading, oil prices edged up ahead of data on US oil inventories, with Brent crude nearing $122 a barrel and US West Texas Intermediate up to $120.66 at 3:30 p.m. Saudi time.
Saudi Arabia's Ma'aden to increase production to tap into $1.3tr mineral reserves – Arab News
