RIYADH: Saudi National Water Company (NWC) announced completion of 5 projects within its water and environmental system, at a financial cost of more than SR108 million ($28.7 million), Al Eqtisadiah reported on Wednesday.
The projects will serve more than 12,000 people in the governorates of the Eastern Province and their cities, Dammam, Al-Ahsa, and Jubail, the NWC said. More than 130 km of new piping has been laid.
The work to improve the quality of life and services provided to the population is in accordance with the Kingdom's Vision 2030.
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Saudi National Water Co. completes 5 projects worth $28.7 million
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Saudi National Water Co. completes 5 projects worth $28.7 million
- 130 km of new pipes have been laid
- Upgrades will serve more than 12,000 customers in Eastern Province
Saudi Arabia’s KACARE signs key MoUs to propel energy innovation and empower women
RIYADH: Saudi Arabia’s King Abdullah City for Atomic and Renewable Energy has signed new agreements to advance innovation, localize solutions, and empower women.
The first memorandum of understanding, inked with King Saud University, will focus on developing and localizing innovative technologies in the energy sector, the Saudi Press Agency reported.
The agreement also emphasizes building human capacity through training programs and the exchange of expertise, with a particular focus on technical and advisory services.
This partnership supports Saudi Arabia’s Vision 2030, which aims to increase the Kingdom’s use of renewable energy and promote sustainability.
It also aligns with Saudi Arabia’s goal of 50 percent of its electricity coming from renewable sources by the end of the decade.
In addition to these technological advancements, the MoU includes the development of educational programs and scholarships to help meet the growing demand for skilled professionals in the energy sector.
The agreement also includes joint research initiatives in renewable energy, atomic energy, hydrogen technologies, and artificial intelligence applications within the energy field. This will provide valuable opportunities for students and researchers to contribute to the Kingdom’s energy transformation, the SPA report added.
KACARE also signed a second MoU with the Saudi Women and Energy Association, further reinforcing the Kingdom’s commitment to empowering female workers in the sector.
This agreement focuses on launching comprehensive initiatives and programs aimed at supporting women to become leaders and innovators in energy. It includes training and development opportunities, such as the WE Spark program, which is dedicated to training women in renewable energy.
This program is in partnership with King Abdullah University of Science and Technology and seeks to equip women with the skills necessary to excel in a rapidly evolving industry.
The MoU also includes conducting studies to assess women’s participation in the energy sector. The research will identify key challenges and propose solutions to enhance women’s roles, ensuring equal opportunities in the workplace and supporting their development into leadership positions.
In a further effort to empower women in the energy industry, KACARE signed another MoU with Princess Nourah University. This agreement aims to enhance female competencies in renewable energy through tailored training programs for female students pursuing engineering degrees.
It also seeks to improve the capabilities of faculty members in providing specialized programs in solar energy, as well as upgrading infrastructure to support hydrogen production plants and solar photovoltaic energy projects.
GCC debt capital market hits $1tn, poised for continued growth: Fitch Ratings
- Saudi Arabia leads the region followed by the UAE and Qatar
RIYADH: The debt capital market in the Gulf Cooperation Council region has surpassed the $1 trillion mark in outstanding debt as of November, fueled by strong oil revenues, according to a recent analysis.
Fitch Ratings’ latest report highlights the growth trajectory of the GCC’s DCM, with expectations that it will remain one of the largest issuers of emerging-market dollar-denominated debt in 2025 and 2026.
The DCM refers to markets where securities like bonds and promissory notes are traded, offering governments and companies a means of securing long-term funding.
Saudi Arabia leads the region’s DCM, followed by the UAE and Qatar. In September, Fitch projected that the Kingdom’s DCM would exceed $500 billion in outstanding debt, driven by the financing needs for mega-projects under the Kingdom’s Vision 2030 and its broader economic diversification strategy.
Bashar Al-Natoor, global head of Islamic Finance at Fitch Ratings, noted that the DCM had grown by 11 percent year on year, reaching the $1 trillion milestone by the end of November 2024. Of this, approximately 40 percent is in the form of sukuk.
“The market is set for further expansion in 2025, driven by the need to finance government initiatives, maturing debt, fiscal deficits, diversification efforts, and ongoing regulatory reforms,” Al-Natoor explained. “We rate about 70 percent of GCC US dollar sukuk, of which 81 percent are investment-grade, with no defaults.”
The report also forecasts that the Federal Reserve is likely to cut rates by 125 basis points to 3.5 percent by the fourth quarter of 2025. This is expected to prompt most GCC central banks to follow suit, creating a more favorable funding environment.
However, Fitch warned that ongoing geopolitical instability in the Middle East could hinder the region’s DCM growth. “While four out of six GCC sovereigns maintain investment-grade ratings with stable outlooks, any escalation in regional conflicts could pose risks,” the agency stated.
Fitch also flagged potential risks related to Sharia compliance, particularly concerning AAOIFI Standard 62, which governs the structure of Islamic finance transactions. The guidelines cover a range of issues, including Shariah-compliant issuance requirements, asset backing, ownership transfers, investment structures, and trading procedures.
The DCM landscape in the GCC remains uneven. While Saudi Arabia and the UAE boast the most developed markets, Qatar, Bahrain, and Oman follow, with Kuwait having the least mature market. Kuwait is reportedly working on updating its liquidity law to facilitate borrowing in capital markets, though the timeline for this reform remains unclear.
Middle East and Africa region among smallest fallers as global deal activity drops 8.7% YoY
RIYADH: Transactions in mergers and acquisitions, private equity, and venture financing fell during the first 11 months of the year, with the Middle East and Africa experiencing the smallest decline in deal activity.
According to a new report from GlobalData, while worldwide deal volume dropped 8.7 percent year-on-year to 45,921 transactions compared to 50,308 during the same period in 2023, the Middle East and Africa region saw a relatively modest 5 percent decline.
This contrasts with sharper decreases in regions such as North America and South and Central America, highlighting the Middle East and Africa’s comparative stability amid broader global challenges.
Meanwhile, mergers and acquisitions and private equity transactions experienced smaller declines of 2.8 percent and 3 percent, respectively.
Aurojyoti Bose, lead analyst at GlobalData, attributed the overall decline in global deal activity to a steep drop in venture financing, which fell 18.7 percent year-on-year.
“Even though all deal types experienced decline, the overall setback was primarily driven by a massive fall in the number of venture financing deals,” Bose said.
The broader global slowdown in deal activity was felt across major markets. North America, which accounted for approximately 40 percent of worldwide deals, saw a significant 12.5 percent decline in overall deal activity, contributing heavily to the international contraction.
Europe recorded an 8.8 percent decline, while Asia-Pacific and South and Central America saw decreases of 3.6 percent and 17.5 percent, respectively.
The subdued environment extended to several major markets globally. Among the hardest-hit countries, China and France experienced year-on-year declines of 21.9 percent and 21 percent, respectively.
The US, the largest single market for deals, saw an 11.7 percent drop, while Canada and Germany recorded declines of 18.9 percent and 12.1 percent, respectively.
Other countries reporting notable decreases included Italy with 6.8 percent, the Netherlands with 13.8 percent, and Spain with 14.2 percent, as well as Sweden with 9.7 percent, and Singapore with 15 percent.
In the travel and tourism sector specifically, a total of 649 deals were announced globally between January and November, representing a 5.9 percent year-on-year decline compared to 690 deals in the same period of 2023.
While the Middle East and Africa saw an 18.2 percent drop in deal volume in the sector, North America registered a steeper decline of 31 percent.
South and Central America followed with a 20 percent decrease, and Asia-Pacific experienced a smaller drop of 2.3 percent.
In contrast, Europe stood out as the only region to record growth, with deal volume increasing by 15.9 percent during the same period.
Considering regional conflicts such as the changes in Syria’s regime, the conflict in Yemen, and Israel’s war on Lebanon and Palestine, the 18.2 percent drop in travel and tourism deal volume in the Middle East and Africa is relatively moderate.
This performance suggests resilience in the region’s travel and tourism sector, which continues to attract investment despite these significant challenges.
“The travel and tourism sector deal activity showcased a mixed trend across the different deal types during the specified timeframe. And similarly, the trend across different regions and key markets remained a mixed bag during the review period,” Bose said.
Saudi Arabia, Turkiye explore construction sector partnerships in roundtable
RIYADH: Saudi Arabia and Turkiye explored investment opportunities and partnerships in the construction sector during a roundtable, focusing on enhancing supply chains and fostering collaboration between public and private sectors.
The event, led by Minister of Investment Khalid Al-Falih and joined by Minister of Municipalities and Housing Majid Al-Hogail, brought together key stakeholders from both nations, representing the public and private sectors.
This follows a significant rise in trade between the two countries, with the total volume reaching SR25.4 billion ($6.75 billion) in 2023, a 15.5 percent increase. Saudi exports amounted to SR15.6 billion, while Turkish imports to the Kingdom totaled SR9.8 billion.
“We reviewed the significant investment and partnership opportunities between public and private sector institutions in both countries, as well as the development of supply chains in this vital sector,” said Al-Falih in a post on X, formerly Twitter.
The meeting explored key investment opportunities, and discussed enhancing cooperation and localizing supply chains, according to a statement issued by the Ministry of Investment.
The ministers were joined by senior representatives from some of the largest construction firms in both nations.
Regarding the roundtable, the ministers emphasized the significant partnership opportunities between public and private sector institutions. They noted the strategic importance of strengthening supply chains to support the development of this essential sector.
The meeting followed the Saudi-Turkish Business Forum held in Riyadh last week, where business groups from both nations explored export opportunities across multiple economic sectors.
The forum, organized by the Federation of Saudi Chambers, witnessed the participation of a delegation from the Exporters Assembly, comprising 40 Turkish companies, along with several firms from the Kingdom.
The event spotlighted opportunities for joint ventures in agriculture, food, and tourism, along with potential collaborations in advanced manufacturing, construction, and infrastructure. Other key areas included technology, innovation, and logistics, the Saudi Press Agency reported.
Also organized by the Foreign Economic Relations Board of Turkiye, the event attracted over 450 companies and several government agencies from both nations at the time.
Last year, Turkiye’s exports totaled $255.8 billion, and the country aims to increase this figure to $400 billion by 2028, working closely with exporters to accelerate the growth of foreign trade.
Saudi Arabia and Egypt ink supply chain deal to boost industrial ties
RIYADH: Saudi Arabia’s Falak Investment and Egypt-based Al-Tawakol For Steel Industries and Galvanization Co. have signed a supply chain cooperation agreement to strengthen the telecommunications infrastructure in the Kingdom.
The deal was signed on the sidelines of Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef’s visit to the North African nation.
The partnership will focus on the manufacturing and supply of telecommunications towers in the Kingdom, as well as boosting cooperation in steel industries, galvanization, and telecommunications infrastructure, according to a statement by the Egyptian government.
The agreement will also provide a framework, allowing the North African firm to participate in government and public sector tenders in Saudi Arabia.
The Kingdom and Egypt have long sustained strong business relations, with bilateral trade reaching $7.5 billion in the first nine months of this year, representing a 33.9 percent rise compared to the same period in 2023.
During the visit, Alkhorayef visited Hassan Abdullah, governor of the Central Bank of Egypt, and discussed ways to enhance economic relationships between both nations.
“I discussed with the Governor of the Central Bank of Egypt ways to enhance economic and trade cooperation between the Kingdom and Egypt. I also met with the head of the Egyptian Medicines Authority to discuss prospects for developing the pharmaceutical and vaccine industry and exchanging experiences,” wrote Alkhorayef on his X platform.
Alkhorayef met with Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, to review potential avenues for boosting industrial cooperation between the two nations.
The Saudi minister also emphasized the vitality of a strong bilateral relationship with Egypt and said it would generate more job opportunities and strengthen respective economies.
During the meeting, Al-Wazir said that increasing collaboration with Arab nations is crucial for the Egypt’s sustainable development.
The Egyptian minister also underscored the importance of establishing joint factories and logistics zones in Egypt and Saudi Arabia to propel industrial integration and boost trade volume.
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