Saudi health sector must shift focus from COVID to population growth, Jadwa report says

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Updated 23 November 2021
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Saudi health sector must shift focus from COVID to population growth, Jadwa report says

CAIRO: Saudi Arabia’s health sector should partly shift focus from the coronavirus pandemic and take measures to address the rapidly growing population, yet another challenge, said a report issued by the Jadwa Investment. 

The report said the rapid population growth means a higher number of both youth and elderly groups will be present in the future. The Saudi youth suffer from higher levels of chronic health conditions (compared to OECD averages, for example) while the larger elderly group will require more attentive healthcare services in the future.

Jadwa said the Vision 2030 program envisages a well-developed health sector to face all these issues. And the government seeks to achieve the targets through public-private partnerships, it added.

Traditional issues

The report said life is returning to normality as restrictions have been lifted and vaccination rates have gained momentum, but the health sector needs to focus on the more traditional issues facing the population of the Kingdom and it should partly shift focus from the pandemic.

It also indicated that expenditure on the sector accelerated faster than the population growth. For example, health expenditure per capita surged from SR1,448 in 2000 to SR5,944 in 2019. The rise induced betterment in several health indicators such as infant mortality, life expectancy, and the number of beds in hospitals.

Praising the Kingdom’s approach in containing the pandemic, the Riyadh-based firm stressed the need for more investments and development of the health sector to deal with any untoward situation in the future.

“Effective model”

It said Saudi Arabia’s approach against the coronavirus could serve as an “effective model” for the rest of the world to follow but the health authorities should tread carefully and remain alert to new developments.

It said the initial lockdown in the wake of the pandemic is not the only reason for this favorable assessment. It said Saudi Arabia effectively handled “disease analysis, virus tracking” and the vaccination roll-out program that helped contain the virus. The report said since the virus could persist through different variants due to its mutagenic nature.

The amount allocated for the healthcare sector in the budget for 2020 was SR167 billion ($44.5 billion); however, as the virus started to reach its peak in the middle of the year, the Kingdom decided to pump SR47 billion more into the sector. The extra sum was crucial in providing additional beds for severe cases of the virus, Jadwa said. Additionally, it helped in providing a free, countrywide vaccination program in the Kingdom.

Employment

Concerning employment in the sector, Jadwa said that the number of workers in healthcare tripled in the last two decades, citing data from the General Authority for Statistics and the Ministry of Health. Saudization in the sector also went up to 53 percent from 37 percent over the same period. 


Webuild reports no hiccup on NEOM activities after mega project CEO’s departure

Updated 6 sec ago
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Webuild reports no hiccup on NEOM activities after mega project CEO’s departure

LONDON: Italy’s construction group Webuild told Reuters on Tuesday its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time CEO left the role last week.

“Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company said.

NEOM, a Red Sea urban and industrial development nearly the size of Belgium due to house nearly 9 million people, is central to Saudi Arabia’s Vision 2030 plan to create new engines of economic growth beyond oil.

Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector. 


Riyadh’s office space to see major expansion by 2026, driven by regional HQ program: Knight Frank

Updated 4 min 55 sec ago
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Riyadh’s office space to see major expansion by 2026, driven by regional HQ program: Knight Frank

  • Saudi capital to see 1m sq. meters of new office space in two years

RIYADH: Saudi Arabia’s push for regional headquarters has spurred demand for office space in Riyadh, with the capital’s stock set to grow by 1 million sq. meters by 2026, a report showed.

According to global property consultancy Knight Frank’s Autumn 2024 Saudi Arabia Commercial Market Review, this will bring the city’s total office space to 6.3 million sq. meters.

The regional HQ program also impacts office lease rates, with 517 companies now committed to establishing their primary hub in the Kingdom, the report disclosed.

This comes ahead of the nation’s goal of attracting approximately 480 multinational corporations to move their headquarters to the Kingdom by 2030.

“Vision 2030 is reshaping Saudi Arabia’s economy and society, with a central focus on transforming Riyadh into a key regional and global center for business, finance, leisure, and tourism,” said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank.

“Indeed, 49 percent of the new jobs created in the Kingdom over the last five years has been in Riyadh, which is adding to the upward pressure on office rents, with many key office districts and business parks fully leased, with waiting lists,” Durrani added.

He went on to say that the limited availability of office space is also forcing up Riyadh’s Grade B rents, which have climbed by 27 percent over the past year.

In the Dammam Metropolitan Area region, Grade A rents have climbed by 2.2 percent since the third quarter of 2023, fueled mainly by strong demand from the public sector, he added.


Saudi hotel industry sees 11.4% spending surge, amid overall weekly POS decline: SAMA

Updated 36 min 10 sec ago
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Saudi hotel industry sees 11.4% spending surge, amid overall weekly POS decline: SAMA

RIYADH: Spending in Saudi hotels saw a week-on-week increase of 11.4 percent between Nov. 10 and 16, reaching SR399.7 million ($106.4 million), according to the Kingdom’s central bank.

The weekly point-of-sale transactions bulletin from SAMA showed that restaurants and cafes recorded the second largest sectoral increase with a 4.3 percent rise to reach SR2.07 billion, which also equated to the biggest share of the overall value.

Spending on furniture came in third place, registering a 2 percent increase to SR304.8 million.

Overall, Saudi Arabia’s POS transactions registered a weekly decrease of 1.5 percent, with the education sector leading the decline.

SAMA recorded SR13.2 billion in transactions over the week, with the education industry posting the highest sectoral decrease at 47.9 percent to reach SR89.5 million.

The central bank’s figures showed that the electronics sector saw the second-largest dip, with a 10.9 percent slide to SR198 billion.

Spending on telecommunication recorded the third most significant decrease, at 7.4 percent, reaching SR117.1 million. 

Expenditure on food and beverages saw a 0.6 percent negative change this week, reaching SR1.9 billion, claiming the second-biggest share of this week’s POS transaction value.

Spending on miscellaneous goods and services followed, accounting for the third largest POS share with a 4.1 percent dip, reaching SR1.5 billion.

Spending in the leading three categories accounted for 42 percent or SR5.5 billion of the week’s total value.

At 0.02 percent, the smallest increase occurred in spending on recreation and culture, boosting total payments to SR309.5 million. Expenditures on public utilities surged by 0.2 percent to SR52.9 million. 

Geographically, Riyadh dominated POS transactions, representing 34.06 percent of the total, with expenses in the capital reaching SR4.5 billion — a 3.5 percent decrease from the previous week. 

Jeddah followed with a 0.04 percent surge to SR1.8 billion, and Dammam came in third at SR641.4 million, down 4.6 percent.

Madinah experienced the most significant rise in spending, increasing 6.9 percent to SR567 million.

Tabuk recorded a decline of 7.5 percent, reaching SR235.9 million, and Abha dropped 3.4 percent to stand at SR149.4 million.


Japan, Saudi medical centers unite to revolutionize stem cell therapy

Updated 20 November 2024
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Japan, Saudi medical centers unite to revolutionize stem cell therapy

  • Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business

TOKYO:  Cytori Therapeutics Japan and the King Abdullah International Medical Research Center have signed a Memorandum of Understanding to strengthen research and training initiatives in the field of cell therapy. 

The signing ceremony took place between Dr. Ahmed Alaskar, executive director of KAIMRC, and Hoshino Yoshihiro, president and CEO of Cytori Therapeutics K.K., during the Riyadh Global Medical Biotechnology Summit 2024.

The partnership underscores the potential of regenerative medicine in treating chronic diseases such as diabetes, liver cirrhosis, critical limb ischemia, chronic wounds, knee osteoarthritis and other aging-related conditions. The aim of combining Cytori’s cutting-edge stem cell technology with KAIMRC’s expertise in translational research is to develop groundbreaking treatments for these critical health issues.

The two organizations will collaborate on fundamental research, clinical trials and other areas of mutual interest, including projects in biomedical R&D, preclinical studies and clinical trials, as well as training and development for staff in health-related and engineering fields.

Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business, specializing in cell therapy services and the development of adipose-derived regenerative cells from human subcutaneous fat tissues for therapeutic use. The company also develops, manufactures, and exports medical devices. 

This article is also available on Arab News Japan


Oil Updates – prices little changed as market weighs mixed drivers

Updated 20 November 2024
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Oil Updates – prices little changed as market weighs mixed drivers

SINGAPORE: Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing US crude stocks rising.

Brent crude futures dipped 5 cents to $73.26 a barrel by 8:41 a.m. Saudi time. US West Texas Intermediate crude futures was flat at $69.39 per barrel.

The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.

“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.

On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said. Russian President Vladimir Putin lowered the bar for a possible nuclear attack.

“This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market,” ANZ analysts said in a note to clients.

On the demand side, US crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.

That was a bigger build than the 100,000 barrel increase analysts polled by Reuters were expecting.

Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.

Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.

Official government data is due later on Wednesday.

In a boost to oil price sentiment, there were signs that China, the world’s largest crude importer, may have stepped up oil purchases this month after a period of weak imports.

Data from vessel tracker Kpler showed China’s crude imports are on track to end November at or close to record highs, an analyst told Reuters.

Weak imports by China so far this year have pulled down oil prices, with Brent sinking 20 percent from its April peak of more than $92 a barrel.