SABIC showcased its range of innovative products in construction, printing and packaging at the 12th Saudi Exhibition for Printing, Packaging, Plastics and Petrochemicals 2015.
SABIC was the diamond sponsor of the exhibition that took place at Jeddah Center for Forums and Events from March 1 to 3.
SABIC also highlighted its technical solutions for key sectors such as transportation, health and consumer appliances, particularly the company’s polymers, synthetic rubber and specialty range, which respond to the sustainability needs of customers.
SABIC used the opportunity to hold a lecture series to raise awareness among customers on various subjects including research, technology, manufacturing, and marketing, besides business developments specific to the company.
Mosaed Al-Ohali, SABIC executive vice president, polymers, said that SABIC’s participation reflected its continuing efforts to develop new, innovative solutions to achieve sustainable development.
SABIC displayed its latest technologies, applications, systems and products for the benefit of customers in the Saudi market and to help them develop their manufacturing capabilities, and support Saudi Arabia’s development plans.
“At the exhibition, SABIC focused on spreading the culture of innovation by acquainting visitors with its innovation award,” Al-Ohali said.
“The Saudi plastics markets grew by 5-7 percent, with SABIC being the leading supplier of high quality products and various grades that fulfill customer needs. It also offers technical support and advisory services,” he said.
Abdulrahman Al-Faqih, executive vice president, Performance Chemicals, said that SABIC participated in the event to display innovative and cost-effective solutions that can be developed locally to promote sustainable development.
He stressed that SABIC was keen to raise public awareness on sustainability as an important industrial concept to preserve the future of our generations and natural resources.
The SABIC pavilion was also used to spread a culture of innovation among the visitors.
The Performance Chemicals business, he said, focuses on providing specialty products that offer advanced solutions for customers and end-users.
The Saudi Exhibition for Printing, Packaging, Plastics and Petrochemicals 2015, which is one of the largest specialized trade fairs in the Middle East, was opened on March 1 by Saleh Al-Salmi, Deputy Minister of Commerce and Industry for Industry Affairs, on behalf of Tawfiq Al-Rabiah, minister of commerce and Industry.
With more than 300 domestic and international exhibitors from 19 countries around the world, the exhibition represented a unique platform for reviewing key services and products in printing, packaging, plastics and petrochemical areas, and discussing the latest trends and opportunities in both local and global markets.
Saudi Basic Industries Corporation ranks among the world’s top petrochemical companies.
The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
Saudi plastics markets grows by 5% to 7%
Saudi plastics markets grows by 5% to 7%
ACWA Power, ITOCHU Corp. sign MoU at COP29 to accelerate global clean energy transition
RIYADH: Saudi Arabia’s ACWA Power has entered into an agreement with Japan’s ITOCHU Corp. during COP29 to strengthen investments in environmental infrastructure and renewable energy across the Middle East, Central Asia, and Africa.
As outlined in a press release, the memorandum of understanding aligns with ACWA Power’s broader mission to address the “energy quadrilemma” — ensuring energy and water are provided affordably, reliably, sustainably, and rapidly.
Both companies share a vision for accelerating the global energy transition, leveraging their unique strengths to create transformative solutions in renewables and water desalination.
Marco Arcelli, CEO of ACWA Power, expressed his enthusiasm: “We are thrilled to strengthen our strategic collaboration with ITOCHU Corp. through this new memorandum of understanding, signed at COP29 in Azerbaijan.”
He further added: “This partnership — which spans across various geographies and technologies — will benefit from our expertise in renewable energy sources, water desalination, and green hydrogen.”
Arcelli highlighted the company’s commitment to achieving net-zero emissions by 2050, a full decade ahead of Saudi Arabia’s national target, noting that it “aligns perfectly with the global sustainability agenda.”
The MoU, in collaboration with ITOCHU’s extensive network and resources, will facilitate mutual growth ambitions and open up new opportunities for Japanese investors in the clean energy sector, according to the CEO. “Together, we are poised to make significant strides in accelerating the energy transition and addressing climate change challenges,” he concluded.
Headquartered in Riyadh, ACWA Power is the world’s largest private water desalination company and a leader in renewable energy and green hydrogen. Its portfolio spans 90 projects in 13 countries, with a total investment value of $94.7 billion.
ITOCHU Corp., founded in 1858, is one of Japan’s leading multinational trading and investment companies. With operations in 61 countries and approximately 90 bases worldwide, ITOCHU boasts a diversified portfolio that includes renewable energy projects and water infrastructure.
Through this partnership with ACWA Power, “ITOCHU aims not only to contribute to regions expecting economic growth and population increases but also to achieve a balance between responding to societal needs and business expansion.”
The collaboration is expected to advance progress in renewable energy projects, including high-efficiency combined cycle power plants and green hydrogen production, with both companies dedicated to addressing climate change and advancing global sustainability initiatives.
Earlier this year, ACWA Power signed multiple agreements with Japanese companies on May 21, during the Saudi-Japan Vision 2030 Business Forum, to further the sustainable energy transition and attract foreign investment.
The forum, held in Tokyo, brought together over 300 industry officials and leaders to discuss ways to enhance trade, investment, and cultural ties.
Saudi Arabia leading clean-energy revolution with $180bn for green economy, climate tech: Agility
RIYADH: Saudi Arabia is accelerating its leadership in sustainability, committing over $180 billion to a green economy while driving innovation in climate technologies, according to a new report.
According to an analysis by Agility, the Kingdom has become a dominant force in environmental solutions, accounting for 75 percent of climate technology investments in the Middle East.
The nation’s efforts include advancements in renewable energy, circular economy initiatives, and climate adaptation, solidifying its regional and global leadership.
The analysis commends the Kingdom’s policymakers for their ambitious targets under the Saudi Green Initiative and Vision 2030. NEOM, the mega-city development, is set to run entirely on renewable energy, illustrating this commitment, the report stated.
This comes as Saudi Arabia addresses significant environmental challenges, with 95 percent of its territory classified as desert and much of its habitable land at risk of degradation.
“Saudi Arabia has moved to the forefront of the clean-energy revolution and the drive to innovate and find answers to the global climate challenge. Very few countries can match its determination or its record of investment and leadership in sustainability,” Tarek Sultan, vice chairman of Agility, said.
Projections warn of more frequent droughts, prolonged heat waves, and economic strain if emissions are not curtailed. These factors underscore the importance of the Kingdom’s climate adaptation and mitigation efforts.
The report identifies further priorities, including accelerating renewable energy projects, enhancing corporate resource efficiency, expanding public transport, and improving air quality.
Key undertakings include connecting 2.8 gigawatts of renewable energy to the national grid and achieving renewable power generation goals for over 520,000 homes.
Saudi Arabia also aims to lead the global hydrogen market, targeting 4 million tonnes of green hydrogen production annually by 2035, with NEOM hosting the world’s largest hydrogen plant.
While businesses trail policymakers in adapting sustainability measures, the report reveals promising signs.
More than half of surveyed Saudi executives plan to adopt green technologies, and 54 percent of companies have allocated at least 5 percent of capital expenditure toward sustainability.
The report positions the Kingdom as a regional powerhouse and a potential global benchmark for sustainable practices.
Saudi economic growth to accelerate to 4.7% in 2025: Moody’s
RIYADH: Saudi Arabia’s economy is set to grow by 1.7 percent this year, before accelerating to 4.7 percent in 2025 and 2026, driven by government-backed projects aimed at diversifying the Kingdom’s economy, according to Moody’s.
The credit rating agency’s forecast exceeds previous estimates, including the Saudi government’s own 2024 gross domestic projection of just 0.8 percent. Moody’s outlook surpasses the Kingdom’s pre-budget statement, which had estimated a 4.6 percent growth in 2025.
The 2025 forecast aligns with Saudi Arabia’s planned expenditure for the year, set at $343 billion, underscoring the government’s commitment to economic expansion through Vision 2030. These efforts focus on diversifying the economy beyond oil, with major investments in sectors like technology, tourism, renewable energy, and infrastructure.
“In the Middle East, hydrocarbon-exporting countries are seeking to diversify their economies away from oil. Government-backed projects tied to this aim will drive strong growth in Saudi Arabia next year,” said Moody’s in its latest report.
The Kingdom’s strategy centers on large-scale “giga-projects” funded by its Public Investment Fund, including the development of the futuristic city NEOM. These initiatives are expected to play a crucial role in sustaining economic growth over the coming years.
Moody’s positive projections align with last month’s forecasts from the International Monetary Fund, which predicted 1.5 percent growth for Saudi Arabia’s economy in 2024 and 4.6 percent in 2025, while the World Bank forecasted 1.6 percent growth this year and 4.9 percent in 2025.
Stable inflation
Moody’s analysis noted that Saudi Arabia’s inflation rate is expected to remain stable at 1.6 percent in 2024 and 1.9 percent in 2025, before rising slightly to 2 percent in 2026.
Earlier this month, Saudi Arabia’s General Authority for Statistics reported that inflation reached 1.9 percent in October compared to the same month in 2023.
The Kingdom’s inflation rate remains among the lowest in the Middle East, reflecting effective measures to stabilize the economy and counter global price pressures.
In September, S&P Global forecasted Saudi Arabia’s economy to grow by 1.4 percent in 2024 and 5.3 percent in 2025, driven by the Kingdom’s diversification strategy.
Regional outlook
The report projects that the UAE, Saudi Arabia’s Arab neighbor, will see its economy grow by 3.8 percent in 2024 and 4.8 percent in 2025.
Moody’s forecasts that inflation in the UAE will remain higher than in Saudi Arabia, at 2.3 percent in 2024 and 2 percent in 2025.
The analysis also predicts Egypt’s economy will expand by 2.4 percent this year, accelerating to 4 percent in 2025. However, Egypt is expected to face a high inflation rate of 27.5 percent in 2024, dropping to 16 percent in 2025.
Emerging markets
The broader outlook for emerging markets is positive, with Moody’s noting that economic growth is stable and inflationary pressures are easing.
The credit agency expects conditions to improve in 2025, driven by steady growth, declining inflation, and monetary easing in both developed and emerging economies. However, credit risks remain a concern, with tighter credit spreads and rising bond issuance reflecting investor appetite for emerging market assets.
“In 2025, credit conditions within emerging markets are expected to further stabilize, driven by steady economic growth, slowing inflation, and monetary easing in developed and emerging markets,” said Vittoria Zoli, analyst at Moody’s Ratings.
She added that these conditions are expected to facilitate refinancing and cash flow growth, while reducing asset risk. “However, credit risks persist,” said the analyst.
Emerging markets such as India are projected to continue growing strongly, with the Indian economy forecast to expand by 7.2 percent in 2024 before moderating to 6.6 percent in 2025. In contrast, China’s growth is expected to slow to 4.2 percent in 2025, following a 4.7 percent growth in 2024.
At the regional level, economic growth is expected to remain highest in the Asia-Pacific region. The report states that India and Southeast Asian countries will continue to benefit from the global reconfiguration of supply chains, as nations and companies diversify trade and investment away from China.
Moody’s noted that the situation in Latin America is mixed, though growth will remain strong compared to the past decade. Economic growth in countries like Mexico, Argentina, and Brazil is projected to slow in 2025, while smaller economies like Chile, Colombia, and Peru will see steady expansion.
“We expect aggregate gross domestic product growth for 23 of the largest emerging market economies will slow to 3.8 percent in 2025 from 4.1 percent in 2024, with continued wide variation by region and country,” said the credit rating agency.
Moody’s attributed this slight slowdown to dampened growth in China, although it noted that domestic demand will drive growth in smaller emerging markets.
In October, the IMF projected that emerging market economies would see a GDP growth rate of 4.2 percent in both 2024 and 2025.
Moody’s report emphasized that governments in emerging markets are benefiting from stabilizing GDP growth and easing financial conditions, though debt levels remain high.
“Emerging markets governments’ average ratio of debt to GDP will decrease slightly next year as lower interest rates and stronger revenues help to narrow budget deficits. But mandatory spending – including on debt obligations – limits fiscal improvements,” said Moody’s.
It added: “One key risk to the EM outlook is the potential for US policy changes. In particular, an expansion of tariffs or renegotiation of existing trade agreements would likely disrupt global trade, hinder global economic growth, increase commodity-price volatility and subsequently weaken emerging markets currencies.”
Banking outlook
According to the report, banks in the Gulf Cooperation Council region have strong growth prospects, driven by government efforts to expand the non-energy sector.
Earlier this month, Moody’s stated in another report that Saudi Arabia’s Vision 2030 program, aimed at diversifying the Kingdom’s economy, will accelerate the growth of the banking sector in the coming years.
The analysis also highlighted that the development of major projects in the Kingdom, along with the infrastructure required to host events such as the 2027 Asia Cup, 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup, are expected to create significant business and lending opportunities for banks.
Moody’s noted that the operating environment for banks in emerging economies will remain largely stable, supported by steady GDP growth and policy-rate cuts, which will boost credit growth and asset quality.
However, the credit rating agency warned that profitability may decline for banks in several countries due to imbalances in interest rate adjustments between loans and deposits.
The report also cautioned that geopolitical tensions and potential shifts in US policy could affect the credit risks of banks in emerging economies.
“Profitability will deteriorate for many banks because they typically reduce interest rates on loans faster than on deposits as they seek to attract and retain customers. This squeezes net interest margins,” said Moody’s.
It added: “Geopolitical conflicts and resulting restrictions on cross-border and investment flows are a significant credit risk for EM banks. And the potential for postelection changes to key US policies, including financial and technology regulation, could alter the operating environment.”
Saudi industrial, mining sectors offering lucrative opportunities for entrepreneurs, minister says
JEDDAH: Saudi Arabia’s industrial and mining sectors are harboring promising opportunities for youth and entrepreneurs, the Kingdom’s industry minister has insisted.
Speaking during the Misk Global Forum 2024 in Riyadh, Bandar bin Ibrahim Alkhorayef said that these opportunities go beyond direct investment to include the development of innovative ideas to improve production efficiency, manufacturing quality, and energy conservation in industrial facilities.
He explained that institutions working in industrial and mineral resources have introduced a range of enablers and initiatives to support the growth of entrepreneurial ventures and facilitate investment for young innovators in both sectors, according to the Saudi Press Agency.
The Kingdom ranked third in the Global Entrepreneurship Monitor report for 2023-2024 – a study which assesses the ecosystems of countries worldwide.
Saudi Arabia showed significant progress, with its National Entrepreneurship Context Index score increasing from 5 in 2019 to 6.3 in 2022 and 2023.
The analysis highlighted that this reflects the country’s successful efforts to diversify its economy and foster a supportive climate for business owners. The report also underlined female entrepreneurship, with eight women starting new companies for every 10 men in 2023.
Alkhorayef added that the introduced programs include financial solutions, including the 1K Miles program, designed to help entrepreneurs turn ideas into projects, and the Industrial Hackathon, which allows young innovators to present creative solutions to challenges faced by industrial facilities.
The minister further highlighted that the Kingdom has become a global hub for entrepreneurs, offering them the opportunity to pitch innovative ideas and test their success. He emphasized that the government’s unwavering support for youth creates vast opportunities for the success of their projects.
He emphasized that Saudi Arabia has recently focused on leveraging its strategic assets to develop its industrial sector and boost competitiveness. This includes utilizing its natural resources and technological advancements to compete globally in emerging industries and establish itself as a key player in international supply chains.
During the previous day’s event, the Co-Chair of the Bill and Melinda Gates Foundation, Bill Gates, highlighted the crucial role of innovation in addressing global development challenges and improving the quality of life for vulnerable populations.
Gates emphasized the importance of investing in technology and education as the foundation for a sustainable future, underlining that such investments empower future generations to positively impact their communities.
He praised Saudi Arabia’s leadership in empowering youth, highlighting initiatives like MGF 2024, which focuses on developing young people’s skills and promoting innovation and entrepreneurship. He called the forum a global model worthy of emulation.
Gates also called for strengthened international cooperation to develop joint solutions addressing current challenges.
The co-chair underscored the importance of fostering creativity, teamwork, and collective thinking to build a more sustainable future, highlighting that global collaboration could drive transformative advancements that improve the lives of millions.
The MGF 2024 announced the launch of the “Misk Grand Challenges” initiative in partnership with the Gates Foundation, aiming to inspire young people to propose innovative solutions to global education and citizenship issues, fostering creativity and engaging brilliant minds to address pressing development challenges.
During a panel discussion at the forum, Abdullah Al-Saleem, CEO and co-founder of Mushtari, offered valuable insights on when and how entrepreneurs should seek guidance for their ventures.
“Every time is the right time to seek help,” Al-Saleem said, emphasizing the importance of continuous learning and consultation in business development.
He advocated for a two-pronged approach to seeking advice, distinguishing between general business consultants and industry-specific experts.
“There are two people you have to seek help from: People that know generally about the industry, and people that know specifically about the industry,” he added.
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.
