Businesses showing full support for Saudi, leadership, ahead of G20
Saudi Crown Prince Mohammed Bin Salman is concluding visits to a number of Arab countries ahead of an expected Nov.30- Dec 1, G20 meeting, gathering a large number of world leaders.
Saudi is consolidating its position as a global business powerhouse and a magnet for investments attracting capital and interest as well as launching multi-billion dollar projects that will change the landscape of the kingdom towards a more modern, greener, and financially sustainable future.
Saudi Crown Prince Mohammed was expected to discuss ways of strengthening bilateral relations with Egyptian President Abdel Fattah al Sisi, Egyptian state news agency MENA said.
The visit is the third leg of the crown prince’s tour after visits to Bahrain and the UAE.
The Saudi Ambassador to Cairo Osama Naqli asserted on Monday that the visit of Saudi Crown Prince Mohamed bin Salman to Egypt, the second in a year (1st in March), reflects the depth and strength of relations between the two countries.
During the March visit, the 32-year-old heir to the throne and Al-Sisi set up a $10bn joint fund to develop the planned Saudi investment project, NEOM, in Egypt’s southern Sinai Peninsula, where Egypt committed over 1,000 sqm in South Sinai to be included within the project.
According to the Daily News Egypt, Egypt is supposed to focus on developing the existing resorts in Sharm El-Sheikh and Hurghada, while the kingdom plans to build seven cities and tourism projects, and provide funding for the Egyptian project NEOM, quoting Reuters as citing Saudi officials saying last March.
Daily News Egypt exclusively received a document from the General Authority for Investment and Free Zones upon request, showing that the number of Saudi firms in Egypt, are 4,920 companies, offering 123,269 job opportunities, while Saudi investments are worth about $6.292bn, covering the period from early 1970 till the end of July 2018.
Billions in projects at IKTVA
ABB, Siemens CEOs visited Saudi for the 4th annual IKTVA supplier conference, November 26-27, 2018, according to Channel News Asia.
ABB CEO Ulrich Spiesshofer and Joe Kaeser from Siemens traveled to Dammam for an event organized by Saudi Aramco called In-Kingdom Total Value Add. (IKTVA)
Among other attendees at the IKTVA event were Paal Kibsgaard from Schlumberger and Jeff Miller, CEO of oilfield services company Halliburton.
“Alongside being a responsible partner to our customers, we act as a responsible employer to our workforce. Therefore, our CEO will meet some 200 employees at our plant in Dammam during his trip to Saudi Arabia,” ABB said in a statement on Sunday.
“This is a business trip to the Middle East where Kaeser will visit customers and business partners in the United Arab Emirates and Saudi Arabia among others,” a Siemens spokesman said.
“In Saudi Arabia, he will visit only our customer, Saudi Aramco, in Dammam.”
The event brings together a broad spectrum of local and international investors to explore energy supply chain investment opportunities, according to Al Arabiya.
This year’s IKTVA Forum & Exhibition will reinforce the program’s positive impact on the national economy in alignment with Vision 2030.
“Saudi Aramco designed IKTVA to make the Saudi energy sector globally competitive by localizing goods and services; creating direct and indirect jobs for citizens; and increasing the Kingdom’s export of energy-related goods and services by 30%,” said Al Arabiya.
“IKTVA seeks to develop a reliable, sustainable supply chain capable of sourcing 70% of its energy sector materials and services requirements locally. By 2030, the program also aims to establish 30 training centers helping 360,000 highly skilled graduates take on the jobs of the future.”
This year’s IKTVA Forum is expected to host more than 3,000 participants from over 40 countries, including new and veteran investors, suppliers, and service providers.
Companies with a local presence can take advantage of more than SAR 1.7 trillion ($460 bn) being spent by Saudi Aramco on localization opportunities over the next decade.
According to Market Watch, Aramco’s President & CEO Amin H. Nasser said “Over the two-day event, we signed $27.5 billion in a total of 31 commercial collaborations. Companies that have invested here are ideally positioned to benefit further with our signing last month of SAR 125 billion ($33.7bn) in business at the Future Investment Initiative in Riyadh, much of which will have a direct impact on IKTVA. As of now, 51% of each riyal Saudi Aramco earmarks for materials and services is spent locally.”