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ECONOMY

MONDAY 21 AUGUST 2017,

SAUDI GAZETTE

11

KPMG appoints A.

Alnaim as managing

partner in Al-Khobar

Bahri completes registration of ASLAF under Saudi flag

K

PMG in Saudi Arabia has an-

nounced the appointment of

Abdulaziz Alnaim as Managing

Partner of its Al-Khobar office, in order

to support its fast growing business in

this important region which continues to

show robust growth and great potential.

ACPA for over 10 years, Alnaim

brings with him a distinguished record

as a senior accounting and investment

professional in large real estate and

financial organizations.

“Alnaim possesses an important

mix of corporate, project management

and family business experience that

is vital to understanding the needs of

modern businesses in the Kingdom,”

said Abdullah Alfozan, Chairman at

KPMG MESA and KSA. “His presence

at KPMG in Saudi Arabia will help us

cement our position as the leading

accounting, tax and advisory firm in

Saudi Arabia and further support our

fast growth operations in the Eastern

Province.”

KPMG’s Eastern Province office is

extremely important as business and

investment opportunities in the region

are highly significant. The Eastern

Province accounts for two thirds of

Saudi Arabia’s exports economy. As

the center of the Kingdom’s oil industry,

the Eastern Province has been the

backbone of the Saudi economy, lead-

ing to the successful development of

B

AHRI, a global leader in

transportation and logistics,

announced that the Ministry of

Transport under the supervision of

the Public Transport Authority (PTA)

has completed the registration of

ASLAF, a Very Large Crude Carrier

(VLCC) owned and operated by

Bahri, under the flag of Saudi Arabia.

The move reinforces Saudi Arabia’s

position in the global maritime in-

dustry and gives a further boost to

Bahri’s efforts to register all of its

VLCCs – now numbering 39 – under

the national flag by the end of 2017.

Built by Hyundai Heavy In-

dustries (HHI) in South Korea, the

300,000-dwt ASLAF arrived in the

Kingdom on Aug. 19, docking at Port

of Ras Tanura near Dammam, where

an official reception was hosted by

the Ministry of Transport under the

supervision of PTA, during which the

vessel was formally registered and

the national flag was raised aboard.

The registration followed a series of

meetings between officials from the

Ministry of Transport, PTA and Bahri

to clear the way for the vessel’s

induction into the national maritime

fleet.

Bahri had taken delivery of

ASLAF in July 2017 to continue its

aggressive fleet expansion, and is

set to add two more VLCCs to its

fleet before the end of the year to

reinforce its position as the world’s

largest owner and operator of

VLCCs.

Ali Al-Harbi, acting CEO, Bahri,

said “contributing to the economic

growth of Saudi Arabia and enhanc-

ing the Kingdom’s reputation and

standing in the global transportation

and logistics industry are at the heart

of Bahri’s mission, and we are proud

to be making continued progress

toward these goals. Our aim is to

get all of our large and mid-size car-

riers registered under the national

flag, which will help sharpen Bahri’s

competitive edge in the market

while contributing to an increase in

bilateral maritime trade volume be-

tween Saudi Arabia and other global

economies.”

Hussein bin Khamis Al-Ansari,

Director of the Port of Ras Tanura,

said “we have been watching Bahri’s

evolution into a global transportation

and logistics giant with great interest

and pride. Bahri and Saudi Ports

Authority share a common vision

for the continued growth of Saudi

Arabia’s maritime sector, and we are

committed to providing every pos-

sible support to Bahri so they can

reach new heights and keep doing

our nation proud.”

The Saudi Arabian flag is raised

on cargo and passenger vessels

after they are successfully registered

with the Ministry of Transport and

PTA. They are then inspected and

checked regularly in accordance

with the standards laid down by

international classification authorities

accredited by the Kingdom.

— SG

Abdulaziz Alnaim

300,000-dwt ASLAF docks at Port of Ras Tanura near Dammam on Aug. 19

JLL MENA names

new Country Head

for Saudi Arabia

J

LL, the world›s leading real estate invest-

ment and advisory firm, has announced

the appointment of Eng. IbrahimAlbu-

loushi as its new National Director and Coun-

try Head for Saudi Arabia.

Albuloushi is an international executive

with 20 years’ experience in creating vision

and strategic direction with primary skills in

Islamic banking, real estate development and

property management.

He replaced Jamil Ghaznawi, who has

overseen JLL’s operations in the Kingdom for

the past three years and is moving into a se-

nior role with an important client of the firm.

“Ibrahim joins us with an impressive

and results-driven background that will help

us negotiate the fast changing landscape in

Saudi Arabia,” said Alan Robertson, CEO, JLL

MENA.

“We have deep, long-standing and trusted relationships in Saudi Arabia, and

Ibrahim will be critical to enhancing our presence even further as we develop and

grow our business in strategic areas across the Kingdom.”

— SG

BIBAN conference set to

create SMEs new culture

S

MALL and Medium Enterprises General Authority

(Monsha’at) will launch an interactive conference

(BIBAN) which will be held at the Riyadh Exhibi-

tion and Convention center on Sept. 17-20, 2017.

According to Dr. Ghassan Ahmed Al Sulaiman,

Governor of the General Authority for small and me-

dium enterprises during a press conference on Aug.

20, the BIBAN conference is an important event to

create a new culture for the SMEs sector. The event will

highlight successes and challenges of SMEs in Saudi

Arabia.

“BIBAN conference aims to raise the community

awareness of the importance of innovation and creativ-

ity for entrepreneurship as well as to create a nurturing

environment and the technical infrastructure to support

competitiveness among SMEs,” he added.

Dr. Ghassan Al Sulaiman revealed that the SMEs

sector represents 99.2% of the total business in Saudi

Arabia. At the same time, “Monsha’at” is working with

its partners from all sectors to help SMEs to increase

their contribution in the GDP, from 20% to 35%, accord-

ing to the Saudi vision 2030.

“This sector is a basic source for job opportunities

in the country and is also one of the main pillars to di-

versify the income sources for the national›s economy,”

he said.

Dr. Al Sulaiman stressed the importance of BIBAN

conference as an interactive event that aims to review

successful models of SMEs. “The conference has

been designed to overcome obstacles such as the

weak communication among stakeholders and the low

interest of entrepreneurs who are not familiar with the

government systems” he said.

“BIBAN will address these challenges in line with

the SMEs owners and entrepreneurs’ needs and aspi-

rations (enrichment, empowerment, education and de-

velopment). The conference will focus on the available

investments opportunities taking into the consideration

the local market’s current and future needs,” he added.

Riyadh Saeed Muawad, Key Accounts VP and

Business Development VP of STC (Saudi Telecom

Company), said the growth of SMEs sector is central to

achieving the Saudi vision 2030 for the future genera-

Dr. Ghassan Ahmed Al Sulaiman, Governor of the General Authority for small and medium

enterprises, presides over a press conference on Aug. 20

Sony logs 180.5%

growth in operating

income in Q1 2017

S

ONY Corporation announced that

its operating income for the first

quarter of 2017 posted a 180.5

percent year-on-year increase against

the same period last year. The operating

profit was attributed mainly to the in-

creasing sales of Imaging Products and

Solutions (IP&S).

Concluding June 30, 2017, the op-

erating income for the quarter amounted

to$1.407 billion (¥157.6 billion), up 180.5

percent from $501.78 million (¥56.2

billion) in Q1 2016. The sales and op-

erating revenue for Q1 reached $16.59

billion (¥1.9 trillion), a 15.2 percent

increase from $14.4 billion (¥1.61 trillion)

from the same period last year.

The significant increase in the

operating income was attributed to the

improvements of operating results in the

Imaging Products & Solutions (IP&S)

segment. The IP&S revenue increased

from $1.09 billion (¥122.2 billion) to

$1.39 billion (¥155.6 billion), while oper-

ating income for the division rose 209.1

percent to $207 million (¥23.2 billion) in

Q1 2017 from $66.9 million (¥7.5 billion)

of Q1 2016.

The Home Entertainment & Sound

(HE&S) segment sales increased 9

percent year-on-year to $2.29 billion

(¥256.9 billion). This increase was

primarily due to an improvement in the

product mix reflecting a shift to high

value-added models, partially offset by

a decrease in unit sales, both in televi-

sions. The operating income increased

from $20 million (¥2.3 billion) year-on-

year to $202 million (¥22.6 billion).

“Our growth strategy across

the Middle East and Africa region is

aligned with our global strategy. We

are confident that the launch of our

new flagship models and most in-

novative products – BRAVIA OLED

TV A1 and α9 – will contribute to the

overall growth. With a more focused

product portfolio, we aim to continue

to achieve our top-line growth and

overall strategic objectives,” said Taro

Taro Kimura, Managing Director, Sony Middle East and Africa

Sharjah FDI Forum to tackle future direction of global investments

S

HARJAH FDI Forum 2017, the an-

nual foreign direct investment (FDI)

event held under the patronage

of Sheikh Dr. Sultan bin Muhammad Al

Qasimi, Member of the Supreme Council

Ruler of Sharjah, will host a series of

panel discussions conducted by regional

and international investment experts.

Taking place on Sept. 19 -20, the

third Sharjah FDI Forum will hold five

panel discussions on its first day, with

renowned local and international figures

discussing an array of topics related to

investment in the UAE and the region,

including industry, technology, innovation

and development.

Themed “The Fourth Industrial Revo-

lution”, the Sharjah FDI Forum is being

organized by Sharjah Investment and

Development Authority (Shurooq) and

Sharjah FDI Office (Invest in Sharjah) in

a strategic media partnership with CNBC

Arabia.

The forum will open up with a session

titled ‘Foreign Direct Investment’ in which

the panelists will discuss the importance

of FDI to economies and countries and

the impact that this has on different sec-

tors. Included in the discussions will be

the various government incentives used to

attract foreign capital, the benefits derived

from such investments and the UAE›s

position on the FDI map.

The second panel discussion will

examine the rise of populism across the

globe and feature professor’s speakers

from leading regional and international

universities, the attention will turn to the

Fourth Industrial Revolution and its role in

driving the global economy.

With speakers from the World Eco-

nomic Forum, the third panel will focus on

the current digital revolution that is charac-

terized by technologies fusing and blurring

the lines between the physical, digital and

biological spheres. Among the issues that

will be addressed are how we are enter-

ing the era of artificial intelligence, the

rise of robots, the risks and advantages

of human-robot interaction, the threat of

automation on jobs and why the transfor-

mation to smart cities is so important.

The fourth panel of the forum will

shed light on the topic of government

innovation and how the trend towards

digitalisation is both shaping government

policy and impact on the economy. The

panel will feature senior figures who will

be discussing their experience and best

practice in this field.

Bringing the first day of the forum to

a close will be the fifth and final session,

which will look at the new trend of ‘block

chain.’ Experts will discuss the impor-

tance of block chain for the digital econo-

my, which sectors benefit most from the

technology and the role that block chain

plays in the protection and development

of smart cities and the sectors that could

benefit from the ‘block chain’ technology.

“The rapid pace of global economic

change highlights the instrumental role

played by FDI as a key factor for national

economic stability and growth. FDI has

a powerful positive impact on wealth,

employment creation, gross domestic

product (GDP), commercial traffic and the

economy’s viability and competitiveness,»

said Mohammed Al Musharrakh, Director

of Invest in Sharjah.

— SG

Marwan bin Jassim Al Sarkal

non-oil industrial sectors. The scope for

further such development is, indeed,

bright as the region’s infrastructure is

highly advanced and has served to at-

tract and will continue to attract foreign

investment in various sectors such as

electricity, water, communications and

more. Vision 2030 plays significant

role in prospering the business in the

area where many family businesses

contribute 12% of the gross domestic

product (GDP).

Also, the new energy city which

was announced recently will add more

significance to the region and the King-

dom as it is expected to add SR22.5

billion ($6 billion) to the gross domestic

product (GDP) each year in Saudi

Arabia.

— SG

Kimura, Managing Director, Sony

MEA.

Meanwhile, Semiconductor sales

rose 41.4 percent year-on-year to $1.82

billion (¥204.3 billion) for the quarter,

which was partly due to an increase in

unit sales of image sensors for mobile

products. As a result, operating income

for the division rose to $494 million

(¥55.4 billion) from the $388 million

(¥43.5 billion) reported for the same

quarter in the previous year.

While sales for Sony›s Mobile

division dropped 2.5 percent to $1.61

billion (¥181.2 billion), operating income

rose 771.3 percent to $32 million (¥3.6

billion), mainly due to reductions in

operating costs and R&D expenses.

Financial Services revenue rose to $2.7

billion (¥303.2 billion) while the Music

income increased 57.6 percent year-on-

year to $223 million (¥25 billion). The

Games & Network Services income, on

the other hand, declined 59.7 percent

year-on-year, mostly due to the absence

of a highly profitable first-party software

title released in the same quarter of the

previous.

— SG

tions. It is important to motivate and support of SME

growth. Therefore, STC, seeks to support the SMEs

sector by offering ICT solutions.”

Mohammad Al Khuraiji, Chief Executive Officer

of Al Arabia outdoor advertising, said such initiatives

that target the youth in general and those initiatives

that support youth entrepreneurship in specific has

wide support by Saudi large companies. He added:

“We see great potential in supporting this segment

of the society which will also contribute positively to

the growth of small and medium enterprise sector in

Saudi Arabia. It will also help diversify the economy

and achieve one of the pillars of Saudi Vision 2030.”

Al Khuraiji noted: “We will always support those initia-

tives that contribute to the socio-economic growth and

development of Saudi Arabia in line with the country’s

vision 2030 and reflects our position as a leading

Saudi company in outdoor advertising.”

The conference reflects a dynamic interactive

concept in line of the young entrepreneurs’ aspirations

to realize their ideas and dreams. BIBAN conference

also opens the doors of a realistic dialogue on the chal-

lenges faced by the SMEs sector, including regulations,

legislations and the ability to achieve efficient manage-

ment of the funds.

BIBAN will highlight positive and successful models

in the community to learn more from their experience.

This step will support young entrepreneurs who have

an idea but they do not know where to start, how to

understand the regulations and how to get tools to sup-

port their operations and administrative and technical

solutions. The conference will create a new thought and

culture in dealing with entrepreneur’s to support their

future and ambitions.

— SG

Ibrahim Albuloushi