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GMG commits to greater investment in Saudi Arabia with new Riyadh headquarters
RIYADH – Leading family-owned holding company GMG has announced its further expansion and investment in Saudi Arabia with the opening of a new head office in Riyadh, with the group’s Deputy Chairman and CEO Mohammad A. Baker hoping to double its 1,200-strong workforce in the country once normal trading conditions resume after the COVID-19 pandemic.GMG already has a strong presence in Saudi Arabia thanks to its nationwide network of approximately 90 outlets, including those of its Sun and Sand Sports chain, the Middle East’s largest sports retailer and distributor of global brands including Nike, Columbia, and Vans.Baker said the group anticipates further growth from its sports retail operations following the recent opening of a 23,000 square-meter mega-warehouse outside Riyadh, which...
April 07, 2021

GMG commits to greater investment in Saudi Arabia with new Riyadh headquarters

Saudi Arabia's SWCC, largest desalination corporation globally, achieved a new Guinness World Record for the lowest Water Desalination Energy Consumption.
SWCC achieves a new Guinness World Record for the lowest water desal energy consumption
RIYADH — Saline Water Conversion Corporation (SWCC) was recognized by Guinness World Records for setting a global record in reducing energy consumption in water desalination to 2.271 kWh per cubic meter, cementing its position as a pioneer in promoting environmental sustainability, achieved this milestone by adopting innovative technologies that lower the use of power and cost of produced water in the desalination industry.Guinness World Records stated that it verified the figure in March 2021.The technology used in the plants is reverse osmosis (RO), which is by SWCC standards and specifications that is uniquely re-engineered to develop supply chains and reduce operational costs while achieving positive financial returns as an outcome of reducing electricity consumption from reverse...
April 06, 2021

SWCC achieves a new Guinness World Record for the lowest water desal energy consumption

Dr. Nasim: Vision 2030 a game-changer for the Kingdom
RIYADH — A giant Singapore company, Meinhardt Group, which ranks among the largest independent engineering firms globally by revenue undertaking annually about $25 billion worth of projects worldwide, has reaffirmed its commitments to work closely with Saudi Arabia within the framework of the Saudi Vision 2030.“Meinhardt can and stands ready to contribute to the Vision 2030, utilizing it global expertise and resources,” said Dr. Shahzad Nasim, Executive Chairman of Meinhardt Group International. In an interview, Dr. Nasim said that “the Vision 2030 potentially a game-changer for the Kingdom.” “It is a bold, forward-looking initiative and designed to upscale the Kingdom as a leader in the Middle East by major investments in the physical and digital infrastructure,” noted the...
April 05, 2021

Dr. Nasim: Vision 2030 a game-changer for the Kingdom

Saudia Cargo is one of the first airfreight companies to join the Humanitarian Airfreight Initiative launched by UNICEF to support the prioritization of COVID-19 vaccines delivery alongside essential medicines, medical devices and other critical supplies to fight the pandemic.
Saudia Cargo joins UNICEF initiative to support worldwide vaccines delivery mission
RIYADH — Saudia Cargo is one of the first airfreight companies to join the Humanitarian Airfreight Initiative launched by UNICEF to support the prioritization of COVID-19 vaccines delivery alongside essential medicines, medical devices and other critical supplies to fight the pandemic.The members of the initiative are 10 leading airlines which together cover routes to over 100 countries with one goal in mind, to support the COVAX Facility — the global effort to ensure equitable access to COVID-19 vaccines regardless of any country’s income level.COVAX Facility’s first round distribution plan provides doses to 145 countries starting the first half of 2021. These countries will immunize 3% of their population, on average and subject to all requirements and final allocation plans.The...
April 05, 2021

Saudia Cargo joins UNICEF initiative to support worldwide vaccines delivery mission

Potential pathways for emission levels in Saudi Arabia
KAPSARC workshop on ‘Green Growth Pathways for Saudi Arabia’ held
RIYADH — Within the framework of announcing the launch of the Saudi Green Initiative and the Middle East Green Initiative by Crown Prince Muhammad Bin Salman, deputy prime minister and minister of defense, which will set the Kingdom and the region’s direction for protecting the earth and nature, and will strongly contribute by achieving global climate goals, the King Abdullah Petroleum Studies and Research Center (KAPSARC) published a workshop brief in which more than 40 experts from academia, government and industry participated to exchange ideas and experiences around the theme of green growth.Participants emphasized that positive environmental outcomes can be consistent with economic prosperity, and that greater social wellbeing can be achieved through ‘less use, more value’...
April 04, 2021

KAPSARC workshop on ‘Green Growth Pathways for Saudi Arabia’ held

ACWA Power, a leading developer, investor and operator of power generation and desalinated water plants in 13 countries, has announced the successful financial closure for the development, construction and operation of the 1500 MW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan.
ACWA Power signs financing package for $1 billion gas power project in Uzbekistan
RIYADH — ACWA Power, a leading developer, investor and operator of power generation and desalinated water plants in 13 countries, has announced the successful financial closure for the development, construction and operation of the 1500 MW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan.A syndicate of seven international lenders will provide 4750 million senior debt for the USD1 billion project.The mandated lead entities — including the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), Standard Chartered, Natixis, Société Générale, the OPEC Fund for International Development, and the Bank of China — helped structure the project finance debt.The commercial banks are providing funding on the back of a Multilateral...
April 01, 2021

ACWA Power signs financing package for $1 billion gas power project in Uzbekistan

Robots could replace hundreds of thousands of oil and gas jobs, save billions in drilling costs by 2030
OSLO — Even when the COVID-19 downturn is finally past us, operators will have to continue exploring new avenues for cost reductions to be better equipped to withstand future market declines.In a report that looked into the adoption of robotics across the petroleum industry, Rystad Energy found that existing solutions could replace hundreds of thousands of oil and gas jobs globally and reduce drilling labor costs by several billion dollars by 2030, if there is an industry push for such a transition.One of the segments with much to gain from the adoption of robotics is drilling, as it is highly cost-intensive and involves carrying out dangerous tasks in challenging environments. Robotic solutions have already been introduced successfully in drilling operations, with companies such as...
March 31, 2021

Robots could replace hundreds of thousands of oil and gas jobs, save billions in drilling costs by 2030

The Genomez team. Saudi project Genomez, winner of the third place in the ideas track in the fifth edition of MITEF Saudi Startup Competition was among the 6 winners of the 14th edition of MIT Enterprise Forum Arab Startup Competition
Saudi company wins first runner up in 14th MIT Enterprise Forum Arab Startup event
JEDDAH — The Saudi project Genomez, winner of the third place in the ideas track in the fifth edition of MITEF Saudi Startup Competition was among the 6 winners of the 14th edition of MIT Enterprise Forum Arab Startup Competition, announced last Thursday at the virtual conference and awards ceremony that attracted over 500 attendees from all over the world.Genomez, first runner up in the 14th MIT Enterprise Forum Arab Startup Competition, is a project of Medical Diagnostic Assays Designs PCR Tests & integrate Data science powered by Artificial Intelligence, Machine Learning technologies to multiply capacity of existing molecular laboratory infrastructure.The concept of pooling is not new, but its clinical dependability was questioned as next step if results were positive, with...
March 31, 2021

Saudi company wins first runner up in 14th MIT Enterprise Forum Arab Startup event

Value of Awarded Contracts by Year (SR Millions)
Saudi construction sector looks to shake off challenging 2020 with PIF’s investment commitments
RIYADH — The construction sector faced immense challenges during 2020 stemming from the COVID-19 pandemic and significant declines in state revenues as a result of lower oil prices. Numerous project owners and operators were faced with necessary government-imposed health and safety precautions, liquidity crunches, global supply chains disruptions, reductions in manpower capabilities, and movement restrictions.This resulted in the lowest value of awarded contracts of SR80 billion ($21.2 billion) in 2020, according to a report by the US-Saudi Business Council (USSBC). Nonetheless, the value of awarded contracts rebounded during Q4’20 to reach SR16 billion ($4.3 billion), marking a 115 percent jump QoQ compared to Q3’20. This rebound was attributed to strong efforts to mitigate the...
March 31, 2021

Saudi construction sector looks to shake off challenging 2020 with PIF’s investment commitments

caps: Using a curve visual, the DT Index plots global digital transformation progress vs digital transformation progress in UAE/KSA from 2016 till 2020.
Nine out of 10 groups in UAE, KSA accelerated digital transformation during pandemi
DUBAI — Dell Technologies recently released the results from its ‘Digital Transformation Index 2020’, revealing that organizations in UAE and Saudi Arabia are two steps ahead of the rest of the world when it comes to digital transformation.According to the study, 90 percent of organizations in UAE and Saudi Arabia have fast-tracked, at least, some of their digital transformation programs this year — accomplishing in a few months, what would normally have taken years.This is compared to the global benchmark of 80 percent, suggesting that organizations across the region have shifted their digital transformation programs into high gear. In fact, 85 percent of organizations in UAE and Saudi Arabia admitted to re-inventing their business model as a result of disruption — which is 6...
March 31, 2021

Nine out of 10 groups in UAE, KSA accelerated digital transformation during pandemi

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