industrial

GCC countries should strengthen supply chains to ensure industrial growth: Oliver Wyman

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Saudi Arabia’s AI adoption ignites technological advancement and economic growth RIYADH: As artificial intelligence gains global attention and becomes a buzzword, Saudi Arabia is positioned for accelerated adoption to enhance efficiency across its industries. Over the years, AI has evolved into a transformative technology revolutionizing numerous industries and domains. Its development and adoption across sectors … Read more

Saudi Arabia’s industrial production index rises 1%: GASTAT 

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RIYADH: The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions.  According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the … Read more

Saudi industrial sector sees 63% surge in new investments

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RIYADH: The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions.  According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the … Read more

Qatar’s industrial sector sees 1.03% growth propelled by mining and quarrying

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Opening up financial sector and battling inflation key for Arab countries’ economic development: AMF RIYADH: Financial openness and tackling inflation played a significant role in the short-term financial development of Arab countries, a new study suggests. A recent analysis released by the Arab Monetary Fund examined the impact of economic freedom on the development of … Read more

UAE, Japan to develop industrial steam and electricity cogeneration plant in Saudi Arabia

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RIYADH: Saudi Arabia is emerging as a proactive leader, pioneering green initiatives to mitigate economic challenges posed by the transformation toward sustainability, according to the International Monetary Fund. A recent report by the IMF highlighted the intricate dynamics at play and underscored the Gulf Cooperation Council and Saudi Arabia’s strategic positioning in this evolving scenario. … Read more

UAE’s industrial exports surge by 60% to $50bn in 3 years: minister

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COP28 president unveils ‘Troika Vision’ to ensure countries deliver climate action RIYADH: President of COP28 Sultan Ahmed Al-Jaber has unveiled a joint vision involving the leaders of three climate change conferences as he called for energy transition pathways to be “just, orderly and responsible.”  The first-of-its-kind Presidencies’ Troika was agreed upon during the 2023 summit in the UAE, and aims … Read more

Saudi industrial production rises 0.3% in January driven by mining activity

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RIYADH: Transport, tourism and logistics are set to help the Gulf Cooperation Council region secure gross domestic product growth far above the lobal average, economists have told Arab News. Experts believe that a focus on non-oil trade by GCC governments is helping countries display economic resilience in the face of global disruptions, such as the conflict … Read more

Saudi Arabia waives customs duties on certain goods to boost industrial sector

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RIYADH: Saudi Arabia’s Tadawul All Share Index surged on Thursday, gaining 15.98 points, or 0.13 percent, to close at 12,577.88. The total trading turnover of the benchmark index was SR9.73 billion ($2.59 billion) as 98 of the listed stocks advanced, while 120 retreated.  Similarly, the MSCI Tadawul Index increased by 2.04 points, or 0.13 percent, … Read more

Arcapita Capital closes $480m investment fund to boost Saudi industrial real estate 

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RIYADH: Saudi Arabia’s technology conference LEAP 2024 is awash with thousands of international companies and startups, but government agencies are also using the event to showcase their digital products and services. As well as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities are attending the Riyadh-based gathering, now in its third … Read more

Saudi Arabia’s industrial sector focussing on small investors, minister says

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JEDDAH: Multinational technology company Siemens unveiled its new electrical equipment factory in Jeddah in the presence of the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef. In partnership with its Saudi partner, Arabia Electric Ltd Equipment Co, the firm inaugurated the facility on Feb. 29 at the Modon Oasis in Jeddah. The 6,000 sq. m factory produces electrical equipment such … Read more