抖阴短视频

Saudi electricity and gas supply activities surge 38.6% in November: GASTAT

Saudi electricity and gas supply activities surge 38.6% in November: GASTAT
The Kingdom鈥檚 overall Industrial Production Index decreased by 1.8 percent in November compared to the same month in 2022. Shutterstock
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Updated 10 January 2024

Saudi electricity and gas supply activities surge 38.6% in November: GASTAT

Saudi electricity and gas supply activities surge 38.6% in November: GASTAT

RIYADH: 抖阴短视频鈥檚 electricity and gas supply activities surged by 38.6 percent in November compared to the same period the previous year, official data revealed.聽
However, the Kingdom鈥檚 overall Industrial Production Index decreased by 1.8 percent in November compared to the same month in 2022, according to the General Authority for Statistics.聽
The drop in IPI was driven by 抖阴短视频鈥檚 decision to reduce oil output, aligning with the agreement made by the Organization of Petroleum Producing Countries and its allies, known as OPEC+.聽
GASTAT noted that the fall in the index was mainly due to a significant drop in mining and quarrying activities, a decision taken by the Kingdom to maintain oil market stability.聽
The report indicated that mining and quarrying activities experienced an annual decline of 15.8 percent in November, corresponding to the country鈥檚 decision to decrease oil production to 8.8 million barrels per day.聽
鈥淭he index peaked in early 2022, supported by growth rates of mining and quarrying activities, and manufacturing activities during that year. Since then, and in particular, in 2023, growth rates went down, mainly driven by mining and quarrying,鈥 stated the GASTAT report.聽聽
Furthermore, the report indicated that the relative weights of the mining and quarrying, manufacturing, and electricity and gas supply sectors in the IPI were 74.5 percent, 22.6 percent and 2.9 percent, respectively.聽聽
Consequently, it stated that the trend of the IPI in the mining and quarrying sector dominated the general index.
In April, 抖阴短视频 decided to reduce oil output by 500,000 bpd, which is now extended until the end of December 2024.
The Kingdom also pledged an additional oil output cut of 1 million bpd in July, which continued until the end of December 2023.聽

The IPI, an economic indicator, reflects the relative changes in the volume of industrial output, and it is calculated based on the industrial production survey.聽聽

According to GASTAT, manufacturing activity decreased by 3.3 percent in November, compared to the same month of the previous year.聽聽

On a monthly basis, 抖阴短视频鈥檚 IPI decreased by 1.8 percent in November compared to the previous month.聽聽

The report added that the Kingdom鈥檚 mining and quarrying sector decreased by 1.4 percent month on month in November, while manufacturing and electricity and gas supply activities dipped by 1 percent and 14 percent, respectively, during the same period.聽聽


抖阴短视频, UAE lead MENA deal boom with $71bn in activity: EY

抖阴短视频, UAE lead MENA deal boom with $71bn in activity: EY
Updated 17 November 2024

抖阴短视频, UAE lead MENA deal boom with $71bn in activity: EY

抖阴短视频, UAE lead MENA deal boom with $71bn in activity: EY
  • UAE and 抖阴短视频 were the top investment destinations, accounting for 52% of the region鈥檚 total deal volume and 81% of deal value
  • Sovereign wealth funds played a key role in driving M&A activity in the region

RIYADH: 抖阴短视频 and the UAE led Gulf region merger and acquisition activity, which increased 7 percent in value to $71 billion in the first nine months of the year. 

According to EY鈥檚 MENA M&A Insights 9M 2024 report, the Middle East and North Africa region saw a total of 522 deals during the period, with deal volume rising 9 percent year on year. 

The value growth was largely fueled by a surge in cross-border transactions and substantial investments from sovereign wealth funds, such as the UAE鈥檚 Abu Dhabi Investment Authority and Mubadala, and 抖阴短视频鈥檚 Public Investment Fund. 

Brad Watson, EY MENA strategy and transactions leader, said: 鈥淒eal activity in the MENA region has seen a notable improvement this year, driven by strategic policy shifts, the liberalization of investment regulations and robust capital inflows from investors.鈥 

He added: 鈥淲ith companies actively seeking opportunities to grow and diversify their operations, we have observed a surge in cross-border M&A volume and value.鈥 

The UAE and 抖阴短视频 were the top investment destinations, accounting for 52 percent of the region鈥檚 total deal volume and 81 percent of deal value, with 239 transactions worth $24.5 billion. Both nations continue to benefit from their favorable business environments and strategic economic policies. 

鈥淚n particular, the UAE remained a favored investment destination during the first nine months of 2024 due to its business-friendly regulations and efficient legislative framework,鈥 said Watson. 

Sovereign wealth funds played a key role in driving M&A activity in the region, supporting national economic strategies. These funds were particularly active in sectors aligned with long-term diversification plans, such as technology, energy, and infrastructure. 

Cross-border M&A deals dominated, representing 52 percent of the overall volume and 73 percent of the value, the report added. 

However, domestic M&A activity also saw a notable increase, rising 44 percent year on year to $19.3 billion, driven by government-related entities making significant acquisitions in the oil and gas, metals and mining, and chemicals sectors. 

Insurance and oil and gas emerged as the most attractive sectors, accounting for 34 percent of the total deal value. Technology and consumer products led domestic M&A by volume, with 78 deals representing 31 percent of activity. 

抖阴短视频 recorded the region鈥檚 largest domestic transaction, with energy giant Aramco鈥檚 $8.9 billion acquisition of a 22.5 percent stake in Rabigh Refining and Petrochemical Co. from Sumitomo Chemical. 

The US remained a top target for MENA investors, with 32 deals valued at $18.3 billion. The US-UAE Business Council helped facilitate these partnerships, with prominent US firms collaborating with UAE public and private sectors on various initiatives. 

Outbound and inbound deals 

Outbound M&A was the largest contributor to deal value, with 147 transactions totaling $41.4 billion, led by insurance and real estate investments. The US and China represented 70 percent of outbound deal value. 

Inbound deals also witnessed growth, rising 20 percent in volume and 47 percent in value to $10.4 billion. The US and UK were the leading contributors, driving activity in technology and professional services. 

Mega deals 

Ten of the region鈥檚 largest deals were concentrated in the Gulf Cooperation Council. These included Mubadala and partners鈥 $12.4 billion acquisition of Truist Insurance Holdings and an $8.3 billion investment in Chinese shopping mall operator Zhuhai Wanda Commercial Management Group. 

鈥淪trengthening regional relationships with Asian and European economies, alongside existing ties with the US, enabled MENA countries to gain access to larger and growing markets,鈥 said Watson. 

As Gulf nations continue diversification strategies and prioritize digital transformation, sectors like technology, energy, and infrastructure are expected to drive further M&A growth. 抖阴短视频 and the UAE鈥檚 proactive policies and substantial sovereign wealth fund activity position the region as a global investment hotspot. 


Craig Smith explores the media鈥檚 role in AI conversations

Craig Smith explores the media鈥檚 role in AI conversations
Updated 17 November 2024

Craig Smith explores the media鈥檚 role in AI conversations

Craig Smith explores the media鈥檚 role in AI conversations

RIYADH: The media鈥檚 primary role is to translate complex ideas into digestible content for the public, said Craig Smith, host of the Eye on AI podcast and a former correspondent.

In a recent conversation with the Saudi Data and Artificial Intelligence Authority鈥檚 GAIN podcast, Smith discussed the rapidly evolving field of artificial intelligence and the challenges media faces in accurately covering it amid both excitement and misinformation.

鈥淵ou can put AI in a robot, but robotics is one field, and AI is another,鈥 Smith explained, stressing the need for more precise portrayals of AI in the media.

As AI discussions have intensified in the past two years, particularly around its potential threats, Smith emphasized that these debates are meant to encourage further research into AI safety and prompt regulation. However, he noted that the popular press often misinterprets the purpose of these discussions, leading to sensational headlines that contribute to widespread fear.

鈥淭he purpose of that discussion is to generate more research around the safety of AI and to spur regulation to get the governments looking at what鈥檚 happening,鈥 Smith said.

鈥淏ut the media often misses this goal, resulting in alarmist narratives like AI will 鈥榢ill us all,鈥 which detracts from the vital work of understanding and regulating this technology.鈥

While it鈥檚 easy to imagine a dystopian future for AI, Smith pointed out the far more nuanced reality. 鈥淲e鈥檙e still working on getting large language models to be truthful and stop spouting nonsense,鈥 he said, illustrating the long and challenging path ahead in developing reliable AI systems.

Reflecting on the rapid pace of change in the field, Smith highlighted the exciting progress in AI research, particularly since the introduction of the transformer algorithm in 2017.

鈥淚t was Ilya Sutskever at OpenAI who built a model around the transformer algorithm and scaled it up,鈥 Smith noted, acknowledging the profound impact this algorithm has had on the development of large language models like ChatGPT and Claude.

Smith鈥檚 insights underscored the media鈥檚 crucial responsibility in accurately covering AI. By bridging the gap between complex technological advancements and public understanding, journalists have the power to foster informed discussions that will ultimately shape the future of AI in society.


Oman鈥檚 non-oil sector grows 4.2% in H1

Oman鈥檚 non-oil sector grows 4.2% in H1
Updated 55 min 48 sec ago

Oman鈥檚 non-oil sector grows 4.2% in H1

Oman鈥檚 non-oil sector grows 4.2% in H1
  • Non-oil sector contributed 13.5 billion Omani rials to GDP
  • Oman鈥檚 banking sector saw positive growth in the first half of 2024

RIYADH: Oman鈥檚 non-oil sector experienced a 4.2 percent growth year on year in the first half of 2024, driven by the country鈥檚 strategic focus on economic diversification as outlined in its 10th Five-Year Plan (2021-2025).

In an interview with the state-run Oman News Agency, Nasser Al-Mawali, undersecretary of the Ministry of Economy, highlighted that this expansion marks significant progress in Oman鈥檚 efforts to reduce its dependency on oil revenues and build a more resilient economic base, in line with the objectives of Oman Vision 2040.

By mid-2024, the non-oil sector contributed 13.5 billion Omani rials ($35.1 billion) to the country鈥檚 gross domestic product, up from 13 billion rials during the same period in 2023. This sector now accounts for 72.2 percent of Oman鈥檚 GDP at constant prices.

Al-Mawali attributed the continued growth in non-oil activities to national programs aimed at accelerating economic diversification and expanding the productive capacity of the economy. The 10th Five-Year Plan, which forms the first phase of Oman Vision 2040, prioritizes increasing private sector participation, supporting small and medium-sized enterprises, and broadening the country鈥檚 economic base.

According to Al-Mawali, strategic initiatives under this plan have reached a 90 percent implementation rate as of 2024, with major accomplishments in sectors such as green hydrogen, logistics, pharmaceuticals, and fisheries.

Foreign direct investment in Oman reached approximately 26 billion rials by mid-2024, up from about 17.8 billion rials at the end of 2021.

The country鈥檚 overall GDP, at constant prices, grew by 1.9 percent in the first half of 2024, rising from 18.4 billion rials to 18.7 billion rials compared to the same period in 2023. At current prices, GDP increased from 20.4 billion rials to nearly 21 billion rials.

While the non-oil sector posted strong growth, Oman鈥檚 oil sector experienced a 2.5 percent decline during the same period, primarily due to a 4 percent drop in crude oil production. On a more positive note, natural gas activities saw a 6.6 percent increase, providing a boost to the energy sector.

Al-Mawali emphasized that the rise in non-oil activities has helped provide a stable foundation for economic growth, buffering the country against fluctuations in global oil prices. Key projects, such as the Duqm Refinery and the development of the integrated economic zone in Al-Dhahirah in partnership with 抖阴短视频, have significantly bolstered Oman鈥檚 industrial capabilities and enhanced export potential.

The Duqm Refinery, inaugurated earlier in 2024, is expected to play a crucial role in increasing the manufacturing sector鈥檚 contribution to GDP.

Oman Vision 2040 targets an average annual GDP growth rate of 5 percent. So far, the country has achieved a growth rate of around 4.5 percent over the first three years of the 10th Five-Year Plan, indicating strong progress toward this goal.

The 10th Five-Year Plan also aims for an annual growth rate of 3.2 percent in the non-oil sector, with a long-term objective of increasing the sector鈥檚 contribution to GDP to 90 percent by 2040.

On a separate note, Oman鈥檚 banking sector saw positive growth in the first half of 2024, with total credit rising by 5 percent, reaching 32 billion rials by the end of September. Credit extended to the private sector increased by 4.2 percent, amounting to 26.7 billion Omani rials.

The majority of this credit was allocated to non-financial corporations, which accounted for 45.2 percent, followed by individual borrowers at 45 percent. Financial corporations received 6.3 percent, and other sectors made up the remaining 3.5 percent.

Total deposits in Oman鈥檚 banking sector grew by 13.7 percent, reaching 31.6 billion rials as of September. Private sector deposits saw a significant increase of 12.7 percent, totaling 20.7 billion Omani rials.

According to the Central Bank of Oman, individuals held the largest share of private sector deposits at 50.2 percent, followed by non-financial corporations at 29.5 percent, and financial corporations at 17.8 percent. Other sectors accounted for 2.5 percent of the total private sector deposits.


抖阴短视频鈥檚 non-oil economy to grow 4.4% in 2025: PwC

抖阴短视频鈥檚 non-oil economy to grow 4.4% in 2025: PwC
Updated 17 November 2024

抖阴短视频鈥檚 non-oil economy to grow 4.4% in 2025: PwC

抖阴短视频鈥檚 non-oil economy to grow 4.4% in 2025: PwC
  • Kingdom鈥檚 non-oil economy expanded by 3.8% in first half of 2024
  • 抖阴短视频 is aligning its economic diversification efforts with sustainability goals

RIYADH: 抖阴短视频鈥檚 non-oil economy is expected to grow by 4.4 percent in 2025 as the Kingdom continues its path toward economic diversification, according to a new analysis. 

In its latest report, professional services firm PwC Middle East said 抖阴短视频 is aligning its economic diversification efforts with sustainability goals, including achieving net-zero emissions by 2060. 

In the first half of the year, the Kingdom鈥檚 non-oil economy expanded by 3.8 percent, with the non-energy private sector seeing a 4.9 percent growth in the second quarter, it added. 

Strengthening the non-oil private sector is a core objective of 抖阴短视频鈥檚 Vision 2030 program, which aims to reduce the Kingdom鈥檚 dependence on oil revenues. 

鈥湺兑醵淌悠碘檚 transformational journey combines economic diversification with sustainable growth. The expansion of renewable energy, focus on advanced industries, and vision for a green future highlight the Kingdom鈥檚 commitment to its national goals and its role in the global energy transition,鈥 said Riyadh Al-Najjar, Middle East chairman of the board and 抖阴短视频 senior partner at PwC Middle East. 

PwC said the Kingdom鈥檚 trade and hospitality sectors grew by 6.4 percent year on year in the first half of the year, while transport and communications, and finance and business services also posted positive growth of 4.8 percent and 3.8 percent, respectively. 

The report noted 抖阴短视频鈥檚 progress in the electric vehicle sector, with significant investments in EV manufacturing. 

The Kingdom is building a hub in King Abdullah Economic City to produce 150,000 vehicles by 2026 and 500,000 by 2030. 

The Saudi government is expanding EV infrastructure through the Electric Vehicle Infrastructure Co., a joint venture between the Public Investment Fund and Saudi Electricity Co., to install 5,000 fast chargers by 2030. 

鈥湺兑醵淌悠碘檚 drive toward a diversified and sustainable economy showcases its adaptability and resilience. These efforts reflect our nation鈥檚 commitment to a greener future and set a benchmark for global energy transition,鈥 said Faisal Al-Sarraj, deputy country senior partner in 抖阴短视频 and PwC Middle East consulting clients and markets leader. 

In October, Moody鈥檚 projected that 抖阴短视频鈥檚 non-hydrocarbon real GDP would grow by 5 percent to 5.5 percent from 2025 to 2027, driven by increased government spending. 

The International Monetary Fund also projected 抖阴短视频鈥檚 economy to grow by 4.6 percent in 2025, largely driven by the Kingdom鈥檚 diversification strategy and the expansion of the non-oil private sector. 


抖阴短视频, Tunisia sign deal to boost bilateral investments

抖阴短视频, Tunisia sign deal to boost bilateral investments
Updated 17 November 2024

抖阴短视频, Tunisia sign deal to boost bilateral investments

抖阴短视频, Tunisia sign deal to boost bilateral investments
  • Deal focuses on sharing regulations and laws to enhance investment environment in both countries
  • Talks covered several sectors of mutual interest, including industry, transport, and logistics

RIYADH: 抖阴短视频 and Tunisia have signed a memorandum of understanding to strengthen bilateral cooperation and promote direct investments between the two nations. 

The deal, which was inked by Saudi Minister of Investment Khalid Al-Falih and Tunisian Minister of Economy and Planning Samir Abdel Hafeez in Tunis, focuses on sharing regulations and laws to enhance the investment environment in both countries. 

The agreement, which also aims to improve investment opportunities, was discussed during a meeting attended by Saudi Ambassador to Tunisia Abdulaziz bin Ali Al-Saqr. The talks covered several sectors of mutual interest, including industry, transport, and logistics, with a focus on enhancing collaboration and facilitating joint ventures, the Saudi Press Agency reported. 

Tunisian President Kais Saied welcomed Al-Falih, where the Saudi minister conveyed greetings from King Salman and Crown Prince Mohammed bin Salman, expressing the Kingdom鈥檚 commitment to Tunisia鈥檚 ongoing progress and stability.  

Saied thanked 抖阴短视频 for its leadership role in the Arab and Islamic worlds, praising the Kingdom鈥檚 efforts in fostering regional unity and development. 

He added that the agreement marked a significant step in strengthening economic ties between the two countries, with the MoU serving as a catalyst for joint development initiatives. 

The deal follows recent discussions on strengthening industrial and economic cooperation.  

In October, Saudi Vice Minister of Industry Affairs Khalil bin Salamah confirmed to Arab News that collaboration with Tunisia was imminent, noting that the two countries were in the process of selecting key sectors, such as pharmaceuticals and automotive components, for initial investments. 

He emphasized the need for common policies among Arab nations to serve as a foundation for regional collaboration across various industrial sectors. 

On the sidelines of the Multilateral Industrial Policy Forum in Riyadh las month, Tunisian Minister of Industry, Mines, and Energy Fatma Thabet Chiboub also pointed out that Tunisia鈥檚 distinctive mining resources presented significant opportunities for Saudi investors.  

She emphasized the automotive components and pharmaceutical industries as key areas for potential collaboration, while also expressing concern that the current level of investment from 抖阴短视频 did not fully reflect the bilateral relationship鈥檚 potential. 

The MoU is seen as a crucial step in deepening the economic and industrial ties between 抖阴短视频 and Tunisia, both of which are looking to diversify their economies and create new growth opportunities through strategic partnerships.