Saudi Aramco and China’s Rongsheng explore JV in petrochemicals 

The signing ceremony was attended by Xiang Jiongjiong, Zhejiang Rongsheng Holding Group vice chairman and Rongsheng Petrochemical CEO; Li Shuirong, Zhejiang Rongsheng Holding group chairman; Zhejiang Provincial Government Governor Wang Hao; Amin H. Nasser, Aramco president & CEO; Mohammed Y. Al Qahtani, Aramco Downstream president; and Faisal M. Al Faqeer, Aramco senior vice president of In Kingdom Liquids to Chemicals Development. Supplied
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Updated 28 April 2024
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Saudi Aramco and China’s Rongsheng explore JV in petrochemicals 

RIYADH: Saudi-Chinese investments are set to strengthen as Aramco explores a joint venture with Rongsheng Petrochemical Co. to advance its liquids-to-chemicals strategy. 

According to a press statement, this joint venture is expected to be established in Saudi Aramco Jubail Refinery Co., also known as SASREF. 

Located in Jubail Industrial City within the Kingdom, the facility currently processes crude oil into petroleum products with a production capacity of 305,000 barrels per day.  

Rongsheng recently signed a cooperation framework agreement to explore the potential acquisition of a 50 percent stake in SASREF. 

The agreement also lays the groundwork for the development of a liquids-to-chemicals expansion project at SASREF. Additionally, the press statement mentioned Aramco’s potential acquisition of a 50 percent stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. 

Aramco Downstream President, Mohammed Y. Al-Qahtani, said: “These discussions highlight our ambition to advance our liquids-to-chemicals strategy with strategic partner Rongsheng, both in the Kingdom of Saudi Arabia and China.”  

He added: “In building on our existing relationship, we aim to advance our expansion in a key geography and attract new investment to the Saudi downstream sector.”  

In July 2023, Aramco acquired a 10 percent interest in Rongsheng through its subsidiary Aramco Overseas Co., based in the Netherlands. 

Rongsheng, in turn, holds a 100 percent equity interest in ZJPC, which operates an aromatics production complex and expresses interest in a joint venture focused on producing purified terephthalic acid. 

Earlier in April, Saudi Aramco disclosed that it is in talks to acquire a 10 percent stake in China’s Hengli Petrochemical, aiming to strengthen Aramco’s growing downstream presence in the Asian country.  

In a statement, Saudi Aramco mentioned signing a memorandum of understanding for the proposed transaction, pending regulatory approvals. 


Saudi EXIM Bank and SNB sign 2 agreements to boost non-oil exports

Updated 9 sec ago
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Saudi EXIM Bank and SNB sign 2 agreements to boost non-oil exports

RIYADH: Saudi exporters are set to gain better access to credit facilities and risk coverage with the signing of two agreements between leading banks designed to boost non-oil exports.   

The Saudi Export-Import Bank and the Saudi National Bank have agreed a Murabaha deal and an insurance agreement, with the former aimed at incresing trade, while the latter covers commercial and political risks.

The objective is to elevate Saudi non-oil exports by offering credit products, insurance, and financing solutions, aligning with the global competitiveness goals of Saudi Vision 2030. 


Arab Summit preparing for key economic, social challenges

Updated 27 min 14 sec ago
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Arab Summit preparing for key economic, social challenges

RIYADH: Critical economic and social challenges facing the Middle East took center stage during the preparatory meeting for the 33rd Arab Summit held in Bahrain’s capital, Manama.

The session, which took place on May 12, tackled issues that will be submitted to the upcoming summit, which is scheduled to take place for the first time in Bahrain on May 16.

Saudi Finance Minister Mohammed Al-Jadaan headed the Kingdom’s delegation to the ministerial meeting, which included representatives of member states of the League of Arab States and a number of specialists from its general secretariat.

Al-Jadaan affirmed Saudi Arabia’s pride in hosting the 32nd Regular Session of the Arab Summit, which concluded with the issuance of the Jeddah Declaration, which encompasses numerous initiatives aimed at enhancing collective efforts across economic, agricultural, cultural, and educational domains.


Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential

Updated 37 min 56 sec ago
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Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential

RIYADH: Saudi Arabia’s Asir region is edging closer to becoming a premier global tourism destination, thanks to a new partnership with fellow Kingdom-based travel company Almosafer.

Signed with the area’s development authority, the memorandum of understanding aims to leverage the firm’s expertise and diverse range of travel services across its business verticals to drive tourism in the region and curate inspired experiences for visitors, according to a statement. 

This move falls in line with both parties’ goal to establish Asir, situated along the Red Sea coast, as a year-round tourism destination for local and global visitors alike.

“Our partnership with Almosafer comes at a significant moment as we are accelerating efforts to enhance the Asir region’s visibility and appeal to domestic and international travelers as a year-round-destination,” said Hashim Al-Dabbagh, acting CEO of Asir Development Authority. 

He added: “Through comprehensive training, collaborative marketing, and the integration of Asir’s activities and offerings onto Almosafer’s digital platforms, we aim to showcase the region’s exceptional offerings to the wider world.” 

Moreover, Almosafer’s geographical reach and experience in the Kingdom will be pivotal in introducing regional and global tourists to the region. 


IFC investments in Egypt near $9bn, says minister

Updated 13 May 2024
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IFC investments in Egypt near $9bn, says minister

RIYADH: Egypt is emerging as a pivotal player for the International Finance Corp., with investments nearing $9 billion, announced a top minister. 

Inaugurating the “IFC Day in Egypt” event, Minister of International Cooperation Rania Al-Mashat underscored that this substantial influx of capital underscores the nation’s stature as one of the foremost countries of operations for the organization within the broader framework of collaboration with the World Bank, a release highlighted.

From July 2023 to May 2024, Egypt witnessed a notable infusion of $900 million in investments from the IFC, marking a testament to the sustained momentum of financial inflows into the country’s economic landscape.

Al-Mashat further declared that in adherence with the directives of President Abdel Fattah El-Sisi, Egypt remains steadfast in its commitment to bolstering the private sector as a driving force in advancing development endeavors. 


Middle Eastern airports embrace sustainability and tech amidst rising passenger expectations

Updated 13 May 2024
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Middle Eastern airports embrace sustainability and tech amidst rising passenger expectations

RIYADH: Middle Eastern airports are prioritizing sustainability, eco-friendly infrastructure and renewable energy to combat climate challenges, a recent study showed. 

In its latest report, Bain & Co., a management consulting firm, also underscored the rising demand for seamless and personalized travel experiences driven by evolving passenger expectations. 

To address this, regional airports are also heavily investing in digital solutions that offer real-time communication and integrated mobility platforms. 

Discussing the growing emphasis on sustainability initiatives among the region’s airports, Akram Alami, Middle East head of utilities, aviation, and sustainability & responsibility practices at Bain & Co., said: “They aim to reduce their environmental impact through efforts like achieving carbon-neutral certification, designing eco-friendly infrastructure, and adopting renewable energy.” 

He added: “These initiatives are part of a broader strategy to address climate change and meet passenger expectations for more sustainable travel options.”  

The report also highlighted that airports in the region face several obstacles while implementing these sustainable practices, including high expenses for renewable technologies and regulatory issues. 

“Key challenges include high initial costs for green technologies, regulatory constraints, and the need for stakeholder alignment. Technological limitations and the need to integrate sustainability into existing infrastructure without disrupting operations also pose significant challenges,” noted Ilya Yamshchikov, associate partner at Bain & Co. Middle East.  

The report stated that other factors driving the growth of airports in the region include the adoption of technology and the commitment to meeting passenger expectations. 

Moreover, digital biometric screening and contactless services are streamlining security and boarding processes, it added. 

The US-based firm further pointed out that airports are also leveraging technologies like computed tomography baggage scanners and body scanners to expedite security checks without compromising safety. 

“These trends are expected to continue shaping the development of airports, leading to more efficient and passenger-centric facilities. They will significantly transform airline operations and the overall travel experience, making air travel more accessible, enjoyable and sustainable for future generations,” said Mauro Anastasi, partner and a member of the Aviation practice at Bain & Co.  

In December 2023, Saudi Arabia’s Riyadh Airports Co. partnered with Cognizant to bolster its digital capabilities in finance, human resources, procurement, and planning, with the goal of enhancing traveler experience. 

Moreover, in November 2023, Abdulaziz Al-Duailej, president of Saudi Arabia’s General Authority of Civil Aviation, stated that the Kingdom is working to finalize a comprehensive systematic plan to address environmental sustainability in the aviation sector. 

In terms of passenger expectations, a report released by GACA in April revealed that all airports in Saudi Arabia that received passenger complaints in March resolved them on time.