LONDON: Schlumberger plans to develop an industrial manufacturing center within the King Salman Energy Park in Saudi Arabia.
The oilfield services contractor made the disclosure at a ground-breaking ceremony at the site that is developed and operated by Saudi Aramco. Schlumberger will be an anchor tenant at the park.
“The new industrial manufacturing center will collocate our upstream and midstream manufacturing in the Kingdom and complements the footprint Schlumberger has built over many years,” said Schlumberger Chairman Paal Kibsgaard.
Multinational companies operating in Saudi Arabia are increasingly seeking ways to add local manufacturing capacity in order to align with economic diversification goals aimed at creating more jobs for Saudis and making the country less reliant on oil.
The new center will manufacture products for drilling, exploration and production, as well as midstream, Schlumberger said in a statement.
The industrial manufacturing center will be developed over 500,000 square meters on land allocated for energy-related industries.
The first phase is planned to be completed by the end of the second quarter next year, which will bring Schlumberger land rig manufacturing to the Kingdom.
Schlumberger to build land rigs at King Salman Energy Park
Schlumberger to build land rigs at King Salman Energy Park
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
