RIYADH: Saudi Arabian General Investment Authority (SAGIA) granted the US pharmaceutical company Pfizer Inc. 100 percent ownership of its business in the Kingdom to, among other things, import, export and trade in products, permitting a supply of quality innovative and essential medicines directly to the Saudi market.
The new license is effective immediately.
Majid Al-Qassabi, minister of commerce and investment, and chairman of SAGIA’s board of directors, said: “As one of the international companies investing in the Kingdom, Pfizer has been granted a trading license with 100 percent ownership, a step that will contribute to the expansion of its activities for the Saudization of the pharmaceutical industry in Saudi Arabia.
"The company proposed a distinct action plan for future projects and the Saudi government looks forward to providing Pfizer with the support it needs, as part of an effective partnership between the public and the private sector in order to achieve the development goals of the Kingdom, which are crystallized by Vision 2030, and part of which aims to enhance the role of the private sector in the Saudi economy.”
Pfizer plans to open in 2017 a facility in the King Abdullah Economic City to manufacture 16 of its leading medicines.
The trading license will also allow the company to consider many other investment projects aimed at advancing the health care goals of the National Transformation Program (NTP 2020), which is the first phase of Vision 2030, spearheaded by the Council of Economic and Development Affairs (CEDA) chaired by Deputy Crown Prince Mohammed bin Salman.
John Young, group president, Pfizer Essential Health, said: “We are honored to be one of the first companies to receive fast-track approval of a trading license.
"This is yet another step in our long-term commitment to the Kingdom and a reflection of our shared commitment, with the government, to provide a continued reliable supply of innovative and essential medicines to Saudi patients.”
He underlined that Pfizer’s obtaining the trading license from the SAGIA demonstrates the shared commitment to developing the Kingdom’s healthcare market.
“Pfizer Inc. has set the standard for quality, safety and value in the discovery, development and manufacture of healthcare products and its global portfolio includes medicines and vaccines as well as many of the world's best-known consumer healthcare products,” said Young.
SAGIA grants Pfizer 100% ownership of KSA business
SAGIA grants Pfizer 100% ownership of KSA business
Qassim’s private sector environment in focus during ministerial visit to region’s chamber
RIYADH: Private sector involvement in Saudi Arabia’s Qassim region took center stage during a visit by a top investment official to the province’s chamber.
Minister of Investment Khalid Al-Falih convened with investors and company leaders at the headquarters of the Qassim Chamber on May 15, where they discussed ways to enhance the regional investment environment and overcome obstacles, and also examined the role of the private sector in achieving the economic goals of Vision 2030.
Al-Falih emphasized that the Qassim region is filled with innovative investment experiences and initiatives, such as fish farming and feed manufacturing, encouraging these contributions to serve as a blueprint for sustainable investment globally.
ACWA Power’s Shuaa Energy 3 granted commercial operation certificate for 300MW solar project
RIYADH: The third stage of a Dubai-based 900-megawatt solar project being developed by Shuaa Energy 3 is ready to begin commercial operations, it has been announced.
Saudi energy firm Acwa Power – which owns a 24 percent stake in the company behind the facility – revealed in a Tadawul filing that the Project Commercial Operation Certificate of Phase C of the project has been granted.
PCOC is a document confirming that the facility at Mohammed bin Rashid Al Maktoum solar park is fully completed and ready for commercial operation.
Phase C, encompassing an additional 300MW, contributed to the complete plant achieving commercial operation with a total capacity of 900MW.
The plant utilizes bifacial photovoltaic technologies, which harness reflected solar rays on both the front and back sides, in conjunction with a single-axis tracking system, to enhance energy production.
Shuaa Energy 3 is the special purpose vehicle established to develop the fifth phase of the solar park, and is also owned by the Dubai Electricity and Water Authority and Gulf Investment Corporation.
Together with Acwa Power, they have entered into a 25-year power purchase agreement to generate clean energy, aligning with Dubai Clean Energy Strategy 2050.
Egypt’s exports to Arab countries up 8.7% in 2023, Saudi Arabia tops list
RIYADH: The value of Egyptian exports to Arab countries surged 8.7 percent year on year to reach $13.6 billion in 2023, according to new data.
A statement from Egypt’s Central Agency for Public Mobilization and Statistics revealed that Saudi Arabia topped the list of the highest Arab countries importing from the nation during the year, with the value of the African country’s exports amounting to $2.7 billion in 2023.
This falls in line with the significant growth in trade relations, partnerships, joint projects, and development investment between the two countries in recent years.
The statement revealed that the Kingdom was followed by the UAE, with Egyptian exports reaching $2.2 billion, followed by Libya with about $1.8 billion, Sudan with an estimated $984.4 million, and Algeria at $850.3 million.
Regarding the top commodity groups exported to Arab countries during 2023, the agency indicated that vegetables and fruits were exported with a value of $1.3 billion, followed by machinery and electrical appliances with a worth of $1.1 billion.
Furthermore, Egypt’s exports of pearls, precious stones and jewelry to the Arab countries came next, amounting to $1 billion, while exports of fuel, mineral oils and distillation products stood at $753 million.
Meanwhile, the country’s exports of plastics and manufactures totaled $712 million.
On the imports side, the CAPMAS statement disclosed that the value of Egyptian imports from Arab countries reached $12.4 billion during 2023, down from $17 billion in 2022.
Once again, Saudi Arabia topped the list of Arab nations that exported the most to Egypt during 2023, with the value of Egypt’s imports amounting to $5.2 billion,
Kuwait came next, with the African country’s imports amounting to $2.7 billion, followed by the UAE with $2.1 billion, Oman with $717.4 million, and Bahrain with $399.5 million.
The prominent commodity groups imported from Arab countries during 2023 included fuel, mineral oils, and distillation products worth $6 billion, followed by plastics goods valued at $2 billion.
Egypt’s imports of recycled raw materials amounted to $785.1 million, followed by aluminum and its products at $399.2 million, and then fish, oysters, and molluscs at $213.3 million.
The CAPMAS statement noted that the volume of trade exchange between Egypt and Arab countries dropped 11.8 percent year on year to reach $26 billion in 2023, according to new data.
In March, American capital market firm S&P Global upgraded its outlook for Egypt to positive from stable.
According to a statement released at the time, the US-based firm also affirmed Egypt’s debt rating at “B-/B.”
This grade indicates that the country currently has the capacity to meet its financial obligations but faces ongoing uncertainties.
Saudi Arabia’s holdings in US treasuries rise to $135.9bn
RIYADH: Saudi Arabia’s holdings in US treasuries increased for the eighth consecutive month in March, reaching $135.9 billion, a rise of 3.66 percent compared to the previous month.
According to official data released by Washington, the Kingdom was ranked 17th among the largest investors in such financial instruments in March.
The report noted that Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $107.3 billion, representing 79 percent of the total.
On the other hand, the Kingdom’s short-term bonds were worth $28.6 billion in March, accounting for 21 percent of the total value.
In February, the Kingdom’s holdings in US treasuries stood at $131.1 billion, compared to $133.5 billion in January and $132 billion in and December,
The data suggested that Japan was the largest investor in US treasury bonds in March, with holdings totaling $1.18 trillion, representing a rise of 1.16 percent from February.
China and the UK followed, with portfolios valued at $767.4 billion and $728.1 billion, respectively.
Luxembourg and Canada were ranked in the fourth and fifth spots, with treasury holdings amounting to $399.3 billion and $359.1 billion, respectively.
Ireland secured the sixth rank in the list with holdings of $317.8 billion, closely followed by Belgium with portfolios worth $317.1 billion.
The Cayman Islands came in the eighth position with treasury reserves worth $302.9 billion, followed by France and Switzerland, with assets amounting to $283.1 billion and $262.9 billion, respectively.
Taiwan was ranked eleventh on the list, with treasury holdings worth $259 billion.
India came in the twelfth spot with assets amounting to $240.6 billion, followed by Brazil and Singapore, which had holdings worth $227.1 billion and $208 billion, respectively.
Earlier this month, a report released by the Saudi Central Bank, also known as SAMA, revealed that international reserve assets declined by 2 percent in April to SR1.66 trillion ($440 billion) compared to the previous month.
However, the Kingdom’s foreign reserve assets jumped 3 percent in April compared to the same period of the previous year.
Fintech firm Hala gets SAMA approval to offer debt-based crowdfunding solutions
RIYADH: Saudi businesses are set to gain access to new crowdfunding solutions as Hala Payments Co. has received licensing approval from the Kingdom’s central bank to offer debt-based products.
The Saudi-based fintech platform offers inbound and outbound payment options to small and medium enterprises, with over 50,000 merchants currently using its services, according to its website.
With this approval, the total number of companies licensed to engage in this activity in the Kingdom has reached 11, while authorized finance companies now stands at 62, stated the Saudi Central Bank in a press release.
Debt-based crowdfunding provides a pathway for projects or businesses in need of funding. Instead of relying on a single lender, borrowers secure loans from multiple investors.
This model is particularly advantageous for small businesses or individuals who may face challenges obtaining loans from traditional banks. Essentially, it serves as a dual opportunity: borrowers receive the necessary funding, while investors earn returns by directly lending money.
In January, SAMA issued a license to Thara, a debt crowdfunding platform, to operate in the Kingdom. The fintech firm specializes in financing real estate development projects, connecting individual and institutional investors with investment opportunities through Murabaha products.
This decision to issue licenses falls within the framework of the central bank’s efforts to support and empower the finance sector, aimed at enhancing the effectiveness and flexibility of transactions, added SAMA.
It also seeks to foster innovation and promote it, with the objective of enhancing the level of financial inclusion in the Kingdom and extending such services to all segments of society.
SAMA emphasized the importance of dealing with licensed or authorized financial institutions, which can be verified by visiting its official website.
The central bank warned that it may take any necessary actions, such as conducting on-site visits, meeting with the company’s executives, and reviewing its regulations, procedures, and records, to verify that the debt-based crowdfunding company has met all its requirements.
It added that the license can be canceled if the firm requests cancellation, provides false information, violates rules or laws, delays starting activities for six months, or suspends operations for over three months without SAMA’s approval.
