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Trade Arabia
04-05-2025
- Business
- Trade Arabia
SABIC losses narrow to $320m in Q1
SABIC, a global leader in chemicals, reported a net loss of SAR1.2 billion ($320 million) for the first quarter of 2025, representing a 36% improvement compared to a net loss of SAR1.9 billion in the previous quarter. Commenting on the results, Abdulrahman Al-Fageeh, SABIC CEO, said the loss in the first quarter is attributed to the one-time costs related to business restructuring, which, he stressed, 'will reflect positively on the company's long-term financial results and contribute to controlling its expenses.' He also pointed out to the slowdown in the global economy and the continued uncertainties that negatively affected the markets, saying that these are some of the reasons for the decline in demand for petrochemical products. 'The oversupply of petrochemicals continues to pressurize product prices and, in turn, profit margins,' he added. The SABIC CEO commended the company's EHSS performance, highlighting its continued world-class excellence within the petrochemical industry. The first quarter saw an improvement of 17% in the company's Safety, Health, and Environment Rate (SHER), compared to the same period last year. At a press conference at the company's headquarters in Riyadh on Sunday, Al-Fageeh reviewed the latest developments related to SABIC's operations and activities, reaffirming the company's strong financial standing despite the significant challenges facing the global economy. He emphasised SABIC's commitment to continue its cost optimisation efforts aimed at boosting efficiency and strengthening competitiveness. He also highlighted the role of the company's strategic plans and programs in driving further growth across global markets, stressing that all growth projects are progressing in line with their planned timelines. Al-Fageeh further highlighted the Edison Awards that SABIC received this year for six of its innovative solutions that meet the rapidly changing customer needs in various industrial sectors around the world. SABIC has won this recognition for the fifth consecutive year.
Zawya
14-02-2025
- Business
- Zawya
Global firms setting up Saudi HQ doubles to 600; nets $320bln FDI
Saudi Arabia has announced tremendous response from global companies for its growth story with nearly 600 firms set to open their headquarters in the kingdom. The number of registered investment licences surged from 4,000 in 2018-19 to 40,000 in 2024, while total investments have grown two-fold to a whopping SAR1.2 trillion ($320 billion), accounting for 30% of the Saudi economy, said Minister of Investment Engineer Khalid Al Falih. He was speaking at a panel discussion titled 'Ministerial Perspective on the Role of the Government to Enable the Private Sector,' held as part of the third edition of the two-day PIF Private Sector Forum in Riyadh. He elaborated on the private sector's role in driving national economic growth since the launch of Saudi Vision 2030 and highlighted significant progress in the investment environment. "Around 72% of investments came from the private sector, while the Public Investment Fund's (PIF) portfolio and companies account for only 13%," stated Al Falih. The minister said it underscores Saudi Arabia's position as a strong global investment destination, thanks to its attractive economic environment and diverse investment opportunities across various sectors. He pointed out that the economic reforms under Saudi Vision 2030 have enhanced the competitiveness of the local market and attracted major international companies, with the rapid growth in foreign direct investment flows reflecting investor confidence in Saudi Arabia's economy and stability. The minister emphasised the notable diversification of Saudi Arabia's economy, where non-oil economic activities now account for 52% of total GDP. "Even during periods of reduced oil activity due to the kingdom's production policies, the non-oil sector maintained a positive growth rate of 4% to 5%," noted Al Falih. The minister pointed out that Saudi Arabia's economy had surpassed SAR4 trillion ($1.1 trillion) mark, achieving unprecedented growth in foreign investment inflows. Since the launch of Saudi Vision 2030, the total foreign investment stock has doubled to SAR900 billion ($240 billion), reaffirming the kingdom's accelerated progress toward its investment and economic goals.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
13-02-2025
- Business
- Trade Arabia
Global firms setting up Saudi HQ doubles to 600; nets $320bn FDI
Saudi Arabia has announced tremendous response from global companies for its growth story with nearly 600 firms set to open their headquarters in the kingdom. The number of registered investment licences surged from 4,000 in 2018-19 to 40,000 in 2024, while total investments have grown two-fold to a whopping SAR1.2 trillion ($320 billion), accounting for 30% of the Saudi economy, said Minister of Investment Engineer Khalid Al Falih. He was speaking at a panel discussion titled 'Ministerial Perspective on the Role of the Government to Enable the Private Sector,' held as part of the third edition of the two-day PIF Private Sector Forum in Riyadh. He elaborated on the private sector's role in driving national economic growth since the launch of Saudi Vision 2030 and highlighted significant progress in the investment environment. "Around 72% of investments came from the private sector, while the Public Investment Fund's (PIF) portfolio and companies account for only 13%," stated Al Falih. The minister said it underscores Saudi Arabia's position as a strong global investment destination, thanks to its attractive economic environment and diverse investment opportunities across various sectors. He pointed out that the economic reforms under Saudi Vision 2030 have enhanced the competitiveness of the local market and attracted major international companies, with the rapid growth in foreign direct investment flows reflecting investor confidence in Saudi Arabia's economy and stability. The minister emphasised the notable diversification of Saudi Arabia's economy, where non-oil economic activities now account for 52% of total GDP. "Even during periods of reduced oil activity due to the kingdom's production policies, the non-oil sector maintained a positive growth rate of 4% to 5%," noted Al Falih. The minister pointed out that Saudi Arabia's economy had surpassed SAR4 trillion ($1.1 trillion) mark, achieving unprecedented growth in foreign investment inflows.
Asharq Al-Awsat
13-02-2025
- Business
- Asharq Al-Awsat
Investments in Saudi Arabia Double Since Launch of Vision 2030
Saudi Arabia has successfully doubled its investment volume since the launch of Vision 2030 in 2016, reaching SAR1.2 trillion ($320 billion) by the end of last year, while the Kingdom's economy has grown to SAR4 trillion. These figures were revealed by the government at the opening of the third edition of the Public Investment Fund's (PIF) Private Sector Forum, accompanied by an exhibition in Riyadh, attended by a large number of ministers, officials, and leaders from major companies and institutions. PIF's private sector hub offers investment opportunities worth SAR40 billion ($10.7 billion), the fund's Governor has said. The total spending on local content through the PIF and its portfolio companies reached SAR 400 billion between 2020 and 2023, supported by the Musahama program, Yasir Al-Rumayyan said in the opening remarks of the PIF Private Sector Forum 2025. He said that the share of local content in the PIF and its portfolio entities increased from 47% to 53% from 2020 to 2023, adding that the fund is working to improve this percentage in the coming years. The PIF works to provide growth opportunities for the private sector, stimulate its capacity for innovation, and strengthen its role in the economy, Al-Rumayyan said. 'The Private Sector Forum is a platform to enhance opportunities for collaboration and partnership between PIF and its portfolio companies with the local private sector,' said Jerry Todd, head of National Development at PIF. 'In its third edition, the forum continues to grow in size, scope and ambition, reflecting PIF's efforts to enhance engagement with the private sector, empower it and increase its contribution to a more diversified economy with local supply chains supported by advanced technology.' The forum will showcase PIF'S initiatives and programs aimed at enhancing partnership with the private sector, including the Local Content Development Program, Musahama, which was launched by PIF in the first edition of the forum. The program aims to increase the contribution of the Fund and its portfolio companies to local content. As a result of Musahama, the value of local content grew from SAR69 billion in 2020 to SAR153 billion in 2023, a 122% increase. Saudi Minister of Investment Eng. Khalid Al-Falih announced that the number of global companies establishing their regional headquarters in Saudi Arabia has risen to nearly 600. Al-Falih announced this while attending a panel discussion titled 'Ministerial perspective on the role of the government to enable the private sector,' held as part of the third edition of the PIF Private Sector Forum in Riyadh on Wednesday. The minister noted that the number of registered investment licenses surged from 4,000 in 2018 and 2019 to 40,000 currently, while total investments have doubled to SAR1.2 trillion, accounting for 30% of the Saudi economy. Al-Falih said that economic reforms under Saudi Vision 2030 have enhanced the competitiveness of the local market and attracted major international companies, with the rapid growth in foreign direct investment flows reflecting investor confidence in Saudi Arabia's economy and stability. He elaborated on the private sector's role in driving national economic growth since the launch of Saudi Vision 2030 and highlighted significant progress in the investment environment. The minister emphasized the notable diversification of Saudi Arabia's economy, where non-oil economic activities now account for 52% of total GDP.
