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Saudi Arabia seeks to build robust defense industry

Arab News
February 26, 2018

Riyadh, Feb 26: Gen. Abdul Rahman bin Saleh Al-Bunyan, chief of staff of the Saudi armed forces, inaugurated a major defense exhibition on Sunday on behalf of Crown Prince Mohammed bin Salman.

On behalf of Turkey, the guest-of-honor country at the Armed Forces Exhibition for Diversity of Requirements and Capabilities (AFED 2018), Prof. Ismail Demir, chief of the Turkish defense industry, participated in the inaugural ceremony.

The exhibition is an important government initiative. “Spread over seven days, AFED 2018 is showcasing the latest developments in military products and technology,” said Maj. Gen. Attiya Al-Maliki, an AFED spokesman. “This fourth edition of AFED shows an increase in the number of exhibitors and displayed products.”

Referring to the participation and achievements of the Saudi Arabian Military Industries (SAMI), the state-owned Saudi defense company, Dr. Andreas Schwer, SAMI chief executive, said: “Saudi Arabia is one of the top five countries in the world in terms of military spending, and the establishment of SAMI was an ambitious step as part of the country’s strategy to localize and globalize its military manufacturing industry.”

Schwer said: “SAMI’s participation will open up doors for future long-term partnerships, laying the cornerstone for SAMI to localize 50 percent of government military spending, and become one of the top 25 military industry companies in the world.

“With a strategic framework in place, SAMI aims to contribute around SR14 billion ($3.73 billion) directly to Saudi Arabia’s gross domestic product (GDP), increase the value of national exports by about SR5 billion, invest over SR6 billion for research and development, and create over 40,000 direct jobs locally, by the year 2030.”

Referring to the Turkish participation in AFED and the possibilities of a tie-up with Saudi companies, especially SAMI, Prof. Demir said: “Saudi Arabia announced that Turkey is the first guest-of-honor country at the AFED, making it an international exhibition, which has been held at the national level before. This decision reflects the deep historical relations and close cooperation between Turkey and Saudi Arabia,” he said, referring to the participation of 25 top-notch Turkish companies in the exhibition.

He added: “Within this framework, it is a pleasure for the leading Turkish defense industry firms, which have developed significant capabilities at designing and producing major defense platforms and systems in line with the procurement projects and needs of the Turkish armed forces, to demonstrate their products and capabilities at AFED 2018. The aims of AFED are to gather Turkish defense industry companies with their Saudi counterparts in order to seek and explore joint production opportunities and deepen the already strong cooperation between the two countries within the framework of Vision 2030.”

Prof. Demir said that the high participation and strong interest of the Turkish defense industry firms in the exhibition demonstrated their sincere will and importance attached to cooperation with Saudi Arabia. As a result of large investments in the defense industry of Turkey, the number of the country’s defense projects has reached 600 at a size of $60 billion, and the defense industry has reached a production capacity of more than $6 billion per year and an export capacity of $2 billion as of today.

Several ministers and diplomats including Minister of Labor and Social Development Ali Al-Ghafis, Minister of Communications and Information Technology Abdullah A. Al-Sawahah; and Turkish Ambassador Erdogan Kok attended the inaugural ceremony.

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Agencies
June 5,2020

Expatriate workers who fail to abide by the coronavirus protocols in Kingdom of Saudi Arabia may face deportation, according to media reports.

“Individuals who fail to abide by preventive measures, including wearing medical or cloth face masks, failing to observe social distancing and refusing to have their temperatures taken, will be fined SR1,000. The fine will be doubled if the violation is repeated. Residents will be deported after paying the fines,” Okaz newspaper said.

Authorities called on people to report offenders by dialling the toll free number 999, except for the holy city of Makka, where the toll free number is 911.

As per the newly-revised Saudi protocols, social gatherings such as mourning or celebration events that take place inside homes, rest houses or farms, are allowed, but attendants should not exceed 50 persons.

The private sector is also required to adhere to precautionary measures: providing their staff with disinfectants and sanitisers, taking the temperatures of both staff and customers at the entrances of shopping malls.

Other measures include sterilising shopping trolleys and baskets after each use, sanitising facilities and surfaces, closing children’s play areas and fitting rooms in shopping malls and ready-wear outlets.

Authorities highlighted the need for all individuals and entities to abide by health safety rules, social-distancing protocol and the new guidelines set for social gatherings.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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Agencies
June 18,2020

Riyadh, Jun 18: Minister of Tourism Ahmed Al-Khateeb said that Saudi Arabia will resume tourist activities at the end of Shawwal (June 21) after a hiatus of more than three months due to lockdown measures imposed following the outbreak of coronavirus pandemic.

The minister made the remarks during a television interview after chairing the emergency meeting of the Arab Ministerial Council for Tourism on Wednesday. He said that the current indications are positive and that the Kingdom is ready to launch the summer program, which will be a boost for domestic tourism.

“It was revealed in a research study carried out by the Tourism Authority that 80 percent of Saudi citizens want to take advantage of domestic tourism. We will launch the domestic tourism program for the public after having made necessary coordination with the Ministry of Health and the concerned higher authorities,” he said.

Several Arab tourism ministers and officials of the relevant organizations attended the meeting, which discussed the challenges that the region’s tourism sector is facing due to the pandemic. Al-Khateeb pointed out that the Arab Ministerial Council for Tourism, headed by Saudi Arabia, held the virtual session in exceptional circumstances to discuss ways to get out of this pandemic and revitalize the tourism sector.

“Saudi Arabia has initiated a package of financial stimulus activities with a total value of more than $61 billion to protect jobs and businesses and reduce the economic burden of the crisis. The domestic tourism sector has benefited from it as one of the important economic sectors, as it covered 60 percent of salaries of Saudi employees in the private sector for a period of three months,” he added.

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