ARABIALINK Daily News – SAUDI ARABIA – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Gov’t-Owned GCC Firms Lose $118bn Over Last Two Years [Sep 8]
“Government-owned companies in the GCC lost around $118bn, or nearly 40 percent, of their value over the last two years, according to a report by the Kuwait Financial Centre. The report found that the 51 government owned entities (GOEs) in the GCC together operate 179 companies across a variety of sectors and account for 29 percent of GCC market capitalisation.. .. Saudi Arabia is the biggest government operator in the GCC, with its ten GOEs having a market value of $109bn. This is followed by the UAE, whose ten GOEs are worth $28bn, while Qatar’s eight contribute $26bn and Kuwait’s ten are valued at $11.7bn. Bahrain’s nine GOEs are worth and $3.5bn Oman’s fourteen GOEs are collectively valued at $2.7bn. The top five GOEs are Saudi Arabia’s Public Investment Fund ($71bn), General Organisation for Social Insurance ($$17.7bn), Emirates Investment Authority ($13.3bn) from the UAE, Qatar Investment Authority ($11.7bn) and Qatar Petroleum ($10.6bn)..” [Complete Report]
Negotiations Under Way to Let EgyptAir Jets Land in Madinah [Sep 8]
“Egyptian aviation authorities have urged their Saudi counterparts to allow EgyptAir planes to land at Prince Muhammad bin Abdul Aziz Airport in Madinah. The airline’s regional director Samir Imbabi is heading a delegation that is negotiating with the Kingdom to allow them to transport 70,000 pilgrims from Egypt during the upcoming Haj season. He said he presented Saudi civil aviation authorities with a plan under which EgyptAir would operate 317 flights, 181 of them to Jeddah, 107 to Madinah and 29 to other destinations. Imbabi described talks as positive so far and said there would be more negotiations over the next few days to reach an agreement, particularly as Haj flights are subject to their own set of air transport agreements. He praised the level of cooperation from Saudi Arabia. The Saudi civil aviation authorities banned EgyptAir flights to Madinah during the last Haj season, forcing the airline to land at Jeddah and transport pilgrims by bus to Madinah..” [Complete Report]
Saudi Business Boom Leads to the Kingdom’s First Ever Office Expo [Sep 8]
With more than 46 million square metres of office space set to be completed over the next two years in the GCC and innovative projects such as King Abdulla Economic City in Jeddah and the zero-carbon Masdar City in Abu Dhabi, opportunities in the office market are huge. Saudi businesses are learning that office design can have a huge impact on workforce productivity and job satisfaction. In fact, over $4bn has been spent on interior design alone between 2009 and 2010, setting new benchmarks for working environments in the region. Saudi Office Expo, Saudi’s first office exhibition will be held at the Jeddah Centre for Forums and Events from 12-15 December, showcasing complete workplace solutions from office construction, design and furnishings, to ICT solutions and security..” [Complete Report]
Malls Threaten Kingdom’s 140-Year-Old Souk [Sep 8 ]
“Jeddah Souq Al Badu, one of the best-known traditional markets in Jeddah, is struggling to survive because of fierce competition from the city’s large, modern malls. Located near the Bab Makkah Gate, the market is approximately 140-year-old and parts of it have been restored by the Saudi Commission for Tourism and Antiquities. It sells all kinds of Bedouin delicacies like Arabian coffee, cardamom, saffron and ginger, as well as souvenirs and more. In fact, the market derives it’s name from the Bedouin goods in which it specialises and it’s these that make it unique, although they’re in lesser supply than they used to be.. .. Now, most workers in the market are Asian and what were once the homes of old families in Al Mazloom District now serve as warehouses or residences for these workers. The shops where once one would smell coffee, cardamom and cloves and hear the rhythmical banging of hammers and chisels used by coppersmiths and silversmiths are now gone. It may have gone but Souq Al Badu still holds a special place in the heart of the residents of Jeddah..” [Complete Report]
