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Eurasia
21/12/2023 07:00
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said that King Abdullah Economic City has attracted electric car makers and the ministry is working with these companies to develop value chains.
Alkhorayef added in an interview with Al-Arabiya Business, on the sidelines of the Saudi Budget Forum 2024, that Saudi Arabia aspires to raise the contribution of the industrial sector to 15% of GDP from 9% currently.
Alkhorayef revealed that Saudi Arabia aims to raise merchandise exports to more than 557 billion riyals (148 billion USD) in 2030, compared to less than 300 billion riyals (79 billion USD) now.
He explained that "when studying some industrial sectors, we find it important to completely restructure the sector so that it can achieve the targets," adding: "We studied the entire steel sector and identified a set of requirements, including the creation of a large company that can enter the entire supply chain, and this resulted in the separation of (Hadid) from (SABIC) and entering with (Al Rajhi) to be a large national company targeting types of important products to provide for various industries such as cars, equipment or renewable energy."
The number of Russian billionaires has reached a new all-time high, and so has their combined wealth, Russian state news agency TASS reported, referring to the latest rankings from Forbes .
Hungarian wines have a significant opportunity to break into the Asian market, and for this reason, wine marketing in the region has received particular focus. We spoke with Pál Rókusfalvy, who has been Hungary’s government commissioner responsible for national wine marketing for over two years, to learn about the progress made so far and what the future holds for Hungarian winemakers in Asia.
In recent years, Hungarian agricultural companies have implemented numerous successful projects in Central Asia, strengthening their economic ties with the region. However, operating in this area presents significant challenges.