Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman at the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran on Monday.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman at the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran on Monday.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman at the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran on Monday.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman at the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition in Dhahran on Monday.

Saudi Aramco signs 50 agreements to redirect supply chain spending into local economy


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Saudi Aramco signed 50 preliminary agreements with local and international companies to redirect spending into the local economy in a bid to further support it.

The world’s largest oil-exporting company signed accords with companies including Schlumberger, Larsen and Toubro and Sutherland Global Services at the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition, it said on Monday.

The IKTVA initiative refers to the local manufacturing component required by Aramco from its partners.

Saudi Arabia aims to drive domestic value creation, maximise long-term economic growth and diversification, and build a world-class supply chain for the development of a globally competitive energy sector in the kingdom through Aramco's IKTVA programme.

“It was not possible to foresee the consequences of the Covid-19 pandemic but IKTVA helped us to prepare for the disruptions it caused to the global supply chain,” Aramco president and chief executive Amin Nasser said.

“Our investment in a diversified network of suppliers has helped us maintain a track record of reliability and IKTVA continues to prove its value by contributing to an increasingly vibrant, dynamic and business-friendly environment in Saudi Arabia.”

The programme has helped to establish a competitive industrial base, resulting in exports to more than 40 countries, while local content requirements have contributed more than $100 billion to the national economy, according to the company.

At the same time, IKTVA has attracted more than 540 investments to the kingdom from 35 countries.

Aramco also signed agreements with Tanajib Cogeneration Power Company, Honeywell and Alfanar during the forum, which is taking place in Dhahran and will end on January 26.

The state-owned oil company's IKTVA from its partners rose to 56 per cent in 2019, compared with 35 per cent in 2015. In 2020, it signed partnership agreements worth more than $21bn with international companies to work across its value chain in the energy sector.

Gulf countries have been executing programmes to redirect more government spending domestically in a bid to shore up the local economy.

The UAE's national In-Country Value (ICV) programme is expected to increase domestic demand for local products and services to Dh55bn, from Dh33bn currently.

It aims to encourage local manufacturers to diversify and develop their production to meet that demand.

Which products are to be taxed?

To be taxed:

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category

Not taxed

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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While you're here
T20 World Cup Qualifier A, Muscat

Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain

Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain

Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines

Tuesday, February 22: 2pm – semi-finals

Thursday, February 24: 2pm – final

UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

All matches to be streamed live on icc.tv

The Farewell

Director: Lulu Wang

Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma

Four stars

The biog

Name: Atheja Ali Busaibah

Date of birth: 15 November, 1951

Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”

Hobbies: Reading and writing poetry

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Results

4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).

4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.

5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.

5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.

6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.

6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.

7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

UAE currency: the story behind the money in your pockets
'Gehraiyaan'
Director:Shakun Batra

Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

UAE currency: the story behind the money in your pockets
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Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Updated: January 24, 2022, 1:02 PM`