海角直播

Saudi minister announces national scrap metal firm amid $16bn steel sector push

Saudi minister announces national scrap metal firm amid $16bn steel sector push
Minister of Industry and Mineral Resources Bandar Alkhorayef speaking at the third Saudi International Iron and Steel Conference. Screenshot
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Saudi minister announces national scrap metal firm amid $16bn steel sector push

Saudi minister announces national scrap metal firm amid $16bn steel sector push

RIYADH: 海角直播 is set to create a national company to import scrap metal as it seeks to bolster a sector which has SR60 billion ($15.9 billion) worth of investment opportunities.聽

Speaking at the third Saudi International Iron and Steel Conference in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef said the Kingdom wants to boost local manufacturing and curb import reliance.

He said the ministry had assessed the market to address supply gaps and enhance local production of high-value steel products.聽聽

The initiative forms part of the Kingdom鈥檚 wider industrial strategy under Vision 2030, which seeks to localize key materials, attract foreign investment, and increase the manufacturing sector鈥檚 contribution to non-oil gross domestic product.聽

Amidst what the minister described as ongoing 鈥渃hallenges and developments鈥 in the iron and steel sector, he urged industry companies to collaborate on implementing key strategic recommendations.聽聽

These include the establishment of a dedicated steel academy to qualify Saudi talent and the founding of a national company to import and supply scrap metal.聽

鈥淭his [scrap metal company] will have a direct impact on improving costs and supporting the growth of the sector,鈥 Alkhorayef stated, highlighting the initiative鈥檚 potential to enhance competitiveness.聽

鈥淲e have studied the best options to cover the deficit in the local market and reduce imports of steel plates, with investment opportunities estimated at around SR60 billion distributed across a range of products important for the local industry,鈥 he told delegates.聽

Furthermore, he called on the sector to continue its pivot toward high-economic-impact industries and to invest in high-value, quality products.聽聽

The three-day conference, which started on Oct. 14, has drawn thousands of participants from more than 50 countries and is supported by the Federation of Saudi Chambers of Commerce.聽聽

This year鈥檚 edition focuses on sustainable production, technological innovation, and supply-chain resilience across the Middle East鈥檚 rapidly evolving iron and steel industry.聽

The conference will convene industry leaders, government officials and experts from the global steel supply chain to debate key themes such as upstream raw material access, green steel technologies, regulatory shifts, and supply chain dynamics.聽聽


Saudi inflation eases 0.1% in September as prices show stability: GASTAT

Saudi inflation eases 0.1% in September as prices show stability: GASTAT
Updated 15 October 2025

Saudi inflation eases 0.1% in September as prices show stability: GASTAT

Saudi inflation eases 0.1% in September as prices show stability: GASTAT

RIYADH: 海角直播鈥檚 consumer prices dipped 0.1 percent in September from the previous month, signaling continued economic stability as the Kingdom maintains moderate inflationary pressure. 

According to the General Authority for Statistics, the monthly decline was mainly driven by lower transport costs, along with decreases in restaurant and accommodation services, furnishings, and communication prices. 

This helped 海角直播鈥檚 annual inflation rate stand at 2.2 percent in September, driven primarily by rising housing and water costs.

This is in line with the International Monetary Fund鈥檚 latest World Economic Outlook report, which projects that the Kingdom will maintain an annual inflation rate of 2.1 percent in 2025 and 2 percent in 2026. 

In its latest report, GASTAT stated: 鈥淥n a monthly basis, the CPI decreased comparatively by 0.1 percent in September 2025 compared to August 2025. The transport division decreased by 0.4 percent, mainly due to a 1.4 percent decrease in passenger transport.鈥 

It added: 鈥淩estaurant and accommodation services division decreased by 0.9 percent.鈥 

The agency added that prices of furniture and home appliances, periodic home maintenance, and entertainment and culture all declined 0.3 percent, as did the cost of clothing and footwear, and insurance and financial services. 

Prices in the information and communications and health divisions edged down 0.1 percent. 

The report, however, noted increases in housing, water, electricity, gas and other fuels with 0.4 percent, food and beverages with 0.1 percent, and personal goods and services with 0.4 percent, compared to the previous month. 

Prices of education saw an increase of 0.3 percent, while tobacco division products showed a 0.1 percent increase in September. 

Annual inflation 

海角直播鈥檚 annual inflation rate of 2.2 percent is broadly in line with the August figure, supported by steady gains of 5.2 percent in housing and utility costs, offset by declines in transport and hospitality prices.  

Rents paid for housing saw an increase of 6.7 percent, with actual rents paid by tenants for primary residences rising by 6.7 percent. This category鈥檚 substantial weight in the overall index had a considerable impact on the inflation rate. 

In March, Crown Prince Mohammed bin Salman ordered measures to stabilize Riyadh鈥檚 real estate market amid rising costs. This led to new regulations enacted in September, imposing a five-year freeze on all residential and commercial rent increases within the city, effective Sept. 25. 

Food and beverage prices also saw an increase of 1.1 percent, influenced by a 0.6 percent rise in meat prices. The prices of restaurants and hotels rose by 1.5 percent, driven by a 1.9 percent increase in accommodation services. 

鈥淧rices in the personal care, social protection, and other goods and services division increased by 5.4 percent, driven by a 16.3 percent rise in the prices of other personal effects,鈥 the report added. 

The transport division prices rose by 1.6 percent, influenced by a 6.9 percent increase in passenger transport prices, and the prices of the insurance and financial services division also increased by 7.7 percent, driven by a 12.7 percent rise in the prices of the insurance group. 

Conversely, the prices of furnishing and home equipment decreased by 0.6 percent, driven by a 3.2 percent decline in furniture, carpets, and flooring prices. 

Similarly, the information and communication division prices recorded a decrease of 0.4 percent, due to a 6.4 percent decline in the prices of information and communication equipment. 

Wholesale price index 

In another report, GASTAT revealed that the Wholesale Price Index increased by 2.1 percent in September compared to the same month of the previous year. 

This increase was mainly driven by a 4 percent rise in the prices of transportable goods and a 4.7 percent increase in agriculture and fishery products. 

On a monthly basis, the WPI increased by 0.3 percent in September compared to August, attributed to a 0.7 percent rise in prices of metal products and machinery, driven by a 5.3 percent increase in basic chemicals, and a 1.5 percent rise in furniture and other transportable products. 

The prices of metal products, machinery and equipment increased by 0.1 percent, driven by a 0.3 percent uptick of basic metals and a 0.3 percent increase in equipment transport.

In a month-on-month comparison, the prices of ores and minerals, food and beverages, and tobacco, as well as textiles, saw no significant changes during the month. 

Average prices of goods and services 

In a separate bulletin from the GASTAT, notable shifts in the average prices of goods and services across 海角直播 for September were revealed. 

Local tomatoes saw the highest month-on-month increase at 27.1 percent, followed by green beans at 17.8 percent, local zucchini at 16.2 percent, local okra at 15.1 percent, and green local peppers at 12.4 percent. 

Conversely, several items experienced significant price drops during the same period. Furnished apartments saw the highest decrease at 9.2 percent, followed by Indian pomegranates at 7.5 percent,  and hotel accommodation at 5.8 percent.


IMF raises Saudi growth forecast to 4% for 2025 and 2026聽

IMF raises Saudi growth forecast to 4% for 2025 and 2026聽
Updated 14 October 2025

IMF raises Saudi growth forecast to 4% for 2025 and 2026聽

IMF raises Saudi growth forecast to 4% for 2025 and 2026聽

RIYADH: The International Monetary Fund has raised 海角直播鈥檚 economic growth forecast to 4 percent for both 2025 and 2026. 

In its October World Economic Outlook, the IMF upgraded the Kingdom鈥檚 2025 projection from the 3.6 percent it forecast in July, along with an estimate of 3.9 percent for 2026.

The IMF鈥檚 updated forecast is broadly in line with projections from other institutions. The World Bank this month said the Saudi economy will expand 3.2 percent in 2025, accelerating to 4.3 percent in 2026 and 4.4 percent in 2027. In September, the Organization for Economic Cooperation and Development also raised its 2026 growth estimate for the Kingdom to 3.9 percent from 2.5 percent. 

Globally, the IMF expects the world economy to grow by 3.2 percent in 2025 and 3.1 percent in 2026. 

In its latest report, the institution said: 鈥淕rowth in the Middle East and Central Asia is projected to accelerate, from 2.6 percent in 2024 to 3.5 percent in 2025 and to 3.8 percent in 2026.鈥 

The IMF said the forecast largely reflects developments in Gulf Cooperation Council countries, in particular 海角直播.

The report also noted that 海角直播 is expected to maintain an annual inflation rate of 2.1 percent in 2025 and 2 percent in 2026. 

Regional outlook 

The Middle East and North Africa region is expected to post economic growth of 3.3 percent in 2025, rising to 3.7 percent in 2026. 

The IMF projected that the UAE economy will expand by 4.8 percent in 2025 and 5 percent in 2026. 

Qatar is forecast to grow 2.9 percent this year before accelerating to 6.1 percent in 2026. 

Following a slowdown in 2024, Kuwait鈥檚 economy is set to rebound in 2025, with growth projected at 2.6 percent. 

The IMF added that both Oman and Bahrain are expected to grow by 2.9 percent in 2025. 

Global outlook 

The IMF attributed the stronger global outlook to several factors, noting that growth is now projected at 3.2 percent this year and 3.1 percent next year. 

The fund said prospects have improved 鈥渢hanks to the agility of the private sector, which front-loaded imports in the first half of the year and speedily reorganized supply chains to redirect trade flows.鈥 

It also cited the negotiation of new trade deals between various countries and the US, along with restraint from much of the world, which has largely kept the trading system open. 

Among advanced economies, the US is projected to grow 2 percent in 2025 and 2.1 percent in 2026, while the UK is expected to expand 1.3 percent in both years. 

In emerging markets, India leads with growth of 6.6 percent in 2025 and 6.2 percent in 2026, while the Chinese economy is forecast to expand 4.8 percent and 4.2 percent, respectively.


Closing Bell: Saudi main index edges up to 11,596

Closing Bell: Saudi main index edges up to 11,596
Updated 14 October 2025

Closing Bell: Saudi main index edges up to 11,596

Closing Bell: Saudi main index edges up to 11,596

RIYADH: 海角直播鈥檚 Tadawul All Share Index continued its upward movement for the second consecutive day, as it gained 4.31 points or 0.04 percent to close at 11,596. 

The total trading turnover of the benchmark index was SR5.82 billion ($1.55 billion), with 82 of the listed stocks advancing and 171 declining. 

The Kingdom鈥檚 parallel market, Nomu, however, shed 113.94 points or 0.44 percent to close at 25,689.28. 

The MSCI Tadawul Index edged up by 0.25 percent to 1,510.45. 

The best-performing stock on the main market was Abdullah Saad Mohammed Abo Moati for Bookstores Co. The firm鈥檚 share price increased by 4.97 percent to SR49.80. 

The share price of Al Mawarid Manpower Co. rose by 4.38 percent to SR138.10. 

Rabigh Refining and Petrochemical Co. also saw its stock price climb by 4.37 percent to SR8.59.

Conversely, the share price of Naseej International Trading Co. declined by 8.25 percent to SR71.15. 

Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, also saw a decline with its share price dropping by 3.69 percent to SR25.04. 

On the announcements front, Balady Poultry Co. said that it signed two land lease agreements with 海角直播鈥檚 Ministry of Environment, Water and Agriculture for a period of nineteen Hijri years 鈥 approximately 18 years and 6 months.

Under the contract, the company secured two land plots in Wadi Al-Dawasir, Riyadh, spanning an area of 27.7 million meters and 23 million meters, for an annual rent of SR222,619 and SR190,274, respectively.

Through this investment, the firm aims to ramp up the production of broiler chickens, with most barns expected to be dedicated to the production of heavy-weight broiler chickens. 

Balady Poultry Co. said that the move aligns with the firm鈥檚 wider strategy to expand the poultry business with investments exceeding SR1.14 billion. 

The company added that the investment will achieve a good rate of return that will be positively reflected on the company鈥檚 financial statements once the facilities start operations. 

The share price of Balady Poultry Co. edged up by 1.64 percent to SR154.50. 


Egypt inks BP-Valaris drilling deal to boost Mediterranean gas output聽

Egypt inks BP-Valaris drilling deal to boost Mediterranean gas output聽
Updated 14 October 2025

Egypt inks BP-Valaris drilling deal to boost Mediterranean gas output聽

Egypt inks BP-Valaris drilling deal to boost Mediterranean gas output聽

JEDDAH: Egypt has signed a new offshore drilling contract with BP and US-based Valaris for five gas wells in the Mediterranean Sea, as it accelerates efforts to boost output and attract foreign investment. 

Petroleum Minister Karim Badawi witnessed the signing of the agreement, which marks the launch of BP鈥檚 latest drilling program in Egypt. The project will target five natural gas wells at depths ranging from 300 to 1,500 meters, using the Valaris 12-DS deepwater drilling rig, the ministry said in a statement. 

The initiative aligns with the Ministry of Petroleum and Mineral Resources鈥 strategy to boost international investment and broaden exploration efforts in the North African nation. It also continues BP鈥檚 more than 60-year partnership with Egypt鈥檚 petroleum sector as a major partner in oil and gas exploration and production. 

鈥淏P is one of the petroleum sector鈥檚 most important strategic partners in natural gas production,鈥 the ministry quoted Badawi as saying. 

He added that recent gas production projects in the Mediterranean have been 鈥減ivotal in increasing domestic gas production and securing new resources during peak summer consumption.鈥 

Badawi said the ministry is fully supporting new projects to accelerate their implementation, with the goal of adding fresh gas output over the coming year, discovering new reservoirs, and strengthening Egypt鈥檚 production capacity while reducing import dependence. 

The contract was signed in the presence of Mahmoud Abdel Hamid, CEO of the Egyptian Natural Gas Holding Co., following a memorandum of understanding last month in London between EGAS and BP that the minister had signed. 

Egypt鈥檚 oil and gas production has entered a phase of gradual growth since August, following a four-year decline, with natural gas output increasing by more than 200 million cubic feet per day, the ministry said. 

This boost has helped the government reduce the fuel import bill by $3.6 billion and settle $1 billion in arrears owed to international partners. 

鈥淭he new drilling program is scheduled to begin in 2026 and covers a mix of appraisal, development, and exploration wells aimed at accelerating the development and production of gas reserves in the region, while leveraging existing onshore and offshore infrastructure in the West Nile Delta area,鈥 the statement added. 

Nader Zaki, BP鈥檚 regional president for the Middle East and North Africa, said the signing strengthens the company鈥檚 long-standing partnership with Egypt and is a strategic step to develop more gas resources in the Nile Delta and bring them online quickly to meet local demand. 


Saudi business sector surpasses 1.7m registrations

Saudi business sector surpasses 1.7m registrations
Updated 14 October 2025

Saudi business sector surpasses 1.7m registrations

Saudi business sector surpasses 1.7m registrations

JEDDAH: 海角直播鈥檚 business landscape is expanding at a record pace, with commercial registrations surpassing 1.7 million by the end of the third quarter of 2025, data from the Ministry of Commerce showed. 

The ministry鈥檚 Business Sector Bulletin showed that over 128,000 new commercial records were issued in the three-month period.  

The report highlighted that institutions accounted for more than 1.2 million registrations, a 21 percent rise over the past five years. The number of limited liability companies climbed to 502,000, marking an increase of 158 percent, while joint-stock company registrations reached 4,488, up 49 percent from 2020. 

The surge highlights 海角直播鈥檚 drive to improve ease of doing business and diversify its economy under Vision 2030, supported by reforms such as the new Commercial Register and Trade Names laws.

It streamlined procedures by eliminating subsidiary registers and city-based requirements, making a single registration valid nationwide. 

In the bulletin, the ministry 鈥渉ighlighted developments in promising sectors, noting growth in commercial registrations in activities such as video game development and production, augmented reality technologies, logistics, e-commerce, and other industries aligned with 海角直播鈥檚 Vision 2030.鈥  

Total e-commerce commercial registrations by the end of the third quarter reached 41,816, marking a 5 percent growth compared with the same period last year, when total registrations stood at 39,769. 

Registrations in virtual and augmented reality technologies surged 59 percent by the end of the third quarter of 2025, reaching 10,492 compared with 6,597 in the same period in 2024. 

The video gaming industry grew to 614 licenses by the third quarter, marking a 102 percent increase compared with the same period in 2024. Riyadh and Makkah recorded the highest numbers, with 290 and 166 licenses, respectively. 

App development licenses rose 45 percent, reaching 20,973 in the third quarter compared with 14,452 registrations in the same period last year. Riyadh led with 12,762 licenses, followed by Makkah with 4,205 permits. 

Registrations for recreation centers increased 40 percent, reaching 6,965 compared with 4,942 during the same period in 2024. Most of these licenses were issued in Riyadh and Makkah, with 3,058 and 1,890 licenses, respectively. 

Moreover, the hospitality sector grew 91 percent in the same quarter, reaching 11,987 licenses compared with 6,262 in the same period in 2024. Makkah led the cities with 4,462 registrations, followed by Riyadh with 4,317. 

The exhibitions sector recorded notable growth, with active registrations rising 43 percent by the end of the third quarter. The sector reached 26,372 registrations, up from 18,443 in the same period in 2024. Riyadh came first with 13,813 registrations, while Makkah registered 6,873 licenses. 

Licenses for logistics services increased 49 percent to reach 22,290 registrations, compared with 14,880 during the same period in 2024.