Latest news with #OliverWyman
Arab News
2 hours ago
- Business
- Arab News
Mining, entertainment sectors eye 100bn in investments by 2030
RIYADH: Saudi Arabia is steadily progressing in its journey to attract $100 billion in foreign direct investments by the end of this decade, with the Kingdom heavily focusing on securing funds in high-growth sectors, experts have said. Saudi Arabia's Vision 2030 economic diversification program aims to transform its economic landscape, including attracting foreign direct investment and increasing FDI's contribution to the Kingdom's gross domestic product. To facilitate and increase FDI, in August Saudi Arabia approved an updated investment law, aimed at boosting transparency and easing the process of investing in the Kingdom. Speaking to Arab News, Emilio El-Asmar, partner at Oliver Wyman's Government and Public Institutions practice – India, Middle East and Africa, said that the mining sector is one of the most promising industries that will help the Kingdom achieve its FDI goals by 2030. He also pointed out that the ongoing regulatory reforms happening in Saudi Arabia are making the Kingdom an attractive destination for foreign investments. 'Saudi Arabia's National Investment Strategy, central to Vision 2030, aims to transform the Kingdom into a globally competitive, innovation-driven economy,' said El-Asmar. Saudi Arabia offers geopolitical neutrality, long-term offtake potential, and value-add opportunities. Emilio El-Asmar, partner at Oliver Wyman's Government and Public Institutions practice – India, Middle East and Africa He added: 'Mining and metals are among the most promising areas, as the Kingdom has $2.5 trillion worth of untapped resources, including gold, copper, lithium, and rare earth elements, which are vital to energy transition and global industry. Regulatory reforms and integrated industrial zones are opening this frontier market to international investment.' The comments from the Oliver Wyman official come after Saudi Arabia launched a new incentive package to attract foreign direct investments into the nation's mining sector. The Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry, the Saudi Press Agency reported in March. Ryan Alnesayan, partner at Arthur D. Little in the Middle East region, also echoed similar views and said that the mining sector could become a game changer in Saudi Arabia's economic diversification journey. 'The new mining law and exploration incentives are attracting serious interest, and the Kingdom is positioning itself as a global mining hub with reliable data, infrastructure, and long-term demand,' said Alnesayan. El-Asmar further said that Saudi Arabia's Ras Al-Khair and Wa'ad Al Shamal offer integrated infrastructure, rail and port access, and proximity to downstream processing, making them investment-friendly destinations for international entities. 'These ecosystems support refining, smelting, and metal fabrication. A pipeline of investable projects, from exploration to processing, is backed by national institutions including the Public Investment Fund and industrial champions,' said the Oliver Wyman official. Global players are investing in everything from gaming and digital media to smart cities and AI. Ryan Alnesayan, partner at Arthur D. Little in the Middle East region He added: 'As global supply chains seek secure mineral sources, Saudi Arabia offers geopolitical neutrality, long-term offtake potential, and value-add opportunities. Its location between Africa, Asia, and Europe gives investors access to regional growth markets.' In January, speaking at the Future Minerals Forum, Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef said the nation seeks to promote exploration opportunities across 5,000 sq. km of mineralized belts in 2025, aligned with the Kingdom's broader plans to establish mining as the third pillar of its industrial economy. In May, a report released by the General Authority for Statistics revealed that net FDI into Saudi Arabia stood at SR22.1 billion ($5.89 billion) in the fourth quarter of 2024, representing a rise of 26 percent compared to the previous three months. GASTAT also added that this figure was the highest level across the year, surpassing the SR15.5 billion seen in the first three months of 2024, the SR19 billion recorded in the second quarter, and the SR17.5 billion witnessed in the third. This development comes after Saudi Arabia rose to 13th place in Kearney's 2025 Foreign Direct Investment Confidence Index, published in April. This is up one spot from last year and also means the Kingdom retained its position as the third-most attractive emerging market, signaling continued global confidence in its transformation strategy. Kearney added that the ranking reflects the nation's bold, reform-driven approach to building an internationally competitive, future-ready economy. Other crucial sectors El-Asmar also outlined other crucial areas that could drive FDI into Saudi Arabia in the coming years. According to the Oliver Wyman official, sectors including pharmaceuticals, biotechnology and petrochemicals are also expected to see foreign funds pour into the Kingdom. He added: 'In petrochemicals, Saudi Arabia is expanding beyond crude oil into speciality chemicals, high-performance plastics, and packaging, backed by integrated feedstock and logistics infrastructure.' El-Asmar said that Saudi Arabia is ranked second among G20 countries in digital competitiveness, and the Kingdom has strong infrastructure, forward-looking regulations, and digital competitiveness capable of drawing FDI in AI, cloud, cybersecurity, smart city tech, fintech, and health tech. 'Incentives include regulatory sandboxes, IP protections, and access to a growing consumer and enterprise market, making the Kingdom attractive for global tech firms and startups,' said El-Asmar. Alnesayan also highlighted the role of technology and entertainment sectors in materialising Saudi Arabia's FDI goals. 'Entertainment and tech reflect Saudi Arabia's new growth story. Global players are investing in everything from gaming and digital media to smart cities and AI. These sectors are fueling job creation, innovation, and a dynamic consumer market,' said the Arthur D. Little official. El-Asmar agreed that the entertainment sector is central to Saudi Arabia's diversification and FDI strategy, reflecting cultural openness and rising domestic demand. 'With a population of 35 million and rising demand for premium experiences, the Kingdom is seeing growth in cinemas, theme parks, live events, and content production. Major international brands are entering the market, supported by co-investment and giga-projects like Qiddiya,' he said. RHQ program and FDI Alnesayan believes that Saudi Arabia's regional headquarters program is emerging as one of the key drivers of FDI in the Kingdom. 'The RHQ Program is not just about relocating offices — it's about anchoring decision-making in Riyadh. That brings investment, talent, and deeper regional integration. We've already seen over 600 companies commit, and the momentum is accelerating,' he said. Saudi Arabia's regional headquarters program offers incentives such as a 30-year corporate income tax exemption, withholding tax immunity, and various support services for international businesses. Some of the noted firms that relocated their headquarters to the Kingdom are Northern Trust, Bechtel and Pepsico from the US, and IHG Hotels and Resorts, PwC, and Deloitte from the UK. El-Asmar also highlighted the importance of the RHQ program and said that Saudi Arabia's location — at the crossroads of Europe, Asia, and Africa — makes it an ideal base for regional operations. Potential challenges Despite all these positive developments, experts also outlined some of the challenges Saudi Arabia could face in achieving its FDI targets within the stipulated timeline. 'The fundamentals are strong, but challenges remain — global volatility, talent gaps, and the need for ongoing regulatory clarity. But the Kingdom is addressing these head-on through reforms, infrastructure investment, and strategic partnerships that reduce risk and increase investor confidence,' said Alnesayan. El-Asmar said that foreign investors need predictability, and to address this, Saudi Arabia has launched the Investor Confidence Protection Mechanism and Investor Council, alongside legal reforms including English-language documentation and digital licensing portals. 'High operational costs and complex procedures persist in some sectors. Special Economic Zones, tax incentives, and digital services are helping to reduce these barriers and simplify market entry,' said El-Asmar. He concluded: 'While these challenges are real, Saudi Arabia's strategic reforms, long-term vision, and favorable location continue to make it one of the world's most promising emerging FDI destinations.'
eNCA
a day ago
- eNCA
Murder of Olorato Mongale : A date that turned to death
JOHANNESBURG - What began as an ordinary date turned into tragedy when 30-year-old Olorato Mongale was murdered. Her body was dumped in Lombardy West in Johannesburg on Monday. Yet another case of gender based violence revealing a disturbing train of events, showing she may have been a victim of a syndicate targeting women. Since her body's discovery, the case has been moving at a staggering pace. Here's how it all unfolded. Olorato Mongale eNCA/screenshot Mongale was a Wits University Postgraduate student and former radio presenter. She was a well-accomplished communications professional and taught English in South Korea. The 30-year-old has held roles in government and private sector communications, including at the Free State Department of Economic Development and global consulting firm Oliver Wyman. The Fatal Date On the afternoon of 25 May, Mongale left her Athol residence for a date with a man she knew only as "John." CCTV footage and police accounts reveal she was picked up in a white VW Polo at around three in the afternoon. Less than two hours later, her lifeless body was discovered in nearby Lombardy West. Community members helped police locate the scene. Police Progress 26 May: Investigators track a VW Polo to a panel beater workshop in Phoenix, Durban. Traces of blood are discovered inside, and one man — the alleged owner of the car —is arrested. 28 May: Police name two suspects on the run, Fezile Ngubane and Philangenkosi Sibongokuhle Makhanya. 29 May: In a major breakthrough, police take the parents of one of the suspects into custody. The father is reportedly the owner of the VW Polo used in the crime, while the mother allegedly tipped off her son, allowing him to flee just moments before police arrived at his Inanda home. Bongani Mthimkhulu, a friend of Makhanya's has been added as a third suspect. Police breaking the backbone of syndicate Police spokesperson Athlenda Mathe says they are now investigating a possible syndicate that targets young women under the pretense of pursuing a love interest. "They propose to this young woman usually in malls, request to take them out on dates, and when they agree, that is when they plan to rob them," Mathe says. A Pattern of Violence The investigation further reveals that both Mthimkhulu and Makhanya had been arrested previously for kidnapping and robbery in Boksburg in April. In that case too, they were driving a white VW Polo. They have been on out on bail. Shootout in Amanzimtoti Also on 29 May, one of the prime suspects was gunned down in KwaZulu-Natal after opening fire on police. Law enforcement had tracked him to a residential complex in Amanzimtoti.
Yahoo
23-05-2025
- Business
- Yahoo
Maintenance costs will spike as militaries add advanced planes: Report
The costs of maintaining, repairing and overhauling military aircraft is likely to spike worldwide in years to come as advanced planes make up a growing portion of fleets, according to a new study from consulting firm Oliver Wyman. In the report, analysts Doug Berenson, Livia Hayes and Ian Ferguson said the global market for maintenance, repairs and overhauls of military aircraft — or MRO — totaled about $97 billion in 2025, and remained roughly flat over the preceding six years. That is likely to change over the next decade, as MRO costs grow and spending rises at about 1.4% per year. That means militaries could be spending more than $111 billion on MRO by 2035. The report, titled 'The Military's Mounting Cost for Cutting-Edge Technology: Why Global Air Forces Will Spend More on their Fleet MRO,' was provided to Defense News by Oliver Wyman. A key factor driving these higher MRO costs, the report said, is the growing number of advanced aircraft such as the F-35 Joint Strike Fighter. Such jets bring dramatically more sophisticated capabilities, such as stealth, than older jets. But their complex software, advanced propulsion systems, exotic materials and other technologies require more service hours to sustain and higher operating costs. Lockheed Martin says it has delivered more than 1,170 F-35s around the world. The U.S. Air Force now has about 471 F-35As and eventually plans to buy 1,763 of the jets. The report said that of the roughly 310 fighter jets bought each year by militaries worldwide, about half are F-35s. They make up 2.2% of the global fleet now, and over the next decade F-35s are projected to grow to 4.7% of the global fleet. 'By 2035, the F-35 alone will account for 9.5% of the global total MRO spending — more than twice the aircraft's share today,' the report said. But F-35s aren't the only advanced aircraft swelling militaries' fleets. The Air Force is also working on two sixth-generation aircraft, the B-21 Raider stealth bomber and the F-47 fighter, also known as Next Generation Air Dominance. The Air Force also wants a fleet of more than 1,000 semi-autonomous drone wingmen, known as collaborative combat aircraft, to fly alongside its piloted fighters, and is working with General Atomics and Anduril Industries on the first iteration of CCAs. The U.S. Navy, as well as European and Asian militaries, are also looking hard at their own sixth-generation fighters. The report said those nations' governments should take MRO costs' effect on budgets into account as those planes are designed. The report also cited European aircraft such as the Airbus A400M Atlas, an advanced heavy transport plane, and the NHIndustries NH90 helicopter as examples of complex aircraft headed for military fleets. Complex aircraft worldwide now make up about 11% of military fleets, the report said, but a decade from now that will be up to 17%. NATO fleets now spend about 16% of their MRO budgets on complex aircraft, the report added. By 2035 that share will have risen to 26%. The increasing importance of drones in warfare, particularly in Ukraine, is also causing MRO spending to grow. Over the last five years, major air forces around the world added 350 unmanned aerial vehicles to their fleets, bringing the total to more than 1,400. That is expected to more than double over the next decade, to 3,460 worldwide. 'MRO spending [on drones] has started to grow faster than the global fleet,' the report said. 'Besides the increased sophistication of newer platforms, the supercharged demand has been driven by aircraft needs related to the three-year-old conflict in Ukraine. For governments operating these aircraft, the coming period of higher growth will bring significant challenges and questions about how ready is ready enough.' Governments will need to strike the right balance between multiple priorities, the report noted, including determining how valuable high aircraft readiness is compared to the rising maintenance costs that would require. The report said air forces will need to expand their supply chains for spare parts, so they are not dependent on sources that are diminishing or even going out of business. That issue of parts sources drying up has, over time, become an acute problem for decades-old planes like the B-52 Stratofortress. Air forces also need to figure out whether they want to have the original manufacturer of planes or drones conduct the necessary MRO work, which may be simpler but come with a higher price tag. If air forces cannot adequately budget for growing MRO expenses, the report said, other aspects of those forces' airpower can suffer. The report pointed to the U.S. Air Force's decision in recent years to dial back the number of flying hours budgeted for its planes, and its inability to turn around declining mission-capable rates, as it focused instead on bringing on new technologies and aircraft it hopes will plug those gaps. 'As it prioritizes modernization, the Air Force is betting that it can manage these readiness risks,' the report stated.
Yahoo
14-05-2025
- Business
- Yahoo
Forget coffee, $1.4 billion tech company chief says he naps instead: ‘I can take them just about anywhere'
Being in the C-suite is a high-pressure job with long hours, board responsibilities, and intense scrutiny. But what is it like to be a top executive when you're off the clock? Fortune's series, The Good Life, shows how up-and-coming leaders spend their time and money outside of work. Today we meet Degreed's founder and co-CEO, David Blake. The 41-year-old serial entrepreneur started out as a management consultant for Oliver Wyman in 2007, but his heart wasn't in it. Blake's true passion lies in education—and he has since dedicated his career to improve learning for students and employees alike. Blake leads the $1.4 billion education technology company a long ways away from Degreed's Silicon Valley roots. He moved to Salt Lake City Utah in 2020, where he's embracing little breaks from the chaos of the tech world Blake's lifestyle is working in unison with Degreed's pace of growth; the business' career-building programs are used by 30% of the Fortune 500 with over 50 million skills rated to far, and 460,000 learning pathways for the 10 million activated users. For the co-CEO, that means balancing a hectic schedule with frequent naps (taken anywhere) and binge-watching survival TV. He also sneaks in some video games between his other duties as the co-founder of BookClub and advisor for several companies like Sounding Board, Transfr VR, and OnDeck. Despite a long list of to-do's, Blake's passion for education keeps the fire burning. Before starting Degreed in 2012, he was a founding team member at Zinch—a company that helped students find scholarships, acquired by $12 billion learning giant Chegg—and was selected as a top edtech entrepreneur by the Stanford School EdTech Lab. And even when he's off the clock, education is still a huge part of his life: Blake and his wife run a microschool, where they teach their three children. 'I've dedicated my life to the future of education, and I wanted my children to benefit from those principles,' Blake tells Fortune. 'I didn't want my kids to be like the cobbler's children with no shoes.' What's been the best investment you've ever bought? I spent about $15 on the book titled, The Millionaire Next Door. It reframed for me, early in my life, what the definition of success to be, and therefore in which ways and direction I'd strive with my life. This book is still guiding me today. I specifically recall a Buddhist teaching from the book, which was also picked up by Chuck Palahniuk and popularized in Fight Club, that 'you own your stuff and your stuff owns you.' And the worst? Have you ever seen the movie Money Pit? I bought one of those. If you have children, what do your childcare arrangements look like? The most unique approach we've taken to parenting our three children is that we started a microschool. I've dedicated my life to the future of education, and I wanted my children to benefit from those principles. I didn't want my kids to be like the cobbler's children with no shoes. What are your living arrangements like: Swanky apartment in the city or suburban sprawling? As it turns out, homes weren't built to run a classroom, so after a decade of living in San Francisco, we cast a wide net and looked for the right house in multiple states to be able to run our microschool. We ended up finding it in Utah, and moved back there in 2020. It's been full on, suburban life for us ever since. I am a big advocate for naps, and I can take them just about anywhere. How do you commute to work? When I am home, I commute by car. I enjoy the drive because it's a great time for me to listen to audiobooks or podcasts, which help me stay current and sharp on a variety of topics. Some of my favorite podcasts: Smartless, Room for Two, Faith Matters, Acquired, The Moth, The Weekly Show. Some of my favorite recent audiobooks: The Anthropocene Reviewed, I Hate the Ivy League, Blitzed, Greenlights, We Are Legion (We Are Bob) Do you carry a wallet? I haven't carried a real wallet for nearly 15 years. I use a MagWallet attached to the back of my iPhone (no phone case, the way Steve Jobs intended), which holds my driver's license and one credit card, which I rotate when I am traveling for work. Do you invest in shares? I focus my investing on private tech companies, a space I know well and where I can contribute both financially and with expertise. This familiarity allows me to vet deals effectively and support entrepreneurs meaningfully. While this approach isn't optimized for the highest yield, it aligns with my goal of making an impact. Helping good entrepreneurs succeed and generating meaningful returns is a win-win. As expected with early-stage investing, some deals have gone to zero. However, many have yielded returns, and a few, like Transfr and Podium Education, have been breakout successes. What personal finance advice would you give your 20-year-old self? Invest in Bitcoin. What's the one subscription you can't live without? Drift Co Scent-of-the-month. It's a small luxury for $10 per month, and so good. Smell is the most underrated sensory experience and this little luxury makes me incredibly happy. Spotify is my longest-standing subscription. With kids in the house, it's non-negotiable—they'd revolt if I ever turned it off! Where's your go-to wristwatch from? What is time? I haven't worn a wristwatch since I got my first cell phone. I aspire to one day purchase a Patek Philippe with the moon phases for my father. When I was young, he wore an inexpensive watch with the moon phases that I always loved. How do you get your daily coffee fix? I'm Mormon, so I grew up without coffee. If you've seen Secret Lives of Mormon Wives (which I haven't, but know the buzz), you know that Utahn's are really just soda fiends. Dr Pepper Zero Cream Soda is my pick. I'm sharp and at my best in the morning, so no caffeine is needed. I hit a slump at ~3:00pm every day, and power nap when I can. I am a big advocate for naps, and I can take them just about anywhere. What about eating on the go? In my 20's it was a cheesesteak or a burger. In my 30's it became a turkey sandwich or a burrito. Now that I am in my 40's, it is salad+protein. My eat-what-I-want metabolism has betrayed me lately. Where do you buy groceries? Instacart. How often in a week do you dine out versus cook at home? I love cooking! My daughter does as well. She wants to be a chef and has taken over the family meals for 3-4 nights out of the week. My wife and I do date-night each weekend, and will eat a nice meal out and we try to host friends or family Sunday night. Where do you shop for your work wardrobe? The more senior the role in my career, the more I get to dress as I wish, and less as others expect. I was CEO by my late twenties, so it's been a while since I was wearing anything besides what feels right. I will say, as a Silicon Valley tech exec, the few times I'd wear a suit it was for foreign travel/meetings, where I was trying to respect their cultural nuances. What I've found is that people are often disappointed to find a tech exec dressed formally–I think they want to see the 'hoodie & sneakers'-cliches played out. Right now, my favorite piece in my closet is a jacket made by a friend, under her brand Bravo Charlie, who does vintage reclamation. She made me a jacket from a vintage sleeping bag–it's amazing and is a conversation starter anytime I wear it. What would be a typical work outfit for you? Jeans, t-shirt, sneakers and a jacket. Are you the proud owner of any futuristic gadgets? Carv, it's hardware that attaches to your ski boots to enable real-time, AI coaching as to how you are doing and what you can improve on in your skiing. How do you unwind from the top job? How do I manage stress? Napping, working out, stress eating, and during some chapters of the journey – therapy/coaching. How do I spend my free time? With my wife and kids, running, skiing, video games (Polytopia), and my guilty pleasure: survival-TV shows. What's the best bonus treat you've bought yourself? At a major milestone in my entrepreneurial journey, I made a personal splurge and purchased an industrial orange juice maker. When we acquired a startup in The Netherlands, I moved over there for a summer with my family. Each day, I'd stop at a little market to purchase fresh squeezed orange juice then walk through the quiet streets and bridges over the canals to the office. Fresh orange juice takes me back to The Netherlands every time. It's a hit of nostalgia and charm with every glass. How do you treat yourself when you get a promotion? I opt for bucket-list travel. For our 10th wedding anniversary, we biked our way through Thailand! I still consider that to be a trip of our lifetime. Take us on holiday with you, what's next on your vacation list? I travel almost every week, and my family often joins. Beyond that, I only take 2-3 weeks of work-free holiday per year. This time is reserved for lake trips, where days are spent waterskiing, fishing, exploring, swimming, and cooking; ideally, without WiFi. The quintessential trip as a Utahn isn't to Zions or Arches National Park; it is to the National Recreation Area, Lake Powell. It's the beauty of southern Utah's grand red rock formations, but with the fun and recreation of water. How many days of annual leave do you take a year? As co-CEO, my schedule demands almost weekly travel, much of it international. My family has taken the approach of traveling together as much as we can, and much of that is anchored in my work travel as well as trips where they are on holiday and I'm working remotely. So, I'm able to travel with my family 5-6 weeks per year, but reserve the days off for days on the lake. Fortune wants to hear from leaders on what their 'Good Life' looks like. Get in touch: This story was originally featured on Sign in to access your portfolio
Free Malaysia Today
11-05-2025
- Business
- Free Malaysia Today
Go beyond assembly lines and semiconductors, Malaysia advised
Malaysia has been caught in isolated segments of manufacturing, says management consultant Ben Simpfendorfer, making it difficult to attract strategic investments. (Bernama pic) KUALA LUMPUR : Malaysia should broaden its manufacturing ecosystem beyond assembly lines and semiconductors to fully capitalise on foreign investments, according to an international management consultant. Ben Simpfendorfer, a partner at the consultancy Oliver Wyman, said solar panels, battery storage systems, heat pumps, and electrolysers are among the clean energy products that Malaysia could also start manufacturing given the huge potential they hold. 'There is a growing interest from Chinese firms in clean energy manufacturing,' he said. Simpfendorfer, who is also the head of Oliver Wyman Forum, the consultancy's think tank, said Malaysia has to move beyond basic assembly work and set itself up as a complete manufacturing hub. 'It shouldn't be just another stop in the process,' he told FMT. He said that while Malaysia has the opportunity to be a big winner in the reconfiguration of global supply chains, it needs to have a holistic master plan as well as an ecosystem that that has both breath and depth. 'That means building full vertical supply chains – not just isolated segments of manufacturing,' he said. Simpfendorfer said the time has come for Malaysia to act given that it has already attracted investments from companies aiming to build resilience in their supply chains, particularly in semiconductors. 'The foundations here are very strong as Malaysia has a solid legal framework and robust foreign investment policy incentives but there's obviously more that can be done. 'The next stage in the process is to focus on building the ecosystem,' he said. Simpfendorfer shared these insights after a roundtable in Kuala Lumpur with senior leaders from both the public and private sectors recently. He noted that while many are uncertain about near-term possibilities, and some sectors are still in the 'wait-and-see' mode, long-term prospects in the region remain strong. He singled out Malaysia as one of the countries that stand to benefit as supply chains are de-risked and Chinese interest grows amid global trade tensions. 'Malaysia has a unique window of opportunity as multinationals reconfigure their geographic footprints and rebalance supply chains,' he said. Simpfendorfer said Asean is increasingly seen as the place to be, with few other regions offering the same scale and manufacturing base, with Mexico being the only other exception. Last year, Malaysia crossed a milestone with RM378.5 billion in approved investments, the highest in the nation's history, with key strategic investments coming in from the US, Germany, China, Singapore and Hong Kong. Preparing to stay in high-tariff world He said some businesses are already making strategic plans to reconfigure their supply chains given that 'we are not returning to a low-tariff world'. 'With tariffs expected to be higher than before, now is the time to consider what future global supply chains might look like. 'Companies must plan for new trade corridors, such as China to Asean or Asean to India, and position themselves to capitalise on these opportunities,' he said. With this in mind, he said, more firms need to focus on identifying emerging trade opportunities and positioning themselves to make the most of future possibilities.
