Latest news with #PrivateSector
Arab News
4 days ago
- Business
- Arab News
Saudi Arabia launches advanced manufacturing center to boost industrial innovation
JEDDAH: Saudi Arabia has launched the Advanced Manufacturing and Production Center, a key initiative aimed at accelerating the Kingdom's industrial transformation through the adoption of advanced technologies and sustainable practices. Unveiled on May 28, the center is set to play a central role in promoting efficiency, flexibility, and growth within the manufacturing sector. It will utilize technologies associated with the Fourth Industrial Revolution to localize production and enhance Saudi Arabia's competitiveness on the global stage. The initiative also supports strategic industries while aligning with the objectives of Saudi Vision 2030, the country's long-term plan to diversify its economy. A major focus is encouraging private sector collaboration to speed up the integration of emerging technologies into industrial operations. The launch supports the National Industrial Strategy, introduced in October 2022, which aims to increase the number of factories in the Kingdom to approximately 36,000 by 2035. The strategy is designed to attract investment, scale up local production, and strengthen non-oil exports. The Ministry of Industry and Mineral Resources is overseeing several projects to advance the Kingdom's industrial and logistical infrastructure, positioning Saudi Arabia as a key player in global manufacturing and trade. 'Adopting the latest industrial technologies raises the efficiency of our industrial sector and enhances its competitiveness regionally and globally,' said Khalil bin Ibrahim bin Salamah, deputy minister of industry and mineral resources for industrial affairs, in a post shared by the ministry on X. In an accompanying video, the ministry reiterated the center's significance in meeting national goals: 'The Advanced Manufacturing and Production Center opens doors to industrial investment opportunities and stimulates the sector to adopt new manufacturing technologies within industrial facilities.' The center is supported by several initiatives and programs, including the Future Factories Program, which aims to modernize 4,000 factories across the Kingdom. The FFP focuses on integrating advanced manufacturing systems to boost efficiency and build more resilient supply chains—particularly in critical sectors such as food and petrochemicals. According to its official website, the center serves as a hub for industrial innovation, providing consultancy services, training, and technological solutions. It is dedicated to fostering sustainability and competitiveness across the manufacturing sector. Through these efforts, the center is expected to significantly contribute to Saudi Arabia's Vision 2030 goals by localizing high-tech capabilities, attracting investment, and advancing the industrial sector's role in the nation's economic diversification.
Reuters
6 days ago
- Business
- Reuters
World Bank cuts Kenya's 2025 growth forecast as private sector squeezed
NAIROBI, May 27 (Reuters) - The World Bank has cut Kenya's growth forecast for this year by half a point from its initial prediction to 4.5%, it said on Tuesday, citing high levels of debt, high lending rates and a decline in private sector credit. Kenya, which is East Africa's biggest economy, has recorded robust annual growth rates, but high public debt, repayments, economic inequalities and questions on governance have curbed its performance. "Domestic borrowing, coupled with high lending rates, risk crowding out the private sector," Naomi Mathenge, a senior economist at the World Bank, told a briefing on the Kenya Economic Update report, which is usually published twice a year. The government has used the domestic market to fund its budget due to lower financing from external sources, the report said, while unpaid bills and tax revenue shortfalls have undermined its fiscal consolidation efforts. Authorities have managed to keep inflation and the foreign exchange rates stable since last year, allowing policymakers to start easing, but real lending rates have not followed, the report said. This has led to a decline in credit growth, affecting sectors such as manufacturing, finance and mining, partly due to lower demand. Bad loans have also increased, especially among small commercial lenders, the report said, compounding the situation. Private sector credit growth was -1.4% last December, the World Bank said in the report, compared with growth of 13.9% a year earlier. Kenya also faces risks from its debt, which is 65.5% of GDP, since the country is classified as at high risk of distress. The economy expanded by 4.7% last year, down from 5.7% in the previous year, partly due to unrest in the middle of last year in protest at tax hikes. Growth is expected to recover to about 5.0% in the next two years, the World Bank said, provided risks such as poor weather are avoided. The World Bank urged the government to implement targeted tax reforms, including the elimination of exemptions in certain consumption tax, to boost revenue, support inclusive growth and lower debt.
Khaleej Times
7 days ago
- Business
- Khaleej Times
UAE introduces new service to verify academic degrees of private sector employees
A new digital project launched in the UAE will help verify the academic qualifications of private sector workers, authorities announced on Monday. The service applies to private sector employers and workers with academic degrees issued outside the UAE, covering skill levels 1 to 4. The service will be extended to include degrees issued within the UAE at a later stage. Users can access it via the Ministry of Human Resources and Emiratisation's (MoHRE) website, smart application, and business service centres across the country. In a statement, the MoHRE said, "The 'Academic Qualification Verification Project' offers a range of benefits to government entities and the private sector, ensuring the accuracy and authenticity of academic qualifications used in the employment process through direct digital verification. This allows for more reliable hiring practices, reduces required paperwork, and streamlines the service into a unified verification process with a one-time fee."
The Citizen
25-05-2025
- Business
- The Citizen
R51b government bailout approved for Transnet
After receiving a R47b bailout in December 2023, the Minister of Transport, Barbara Creecy, has this week approved a R51b guarantee facility for Transnet for the next two financial years. The money will be available immediately to assist the railway company to be able to pay its debt and support its capital investment programme. According to Transnet, the facility will enable it to refinance maturing debt and ensure the organisation's continued access to adequate resources and facilities to be able to continue its operations as well as fund the capital investment programme for the foreseeable future. It will also enable Transnet to focus on operational improvements and strategic reforms. 'Transnet plays a central role in the South African economy and the government's goal of inclusive growth. The entity is currently engaged in a wide-ranging reform programme with the aim of improving operational performance in the short and medium term. 'This programme aims to overcome operational, financial, and governance challenges, hampering its ability to fulfil its strategic role,' the Department of Transport said. In line with existing Guarantee Framework Conditions, Transnet has made significant strides in implementing rail and port reforms. In pursuit of enhanced partnership and collaboration, several key Private Sector Participation (PSP) transactions are being implemented. PSPs are a key element of the organisation's strategy to modernise its operations and infrastructure and grow the logistics sector for the benefit of the economy. 'At the end of March, Transnet had succeeded in moving the equivalent of 161 million tons of freight on its rail network. 'In December 2024, the entity released the 2024/25 Network Statement, which facilitates private sector operators on freight rail. Announcements of the first successful bidders are expected by the end of July. 'In March, the Department of Transport issued a Request for Information for private investors on five key freight corridors and associated ports with the intention of promoting private investment in the Transnet infrastructure while the network remains state owned. The RFI closes on 31 May, and Transnet is expected to issue requests for proposals by September this year,' the department said. Interim solutions to meet capital investment needs by the entity include project-based applications to the Budget Facility for Infrastructure. Transnet is also working with National Treasury and the Presidency to develop a collaboration and funding policy to support immediate capital improvements by the private sector in priority freight corridors. 'In recognition of the progress made to date, the National Treasury and the Department of Transport have been working with Transnet to find a solution to the company's immediate needs and the decision to grant the guarantee facility is a result of these discussions. 'The financial support package provided for the entity is a R41b guarantee facility for its funding requirements over for the 2025/26 and the 2026/27 financial years. This package also includes a R10b guarantee that Transnet will have to utilise for its liquidity management as it relates to the servicing of its maturing debt and capital investments,' the department said. On 1 December 2023, a guaranteed support facility of R47b was announced. This enabled Transnet to execute its Recovery Plan over the 2023/24 – 2024/25 financial years. A Guarantee Framework Agreement between the Department of Transport and the National Treasury will include guarantee conditions that will be continuously reviewed and amended when deemed necessary. Any drawdowns will be subject to Transnet meeting these conditions. These conditions will again focus on certain operations requirements and logistics sector reforms. 'With government's commitment to support its recovery and strong collaboration with customers and industry partners, Transnet is on course to recover and fulfil its strategic role in the South African economy,' Transnet said. – At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Zawya
23-05-2025
- Business
- Zawya
23.8% increase in number of mystery shopper reports issued by Dubai Chambers
DUBAI - Dubai Chambers has revealed significant growth in participation in its Service Excellence Programme, underlining the private sector's increasing focus on delivering exceptional customer experiences. Dubai Chambers issued 2,422 mystery shopper reports to companies enrolled in the Service Excellence Programme during Q1 2025, marking a 23.8 percent increase compared to the 1,955 reports issued in Q1 2024. This substantial growth reflects the programme's impact in driving improvements in customer service and fostering a culture of excellence within the private sector. The programme has experienced a surge in participation, with the number of applications rising by an impressive 42.4 percent. During Q1 2025, 1,155 companies applied to join the programme, compared to 811 applicants in Q1 2024. The Service Excellence Programme offers participating companies the opportunity to receive quarterly mystery shopper reports, which provide detailed feedback on their customer service performance. These reports highlight strengths and areas for improvement, enabling companies to make data-driven decisions and implement targeted strategies to enhance customer experience. The programme evaluates companies based on criteria aligned with global best practices, including branch appearance, policy and criteria, employees, service delivery, payment transaction, services provided for People of Determination, and customer happiness measurements. It also assesses the added value companies bring to customers through digital channels and other service enhancements. To ensure the Service Excellence Programme remains relevant and responsive to the evolving local business environment, Dubai Chambers has expanded its scope to include the evaluation of customer experience in concept stores and the insurance sector, as well as the assessment of service quality provided by businesses through the LinkedIn and TikTok platforms.
