The IBG Global is an association of market entry consulting firms from across the globe with each company representing their geographical location from offices in a total of 53 countries. AEI Saudi is delighted to announce that we have joined the association and we look forward to working with the group to support international enquiries on trade both into and out of the Saudi market.
The group’s quarterly newsletter collates news on recent projects and opportunities from across their membership and their latest newsletter also contains AEI’s first contribution.
Please don’t hesitate to get in touch should any of their projects be of interest. Some highlights include:
Canada to Boost Defence Spending by 70%
Canada is a member of the North Atlantic Treaty Organisation and ranked 14th in military spending worldwide in 2017. Canada will increase annual defence spending from US$14.8 billion in 2016-17 to US$25.5 billion in 2026-27 (an increase of 70%), bringing spending for the next 20 years to US$432 billion.
Leading Sub-Sectors: Naval vessel construction, conversion and MRO. Aircraft and MRO. Combat vehicle fabrication. Cyber defence. Electro optical, radar, sonar sensors, fire control and countermeasures.
Renewable Energy in Saudi Arabia
Although embryonic at this stage, Saudi Arabia is beginning to make marked inroads into the renewable energy sector – 2018 saw 8 tenders issued for renewable energy projects totaling US$7 billion. The original target was to build solar farms with an output of 200GW, which was ambitious as last year’s total global output was 100GW. Nonetheless, in November 2018, it was announced that energy developer, ACWA Power, was awarded Saudi’s first solar PV project in Sakaka under the National Renewable Energy Program (NREP). The US$320 million 300MW project is expected to generate enough power to offset 430,000 tons of carbon dioxide per year and power as many as 45,000 homes in the Al Jouf area.
Chinese Pharmaceutical Opportunities
China is the second largest pharmaceutical market in the world, second only to the United States. Estimates suggest that China is home to roughly 40% percent of the global production of active pharmaceutical ingredients, with exports worth US$29 billion in 2017. It is also one of the fastest growing markets for pharmaceuticals, with IQVIA estimating the market value at US$122.6 billion in 2016 and projected growth to as much as US$175 billion by 2022. According to the China Investment Corporation Annual Report, Biopharma was the second largest investment market in 2017, second only to information technology.