imported 2024-03-17 17:43:07
Anees Ahmed Moumina, CEO of SEDCO Holding talks about foreign direct investments and doing business in Saudi Arabia.
Actually it’s a very crucial time for all the oil exporting countries, but mainly for my country Kuwait. As you quite rightly said, I was talking about the subject even when I was the Minister of Finance in 2006/2007. I was worrying about the point at which the oil prices would drop. A drop which is out of our hands and that’s what is happening now. Gentlemen, last night I was even checking with the Minister of Oil of Kuwait and I was also checking with one of our oil experts about the price of our oil at close of day on Friday. It is 54. 54, six months ago it was 100. So what does that mean for our budget?
Kuwait is an oil related economy, with the energy sector dominating the economy. Oil and oil related products constitute about 55 to 60% of Kuwait’s GDP. A sharp drop in oil prices, like a 40% drop, is going to affect the economy. The nominal GDP will get affected. Real GDP will depend on how OPEC reacts about 6 months down the line.
We have a mega project: the Damietta project, a grain logistics hub. It is related to the poor Egyptian who buys a loaf of bread from a village in Delta or Upper Egypt. In order to guarantee the stability of what we are doing, we have to invest for the future.
The challenge at FDI, is how to bring foreign direct investments into a country with a troubled neighborhood. But as one of the emerging market powers, the public equity is going to be opened in Saudi Arabia in the middle of this year.
In addition, according to Ninth Development Plan by Ministry of Economic & Planning, increasing life expectancy (74 years) which is leading to an ageing population in need for specific and costly health services (> 60 years are growing from 4% to 7% in 2020).
Abdul Razak bin Abdul Majid, Chairman of Energy Commission talks about electricity consumption in Malaysia. The power consumption grew at 3.5% per annum.
Malaysia is on the upward economic trend and that is why the electricity consumption grows.
Abdul Razak bin Abdul Majid, Chairman of Energy Commission talks about the structure of the electricity sector.
Abdul Razak bin Abdul Majid, Chairman of Energy Commission says that Malaysia offers one of the lowest rates for electricity for commercial and industrial purposes.
