A Word from the CEO
A step towards sustainable development to achieve the vision of 2030
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Under the guidance of the shrine of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud (may God protect him), and the follow-up of his Crown Prince, His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud (may God protect him), the vision of 2030 AD was launched with the National Transformation Program 2020 AD to mark the beginning of a new stage in the path of the Kingdom.
The vision aims to build a strong economy based on solid foundations, away from traditional sources of income, so that the focus is on revitalizing various other economic sectors. The launch of the Vision 2030 is to enhance the opportunities granted to the private sector, in order to start a new type of business, and expand more in Investment sectors.
Through the vision of 2030 , the Kingdom is looking forward to increasing the domestic product from the non-oil sectors to reach their highest levels, and on top of them is the construction and building sector, which official statistics have proven to be one of the largest non-oil sectors Contributing to the Kingdom’s GDP. As the largest cement company in the Kingdom, “Arabian Cement” is one of the most important key partners in achieving the Kingdom’s 2030 vision in the industrial sector, and upgrading this sector in accordance with the highest standards followed.
The financial and economic factors and indicators that had and still have the greatest impact on the economic situation of the Kingdom can be listed as:
- The performance of the Kingdom’s public budget reflects the continuous improvement in the performance of the public finance, which in return reflects the efforts made to implement economic reform plans and programs aimed at diversifying sources of income and economy as well as achieving financial sustainability, which embodies the harmony of policies and supporting procedures of stimulating the Kingdom’s macroeconomic to achieve the objectives of the financial economic balance program.
- Commitment to implement economic reforms will help reach financial goals and promote non-oil growth. The Kingdom aims through this to reach fiscal balance by 2023 instead of 2020, in order to maintain financial liquidity and good economic activity rates in all sectors. It is expected that the budget deficit will decrease Saudi Arabia to 4.6% this year 2018 AD, and 1.7% in 2019 AD, which confirms that the strong actual start of the reform plan witnessed this year by imposing a 5% value-added tax on goods and services, and imposing fees on expatriate workers, while reducing support directed for fuel and electricity. Amid expectations that these steps and procedures will lead to an increase in non-oil revenues this year 2018, to approximately 285 billion riyals, which reduces pressure on oil.
Faced with these accelerating economic changes, the company management was keen to keep abreast of these events, so it laid down plans and strategic programs to advance the company’s capabilities according to the restructuring of the industry in the Kingdom, with the impact of several economic factors for a more balanced oil market. In addition to what was confirmed by the data from the Ministry of Trade and Investment, that companies and institutions in the private sector achieved a 5.6% growth in profits, including the expectations of an improvement in the construction and building market.
Besides specialized reports and studies expected that the cement market will witness a partial improvement during the coming period, despite the decrease in demand and the increase in stock of cement. It is only a corrective situation in light of the economic changes taking place in the market, along with the initiatives and projects put forward by governmental agencies, since this decline will not negatively affect investments in the construction and building sector.
Therefore, in line with all these economic and developmental variables, the company had to develop its website, to provide a variety of high-quality services to its shareholders, customers, consultives, suppliers, and dealers, including logistical services, business services and E-Commerce, throughout using the latest technology, in line with the Cabinet decision dated 3/7/2018 with the establishment of the E-Commerce Council chaired by His Excellency the Minister of Trade and Investment, whose system contains 28 articles to activate the elements of E-Commerce. This represents an important step from the company management adding up to the spectrum of services and products it provides, working vigorously to keep pace with the rapidly growing economic development taking place in our country, along with continued development of more services with global competitiveness.
This is affirming our full commitment to provide logistical services at the highest level, and the company’s management will seek to set new standards for the chain of services efficiency to reduce costs and rationalize spending, and provide services with high quality and efficiency, in order to achieve the vision of 2030, believing in the strength and sustainability of the foundations of our Saudi economy.
Therefore, updating and developing the company’s website was one of the most important signs of the requirements of the current period in line with its future plans, to make it an effective link and communication between the company and all its customers and as a vital requirement in its development plans.
Dr. Badr Osama Johar
Chief Executive Officer