Private sector roped in to boost economy.
Saudi Arabia announced plans on Tuesday to pump investments worth $3.2 trillion into the national economy by 2030, roping in the oil-reliant kingdom’s biggest companies in a major economic diversification push.
The announcement by de facto ruler Crown Prince Mohammed bin Salman underscores an effort to jumpstart the domestic economy as the top crude exporter battles high youth unemployment and a coronavirus-triggered downturn.
“The total investment injected. into the national economy is expected to reach 12 trillion riyals ($3.2 trillion) by 2030,” Prince Mohammed said in a speech carried by state television.
Twenty-four of the kingdom’s biggest companies, including energy giant Aramco and petrochemical firm SABIC, will lead the investment drive by contributing five trillion riyals ($1.3 trillion) over the next decade, he said.
Department of Defence
The Morrison Government has announced a $9 million boost to Australia’s defence industry to develop an integrated system that can detect and neutralise improvised threats.
The contract, awarded to Lockheed Martin Australia’s Science, Technology, Engineering Leadership and Research Laboratory (STELaRLaB), was given as part of Defence’s Counter Improvised Grand Threat Challenge (CIT-GC) initiative.
It includes a US$3 million financial and technical contribution provided by the United States’ Defense Threat Reduction Agency (DTRA).
Minister for Defence Industry Melissa Price said the contract, funded through the Next Generation Technologies Fund, was important in helping to keep the men and women of the Australian Defence Force safe.
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Coffin Marine Services recently built a custom pontoon lift barge that can hoist derelict vessels from these shallow environments.
Using aluminum framing and repurposed polyfoam flotation cells, the equipment draws only 6 inches of water allowing salvage operations to occur without invasive removal methods or causing additional resource impacts. Since 2008, Coffin Marine has removed nearly 200 derelict vessels for Monroe County, according to county officials.
âJohn Coffin is a dedicated, model contractor for Monroe Countyâs Derelict Vessel Removal Program who tirelessly demonstrates creative solutions when working in our sensitive marine environment,â said Monroe County Marine Resources Senior Administrator Celia Hitchins. âHe and his crew members always show a strong commitment toward environmental stewardship, partnership, and transparency to ensure our waterways remain safe and clean.â