Author: Steven Sahiounie

President Mahmoud Abbas extended his condolences to the Interim Prime Minister of Libya, Abdul Hamid Dbeibeh, over the victims of the massive floods and rainstorms that struck eastern Libya, killing thousdans of people. President Abbas expressed his solidarity and sympathy with the Libyan people during this time of loss and natural disaster. The President offered the Libyan official and people sincere and heartfelt condolences, wishing the injured a speedy recovery. Source: WAFA

RIYADH: In an effort to bolster the local economy, Saudi Arabia’s National Development Fund, along with its affiliated financial institutions, has provided substantial financing totaling SR14.1 billion ($3.7 billion) in the first half of 2023. With a focus on achieving economic and cultural prosperity, the NDF and its affiliated entities have made noteworthy contributions across various sectors. Disbursed support reached SR10.3 billion, while guarantees exceeded SR5.6 billion, as reported in the NDF’s semi-annual release, cited by the Saudi Press Agency. The Saudi Industrial Development Fund, in particular, allocated approximately SR1.6 billion to 104 industrial entities during the first half of the…

RIYADH: Early-stage fintech startups in Saudi Arabia are set to receive a boost as Saudi Venture Capital has announced its intention to invest up to SR18.75 million ($4.99 million) in a dedicated fund managed by VentureSouq, according to a press statement. This move comes as part of SVC’s Investment in Funds Program which aims to support the development of the venture capital ecosystem in Saudi Arabia for all sectors and stages, according to Nabeel Koshak, CEO and board member at SVC. “This investment also comes to foster the growth witnessed recently by the fintech sector, which made it at the forefront…

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 11,235.14 points on Monday, gaining 81.09 points or 0.73 percent. MSCI Tadawul 30 Index edged up 12.18 points or 0.84 percent to finish at 1,453.72. However, the parallel market Nomu fell 287.23 points or 1.26 percent to conclude at 22,556.88. The main index posted a trading value of SR6.5 billion ($1.7 billion), with 157 stocks advancing and 60 declining. On the other hand, Nomu reported a trade volume of SR43 million. Al Yamamah Steel Industries Co. was the top performer on TASI as its share price surged 10 percent to SR26.95.…

RIYADH: Tourism and hospitality in Alkhobar will soon receive a significant boost with a government fund planning to finance and develop the Ritz-Carlton property in the city, according to the Saudi Press Agency. Saudi Arabia’s Tourism Development Fund has partnered with Riyadh-based RC Beach Real Estate Fund to finance and develop the Ritz-Carlton Khobar, the first beach resort in the city. The other parties involved in the deal include Al Fozan Holding, Mansour Bin Jumah & Sons Holding Co., and Bank AlJazira. The agreement aligns with TDF’s mission to facilitate private sector investments in promising tourism ventures, furthering the objectives…

RIYADH: In a sign of deepening economic ties between the two nations, Saudi Arabia is considering “opening an office of the Investment Ministry in India,” said Investment Minister Khalid Al-Falih. Al-Falih was speaking at the India-Saudi Investment Forum in New Delhi on Monday. The minister noted that Saudi Arabia will soon send a delegation to India to study the feasibility of opening such an office. “I will commit today that we will open an office in India for investment facilitation,” said Al-Falih. He added: “Within the next few weeks, I commit that we will send a strong delegation to GIFT…

RIYADH: In a bid to boost the export of products and services, Saudi Arabia and India signed a memorandum of understanding on Monday, the Saudi Press Agency reported. The agreement was signed between the Saudi Export-Import Bank and the Export Import Bank of India to bolster the fast-growing economic ties between the two countries. Specific areas earmarked for collaboration under the MoU include the export of products and services, exchange of information and expertise, and support for joint projects. The MoU was signed by Saad Al-Khalb, CEO of the Saudi Exim Bank, and David Senat, general manager of the Export…

RIYADH: Saudi Arabia is actively seeking to exchange experience with nations around the world to ensure its sustainable development and achieve its goal of carbon neutrality by 2060, said an official. Speaking at the Cityscape Global real estate exhibition in Riyadh on Monday, Mohammad Albuty, CEO of Saudi National Housing Co., described economic, social, and environmental sustainability as key elements of a thriving and sustainable community. Albuty said his company is working to develop innovative products that boost economic stability, which is necessary for sustainable development. “We are working on a substantial real estate supply. We initially announced 300,000 housing…

RIYADH: Saudi Arabia’s manufacturing activity surged by 8.7 percent in July compared to the same period the previous year, as indicated by the latest report from the General Authority for Statistics. The report highlighted a 21 percent increase in electricity and supplies for July year-on-year. However, the Industrial Production Index witnessed a 9.5 percent decline in July 2023 compared to July 2022 when it had posted a 17.7 percent gain. “Although the activity of the manufacturing industry and the activity of electricity and gas supply continued to rise, the decline in the mining and quarrying activity during July 2023 led…

Iran and Iraq have targeted $20 billion in trade, Chairman of Iran-Iraq Joint Chamber of Commerce Yahya Al-e Es’hagh stated. Iran and Iraq enjoy high potentials in all fields, especially in the fields of trade and economy to boost their trade value to $20 billion in the coming year, he emphasized. Iraq will become the main country in the region in the field of investment within the next 10 years, Al-e Es’hagh said, calling on Iranian investors to make investments in the lucrative and profitable Iraqi market. The United Arab Emirates, China and Iran are Iraq’s major trade partners, he noted. He went on to…