Author: Steven Sahiounie

This is according to Chief Executive of the IRISL Mohammad Reza Modaress Khiyabani speaking on Wednesday.  He emphasized that the International North-South Transport Corridor became operational in the current administration and is a source of pride for the IRISL. Elaborating on the performance of the company, he said that in addition to registering the historical records of cargo transportation which is unprecedented in the history of the shipping group, the IRISL managed to play a leading role in the field of meeting basic and fundamental needs of people and domestic producers by transporting imported and exporting products from and to countries around the world. Elsewhere…

RIYADH: Saudi Arabia’s Tadawul All Share Index rebounded on Wednesday after two sessions of consecutive losses, as it edged up 132.19 points, or 1.16 percent, to close at 11,574.75. The total trading turnover of the benchmark index was SR5.64 billion ($1.50 billion) as 174 stocks advanced, while 38 declined. The Kingdom’s parallel market, Nomu, also gained 60.13 points to close at 23,656.23. The MSCI Tadawul Index too followed a similar trend and climbed 15.19 points to close at 1,495.49. Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, was the best-performing stock of the day. The company’s share price soared…

RIYADH: The Royal Commission for AlUla has launched an urban development plan for its central and southern regions, promoting Saudi Arabia’s endeavor to become a global tourism destination. According to a tweet by RCU, the new master plan named “Path to Prosperity” will transform AlUla’s southern and central regions into an urban community with an “enhanced quality of life.” “Building on our achievements to date, discover how the masterplan will transform AlUla’s urban core as we embark on the next stage of our journey,” said RCU. According to RCU, the new master plan will concentrate on creating new schools and…

RIYADH: In a push to combat fraudulency, Saudi Arabia is set to participate in the inaugural Global Conference on Harnessing Data to Improve Corruption Measurement, scheduled in Vienna from Aug. 31 to Sept. 1. The delegation from the Kingdom will be headed by Mazin bin Ibrahim Al-Kahmous, president of the Oversight and Anti-Corruption Authority, also known as Nazaha, the Saudi Press Agency reported. Organized by the UN Office on Drugs and Crime along with international organizations focused on combating corruption, the conference will feature a hybrid format held at the UN headquarters. The event will serve as a platform for…

RIYADH: Saudi energy firm ACWA Power reached financial close for $123 million to develop the 200-megawatt Kom Ombo utility-scale solar project plant in Egypt. This move further underscored the confidence that major institutions have in ACWA Power’s track record of developing large-scale projects.    The entire cost of the investment was $182 million, with 68 percent of that amount being non-recourse to shareholders, the company said in a bourse statement on Wednesday. According to the statement, the limited recourse financing will be for a duration of two years. With the construction of the new plant, renewable energy will make up a greater…

Such an update comes just a week after Egypt’s Ministry of Petroleum and Mineral Resources announced that a new oil field was discovered in the Gulf of Suez. Citing Minister of Petroleum and Mineral Resources Tarek El Molla, the Egyptian cabinet of ministers announced on Tuesday that the country intends to develop 35 new natural gas wells in the upcoming two years through an investment of $1.5 billion. This comes after the cabinet stated that Egyptian Prime Minister Mostafa Madbouly convened with El Molla in the city of New Alamein in northwest Egypt on Tuesday. The cabinet’s statement read: “He [El Molla] explained…

Egypt announced on Wednesday that it has decided to establish a unit called “BRICS”, to be concerned with discussing cooperation files with the economic grouping, and includes in its membership ministers and officials concerned.She said  Egyptian Government In a statement, it was approved during the cabinet meeting today, to establish the (BRICS) unit in the council.” She explained that the unit will be concerned with discussing cooperation files with the BRICS group, noting that “the unit will include in its membership the ministers and officials concerned.” The Egyptian government also appreciated “Egypt’s accession to BRICS membership as of January 2024.”Earlier this…

In a move described by observers as “a true reflection of the BRICS movement”, the executive director of the city of Imam Khomeini International Airport announced that a 2.5 billion euro oil exchange agreement with China to expand the second section of the airport has been completed.The Iranian Tasnim news agency quoted the executive director of the International Airport City: “The  Oil Exchange Agreement worth 2.5 billion euros with China to expand the second section of the airport.” Observers pointed out that this step is economically important for the two countries, as it is in the interest of China’s energy security,…

Belgium, Spain, and France are among the top five buyers of the fuel, according to Global Witness   EU countries are set to buy record volumes of liquefied natural gas (LNG) from Russia this year, even as the bloc pledges to stop consuming Russian fuel by 2027, the latest findings published by Global Witness on Wednesday revealed. Members of the bloc continued to import a significant amount of LNG from Russia in the first seven months of this year, data showed. The EU has banned imports of Russian seaborne oil since the beginning of the conflict in Ukraine…

Supplies have been recovering via parallel channels after Apple exited the country last year Russian imports of Apple iPhones jumped by 15% in the first half of 2023 year-on-year, amounting to 1.1 million devices, the Vedomosti newspaper reported on Wednesday, citing data by the analytical center GS Group. According to the report, the sales volume was worth 105.7 billion rubles (over $1 billion). In monetary terms, Apple devices are still leading on the Russian market (34%), followed by China’s Xiaomi (19%) and South Korea’s Samsung (16%). However, in unit terms, the share of Apple smartphones dropped to 9% due to…