Author: Steven Sahiounie

The country has borne the brunt of a weakening global economy due to its dependence on exports, the chancellor has said Germany’s current economic growth is “unsatisfactory,” Chancellor Olaf Scholz has said in an interview with Bavarian newspaper Passauer Neue Presse, published on Saturday. According to Scholz, Germany’s reliance on exports means it has been markedly affected by the overall slump in the world’s economy. “When the global economy weakens, we feel it particularly strongly. But the reverse also applies: if the global economy picks up again, we also benefit,” he stated. The chancellor, however, is optimistic about long-term prospects.…

Today, Sunday, the Kingdom of Saudi Arabia will witness the official launch of the real estate exchange in Riyadh at 11:30 am.She said Newspaper In November 2021, the Ministry of Justice launched the Saudi Real Estate Exchange on a pilot scale, which included direct sales, real estate offers, new deals, mortgages, sukuk inquiry and real estate deed update. The inauguration ceremony of the real estate exchange is expected to include announcements on the number and value of transactions, in addition to trading volume, highest price, lowest price, best request and best offer. Source: Sputnik

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Sunday launched a master plan to develop logistics centers in the Kingdom as part of its efforts to diversify the economy, the Saudi Press Agency reported. The crown prince unveiled a comprehensive plan that seeks to develop 59 logistics centers, encompassing a total area exceeding 100 million sq. meters. These centers will span various regions, including 12 each in Riyadh and Makkah, 17 in the Eastern Province, and 18 across other parts of the Kingdom. The strategy aims for the completion of all centers by 2030. The crown prince affirmed that the initiative is integral to enhancing Saudi Arabia’s international trade…

CAIRO: Saudi startups are making a profound impact on the Gulf’s business environment, with companies spanning diverse sectors expanding their influence beyond local boundaries to elevate the regional ecosystem. YaSchools, a Saudi-based educational technology startup, is leading the charge by meticulously planning its entry into the Jordanian market, leveraging its insights into the untapped potential and surging demand for digital education solutions within the country. In an interview with Arab News, Mohamed Zohair, CEO and founder of YaSchools, revealed that the company is gearing up to commence full operations in Jordan by the last quarter of this year. “We…

RIYADH: In a major move aimed at reshaping the real estate sector, Saudi Arabia has unveiled the Real Estate Market initiative. This platform aims to elevate the management of property transactions, spanning ownership transfers, purchases, sales, and mortgages. The Real Estate Market’s primary objective is to establish a robust system for monitoring and regulating transactions, while also preventing any potential price manipulation. The newly launched market includes many services that will contribute to accelerating the implementation of real estate operations as well as providing data with high quality and efficiency. Moreover, it is expected to foster transparency and ensure fair…

RIYADH: In a bid to develop cooperatives in Saudi Arabia’s agricultural sector, Red Sea Global has launched Red Sea Farms Cooperative, also known as Tamala, the Saudi Press Agency reported. According to the report, Tamala resulted from complementary national partnerships between the government, private and nonprofit sectors. It noted that Tamala’s board of directors and general assembly comprises 29 members with experience in the agricultural sector, besides farmers from the local community in the Tabuk region. One of the key goals outlined in Saudi Arabia’s Vision 2030 is strengthening the agricultural sector and ensuring food security. RSG CEO John Pagano…

The third China-Africa Peace and Security Summit is set to commence on Monday, August 28, as Beijing looks to strengthen military cooperation with the African continent. The third China-Africa Peace and Security Forum will be held in China from August 28 to September 2, the Chinese Ministry of Defense announced on Sunday. The ministry revealed that Chinese Minister of Defense Li Shangfu will be in attendance at the plenary session of the forum, where he will deliver a keynote speech. The forum is expected to hold “leader of defense departments and military chiefs of nearly 50 African countries” as well…

Confrontations broke out today between Israeli forces and Palestinians in the town of al-Ram to the north of occupied Jerusalem, said witnesses. Israeli forces stormed the town, leading to confrontations with the provoked resident. Forces attacked residents with tear gas canisters and stun grenades, however, no injuries were reported. Source: WAFA

A massive explosion strikes Sudan’s capital amidst ongoing clashes between the country’s armed forces and the rapid support forces. A colossal explosion shook Sudan’s capital, Khartoum, on Saturday, sending shockwaves through the city. Video footage captured the moment a massive fireball erupted, accompanied by thick black plumes of smoke that engulfed the skyline. Local sources have indicated that the sound of explosions was heard near Khartoum International Airport, leaving residents and officials alarmed. Initial reports suggest that the explosion emanated from the airport’s jet fuel depot, causing widespread panic and concern. This comes amid ongoing clashes between Sudan’s armed forces…

RIYADH: Saudi Telecom Co.’s subsidiary, Telecommunications Towers Co., or TAWAL, has raised $1.42 billion in Islamic financing to facilitate the acquisition of tower assets from the Netherlands-based United Group, extending its reach into the European market. TAWAL agreed in April to buy tower infrastructure worth 1.22 billion euros ($1.34 billion) from United Group which has sites in Bulgaria, Croatia and Slovenia. In a regulatory filing, the telecommunications major disclosed that the transaction was funded through a Shariah-compliant bank loan. The deal, having obtained the required approvals, was completed on August 24. Saudi National Bank, the Kingdom’s largest lender, played…