Category: Uncategorized

News BlackRock plans to allocate as much as $400 million into Dubai-based decarbonization company Positive Zero. Positive Zero, a Dubai-based decarbonization company, announced on Monday that BlackRock has committed to investing up to $400 million in the firm through a diversified infrastructure fund, as reported by Reuters. The investment aims to support Positive Zero’s mission of advancing energy transition projects in Gulf countries, leveraging its decentralized decarbonization infrastructure business. Founded by climate investment-focused Creek Capital in late 2023, coinciding with the UN COP27 climate summit in Egypt, Positive Zero resulted from the merger of solar company SirajPower, energy efficiency services firm Taka Solutions, and on-demand battery business HYPR Energy. Creek Capital, co-founded by Mohammed Abdulghaffar Hussain, who serves as chairman, and David Auriau, the managing director, has strong ties to Dubai-based family conglomerate Green Coast Enterprises. Auriau brings experience from Alstom Power and consultancy Oliver Wyman. Ed Winter, BlackRock’s head of Asia-Pacific and Middle East for diversified infrastructure, expressed confidence in Positive Zero’s potential to capitalize on favorable conditions driven by ambitious economic growth and energy transition goals outlined by the UAE and other Gulf nations. Winter’s remarks were included in Positive Zero’s statement. The investment aligns with the objectives of the UAE-hosted COP28 summit, which concluded recently, aiming to triple renewable energy capacity by 2030, as stated by Hussain in the announcement. BlackRock declined to provide further comment beyond Positive Zero’s press release.

News Saudi Arabia introduces a fintech initiative aimed at enhancing financial innovation. Riyadh: Saudi Arabia has introduced a fresh financial technology initiative named Makken, aimed at nurturing and advancing the fintech sector within the Kingdom. The official launch took place on December 17, led by Saudi Central Bank Governor Ayman Al-Sayari and Mohammed El-Kuwaiz, Chairman of the Capital Market Authority. Makken stands as an extension of the ongoing collaborative efforts between the Saudi Central Bank (SAMA) and the CMA to foster and evolve the fintech ecosystem, falling under the broader Financial Sector Development Program. Over the course of three years, Makken intends to empower 150 emerging fintech enterprises, directly contributing to the sector’s growth trajectory and elevation. During the inauguration event, Al-Sayari underscored Saudi Arabia’s significant strides across various sectors, with fintech emerging as one of the fastest-growing domains. He reiterated the ongoing commitment to fuel digitization and innovation within the financial landscape. Al-Sayari noted, “We are witnessing a rapid surge in fintech activities, with the number of fintech companies reaching 207 by the end of November 2023, compared to 147 at the close of 2022, marking a notable 40 percent increase.” He further revealed that in 2023 alone, approximately 3,000 direct employment opportunities were created in the fintech sector, bringing the total job count to over 5,000 by the end of the third quarter. Al-Sayari also highlighted key milestones, including the launch of SAMA’s Open Banking Lab early in 2023 and ongoing efforts to introduce the second version of the regulatory framework for open banking payment services. To bolster fintech and digital transformation, the Saudi Central Bank and the Capital Market Authority have issued and updated 16 documents, comprising instructions and regulations. Moreover, transactions through point-of-sale services in the Kingdom witnessed a 23 percent upsurge in the first 11 months, totaling 8.1 billion compared to 6.6 billion in the corresponding period last year. The transaction value from January to November surged by 5 percent to SR560 billion ($135.68 billion) from SR509 billion in the previous year. Al-Sayari concluded with optimism regarding the continued advancement of the fintech sector in Saudi Arabia.

News Key figures in the aviation industry will convene in Riyadh to deliberate on the future of the aviation sector. Riyadh is gearing up to host the second edition of the two-day Saudi Airport Exhibition, bringing together thought leaders and stakeholders from the global aviation industry to discuss emerging trends and critical issues facing the sector. Scheduled to take place on December 19-20 at the Riyadh International Convention and Exhibition Center, the event will feature two co-located conferences aimed at enriching discussions on various aspects of the aviation industry. The exhibition is expected to draw over 6,000 aviation professionals, with 250 global exhibitors, 50 participating companies, 200 regional buyers, and 2,000 pre-scheduled meetings. Alongside the exhibition, the Global Aviation Issues Conference and Women in Aviation General Assembly will convene leaders from the sector, providing a platform for dialogue on challenges and collaborative opportunities. Organized by Niche Ideas with Matarat Holding, an arm of the General Authority of Civil Aviation, the event has seen significant growth since its inaugural edition last year. Exhibitors from Saudi Arabia, Bahrain, the UAE, the UK, Italy, Germany, and the US will showcase the latest innovations in the aviation industry. The Global Aviation Issues Conference, spanning two days, will gather over 500 participants, including Saudi transport and aviation leaders, global experts, and suppliers. Discussions will focus on facilitating collaborative efforts to support the Kingdom’s aviation strategy and promote industry growth, sustainability, and profitability worldwide. Saudi Arabia’s ambitious aviation expansion program, part of Vision 2030, aims to triple the country’s airports’ capacity by 2030, positioning it as a key player in the global aviation landscape. With projections indicating substantial growth in the sector, the Kingdom is actively working to develop sustainable and modern airport facilities. The Women in Aviation General Assembly, held for the first time alongside the Saudi Airport Exhibition, will spotlight women’s role in advancing the Kingdom’s aviation goals and creating new job opportunities across the Middle East. The conference will feature discussions on diversity, women’s empowerment, and the future of aviation in the region. Key themes of the event include women’s empowerment under Vision 2030, initiatives by the Kingdom, an inclusive future for aviation, and establishing pathways for women to participate in technical operations. In addition to the conferences, the event will host an awards ceremony recognizing global suppliers for their notable contributions to enhancing the airport passenger experience and optimizing airport operations. The second Saudi Airport Exhibition promises to be a pivotal event for the aviation industry, fostering collaboration, innovation, and growth opportunities in Saudi Arabia and beyond.

News Saudi Arabia and Thailand have established a strategic partnership aimed at fostering economic growth. Saudi Arabia and Thailand are collaborating to promote innovation and entrepreneurship, strengthening their bilateral relations,” said Saudi Commerce Minister Majid Al-Qasabi. Speaking at the Thailand Mega Fair in Riyadh, Al-Qasabi highlighted the joint efforts to expand growth opportunities, stating, “We are committed to facilitating trade and investment and fostering innovation and entrepreneurship to enhance cooperation between our countries.” Emphasizing the potential for economic growth and mutual benefits, he added, “Both countries have significant potential to grow their economies and numerous opportunities to share across their private sectors.” The bilateral trade relationship has witnessed an increase, with Riyadh hosting a four-day trade show in August featuring over 100 manufacturers and entrepreneurs from Thailand showcasing a variety of products across different sectors. “The recent visit by Thailand’s Prime Minister to Saudi Arabia has laid the foundation for a three-year economic plan focused on trade and investment,” said Deputy Prime Minister Parnpree Bahiddha-nukara in his opening remarks at the event. He outlined Thailand’s commitment to supporting Saudi Vision 2030 in areas such as agriculture, food security, wellness, medicine, tourism services, and hospitality. Bahiddha-nukara also highlighted Saudi Arabia’s role in supporting and facilitating the green hydrogen project in Thailand. Additionally, the establishment of the Saudi-Thai Business Council in August last year led to the signing of two crucial agreements on free trade and streamlining commercial procedures between the two nations. “Our delegation’s participation in the Saudi-Thai Joint Business Council meeting and the Saudi-Thai Business Forum has been instrumental,” said Thai Chamber of Commerce Chairman Sanan Angubolkul. This participation resulted in fruitful cooperation, with agreements focusing on 10 key sectors, including building materials, food and beverage, tourism, services, and energy. “We are committed to enhancing our economic relations by targeting a 20 percent increase in trade volume, reaching a goal of $12 billion by 2024,” added Angubolkul.

News Saudi Arabia and China are set to increase investments in the aquaculture sector. At the Global Investment Promotion Conference in Shenzhen, China, Saudi Arabia and China are poised to bolster investments in the aquaculture sector, as reported by the Saudi Press Agency. Representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture engaged with more than 60 specialized Chinese firms to explore and expand opportunities in the sector. The aim of the forum was to showcase investment prospects in Saudi Arabia’s aquaculture sector, promote the exchange of expertise, and facilitate private sector involvement in capitalizing on growth opportunities. The National Fisheries Development Program, represented by the ministry’s delegation, played a pivotal role in these discussions. Established in 2015, the program seeks to attract $5 billion in investment from the private sector by the end of the decade, with a focus on expanding aquaculture. Central to this initiative is the National Aquaculture Group (Naqua), the largest firm in the Middle East’s aquaculture industry. The program aims to create new jobs, with half of them allocated for Saudi nationals, and significantly increase the volume of seafood available for export, thus contributing to economic growth and job creation. Ali Al-Shaikhi, CEO of NFPD, highlighted the importance of aquaculture in the food sector’s rapid growth worldwide, emphasizing its contributions to food security, job creation, and rural development. Al-Shaikhi underscored Saudi Arabia’s commitment to enhancing the quality of life and promoting the seafood industry domestically and internationally. As part of Vision 2030, Saudi Arabia aims to produce 600,000 tons of fish annually, generating approximately 200,000 direct and indirect jobs in the fisheries sector. The collaboration with China signifies a strategic move to boost the aquaculture sector and enhance economic cooperation between the two nations.

News Alkhorayef engages with executives from a Korean firm to strengthen industrial relations. During his visit to South Korea, Saudi Industry and Mineral Resources Minister Bandar Alkhorayef held discussions with key executives from various Korean companies, signaling an intent to strengthen industrial ties between the two nations. Alkhorayef’s itinerary included meetings with senior officials from Hyundai Heavy Industries Co. and a visit to their Ulsan facility to observe their advanced shipbuilding and engineering capabilities. Additionally, he engaged with representatives from GL Rapha Holding Co., Korea Aerospace Industries Co., Hanwha Mining Services Co., and Lotte Co., exploring investment prospects in Saudi Arabia’s industrial and mining sectors. Discussions also revolved around potential collaborations in marine industries, leveraging the Kingdom’s mineral resources. Alkhorayef further explored opportunities for a joint project between the Public Investment Fund and Hyundai Motor Co. to establish an automated car manufacturing plant in Saudi Arabia. In Changwon, he met with officials from CTR, an auto spare parts manufacturer, and Shinyoung Co., a producer of auto accessories. These bilateral engagements were part of Alkhorayef’s official visit aimed at fostering cooperation and strategic partnerships in industrial and mining sectors between Saudi Arabia and South Korea.

News ZIRA extends its international footprint with the opening of a new office in Riyadh. ZIRA, a leading player in the telecommunications industry specializing in business support systems, has unveiled the inauguration of its new subsidiary and office in Riyadh. With an impressive track record spanning over 27 years and a steadfast focus on innovation, ZIRA is extending its global reach into the heart of the Middle East by establishing a presence in Saudi Arabia, a strategic move in its broader expansion strategy. This expansion represents a significant milestone for ZIRA, underscoring the company’s steadfast commitment to providing cutting-edge telecommunications solutions and services to the Saudi Arabian market. It signifies ZIRA’s deep-seated dedication to nurturing stronger ties with customers and partners in the region, addressing the evolving needs of the telecommunications sector. Headquartered in Bosnia and Herzegovina, with established offices in the UAE, the Netherlands, Croatia, Turkey, and the US, ZIRA has consistently excelled in delivering innovative technology solutions that empower communication service providers worldwide. Venturing into Saudi Arabia marks a pivotal moment for the company, showcasing its relentless pursuit of global growth and market dominance. “We are delighted to announce the establishment of our presence in Riyadh, Saudi Arabia, which marks a significant milestone in our global expansion strategy,” stated Emir Bukvic, CEO at ZIRA. “This strategic move underscores our dedication to serving our esteemed customers and partners in Saudi Arabia while strengthening our footprint in the dynamic Middle Eastern market. We are eager to seize the opportunities that this expansion brings and are committed to fostering stronger relationships while delivering innovative business support systems.” ZIRA’s entry into the Saudi Arabian market reflects its commitment to driving technological progress and developing transformative solutions that empower telecommunications enterprises worldwide. The launch of the Riyadh office solidifies ZIRA’s position as a frontrunner in the industry, committed to providing award-winning solutions that set industry standards.

News A Saudi initiative successfully removes 658 mines planted by Houthi forces in Yemen Traditionally reliant on its abundant oil reserves, Saudi Arabia has recognized the imperative of diversifying its economy for sustained growth and resilience. This strategic shift has gained momentum in recent years, with concerted efforts to bolster non-oil sectors and attract a diverse range of investments. The Kingdom witnessed a notable 5.8 percent year-on-year increase in non-oil activities earlier this year, indicative of a tangible transition towards a more balanced economic landscape. This surge underscores the dividends of governmental reforms and investment policies, signaling the rising importance of non-oil industries in fortifying the Kingdom’s economic foundation. Several factors have propelled Saudi Arabia’s drive for economic diversification. Proactive measures to enhance the regulatory framework and business environment have spurred significant progress. Legislative reforms aimed at fostering entrepreneurship, safeguarding investors’ rights, and reducing business costs have stimulated consumer spending and heightened business activity. The strategic allocation of capital by the Saudi Public Investment Fund has further catalyzed private sector investment, supporting the diversification agenda. Additionally, initiatives like Invest Saudi, led by the Ministry of Investment, have attracted substantial foreign investment, with over $65 billion in investments and partnerships, surpassing initial targets. According to IMF projections, Saudi Arabia ranks fifth among G20 countries in terms of GDP growth rate for 2024, with a projected rate of 2.8 percent. This trajectory positions Saudi Arabia as the largest economy in the Middle East and North Africa region and the 18th largest globally, underscoring its growing economic influence on the world stage. The Kingdom’s vision extends beyond its borders, with diversification efforts spurring growth in non-oil sectors, creating employment opportunities, and fostering a diverse range of industries. This holistic approach bodes well for comprehensive economic advancement. Renad F. Almutairi, a treasury dealer at Saudi Aramco, brings expertise in project management and data analytics, while Reem S. Alhashem, an MBA candidate at MIT Sloan School of Management, offers insights from her experience in internal management consulting at Saudi Aramco, specializing in workforce analytics, organization design, and strategy.”

News An initiative in Egypt empowers homemakers to transition into entrepreneurial roles. “The Women-Friendly Cities project in Egypt is empowering numerous homemakers to embark on entrepreneurial endeavors, enabling them to contribute financially to their families alongside their husbands. Backed by the UN, the initiative was launched in Damietta governorate, situated north of Cairo, approximately two years ago. Jameela Sayed, a beneficiary of the project, shared her experience: “I used to face long periods of inactivity and sought ways to make productive use of my time. With limited opportunities for leisure and learning outside the home, I decided to channel my talent into crafting handmade items.” “At first, I started by making crocheted clothing for my children and decorative pieces for my home, often gifting them to friends. When I learned about this project, I eagerly enrolled in the training sessions offered by the United Nations Entity for Gender Equality and the Empowerment of Women. This marked a pivotal moment in transforming my hobby into a small business aimed at supplementing my family’s income.” Reema Mohammed, who lives with a disability, recounted her journey: “I began learning crochet through free handicraft workshops provided by the Egyptian National Council for Women as part of the Women-Friendly Cities initiative.” “Despite the challenges posed by my lifelong disability, I swiftly acquired proficiency in crochet and began teaching young children. Teaching brings me immense joy, particularly when I work with children, including those with special needs, using the skills I gained from the training workshops.” “We have crafted various products such as dolls, figurines, accessories, and medals, participating in numerous international exhibitions,” she added. An anonymous project official highlighted its multifaceted approach: “While the project primarily focuses on women’s training, it also offers activities for children, including reading areas and parks. Our aim is to provide diverse services for women and their children, thereby setting a precedent for women-friendly cities.” “We strive to implement ongoing educational and training programs covering various crafts, alongside facilitating marketing opportunities for their products. Ultimately, our goal is to economically empower women,” the official concluded.

News Oman and India strengthen their economic relations through the signing of several Memoranda of Understanding (MoUs). “Riyadh: Oman and India are poised to bolster their economic and trade relations following the recent signing of multiple agreements and Memoranda of Understanding (MoUs) across various sectors. These agreements were formalized during the visit of Oman’s ruler, Sultan Haitham bin Tariq, to India on December 16, where discussions were held with Indian Prime Minister Narendra Modi, as reported by the Oman News Agency. According to the report, both leaders conducted a comprehensive review of bilateral relations covering political, security, defense, trade, economic, and cultural sectors. Among the notable agreements signed during the visit was an MoU between Oman’s Ministry of Transport, Communication, and Information Technology and India’s Ministry of Electronics and Information Technology, aimed at fostering cooperation in the field of information technology. Another significant MoU was inked between India’s Financial Intelligence Unit and Oman’s National Center for Financial Information to enhance collaboration in exchanging intelligence related to money laundering, associated predicate offenses, and terrorism financing. During the visit, the Oman Investment Authority expanded its collaboration with the State Bank of India by launching the third Omani-Indian Joint Fund. This fund is expected to direct investments into rapidly growing sectors in India, including technology, health, and pharmacy. Abdulsalam Al-Murshidi, president of Oman Investment Authority, mentioned that the establishment of the third fund is a result of the success of the two previous mutual funds with the Indian side, which yielded favorable returns. According to Oman News Agency, the size of the third fund is $300 million, with the authority contributing $50 million. The first Omani-Indian joint fund was established in 2011 with a value of $100 million, while the second fund was launched in 2017 with $230 million. Economic and trade relations between Oman and India have consistently strengthened, with bilateral trade reaching $9.98 billion in the financial year 2021-2022, representing a nearly 90 percent increase compared to the previous year, according to data released by the Indian Embassy in Oman. Prime Minister Modi highlighted that both Oman and India are progressing toward signing a comprehensive economic partnership agreement. He emphasized the substantial presence of Indians in Oman as evidence of the robust relationship between the two nations. “Our proximity is not just geographical and indeed reflects in our thousands of years old trade and cultural links. This also reflects in the way, we always give first priority to each other,” Modi remarked during his speech welcoming the Omani ruler.”