RIYADH: The Saudi Ministry of Industry said work is under way with the Ministry of Finance to prepare regulations for a mining fund to support the objectives of the comprehensive strategy for the mining industries, Arab News reported. The main objective of establishing the fund is to find sustainable sources of funding to develop and support mining … Read more
DUBAI: US mortgage loan company Fannie Mae has reached $100 billion in its green bond issuances, which it claims to be a major milestone in “greening the US housing stock”, Arab News reported. The company began issuing green multifamily mortgage-backed securities over 10 years ago to support both sustainable and affordable housing through its “Green Building Certification” … Read more
JEDDAH: Uber and some of its rivals will have to change their business models in the UK after losing a court battle, re-classifying its drivers as workers, Arab News reported. The company is also required to give its drivers access to vacation pay, rest breaks and minimum wage while they’re using the app. The partly PIF-owned firm … Read more
RIYADH: As the demand slightly outstrips supply, Moody’s Investors Service has changed the outlook for the global shipping industry to stable from positive for the next 12 to 18 months, Arab News reported. A report issued on Monday said the change is driven by tough comparisons with the very strong cash flows generated this year rather than … Read more
LONDON: Just days after stepping down from his role as CEO of Twitter, Jack Dorsey is ringing the changes at Square, the other major company he founded, which has changed its name to Block, Arab News reported. While Dorsey is a renowned crypto enthusiast, the rebrand is not all about the blockchain, according to the company: “The … Read more
ISLAMABAD: The Expo 2020 Dubai announced that visit figures reached more than 4.8 million since its launch. According to the figures released by the Expo 2020, the numbers show an increase to 4,766,419. The announcement followed weeks driven by music, sporting stars and high numbers of visitors, showing interest in the November Weekday Pass, Arab News reported. … Read more
RIYADH: Saudi Arabia’s top gamers have begun battling it out for a share of a SR4 million ($1.1million) prize pot at the kingdom’s e-League Champions event, Arab News reported. Winners from two other e-sports events held this year have come together for a final competition in Riyadh’s Media City, which kicked off on Friday, November 26 and … Read more
Bitcoin led a rout in cryptocurrencies on Friday as investors fled assets considered riskier, including stocks and commodities, and headed for the refuge of government bonds, the Japanese yen and the US dollar, Arab News reported. Concerns over a new Covid-19 variant that may evade vaccines and spread more quickly than previous mutations were seen as responsible … Read more
Saudi Arabia is making the transition to a more diversified economy, after being reliant upon oil for much of the past century, a trend sparked by Vision 2030 as well as commitments made at the COP26 Summit last month, Arab News reported. While corporate giants such as Aramco and Sabic continue to dominate the economy, a culture … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
JEDDAH: flyadeal launched its first direct flight from Jeddah to Dubai on Thursday, signalling the company’s first international journey from the airport, Arab News reported. The low-cost airline, a subsidiary of Saudia, now operates six routes to the UAE on a daily basis, with the other five originating from Riyadh. “We selected Dubai as our first international … Read more
LONDON: Despite warning from analysts, US President Joe Biden finally announced the release of crude oil from the country’s strategic stockpile, a unilateral move first mooted by his Energy Secretary Jennifer Granholm in October, as he seeks to curb inflationary pressure in the US economy, Arab News reported. Gasoline prices nationwide are averaging about $3.40 a gallon, … Read more
RIYADH: The Red Sea Development Company has entered into a partnership with the Ministry of Culture to deliver Saudi Arabia’s first underwater archaeological excavation, Arab News reported. The agreement with the ministry aims at uniting efforts in the fields of archeology, heritage, history and sustainable tourism along the kingdom’s Red Sea coast and will hopefully lead to … Read more
DUBAI: India, China, and Russia need to fully commit to reducing emissions for a global energy transition to happen quickly, US special envoy for Climate Change John Kerry said at a conference in Dubai, Arab News reported. Speaking at the Global Manufacturing and Industrial Summit, Kerry said there is “incredible movement” from global players, as well as … Read more
RIYADH: Hotel operator Marriott International has signed an agreement with Saudi’s Sela Sport Company to develop two new luxury hotels in Saudi Arabia, Arab News reported. The St Regis Riyadh and The Jeddah Edition are expected to open in prime city locations in 2022. The former is to be located at the entrance of the Diplomatic Quarter … Read more
RIYADH: Saudi Arabia’s Tourism Development Fund has said it had deployed SR2 billion ($533 million) on tourism projects worth a total of around SR6 billion since its establishment last year until the end of September this year, Arab News reported. The remaining SR4 billion for the projects have come from the private sector, the fund said in … Read more
RIYADH: Saudi Exim Bank has announced that it signed a memorandum of understanding with HSBC Bank and Saudi British Bank to advance trade and export financing and credit insurance, Arab News reported. The partnership is in line with the Saudi Exim Bank’s objectives to boost the export of Saudi products and services. Bank’s CEO Saad Alkhalb said … Read more
DUBAI: Global food and beverage giant PepsiCo is calling Middle East and North Africa-based entrepreneurs to join its sustainability-focused accelerator programme, Arab News reported. The programme, which was first launched in 2017, will deploy up to 1.1 million dirhams ($300,000) to startups who will meet the criteria, Eugene Willemsen, chief executive officer of PepsiCo Africa, Middle East, … Read more
