Egypt’s non-oil exports surge 50 percent in May

Egypt’s non-oil exports surge 50 percent in May
Technicians paint replicas of an Ancient Egyptian statues being fabricated at the Egyptian government's Konouz (Treasures) factory east of Cairo. (AFP)
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Updated 21 June 2021

Egypt’s non-oil exports surge 50 percent in May

Egypt’s non-oil exports surge 50 percent in May

RIYADH: Egypt’s non-oil exports rose 50 percent in May from a year earlier to $2.288 billion.
Non-oil exports increased by 19 percent during the first five months of 2021 amounting to $12.3 billion while imports increased by 10 percent amounting to $29.1 billion, year-on-year, Asharq Business reported, citing official data.
The economic reform program adopted by the government is a mainstay in achieving positive growth rates and creating new jobs, said Egyptian Trade Minister Nevine Gamea in a filing .
The minister attributed the increase in exports to efforts to support the production and export sectors during the pandemic.
Medical industries, leather, engineering and electronic goods sectors were among 12 sectors that witnessed significant export growth.
The European Union is the most popular destination for Egyptian exports.


Egypt, Cyprus sign power grids interconnection agreement

Egypt, Cyprus sign power grids interconnection agreement
Updated 17 sec ago

Egypt, Cyprus sign power grids interconnection agreement

Egypt, Cyprus sign power grids interconnection agreement

CAIRO: Egypt and Cyprus signed a memorandum of understanding to study the establishment of the electrical interconnection project between the two countries, which provides direct connection for the exchange of electricity between them.

The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker said in a statement that the agreement is a necessary preparations for signing the final contracts for the electrical interconnection project between Egypt, Cyprus and Greece.

Shaker added that the final procedures are currently underway to review the studies of the electrical interconnection project with Cyprus and Greece, in preparation for the start of implementing the project with a capacity of 2,000 megawatts, and it may reach 3,000 megawatts, explaining that the link with Cyprus allows Egypt to link with all European countries after it is completed, connecting it with Crete and then Greece.

Egypt and Greece concluded a similar agreement last week, paving the way for an underwater cable to transport electricity generated from clean energy sources from North Africa to Europe, the first infrastructure of its kind in the Mediterranean region.


Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed
Updated 16 min 36 sec ago

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

RIYADH: Cura, a Saudi telehealth startup announces a SR15 million Series-A investment from ELM and Wa’ed, the entrepreneurship arm of Saudi Aramco, according to a statement today.

 


SABIC stock hits 7-year high

SABIC stock hits 7-year high
Image: Shutterstock
Updated 25 min 53 sec ago

SABIC stock hits 7-year high

SABIC stock hits 7-year high

Saudi Basic Industries Corporation (SABIC) recorded its highest price on Sunday since September 2014, at SR 134.60, according to Argaam. 

The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far. 

Today’s rise has pushed the stock up a staggering 120 percent since March 2020. 

The Saudi company operates in the petrochemical, fertilizer, iron, steel and aluminum industries with Saudi Aramco the largest investor, with a share of 70 percent. 


FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices
Image: Shutterstock
Updated 17 October 2021

FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices

Index publisher FTSE Russell has added ADNOC Drilling to three of its global equity indices.


ADNOC Drilling has been added to the FTSE Global Large Cap Index, the FTSE Emerging Index, and the FTSE All-World Index, according to a statement from ADNOC Drilling.


The index publisher, against whose indexes funds benchmark trillions of dollars of assets, earlier announced the same to clients on October 4.


ADNOC Drilling is a unit of Abu Dhabi National Oil Co. Baker Hughes retains a 5 percent share in the company.


ADNOC Drilling went public earlier this month via a $1.1 billion initial public offering through the sale of a 11 percent share in the company to investors.


Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
Getty Images
Updated 17 October 2021

Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
  • Penalties can be doubled according to the frequency of violations

Saudi Arabia issued penalties in a move to regulate employment in electronic employment platforms as demand for mobile and web applications is booming in the Kingdom.

The Ministry of Human Resources and Human Development issued four penalties for violations on electronic platforms that range between SR5,000 ($1333) and SR50,000 ($13,333), Okaz paper reported.

The violations include the platforms enabling non-Saudi workers to work directly through the platform, platforms not verifying that the worker does not work on behalf of other people, platforms with incorrect data for workers, and those that have not supplied the requested data and information to the ministry.

Penalties can be doubled according to the frequency of violations.

The Minister, Ahmed Alrajhi, had previously obligated electronic platforms to limit direct interactions to Saudi nationals only and not to deal directly with non-Saudi workers except through the operating establishments.