85% of space allocated at Saudi Arabia’s World Defense Show

World Defense Show, the global defense and security event to be held in Riyadh under the patronage of King Salman, has allocated 85 percent of its space. (Supplied)
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World Defense Show, the global defense and security event to be held in Riyadh under the patronage of King Salman, has allocated 85 percent of its space. (Supplied)
World Defense Show, the global defense and security event to be held in Riyadh under the patronage of King Salman, has allocated 85 percent of its space. (Supplied)
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World Defense Show, the global defense and security event to be held in Riyadh under the patronage of King Salman, has allocated 85 percent of its space. (Supplied)
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Updated 07 September 2021

85% of space allocated at Saudi Arabia’s World Defense Show

World Defense Show, the global defense and security event to be held in Riyadh under the patronage of King Salman, has allocated 85 percent of its space. (Supplied)
  • Government entities and businesses have confirmed their participation at the inaugural show taking place from March 6-9, 2022

RIYADH: The World Defense Show, the global defense and security event to be held in Riyadh under the patronage of King Salman, has allocated 85 percent of its space, a statement released on Tuesday said.

The event aims to provide a platform for global firms to connect with the regional defense market and explore partnership opportunities with more than 100 Saudi firms exhibiting at the show.

Key government entities have confirmed their participation at the inaugural show taking place from March 6-9, 2022, including the ministries of defense, National Guard and interior, the Presidency of State Security and the General Authority for Military Industries.

They will be joined by some of the largest local defense firms, including Military Industries Corp., Al-Tadrea, GDC, the Middle East Propulsion Co., Saudi Arabian Military Industries, the National Co. for Mechanical Systems and Wahaj.

Leading global defense companies such as Embraer, General Dynamics, Lockheed Martin, NORINCO and Rolls Royce will also be in attendance, the statement said.

“With over 800 exhibitors, 30,000 visitors and 85 military delegations, the World Defense Show will open the local and regional defense industry to partnerships and investments from international defense players,” said the show’s CEO Shaun Ormrod.

“This will be the first time the global industry has had such open access to all the opportunities with Saudi defense entities, and we are greatly looking forward to providing the world’s best meeting environment for global industry decision makers.”


UK’s Bentley pouring billions into electric car overhaul

UK’s Bentley pouring billions into electric car overhaul
Image: Shutterstock
Updated 6 sec ago

UK’s Bentley pouring billions into electric car overhaul

UK’s Bentley pouring billions into electric car overhaul

Luxury automaker Bentley said Wednesday it is pouring billions into upgrading manufacturing to accelerate its electric vehicle development plan, joining other auto brands shifting away from gasoline engines.


UK-based Bentley Motors said that it’s investing 2.5 billion pounds ($3.4 billion) into sustainability efforts over the next decade.

The company said the money will be used to secure the company’s “first step into electrification at the production plant” in Crewe, south of Manchester, which employs 4,000 people.


Under the electrification program, Bentley will abandon the powerful 12-cylinder gasoline engines that the marque’s luxurious vehicles are known for in favor of battery power.

The first model is scheduled to roll off the production line in 2025 and by 2030 all of Bentley’s model lineup will be electric.


Bentley, which is owned by Volkswagen, already makes hybrid version of its Bentayga SUV and Flying Spur sedan.


“Our aim is to become the benchmark not just for luxury cars or sustainable credentials but the entire scope of our operations,” Chairman Adrian Hallmark said in a press release.


Qatar could reroute some gas to Europe with US mediation: source

Qatar could reroute some gas to Europe with US mediation: source
Image: Shutterstock
Updated 8 min 22 sec ago

Qatar could reroute some gas to Europe with US mediation: source

Qatar could reroute some gas to Europe with US mediation: source

Qatar will need help from the United States to persuade Doha’s natural gas customers to reroute some supplies to Europe in case a Russia-Ukraine conflict disrupts Russian deliveries to the continent, a source familiar with the discussions said.


The issue will be discussed at talks in Washington next week between the Emir of Qatar Sheikh Tamim bin Hamad Al-Thani and President Joe Biden, one of the sources said.


Saudi PIF-owned Savvy makes debut with acquisition of ESL and FACIT

Saudi PIF-owned Savvy makes debut with acquisition of ESL and FACIT
Updated 29 min 29 sec ago

Saudi PIF-owned Savvy makes debut with acquisition of ESL and FACIT

Saudi PIF-owned Savvy makes debut with acquisition of ESL and FACIT

RIYADH: Saudi Arabia's Public Investment Fund launched Savvy Gaming Group that will be chaired by Crown Prince Mohammed bin Salman.

The group seeks to be a leading developer of games at home and internationally, according to a statement from the Fund, known as PIF.

The Saudi-owned Savvy will acquire ESL and FACEIT platform and merge them into one entity to be the cornerstone of reaching the group goals, the statement added.

Savvy has acquired ESL Gaming Co. for $1.08 billion.

The deal is expected to close in the second quarter of 2022, Handelblatt reported, citing an announcement from ESL FACEIT Group.

The group, backed by Saudi Arabia's Public Investment Fund, acquired the esports platform FACEIT in an earlier $500 million deal.

“Our merger with FACEIT, along with the backing of SGG, will give us more know-how, capabilities, and resources than ever before to deliver on this vision,” CEO of ESL, Craig Levine, said.

“Whether you are competing or watching, doing so socially or at a professional level, every stage of the pathway will be improved through this merger,” he added. 

Electronic gaming, or egaming, is an increasingly popular activity, with a recent study suggesting that 50 percent of the Saudi population consider themselves regular gamers.

Prince Faisal bin Bandar bin Sultan, president of the Saudi Esports Federation told Arab News in October that the sector will contribute about 1 percent of Saudi GDP by 2030, which might seem a small proportion but the amount of money potentially involved is significant.

 


UAE’s Chimera, US Alpha Wave to lead $10bn tech fund

UAE’s Chimera, US Alpha Wave to lead $10bn tech fund
Image: Getty
Updated 39 min 39 sec ago

UAE’s Chimera, US Alpha Wave to lead $10bn tech fund

UAE’s Chimera, US Alpha Wave to lead $10bn tech fund
  • The fund’s ticket size ranges from “tens of millions to hundreds”

RIYADH: Abu Dhabi based investment firm Chimera Capital has joined global alternative asset manager Alpha Wave in leading a $10 billion tech fund.

The fund will have a global remit but with a concentration on India and will focus on private firms across a wide array of sectors including artificial intelligence, financial technology, and life sciences, Bloomberg reported.

Both institutions will work hand in hand to pinpoint and run potential management opportunities in the South Asian country.

The fund’s ticket size ranges from “tens of millions to hundreds,” Bloomberg reported, citing Seif Fikry, Chimera’s chief executive officer.

This falls in line with the Gulf’s growing role as a major channel of capital for international firms such as SoftBank Group Corp. and Silver Lake.

The Gulf region has hit a record year for tech investments with an accumulated balance of $621 billion dispersed worldwide.


China’s Xi: Climate goals should not reduce our productivity

China’s Xi: Climate goals should not reduce our productivity
Updated 48 min 56 sec ago

China’s Xi: Climate goals should not reduce our productivity

China’s Xi: Climate goals should not reduce our productivity

RIYADH: China’s president, Xi Jinping, has warned the country’s climate objectives should not hold back productivity in the economic powerhouse.

Speaking at a Politburo session on Tuesday, Xi insisted that efforts to decarbonise the Asian country must not jeopardize the supply of vital commodities.

In 2020, Xi vowed to peak emissions by 2030 and deliver a net zero nation by 2060.

According to state news agency Xinhua, the president said: “Reducing emissions is not about reducing productivity, and it is not about not emitting at all.”

He added: “We must stick to the overall planning and ensure energy security, industrial supply chain security and food security at the same time as cutting carbon emissions.”

China’s drive to cut emissions led to a limit in coal, metal, and fertilizers production, causing an increase in their prices. This negatively affected inflation concerns in the country.

However, the country is expected to maintain stable oil, gas, and coal production — particularly amid power shortages across the nation.