Saudi military authority GAMI showcases defense opportunities to Korean investors

Saudi military authority GAMI showcases defense opportunities to Korean investors
GAMI governor and delegation met with South Korean investors in Seoul (Supplied)
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Updated 18 October 2021

Saudi military authority GAMI showcases defense opportunities to Korean investors

Saudi military authority GAMI showcases defense opportunities to Korean investors

SEOUL: The General Authority of Military Industries (GAMI), Saudi Arabia’s defense industry regulator, enabler, and licensor, hosted a workshop with Korean investors on the sidelines of the 2021 Seoul International Aerospace Defense Exhibition (Seoul ADEX) in Seoul, South Korea.  

The event titled “Flourishing Opportunities in Saudi Arabia’s Defense Sector,” included representatives from GAMI, Saudi Arabian Military Industries and the Saudi Investment Ministry. 

Saudi participants met with representatives from more than 40 Korean companies operating in the defense, logistics, technology and industrial sectors.

GAMI Gov. Ahmad Al-Ohali said that Kingdom is establishing strategic partnerships with companies from all over the world.

“In less than two years, around 100 companies have successfully obtained licenses to operate in the Kingdom’s defense sector,” he added.

Saudi Arabia’s attendance at Seoul ADEX comes after the Kingdom’s new supply chain plan was recently unveiled by GAMI. The authority identified 74 localization opportunities in the defense sector worth billions of dollars.


Saudi Arabia takes more steps to develop and protect the Red Sea

Saudi Arabia takes more steps to develop and protect the Red Sea
Updated 10 sec ago

Saudi Arabia takes more steps to develop and protect the Red Sea

Saudi Arabia takes more steps to develop and protect the Red Sea
  • The Saudi cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea

RIYADH: Saudi Arabia is taking more steps to develop and protect the Red Sea, which the Kingdom deems to be a big contributor to the growth of its tourism industry. 

The Saudi cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea, as well as organizational preparation work for a new authority in the area, according to the cabinet's weekly statement carried by Saudi Press Agency.


Egypt imposes a 10% customs tax on mobile phones 

Egypt imposes a 10% customs tax on mobile phones 
Image: Shutterstock
Updated 1 min 42 sec ago

Egypt imposes a 10% customs tax on mobile phones 

Egypt imposes a 10% customs tax on mobile phones 

RIYADH: Egypt’s house of representatives approved a presidential decree that includes imposing a 10 percent customs tax on imported mobile phones, to promote local industry.

Egypt’s Minister of Finance explained that the amendments aim to encourage investment, maximize production facilities and strengthen competitiveness of goods manufactured there in international markets.

Mohamed Maait added that computers and tablets are excluded from the tax, because they constitute a tool for digital transformation and the development of the education system. 

The amendment of some categories of customer tariffs comes in light of the conclusions reached by the Higher Council of Customs Tariffs in Egypt, head of the Egyptian customs authority, El-Shahat Ghaturi said. 


Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn
Updated 5 min 11 sec ago

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden-based Lundin Energy, valued at around $10.7 billion, is exploring a potential sale in what could be one of the largest European oil and gas deals in years, Bloomberg said citing unnamed sources.

The shares of the company climbed as much as 14 percent on Monday, the highest jump during a day since April 2020. They rose 10 percent by the market close in Stockholm, recording a value of about 96.8 billion kronor ($10.7 billion).

The company said in a statement Monday that it “continuously engages in opportunities that are potentially value accretive,” but there are no conclusive decisions yet.


India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
Image: Shutterstock
Updated 16 min 53 sec ago

India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
  • They also aim to develop a unified payments platform to help merchants in India

RIYADH: Indian payments and banking solutions company CashFree has invested $15 million in Dubai-based Teller, which provides electronic payment services in the UAE and Saudi Arabia.

With this investment CashFree's market share has exceeded 50 percent.

The two companies intend to launch joint services in the MENA region, building on Teller's knowledge of the region's markets and payments infrastructure, Asharq reported.

They also aim to develop a unified payments platform to help merchants in India accept payments from customers in the region.

The electronic payments market in India exceeds $20 billion annually.


Saudi National Water Company unifies water distribution sector 

Saudi National Water Company unifies water distribution sector 
Updated 17 min 39 sec ago

Saudi National Water Company unifies water distribution sector 

Saudi National Water Company unifies water distribution sector 

RIYADH: Saudi Arabia’s National Water Company has completed merging 13 public water distribution firms to increase efficiency of operations and fix technical gaps.

The move will also localize expertise in the sector, NWC’s chief Mohammed Al-Mowkley said on Monday. 

The announcement was attended by the Kingdom’s Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who said investments in the water sector stood at $21.3 billion. 

The move is part of Saudi Arabia's National Water Strategy that aims to restructure the sector to serve its residents better. 

Under the integration, Tabuk and Al-Madinah will be the “northwestern sector,” while governorates in Riyadh will be under the “middle sector.”

NWC had previously launched a unified digital structure to improve its services across the Kingdom.