Saudi Arabia and Oman sign deal to develop land, air transport

Saudi Arabia’s Ministry of Transport and Logistics and Oman’s Ministry of Transport, Communications and Information Technology sign an agreement in Riyadh on Monday, Nov. 1, 2021. (SPA)
Saudi Arabia’s Ministry of Transport and Logistics and Oman’s Ministry of Transport, Communications and Information Technology sign an agreement in Riyadh on Monday, Nov. 1, 2021. (SPA)
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Updated 01 November 2021

Saudi Arabia and Oman sign deal to develop land, air transport

Saudi Arabia and Oman sign deal to develop land, air transport

RIYADH: Saudi Arabia and Oman on Monday signed two agreements to enhance cooperation in land and air transport.
“The memorandums of understanding aim to exchange experiences between the two sides and enhance cooperation in these sectors,” the Kingdom’s Ministry of Transport and Logistics said in a statement after the signing in the capital, Riyadh
The agreements were signed in the presence of Saudi Minister of Transport and Logistics Saleh bin Nasser Al-Jasser and Oman’s Minister of Transport, Communications and Information Technology Saeed Al-Maawali, during his visit to the Kingdom.
The two ministers also held a meeting to discuss strengthening joint cooperation between the two countries.
The Ministry of Transport and Logistics is working to consolidate cooperation between the Kingdom and the sultanate in the transport and logistics sectors by taking advantage of both countries’ strategic locations to achieve Saudi Arabia’s objectives for transport and services.


PIF-backed ROSHN invites bids for Sedra phase-II in Riyadh: MEED

PIF-backed ROSHN invites bids for Sedra phase-II in Riyadh: MEED
Updated 15 sec ago

PIF-backed ROSHN invites bids for Sedra phase-II in Riyadh: MEED

PIF-backed ROSHN invites bids for Sedra phase-II in Riyadh: MEED

RIYADH: The Public Investment Fund-backed Saudi developer ROSHN has invited contractors to submit bids for the construction of the second phase of its Sedra residential scheme in Riyadh.

Contractors have until July 20 to submit their bids, MEED reported .

The range of work involves the construction, testing, commissioning and handover of 2,171 single family units, according to MEED.


Mawani, Abyat to build $26m logistics center at Dammam port

Mawani, Abyat to build $26m logistics center at Dammam port
Updated 11 min 45 sec ago

Mawani, Abyat to build $26m logistics center at Dammam port

Mawani, Abyat to build $26m logistics center at Dammam port

RIYADH: The Saudi Ports Authority, known as Mawani, partnered with retail store Abyat to build a SR100 million ($26 million) regional logistics center at King Abdulaziz Port in Dammam for distribution and assembly.

The center will be built over an area exceeding 81 sq. km, according to a statement. 

“The agreement reflects the authority’s efforts in utilizing Saudi ports’ location which is positioned on international trade lines, to create regional centers for distribution and shipping, along with facilitating the supply chain and trade in the region,” said Mawani President Omar Talal Hariri.

As per the agreement, the center will be developed in the supporting services area at the port.


AfricInvest secures $411m in final close of its latest fund


AfricInvest secures $411m in final close of its latest fund

Updated 22 min 34 sec ago

AfricInvest secures $411m in final close of its latest fund


AfricInvest secures $411m in final close of its latest fund


RIYADH: Pan-African investment firm AfricInvest has announced the final close of its latest fund with total commitments at $411 million to invest in Africa’s mid-cap companies. 

AfricInvest Fund IV, the new fund, is the largest to be closed by the firm, according to a statement. 

With its newly acquired fund, the company aims to invest in mature and profitable African mid-cap companies in diverse sectors to boost its regional growth.

“AfricInvest Fund IV is well positioned to continue financing African companies, supporting them as they develop into local and  regional champions,” Skander Oueslati, a senior partner and CIO of sub-Saharan Africa at AfricInvest said. 

“Our local expertise and insight allow us to generate proprietary deals to help create  long-term strategies to deliver value for portfolio companies,” Oueslati added. 

Over the past 25 years, AfricInvest has raised over $2 billion to finance almost 200 companies at different development stages. 


Saudi Arabia issued $3.99 billion riyal-denominated sukuk in May

Saudi Arabia issued $3.99 billion riyal-denominated sukuk in May
Updated 51 min 50 sec ago

Saudi Arabia issued $3.99 billion riyal-denominated sukuk in May

Saudi Arabia issued $3.99 billion riyal-denominated sukuk in May

RIYADH: The Saudi government offered sukuk denominated in Saudi riyals worth SR14.95 billion ($3.99 billion) in its May issuance for the year 2022, the National Debt Management Center announced on Tuesday.

Divided into three tranches, the first has a size of SR10 billion, to mature in 2032. The second tranche is valued at SR2.18 billion, matures in 2037. The third one is worth SR2.7 billion and matures in 2049. 

The local issuance comes under Saudi Arabia’s riyal-denominated sukuk program.

The program was established through NDMC in July 2017 by the Saudi Finance Ministry amid rising demand for both international and domestic fixed income markets that provide safe and guaranteed returns.


SMEs should adopt technology to retain talent, says SIDF CEO

SMEs should adopt technology to retain talent, says SIDF CEO
Updated 2 min 18 sec ago

SMEs should adopt technology to retain talent, says SIDF CEO

SMEs should adopt technology to retain talent, says SIDF CEO

RIYADH: Small and medium enterprises should adopt technology to attract and retain talent, which will help the workforce feel at home, said CEO of the Saudi Industrial Development Fund. 

While speaking at the World Economic Forum annual meeting in Davos on Tuesday, Ibrahim Almojel said Saudi Arabia is ready to help SMEs leverage the online tools to access talent and prepare themselves in this era dominated by technology. 

“Technology increases competitiveness by increasing data transparency, reduces costs and also gives them (SMEs) access to market where they can be competitive in a niche product,” said Almojel. 

He also added that the only way to upskill talent and upskill a firm is by embracing technology. 

Talking about the SIDF Academy, Almojel said evening programs have also been launched. In 2020, he added, 2,000 people received training in different programs at the academy. 

He said currently around 5,000 people are receiving training.