US university to provide demand-driven training to 50 Saudi women

US university to provide demand-driven training to 50 Saudi women
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Updated 09 November 2021

US university to provide demand-driven training to 50 Saudi women

US university to provide demand-driven training to 50 Saudi women

JEDDAH: The US Consulate General in Jeddah, the University of Iowa, and Education For Employment have launched a one-year project to train Saudi women from the western region on entrepreneurship skills in new emerging sectors like IT, real estate and e-commerce. 

The project will provide 50 young women with professional training and connections to local and international mentors that are necessary to start their businesses in line with Saudi Vision 2030.  

The project is an initiative that provides demand-driven training linked to mentorship by successful Saudi and US businesswomen.  

The Western Saudi Arabia Venture School for Women project is designed to “put new entrepreneurial tools into the hands of Saudi women,” said Dimy Doresca, director of the Institute for International Business at the University of Iowa Tippie College of Business. 

“We will nurture and empower women in Saudi Arabia to become examples of social and economic success in their communities.” 

The women will participate in Venture School International, an entrepreneurial educational program that guides students through the startup process by teaching them how to identify a market need and build a business to meet it. The university is partnering with the non-profit Education For Employment to teach the Venture School International training, which will be complimented by contacts at local financing organizations, government officials, and business support services.  

“The skills that these young women will acquire are based on a proven model that has enabled EFE in Saudi to connect over 5,000 people to the world of work, 52 percent of which are young Saudi women. We look forward to a continuous partnership between EFE-Saudi, the University of Iowa, and the US Consulate General in Jeddah,” said Abdullah Al-Ghamdi, CEO of EFE in Saudi Arabia. 


Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn
Image: Shutterstock
Updated 22 sec ago

Central Bank of Egypt to issue T-bills tender worth $1bn

 Central Bank of Egypt to issue T-bills tender worth $1bn

RIYADH: The Central Bank of Egypt will on Monday Dec. 6 issue a tender for one-year US dollar-denominated Treasury bills worth $1 billion.

The proceeds of this tender will be used to pay the value of a previous bid, which the CBE offered on Dec. 8, 2020, through which $1 billion was withdrawn, Daily News Egypt reported.

The CBE said that it had received 33 offers from local and international investors worth $1.8 billion to cover a similar bid that the bank put forward on Nov. 15, 2021, worth $1.6 billion.

The Central Bank accepted 28 of those offers, worth $1.6 billion.


Singapore suspends crypto exchange Bitget

Singapore suspends crypto exchange Bitget
Updated 4 min 20 sec ago

Singapore suspends crypto exchange Bitget

Singapore suspends crypto exchange Bitget

RIYADH: The regulator in Singapore has suspended Bitget, a crypto exchange that got into a fray after promoting the digital currency Army Coin, which is named after the followers of South Korean boy band BTS, Bloomberg reported.

Bitget, the sponsor of Italian soccer team Juventus, describes the army coin as a way to provide lifelong financial support to BTS members, but BTS’ agency Hybe said the coin has nothing to do with BTS and threatened legal action.
Bitget has removed the Singapore Monetary Authority logo from its website and blocked Singapore users from accessing the app and website, according to Bloomberg.
It also said on its website that it was established in 2018 in Singapore and has more than 1.5 million users worldwide.


Saudi Arabia, Oman to sign 13 trade and investment agreements

Saudi Arabia, Oman to sign 13 trade and investment agreements
Updated 15 min 34 sec ago

Saudi Arabia, Oman to sign 13 trade and investment agreements

Saudi Arabia, Oman to sign 13 trade and investment agreements

RIYADH: Saudi Arabia and Oman plan to sign thirteen trade and investment agreements, Oman’s minister of commerce, industry and investment promotion said to Asharq. 

The announcement came during the Saudi’s Crown Prince Mohammad bin Salman visit to the Sultanate. 

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Italy’s Enel to launch renewable power project in Australia

Italy’s Enel to launch renewable power project in Australia
Updated 32 min 11 sec ago

Italy’s Enel to launch renewable power project in Australia

Italy’s Enel to launch renewable power project in Australia

RIYADH: Enel SpA is the latest European energy giant to announce plans to expand its renewable electricity sales in Australia. 

The Rome-based company will launch a “greentailer” offering 100 percent renewable power to help customers meet sustainability objectives, Bloomberg reported citing a statement by Enel.

The offering initially targets commercial and industrial users but plans to expand to residential users.

This will happen after Enel is issued a retail license this week by the Australian Energy Regulator, the statement said.

The move comes less than a month after the Royal Dutch Shell bought one of Australia’s largest household providers of renewable power.

Enel plans to switch from coal by 2027 and gas by 2040, toward clean energy. It already has 55 GW of renewable energy in its 90-GW global portfolio, Bloomberg said.


Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years
Image: Shutterstock
Updated 06 December 2021

Egyptian business sector debt dropped by 77% in 3 years

Egyptian business sector debt dropped by 77% in 3 years

RIYADH: Companies in the Egyptian business sector have managed to decrease their debts by a notable 77 percent in three years.

Hisham Tawfik, minister of Public Business Sector said the debts dropped from 44 billion Egyptian pounds ($2.8 billion) to 10 billion Egyptian pounds, with the remainder mostly consisting of taxes.

Tawfik said that a settlement had been reached on the debt with only taxes outstanding.

He added that the original value of the debt in 2018 also included costs such as electricity and petroleum.