Suez Canal eyeing incentives for investors, its head says

Suez Canal eyeing incentives for investors, its head says
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Updated 24 November 2021

Suez Canal eyeing incentives for investors, its head says

Suez Canal eyeing incentives for investors, its head says

RIYADH: The economic zone of the Egyptian Suez Canal is considering improving incentives for investors, with 15 different sectors already offered out to potential funders, Head of the Suez Canal Authority Yahya Zaki told CNBC Arabia. 

Zaki pointed out that the economic zone has maritime, industrial and logistical investments.

The economic zone of the Suez Canal spent $10 billion on infrastructure only, Zaki added.


Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official
Updated 10 sec ago

Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official

RIYADH: Saudi Arabia’s tourism sector will create 1 million jobs by 2030 and the Kingdom will welcome 100 million visitors, said Qusai Al-Fakhri, CEO of the Saudi Tourism Development Fund.

The sector will create one of every three new jobs in Saudi Arabia in the next decade, as the nation focuses more on the growth of non-oil sectors, said Al-Fakhri.

Talking about the progress of the Saudi tourism sector at the Future Hospitality Summit in Riyadh, he said: “Last year, with the support of the tourism ecosystem, and the larger government ecosystem and enablers, Saudi Arabia achieved record levels of domestic tourism that is remarkable globally.”

Al-Fakhri also noted that the tourism sector is expected to contribute 10 percent to the Kingdom’s gross domestic product by the end of this decade.

 

 

 


Submarine cable to link Algeria, Italy

Submarine cable to link Algeria, Italy
Updated 3 min 4 sec ago

Submarine cable to link Algeria, Italy

Submarine cable to link Algeria, Italy
  • EU-funded project will allow exchange of up to 2,000 MW of electricity
  • ‘It will certainly have a positive impact’ on both countries’ energy systems, ministry source tells Arab News

ROME: A submarine cable nearly 200 km long will soon link Italy and Algeria, allowing an exchange of up to 2,000 megawatts of electricity between the two countries.

The electrical interconnection project will link the Algerian region of El-Chafia, on the east coast, and the Italian island of Sardinia.

The project was discussed during a meeting in Rome between Mourad Adjal, CEO of Algerian state-owned natural gas company Sonelgaz, and Italy’s Minister of Ecological Transition Roberto Cingolani, before the start on Thursday of a two-day state visit by Algeria’s president.

A senior source in Italy’s Ministry of Ecological Transition told Arab News: “This project will be funded by the EU. It will certainly have a positive impact on the energy systems of Italy and Algeria, and we really believe it would help in the current situation when every country is working to increase its energy supply.”

Although a precise timeline is not known yet, Italy’s government is confident that “the activation of the electricity interconnection shouldn’t take long,” the source said.


Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO
Updated 49 min 1 sec ago

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

RIYADH: The retail experience has witnessed a massive shift after the outbreak of the pandemic, Majid Al Futtaim Properties CEO Ahmed Ismail told a gathering at the World Economic Forum Annual Meeting in Davos on May 24.

He said that this massive shift has come as people were confined to their homes due to the pandemic. As things have improved, the CEO said that human beings have now that hunger for a social experience — something that has opened up new possibilities. 

Talking about the retail sector, Ismail said that data has been a big challenge for their businesses as their new-age competitors are incredibly data-rich with the implementation of new technologies. 

He revealed that Majid Al Futtaim Properties has invested a lot in recent years in data collection through loyalty programs and partnerships. 

The company has also inked partnership deals with payment processors, telecom companies, and even with the Dubai government through the Dubai smart initiative to bridge this data divide. 

 


China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps
Updated 24 May 2022

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

RIYADH: China unveiled a major tax relief to help lift the world’s second largest economy. The country’s policymakers also pledged to take necessary measures to help the economy recover from the impact of the COVID-19 pandemic.

·      China unveiled a tax relief worth over 140 billion yuan ($21 billion) to help boost its slowing economy, Bloomberg reported. This comes as the extended lockdowns since March have hit the economic growth of the Asian country. The support is mainly targeting companies and firms rather than households. Other measures taken include additional tax rebates to firms as well as cuts of around 60 billion yuan on passenger-car purchase taxes, according to a decision from China’s State Council.

·      Chinese policymakers have vowed to help the world’s second largest economy get back on its feet by implementing the necessary steps, Reuters reported citing the Cabinet. The measures to be taken include broadening tax credit rebates, postponing social security payments as well as loan repayments, introducing new investment projects, among others.

·      Lockdowns in China are predicted to have a greater effect on global supply chains than the Russia-Ukraine war, Reuters reported citing the head of German logistics company DHL Group’s freight business. Global supply chain bottlenecks, as a result of the lockdowns, are expected to linger through Christmas this year and all of the next year as a huge part of the global economy highly depends on China, the head said. 


Abu Dhabi stays ahead of the game with its creative endeavors

Abu Dhabi stays ahead of the game with its creative endeavors
Updated 24 May 2022

Abu Dhabi stays ahead of the game with its creative endeavors

Abu Dhabi stays ahead of the game with its creative endeavors

RIYADH: With the winds of positive change sweeping the UAE, the Emirates is now emphasizing moving from a resource-based economy to a knowledge-based one and leading the advocacy in the region is its emerging creative industry.

Michael Garin, director-general at Abu Dhabi Creative Media Authority, a pioneer in the creative industry, told Arab News at the Top CEO event in Dubai that sectors such as gaming also have a massive role in that transition.

Garin disclosed that what they have accomplished in 15 years in the film and television industry was achieved in almost two years in the esports and gaming industry.

“Already, the revenues generated by gaming far exceed all the advertising revenues in the television business around the world,” he added.

Garin believes an economy’s change is through training people for jobs that are still not widely available, and the gaming industry can create an unlimited number of jobs.

“The creative industries will drive a great deal of that transition because it’s attracting the smartest, the most talented and the best-educated young people,” he explained.

Michael Garin spoke to Arab News at the Top CEO event in Dubai (Arab News)

Explaining the wide reach of its creative industries, Garin shared the success story of Unity Technologies, one of the leading global technology companies in the gaming industry, based in Abu Dhabi.

“You turn on your computer; it’s powered by Apple or Microsoft. You make a phone call; it’s an Android phone or an iOS device, but over 94 percent of all games, virtual and augmented reality, are powered by Unity Technologies,” he added.

Since its launch last year, the Creative Media Authority has been creating an overarching ecosystem to enable creative individuals and businesses to express themselves and reach new levels of commercial success.

The establishment of the authority is part of a 30 billion UAE dirhams ($8.17 billion), 10-year investment strategy across Abu Dhabi by both the public and private sectors to develop the emirate’s culture and creative infrastructure.