Russia’s Novak says no need for urgent measures on oil market: TASS

Russia’s Novak says no need for urgent measures on oil market: TASS
He added that OPEC and its allies (OPEC+) partners did not call to review the current deal. (Shutterstock)
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Updated 29 November 2021

Russia’s Novak says no need for urgent measures on oil market: TASS

Russia’s Novak says no need for urgent measures on oil market: TASS

Russian Deputy Prime Minister Alexander Novak said on Monday, there is “no need for emergency measures in the oil market.”

He added that OPEC and its allies (OPEC+) partners did not call to review the current deal.


Increasing demand for NEOM project fuels recovery of Tabuk Cement: CEO

Increasing demand for NEOM project fuels recovery of Tabuk Cement: CEO
Updated 13 sec ago

Increasing demand for NEOM project fuels recovery of Tabuk Cement: CEO

Increasing demand for NEOM project fuels recovery of Tabuk Cement: CEO

RIYADH: Increasing cement demand from Giga projects such as NEOM has helped Tabuk Cement swing into profit in the second quarter of 2022 despite a trend of the dismal performance of the Kingdom's cement sector.

The strategic location of Tabuk Cement made it a reliable supplier for the NEOM project, which in turn benefited the company, the firm’s CEO told Al-Arabiya.

Tabuk Cement is set to thrive, thanks to high demand from Saudi’s Red Sea, Amaala, and NEOM projects, which will boost the cement industry, Ali Al-Qahtani said.

The cement producer swung to a profit of SR2.5 million ($665,712) during the second quarter of the year, compared with a loss of SR1.13 million in the same period last year. Revenues jumped 51 percent during the period.


Saudi-based Nama Ventures leads a seed funding round for Bahraini startup Faceki

Saudi-based Nama Ventures leads a seed funding round for Bahraini startup Faceki
Updated 15 August 2022

Saudi-based Nama Ventures leads a seed funding round for Bahraini startup Faceki

Saudi-based Nama Ventures leads a seed funding round for Bahraini startup Faceki

RIYADH: Saudi-based venture capital firm, Nama Ventures, led a seed funding round for an undisclosed amount for Bahrain-based award-winning fraud protection and identity verification platform, Faceki.

“We plan to expand our global footprint, and continue innovating and provide compliant, secure, and user-friendly identity verification solutions,” Hamza Al-Ghatam, co-founder and CEO of Faceki, said in a statement.

The round also saw participation from venture capital firm Vision Ventures along with other angel investors.

Founded in 2020, the platform uses cloud biometrics and digital identity verification solutions powered by machine learning to serve its customer base in over 175 countries. 


Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store
Updated 15 August 2022

Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

CAIRO: The unemployment rate in the North African country remained unchanged at 7.2 percent in the second quarter of 2022, according to a report from the Central Agency of Public Mobilization and Statistics.

The Egyptian labor force grew to 29.99 million from 29.89 million in the previous quarter, where the employment figures increased from 27.75 million to 27.83 million. 

The unemployment level also slightly increased from 2.15 million in the first quarter of 2022 to 2.15 million in the second quarter of 2022.  

New ministers take charge

On Aug. 13, 13 new ministers took oath including Ahmed Issa, the new minister of tourism and antiquities.

Ahmed Issa brings years of banking experience to the table as the former CEO of retail banking at Commercial International Bank.

Apetito and Purity sign MOU

Saudi-based Purity has signed a memorandum of understanding with Apetito— an Egyptian online grocery store operating in Egypt, Tunisia, and Morocco — to help expand its services in Saudi Arabia and the Middle East and North Africa region.

Purity is known for its expertise in IT infrastructure and app development; therefore, it would serve Apetitio in achieving its $25 million investment goal.

Moreover, Purity CEO Abdullah Al-Namlah will become part of Appetito’s board of directors, reported Daily News Egypt.

“We are very pleased with this partnership with Purity, which is a regional leader in IT and investments,” stated Apetito CEO Shehab Mokhtar.

 “We aim to massively expand our operations in Saudi Arabia, as well as prospective presence across neighboring markets,” he added.

BONBELL closes $350K deal

BONBELL— a foodtech startup founded in Egypt in 2022— has secured a $350,000 investment from a Canadian angel investor.

 The startup provides an online platform for food orders and deliveries with its restaurant partners, in addition to providing in-app table reservations.

 This new investment will be used to increase its partnership with other restaurants,  aiming at 750 restaurants by the end of this year.

Moreover, BONBELL is targeting another $10 million investment with two venture capital funds from Europe and the Gulf, reported WAMDA.

 


Saudi Arabia’s King Abdulaziz Port sets new container throughput record

Saudi Arabia’s King Abdulaziz Port sets new container throughput record
Updated 34 min 53 sec ago

Saudi Arabia’s King Abdulaziz Port sets new container throughput record

Saudi Arabia’s King Abdulaziz Port sets new container throughput record

RIYADH: Saudi Arabia’s King Abdulaziz Port has set a new container throughput record by handling 188,578 TEUs during June 2022, surpassing the previous record of 867 TEUs set in 2015, said Saudi Ports Authority, also known as Mawani in a statement. 

The record-breaking performance of the port is attributed to the rise in export and import volumes, as the Kingdom moves in line with the National Transport and Logistics Strategy aimed at turning Saudi Arabia into a global logistics hub.

 “The port’s strategic location on the Arabian Gulf lends it a distinct status as a trade gateway to the Kingdom’s eastern and central regions, which provides investors interested in setting up integrated logistics facilities that offer value-added services a competitive edge like no other,” said Mawani in the statement. 

In 2021, the port had re-engineered its transshipment handling processes, along with launching new transhipment services to connect with ports in the Gulf Cooperation Council countries and East Asia. 

The statement noted that these initiatives brought about a 142.72 percent growth in transshipments compared to the previous year. 

Mawani is currently working on upgrading the 19 sq. km. port to make it capable of receiving giant vessels and handling up to 105 million tons annually. 


China In-Focus — Stocks slip; Asian giant says economic recovery momentum slows; China to lift Aug fuel exports

China In-Focus — Stocks slip; Asian giant says economic recovery momentum slows; China to lift Aug fuel exports
Updated 15 August 2022

China In-Focus — Stocks slip; Asian giant says economic recovery momentum slows; China to lift Aug fuel exports

China In-Focus — Stocks slip; Asian giant says economic recovery momentum slows; China to lift Aug fuel exports

RIYADH: China stocks fell on growth concerns on Monday after factory and retail activity slowed in July even as the central bank unexpectedly cut key rates to support the COVID-19-hit economy.

The CSI300 index and the Shanghai Composite Index both slipped 0.1 percent at the end of the morning session.

China says economic recovery momentum slows, faces difficulties

China’s economic recovery momentum slowed in July, but the economy remains resilient despite facing difficulties, Fu Linghui, a spokesman for the National Bureau of Statistics, said at a news conference on Monday.

Fu expects the economy to continue to recover and the employment situation to be generally stable, although employment pressure still exists.

Even if consumer prices see sharp rises in some months, he expects consumer inflation to remain at a reasonable level this year.

The comments came after data showed China’s economy unexpectedly slowed in July, with activity indicators from industrial output to retail sales missing forecasts by large margins, pointing to a shaky recovery as Beijing shows no sign of easing its zero-COVID policy.

China to lift Aug fuel exports 

China’s fuel product exports will rebound in August to near the highest for the year so far after Beijing issued more quotas in June and July, although broader curbs are set to cap shipments at seven-year lows for 2022, analysts and traders said.

The rebound in fuel exports from China, the world’s second-biggest producer of refined fuels, has helped cool global prices that hit record highs in May and June as western sanctions on Russia following the Ukraine war tightened global markets.

Diesel, gasoline and jet fuel exports for the year are expected to be as much as 40 percent lower from 2021.

China’s July refinery runs fell to their lowest in more than two years, data showed on Monday, with year-to-date volumes down 6.3 percent from a year earlier.

China's July crude steel output down 6.4 percent

China’s crude steel output fell 6.4 percent in July compared with a year earlier as an ailing property sector dampened demand.

The world’s top steelmaker churned out 81.43 million tons of metal last month, according to data from the National Bureau of Statistics on Monday.

That was also down from 90.73 million tons in June.

(With input from Reuters)