Saudi Arabia and Greece sign cooperation agreement on maritime transport

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
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Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
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Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
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Updated 09 December 2021

Saudi Arabia and Greece sign cooperation agreement on maritime transport

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
  • The deal includes developing commercial maritime navigation, increasing traffic of commercial ships
  • It also aims to provide facilities to maritime transport companies

RIYADH: Saudi Arabia and Greece on Wednesday signed a joint cooperation agreement in the field of maritime transport, Saudi Press Agency reported.
The deal was signed by Saudi Minister of Transport and Logistics Services and Chairman of the Public Transport Authority Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis in the British capital, London.
The agreement aims to strengthen relations between the Kingdom and Greece at the strategic level and open new horizons for cooperation in various fields, especially maritime transport.
It includes developing commercial maritime navigation, increasing traffic of commercial ships to transport passengers and goods, as well as supporting and encouraging trade exchange and facilitating the requirements and procedures for accessing the ports of both countries.
The agreement also aims to enhance the exchange of expertise and technologies between companies, institutions and maritime organizations in this field.
The deal also included a mechanism for the treatment of ships of both countries when accessing their ports, stay and departure, and in cases of emergency and maritime accidents in their territorial waters.
Al-Jasser said the agreement aims to provide facilities to maritime transport companies, their ships and crews, and will mutual recognize the documents of ships and seafarers of both countries.
He said it will held develop joint investment opportunities in the field of maritime transport and logistics services to achieve strategic goals and diversify the sources of income for the total output of both countries’ economic sectors.


Saudi NEOM, Jordan join to run projects across vital sectors

Saudi NEOM, Jordan join to run projects across vital sectors
Updated 12 sec ago

Saudi NEOM, Jordan join to run projects across vital sectors

Saudi NEOM, Jordan join to run projects across vital sectors

The Saudi Arabian planned city NEOM will cooperate with Jordan to propel the advancement of economically feasible projects across vital sectors, the Jordanian agency Petra reported.

Under the terms of the collaboration, both parties will work side by side to establish projects and partnerships that could potentially benefit both sides across crucial and strategic sectors, especially the energy and water desalination sectors on the Red Sea.

This will follow further research from the concerned ministers and officials of NEOM regarding the scope and economic feasibility of the projects.

Established in 2019 and owned by the Saudi Public Investment Fund, NEOM corporation aims to develop the relevant area residing northwest of the Kingdom.  


Saudi bourse extends gains as oil rally continues: Closing bell

Saudi bourse extends gains as oil rally continues: Closing bell
Image: Shutterstock
Updated 20 min 9 sec ago

Saudi bourse extends gains as oil rally continues: Closing bell

Saudi bourse extends gains as oil rally continues: Closing bell

RIYADH: The Saudi stock exchange extended gains today, as investors reacted to a strong rebound in the energy market.

Brent crude oil surpassed $89 per barrel, and US benchmark WTI crude oil rose to $86.2 per barrel as of 3:20 p.m. Saudi time.

At the closing bell, the main index TASI registered gains standing at 0.6 percent, reaching 12,183 points, with Banque Saudi Fransi hitting its highest value since 2008 of SR51 ($13.6).

The parallel market Nomu inched up by 0.5 percent to close at 25,688 points.

Saudi oil giant Aramco awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes. Shares in the latter added 0.35 percent in response to the transaction, while Aramco gained 0.8 percent.

One of the Kingdom’s largest valued banks, Al Rajhi Bank edged 0.7 higher, and Alinma Bank added 0.4 percent amid trading of almost 9 million shares.

Shares in Saudi Automotive Services Co., known as SASCO, soared nearly 10 percent, leading the gainers.

SASCO had earlier acquired 80 percent of gas station operator NAFT Services Limited Co. for SR1.1 billion.

Advanced Petrochemical recorded gains at 2.9 percent after its board recommended boosting capital to SR2.6 billion in expansion push.

Saudi Research and Media Group, or SRMG, was among the stocks hitting record highs, as its share price soared to SR147.

Shares in telecommunication firm Etihad Atheeb led the fallers, down approximately 10 percent.


FedEx launches its first AI-powered sorting robot in China, echoing industry trends 

FedEx launches its first AI-powered sorting robot in China, echoing industry trends 
Updated 50 min 23 sec ago

FedEx launches its first AI-powered sorting robot in China, echoing industry trends 

FedEx launches its first AI-powered sorting robot in China, echoing industry trends 

RIYADH: US-based FedEx Express launched its first AI-powered sorting robot in collaboration with the robotics solution provider for logistics Dorabot, in China, echoing broader industry trends.

The DoraSorter robot, deployed at the 5,200 square meters FedEx South China eCommerce Shipment Sorting Center, is capable of handling small inbound and outbound packages from eCommerce customers.

It can carry up to 10 kilograms of packages, covering up to 100 destinations simultaneously.

In pursuit of building a smart logistics network, the sorting robot constitutes the company’s latest push in digitizing its operations to handle the growing volumes of e-commerce-related shipments in the region.

This comes as the global warehouse automation market is projected to hit $51 billion by 2030, according to McKinsey&Co., with over 4 million commercial robots to be installed at more than 50,000 warehouses by 2025. 

“With e-commerce taking center stage in the future of retail in our region, the speed with which a parcel can be picked up and delivered to customers’ doorsteps has become a dominant factor in driving the adoption of sorting robots,” president of Asia, Middle East & Africa region, Kawal Preet said. 

“Bringing DoraSorter to China as a pilot program is a natural choice for us given it’s the world’s biggest e-commerce market with an expected valuation of $3.3 trillion by 2025,” she added. 

Founded in 1971, FedEx Express, located in the US, is a multinational conglomerate holding company focused on transportation and e-commerce services. 

 

 

 


Bitcoin and Ether trade higher; IMF urges El Salvador to abolish bitcoin as legal tender: Crypto Moves

Bitcoin and Ether trade higher; IMF urges El Salvador to abolish bitcoin as legal tender: Crypto Moves
Image: Shutterstock
Updated 58 min 15 sec ago

Bitcoin and Ether trade higher; IMF urges El Salvador to abolish bitcoin as legal tender: Crypto Moves

Bitcoin and Ether trade higher; IMF urges El Salvador to abolish bitcoin as legal tender: Crypto Moves

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 4.55 percent to $37,968 at 3:08 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,539, up by 5.19 percent, according to data from Coindesk.

Other News:

The International Monetary Fund on Tuesday called on El Salvador to change course and stop using bitcoin as a legal tender, citing the significant risks posed by the cryptocurrency.

The small Central American nation in September became the first country in the world to embrace the digital coin, allowing consumers to use it in all transactions, alongside the US dollar.

The call by the Washington-based financial organization came as the cryptocurrency dropped in value amid wider volatility on Wall Street in recent days, undoing much of the gains it had made during a record-setting climb in value last year.

The IMF staff had previously called on El Salvador's President Nayib Bukele to reconsider putting bitcoin at the center of his country's finances.

The latest pronouncement used much stronger language and came from the IMF's board, which is composed of representatives of member governments including the United States.

The board's directors “urged the authorities to narrow the scope of the bitcoin law by removing bitcoin's legal tender status,” according to a statement.

In Tuesday's statement from the board, they noted the fund supports the aim of “boosting financial inclusion” which could be advanced using the country's "Chivo” e-wallet, but warned about the high levels of volatility in the cryptocurrency's exchange rate.

Bitcoin's value has shown some correlation with Wall Street equities, but pressure has also come from China's crackdown on the trading and mining of cryptocurrencies, and also the risk of wider regulatory action from the likes of Europe and the United States.

Analysts also say it faces increased competition in 2022 from rival digital assets like ethereum.

Argentina

Binance, one of the leading cryptocurrency exchanges by volumes traded, has signed a sponsorship agreement with the Argentinian Football Association, allowing the company to become the main sponsor of all the Argentinian football teams on a global scale.

This agreement is the first one the exchange has inked with a worldwide national team, and will last five years, according to Bitcoin.com.

The agreement also seeks to promote the brand with one of the most successful football teams, offering cryptocurrencies to users and fans who may not have been familiar with these technologies.

“Through this agreement, we hope to support Argentine soccer at all levels and introduce Binance, the crypto world and the blockchain to soccer fans across the country and the world,” Maximiliano Hinz, director of Binance Latam said.

The signed partnership also includes the development and launch of a new fan token that will be released in the near future.

However, the Argentinian Soccer Association had already issued a fan token of its own, in partnership with Socios.com, a fan token company.

The release of the new token was criticized by the Socios platform, which issued a press release announcing its stance on this new deal that AFA signed with Binance.

According to sports media, Socios rejected this new deal, made just nine months after they had signed another deal with them that would last three years.

“We will do everything in our power to prevent this and to protect the rights of fans who purchased $ARG Fan Tokens. We are facing a flagrant breach of contract and we will take all the necessary legal measures to guarantee that AFA fulfills the commitments acquired with Socios.com,” Socios.com said.

The first token was launched on June 15 last year, selling more than 400k tokens at that time.

Indonesia

Indonesia’s Financial Services Authority — the Jakarta-based government agency known as OJK which regulates the financial services sector — warned Tuesday that financial companies are not allowed to offer or facilitate the sales of crypto assets.

The warning was conveyed by the chairman of the OJK Board of Commissioners, Wimboh Santoso, on the regulator’s official Instagram account.

“OJK has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading,” he said.

The regulator also warned the public when investing in crypto assets.

“Crypto-assets themselves are a type of commodity that has fluctuations in value which can go up and down at any time, so people must understand the risks,” the OJK stated.

 


Nasdaq profit beats estimates on IPO rush, investment products demand

Nasdaq profit beats estimates on IPO rush, investment products demand
Image: Shutterstock
Updated 26 January 2022

Nasdaq profit beats estimates on IPO rush, investment products demand

Nasdaq profit beats estimates on IPO rush, investment products demand

Nasdaq Inc. on Wednesday reported a nearly 16 percent jump in fourth-quarter profit that topped Wall Street estimates, buoyed by the frenetic pace of US initial public offerings and strong demand for its investment-related products.


Technology, health care and financial technology companies led the IPO rush during the quarter, that included the stellar debut of Rivian Automotive Inc. on the exchange that valued the electric vehicle maker at over $100 billion.


Tech-heavy Nasdaq in 2021 eclipsed rival New York Stock Exchange to host the new listings of 1,000 companies, representing $181 billion in capital raised. Of the total listings, 752 were IPOs, including chipmaker GlobalFoundries Inc. and fintech Coinbase Global.


Nasdaq reported an adjusted profit of $1.93 per share for the quarter ended Dec. 31.

Analysts were expecting $1.78 per share, according to IBES data from Refinitiv.

Even as the transatlantic exchange operator’s bourses remain its core business, Nasdaq has pushed into the software sector to reposition itself as a financial technology company offering analytics, data and cloud services.


The company’s revenue from solutions segment surged 19 percent to $581 million. Its investment analytics products that help customers research across multiple asset classes to make investment decisions have become key growth drivers.


It also launched a cloud-based data management platform geared toward investment management firms during the quarter.


The company’s net revenue came in 12 percent higher at $885 million from $788 million a year ago. Market services revenue rose 5 percent to $303 million over the same period.


In line with other financial institutions that have seen expenses rise amid inflationary pressures, Nasdaq also saw a 15 percent increase in operating expenses primarily due to higher employee compensation and benefits.