Investment and tourism ministries to hold Saudi-Spanish forum on Sunday

3D rendering of Saudi Arabian and Spanish flags are waving in the sky. (Shutterstock)
3D rendering of Saudi Arabian and Spanish flags are waving in the sky. (Shutterstock)
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Updated 04 June 2022

Investment and tourism ministries to hold Saudi-Spanish forum on Sunday

Investment and tourism ministries to hold Saudi-Spanish forum on Sunday

RIYADH: The Saudi ministries of investment and tourism will hold the Saudi-Spanish Investment Forum on Sunday with the participation of a large commercial and public delegation from both sides, the two bodies announced on Saturday.
The forum is an opportunity to enable private sector partnerships and explore new opportunities in various sectors, the ministries said.
The Kingdom’s Minister of Investment Khalid Al-Falih, Minister of Tourism Ahmed Al-Khateeb, and Spanish Minister of Industry, Commerce and Tourism Reyes Maroto will attend the event, along with government and private sector officials, and representatives of major Saudi and Spanish companies.

 


The forum’s activities include dialogue sessions to discuss major projects in the Kingdom, and discussions on sustainable tourism, infrastructure, hospitality, innovation and technology.
The forum will also include bilateral sessions between private sector institutions from both sides to review aspects of cooperation and investment partnership and exchange expertise.
It comes within the framework of the two countries’ efforts to achieve integration, benefit from each other’s great investment potential, and enhance bilateral economic and investment cooperation.

 


American Airlines bets on supersonic travel with Boom jet deal

American Airlines bets on supersonic travel with Boom jet deal
Updated 12 sec ago

American Airlines bets on supersonic travel with Boom jet deal

American Airlines bets on supersonic travel with Boom jet deal

CHICAGO: American Airlines Group Inc. on Tuesday agreed to buy up to 20 jets from aircraft maker Boom Supersonic, becoming the second major US airline to bet on ultra-fast passenger travel in the last two years.

The deal brings Boom’s order book to 130 airplanes, including options, valued at about $26 billion, Boom Chief Executive Blake Scholl said in an interview.

The return of interest in supersonic jets comes nearly two decades after Concorde, flown by Air France and British Airways, was retired following a deadly crash and high costs of fuel and maintenance.

Last year, United Airlines Holdings Inc agreed to buy 15 Boom Overture aircraft provided they meet certain safety, operating and sustainability requirements. A similar condition was part of the American Airlines agreement as well.

American also has an option to purchase 40 more of the jets, each of which can carry 65 to 80 passengers, the companies said.

The four-engine Overture jet can fly from Miami to London in just under five hours, cutting the nearly nine-hour flight time between the cities by about half.

American Airlines spokesperson Matt Miller said it was too early to discuss ticket prices, given the aircraft isn't expected to carry its first passengers until 2029.

Supersonic jets have come under criticism from environmentalists for burning more fuel per passenger than comparable subsonic planes.

The Overture jet, being designed to run fully on sustainable aviation fuel or a blend, will be rolled out of Boom’s Greensboro, North Carolina factory in 2025, followed by test flights in 2026.

Third Bridge senior analyst Christopher Raite sounded a word of caution on Boom’s delivery target, saying the delay in conducting test flights for Boom’s other jet, the XB-1, signaled that delivery of the Overture will be delayed.


87,467 families benefit from Saudi housing program in 2022

87,467 families benefit from Saudi housing program in 2022
Updated 11 min 6 sec ago

87,467 families benefit from Saudi housing program in 2022

87,467 families benefit from Saudi housing program in 2022

RIYADH: The number of families benefiting from Saudi Arabia’s Sakani housing options and financing solutions has reached 87,467 since the beginning of the year until the end of July. 

Some 104,492 families also received possession of their first homes during that period, the Saudi Press Agency reported. 

The program seeks to raise the proportion of housing ownership for Saudi families to 70 percent by 2030.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 to facilitate homeownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase.

Earlier this year, Sakani program announced that it aims to enable 180,000 new families to benefit from the program’s housing options and solutions during 2022. 


Oil prices drop over 1% on potential global recession concerns

Oil prices drop over 1% on potential global recession concerns
Updated 16 August 2022

Oil prices drop over 1% on potential global recession concerns

Oil prices drop over 1% on potential global recession concerns

NEW YORK: Oil prices fell over 1 percent on Tuesday in volatile trading as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.

Brent crude futures fell $1.41, or 1.5 percent, to $93.69 a barrel, after hitting a session high of $95.95. West Texas Intermediate crude decreased $1.33, or 1.5 percent, to $88.08 a barrel, after rising to $90.65.

The contracts fell about 3 percent in their previous sessions.

The EU is assessing Iran’s response to what the bloc has called its “final” proposal to save a 2015 nuclear deal, and consulting with the US, an EU spokesperson said on Tuesday.

Iran responded to the proposal late on Monday but neither Tehran nor the EU provided any details on the content of the reply.

“It is still unclear what Iran has told the EU last night, so some tricky items might impact the outcome of the nuclear deal,” UBS analyst Giovanni Staunovo said.

Weak economic indicators weighed on prices.

US homebuilding fell to the lowest level in nearly 1-1/2 years in July, weighed down by higher mortgage rates and prices for construction materials, suggesting the housing market could contract further in the third quarter.

“Oil traders reacted because of concerns about an economic slowdown and housing uses energy,” said Phil Flynn, an analyst at Price Futures group. “That caught us by surprise.”

China’s central bank cut lending rates to try to revive demand as the nation’s economy slowed unexpectedly in July after Beijing’s zero-COVID policy and a property crisis slowed factory and retail activity.

State media quoted Premier Li Keqiang as saying that China will reasonably step up macro policy support for the economy.

Barclays lowered its Brent price forecasts by $8 per barrel for this year and next, as it expects a large surplus of crude oil over the near-term due to “resilient” Russian supplies.


Saudi Cabinet authorizes transport minister to discuss MoUs with Bahrain

Saudi Cabinet authorizes transport minister to discuss MoUs with Bahrain
Updated 16 August 2022

Saudi Cabinet authorizes transport minister to discuss MoUs with Bahrain

Saudi Cabinet authorizes transport minister to discuss MoUs with Bahrain

RIYADH: Saudi Arabia’s Cabinet on Tuesday authorized the minister of transport and logistic services to discuss with Bahrain two draft agreements to boost cooperation in the fields of road safety and maintenance. 

During the meeting, the council of ministers also authorized the chairman of Education and Training Evaluation Commission to discuss with the UAE a draft initial agreement to cooperate in the development of assessment, measurement and accreditation tools.

The ministers also approved two agreements in the fields of employment and domestic workers with Burundi, the Saudi Press Agency reported. 

The Cabinet has also authorized the health minister to discuss a draft memorandum of understanding with the Uzbek side for cooperation in the field. 

It also approved the rules governing the competency and contractor program.


UAE-based Dukkantek secures $10m in pre-series A funding 

UAE-based Dukkantek secures $10m in pre-series A funding 
Updated 16 August 2022

UAE-based Dukkantek secures $10m in pre-series A funding 

UAE-based Dukkantek secures $10m in pre-series A funding 

RIYADH: Dukkantek, a UAE-based store management platform, raised $10 million in a pre-series A funding round led by venture capital firm, BECO Capital, with the participation from Rocketship and Colle Capital.

“This second round of funding comes at the perfect time as we are looking to explore growth (opportunities) in additional markets, increase our team size and further advance our technology,” Sanad Yaghi, the co-founder of Dukkantek, said in a statement.

The company raised a total amount of $15.2 million after its $5.2 million seed round in October 2021.

Founded in January 2021, it uses digital transformations and end-to-end technology to support businesses with their operations, Wamda reported.

The funding round also saw participation from strategic investors including Comma Capital, AMK Investment Office, Chaos Ventures, and Wamda Capital.