Saudi Cabinet approves establishment of roads authority to achieve goals of national logistics strategy

Update The decision is part of efforts to support the objectives of the National Transport and Logistics Strategy and will help in its implementation, Saudi Transport Minister Saleh bin Nasser Al-Jasser said.
The decision is part of efforts to support the objectives of the National Transport and Logistics Strategy and will help in its implementation, Saudi Transport Minister Saleh bin Nasser Al-Jasser said.
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Updated 03 August 2022

Saudi Cabinet approves establishment of roads authority to achieve goals of national logistics strategy

Saudi Cabinet approves establishment of roads authority to achieve goals of national logistics strategy

RIYADH: Saudi Arabia’s Cabinet on Tuesday approved the establishment of the General Authority for Roads to enhance the competitiveness of road construction, operation and maintenance, the Saudi Press Agency reported.

The decision is part of efforts to support the objectives of the National Transport and Logistics Strategy, Saudi Transport Minister Saleh bin Nasser Al-Jasser said.

The new authority will “supervise the implementation of the strategy and will be responsible for strengthening the interconnection and cooperation between the sectors of the transport system,” he added.

Vice Minister of Transport and Logistics for Roads Affairs Bader Al-Dulami noted that the transport sector is going through historic reforms, and the establishment of the General Authority for Roads will benefit the Kingdom and its citizens. 

Al-Dulami pointed out that the new authority will set controls and rules to support investment activities and value-added services for roads, including support services. 

The official added that the authority will have a role in setting conditions, standards, controls and specifications for the construction and maintenance of all roads inside and outside the urban areas.

 

The new authority will supervise the implementation of the strategy and will be responsible for strengthening the interconnection and cooperation between the sectors of the transport system.

Saleh bin Nasser Al-Jasser

Transport minister

Al-Dulami further added that the establishment of the authority will help boost the Kingdom’s global ranking in road quality and will also maintain its global leadership in the interconnection of road networks. 

He said the authority will enhance the ministry’s role as a guide and regulator of the transport and logistics sector. 

The Ministry of Transport and Logistics Services is carrying out several strategic road projects in the Makkah region. One of the key development projects include the Hudn-Torbah two-way highway, which seeks to reduce traffic accidents.

Al-Jasser added that the connection between Al-Jumum-Hada Road and the Southern Ring Road in Jeddah constitutes a main artery for the movement of trucks heading from Jeddah to the center and east of the Kingdom.

“It seems that the synergy is a priority because the roads in Saudi Arabia are executed and regulated by four entities; Ministry of Transport, Ministry of Rural Affairs, royal commissions, and municipalities,” said Mohammed Alsuwayed, former head of vision realization office at the Saudi Ministry of Transport. 

 

 


TASI ends the week lower on watch of unstable oil prices: Closing bell

TASI ends the week lower on watch of unstable oil prices: Closing bell
Updated 12 sec ago

TASI ends the week lower on watch of unstable oil prices: Closing bell

TASI ends the week lower on watch of unstable oil prices: Closing bell

RIYADH: Saudi Arabia’s main index ended the last trading session of the week lower as investors kept a keen eye on the unstable oil prices this week.

The Tadawul All Share Index slipped 0.11 percent to end Thursday at 11,757, while the parallel market Nomu finished almost flat at 20,223.

In the energy sector, Brent crude reached $93.22 per barrel, while WTI crude traded at $87.61 per barrel as of 3:14 p.m. Saudi time.

Saudi oil giant Aramco ended the session with a 0.14 percent increase, while Rabigh Refining and Petrochemical Co. edged up 1.21 percent.

The Saudi National Bank, the Kingdom’s largest lender, dropped 0.77 percent, while Saudi British Bank declined by 2.31 percent.

The Kingdom’s most valued bank Al Rajhi fell 0.71 percent, while Alinma Bank shed 0.26 percent.

Despite leading Wednesday’s fallers, Tihama Advertising and Public Relations Co. surged 9.81 percent, topping the market, after receiving the Capital Market Authority’s clearance to hike its capital by 700 percent.

Dar Al Arkan Real Estate Development Co. declined 2.87 percent to lead the fallers, closely followed by Riyad REIT Fund with a decline of 2.76 percent.


‘Hold back emissions, not progress’ says ADNOC chief as he issues energy security warning

‘Hold back emissions, not progress’ says ADNOC chief as he issues energy security warning
Updated 8 min 51 sec ago

‘Hold back emissions, not progress’ says ADNOC chief as he issues energy security warning

‘Hold back emissions, not progress’ says ADNOC chief as he issues energy security warning

RIYADH: The CEO of one of the region’s largest oil firms believes people in his position have a responsibility for energy security as he hit out at suggestions oil and gas production should be reduced.

Speaking at the Energy Intelligence Forum in London, Sultan Ahmed Al-Jaber, managing director and group CEO of Abu Dhabi National Oil Co., insisted that firms such as his need to be “in the room” when energy transition plans are drawn up.

Al-Jaber, who also serves as the UAE’s minister of Industry and Advanced Technology, warned that pulling the plug on current energy systems before developing new ones is misguided, as abandoning oil and gas production could take a toll on energy security. 

“We have seen that all progress starts and ends with energy security. And, as the world’s energy leaders, our responsibility in maintaining that energy security has never been more evident,” said Al-Jaber. 

He added: “We must all commit to mitigating the impact of global energy supplies, but let’s keep our focus on capturing carbon, not canceling production. Let’s hold back emissions, not progress.” 

According to Al-Jaber, energy transition is the most complex and capital-intensive project in human history, and a partnership with the energy sector is necessary to ensure a successful transformation. 

“For the energy transition to succeed, the energy professionals need to be in the room, as equal partners alongside all other stakeholders,” he said. 

He further noted that substantial investments are required in hydrocarbons, the energy source the world will rely upon in the future.

Al-Jaber revealed that the UAE is open to working with partners to mitigate the impact of hydrocarbons on the climate and build on its expertise to emerge as a reliable energy leader with zero carbon emissions. 

He noted that ADNOC is making use of advanced technologies, along with renewable solar and nuclear energy to reduce the carbon intensity of its oil and gas by a further 25 percent by the end of this decade. 

Al-Jaber added that ADNOC will also expand the use of carbon capture and storage. 

Speaking at the same event on Oct 4, Saudi Aramco CEO Amin Nasser said that global oil demand is expected to grow until 2030 and beyond, as the world has a flawed plan for the energy transition. 

During the speech, Nasser noted that alternatives to replace oil and gas are not ready yet and added that measures should be taken to decarbonize oil and gas, along with developing carbon capture and storage technology.  


Digital payments soar in Saudi Arabia as preference for cash dips: report

Digital payments soar in Saudi Arabia as preference for cash dips: report
Updated 31 min 43 sec ago

Digital payments soar in Saudi Arabia as preference for cash dips: report

Digital payments soar in Saudi Arabia as preference for cash dips: report

 

RIYADH: Digital payment penetration is continuing its high growth in Saudi Arabia, as a report reveals more than one in ten Saudis spend money online at least once a day via e-commerce platforms.

According to global payment solutions provider Checkout.com’s report titled ‘Digital Transformation in MENA 2022’, Saudis who prefer cash for payments reduced from 27 percent in 2021 to 20 percent in 2022.

The report further noted that 91 percent of Saudi shoppers regularly buy from e-commerce platforms, and 14 percent of them shop at least once per day.

Some 78 percent of consumers in Saudi Arabia who took part in the survey said they will maintain or increase their current level of e-commerce spending into 2023.

The popularity of digital wallets is also steadily increasing in Saudi Arabia, as 26 percent of consumers consider these payment platforms the most preferred method for e-commerce, a near doubling of the figures from 2021.

Some 10 percent of the participants said that Buy Now Pay Later is their most preferred payment method for online shopping.

The report further added that consumers between the age of 25 and 45 have significantly less attachment to cash on delivery, while it is the youngest and oldest shoppers who rely on this payment method.

“The Kingdom is the largest economy in the Middle East, with a mature retail sector and a relatively affluent, digitally savvy population that is moving in the direction of digital payments steadily,” said Remo Giovanni Abbondandolo, senior vice president for MENA at Checkout.com.

He added: “The growing trust in online payments by shoppers means the digital transformation of the region’s retail sector is well underway.”

Saudi Arabia’s youth population has a growing affinity toward crypto currencies post the appointment of Mohsen AlZahrani by Saudi Arabia’s central bank to lead the Kingdom’s virtual assets and central digital currency program.

The report revealed that 44 percent of Saudis aged between 18 and 40 have held digital assets such as crypto, stablecoins and NFTs, while 54 percent of them would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months.


Saudi-based SaaS startup raises $1.3m in seed funding

Saudi-based SaaS startup raises $1.3m in seed funding
Updated 49 min 33 sec ago

Saudi-based SaaS startup raises $1.3m in seed funding

Saudi-based SaaS startup raises $1.3m in seed funding

RIYADH: Saudi-based SaaS startup Glamera raised $1.3 million in a seed funding round led by venture capital firm Riyadh Angels Investors.

Established in Egypt in 2020, Glamera relocated to Saudi Arabia where it covers Riyadh, Jeddah, Dammam, Taif, Qassim, Madinah, Tabuk as well as Cairo and Alexandria in Egypt.

The company is an all-in-one platform for beauty and lifestyle service providers where consumers can find and book sessions.

Since its establishment, the platform has managed to achieve huge growth in the region as it facilitated a gross merchandise value of $45 million in addition to continued growth in revenue and client acquisition.

“Now we can confidently work toward leading the market with our fully integrated solutions and play a part in the Saudi Digital Transformation Vision 2030. We aim to work with over 2,500 clients and achieve $500 million GMV by the end of 2023,” Mohamed Hassan, founder and CEO, said in a statement.

Omar Fathy, co-founder and chief technical officer of the startup, said that the company will use its funding to develop and launch new services as well as expand into Gulf markets.


UAE’s Ajman Bank signs deal to implement payment solutions

UAE’s Ajman Bank signs deal to implement payment solutions
Updated 54 min 33 sec ago

UAE’s Ajman Bank signs deal to implement payment solutions

UAE’s Ajman Bank signs deal to implement payment solutions

RIYADH: Ajman Bank, one of the leading Shariah-compliant banks in the UAE, has signed an agreement with VaultsPay, a fintech company, to provide digital financial solutions for businesses and individuals.

The partnership will expand the bank’s payment capabilities by introducing digital access to financial services for its clients in the UAE.

“Our goal is to develop a robust electronic payment ecosystem driven by data and insights to increase the safety and security of electronic payments,” Ajman Bank CEO Mohamed Amiri said in a statement. Founded in 2020, VaultsPay is a UAE-based payment gateway platform.