Saudi TDF signs MoU with Endeavor to promote entrepreneurial talent in tourism sector

Saudi TDF signs MoU with Endeavor to promote entrepreneurial talent in tourism sector
The agreement aims to enhance opportunities for entrepreneurs with support programs, financing, investment solutions, and services. (SPA)
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Updated 22 September 2022

Saudi TDF signs MoU with Endeavor to promote entrepreneurial talent in tourism sector

Saudi TDF signs MoU with Endeavor to promote entrepreneurial talent in tourism sector

RIYADH: Saudi Arabia’s Tourism Development Fund signed a memorandum of understanding with Saudi Endeavor Network to support local and international entrepreneurs in the tourism sector.

Signed during the Future of Hospitality event currently held in Dubai, the agreement aims to enhance opportunities for entrepreneurs with support programs, financing, investment solutions, and services that both parties already provide.

“The Tourism Development Fund affirms its keenness to support and empower targeted entrepreneurs, to reach the best global experiences in entrepreneurship, and to improve the tourist experience by creating tourism technologies and quality projects,” CEO of the Tourism Fund, Qusai bin Abdullah Al-Fakhri said in a statement.

Endeavor Saudi Arabia CEO Latifa Wallan explained that the company will further support businesses in the tourism sector in line with Saudi Vision 2030 goals.

Saudi Endeavor Network is the local representative of Endeavor International, a non-profit organization that provides acceleration, promotion, and mentoring opportunities to entrepreneurs and startups in the Kingdom.


Japan energy minister emphasizes importance of Saudi and Arab suppliers

Japan energy minister emphasizes importance of Saudi and Arab suppliers
Updated 14 sec ago

Japan energy minister emphasizes importance of Saudi and Arab suppliers

Japan energy minister emphasizes importance of Saudi and Arab suppliers
  • Japan depended on the Middle East for 95 percent of its oil in August and 98 percent in July

TOKYO: Japan’s Minister of Economy, Trade and Industry NISHIMURA Yasutoshi requested Saudi Arabia and other Arab countries to guarantee stable supply of oil.

Nishimura said he had met with executives from Aramco and has proposed talks with Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al Saud.

He also met recently with Sultan Al-Jaber, UAE Minister of Industry and Advanced Technology and CEO of Abu Dhabi National Oil Company (ADNOC), as well as Talal Al-Awfi, Oman’s Minister of Energy and Minerals.

“I requested a stable supply of oil and LNG,” Nishimura said at a press conference at the ministry in reply to a question from Arab News Japan. “I got the reply that they will continue to cooperate with us.”

In the absence of imports from Iran and Russia due to sanctions enforced by the US, more than 90 percent of Japan’s supplies now come from Arab sources.

“It is important for Japan, which lacks resources, to promote a stable supply of crude oil,” Nishimura said. “It is true that oil imports from Russia have stopped and dependence on the Middle East is increasing. We are making decisions on specific sources of crude oil from the perspective of the market.”

“Japan depended on the Middle East for 95 percent of its oil in August and 98 percent in July, so we recognize the region as extremely important in terms of energy security and a stable supply of crude oil.”

Japan is looking to expand its energy business with the Middle East to include clean energy as well as oil and gas.

“We believe that the Middle East is also playing an important role in building the hydrogen and ammonia supply chain,” Nishimura said. “I hope such cooperative relationships will also be strengthened. Furthermore, Japan will strive to diversify its supply sources from the viewpoint of stable supply and security, and domestically also pursue all options, including the utilization and diversification of renewable energy and nuclear energy.”


Anaam International plans to raise capital to $42mn through a rights issue 

Anaam International plans to raise capital to $42mn through a rights issue 
Updated 40 min 13 sec ago

Anaam International plans to raise capital to $42mn through a rights issue 

Anaam International plans to raise capital to $42mn through a rights issue 

RIYADH: Saudi poultry processing firm Anaam International Holding Group’s board recommended an increase in capital of SR158 million ($42 million) through a rights issue.

The capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company, according to a bourse filing.

The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders.

Wasatah Capital was appointed to act as the financial advisor to the offering.


Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global
Updated 04 October 2022

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

RIYADH: Business conditions in Egypt’s non-oil economy continue to be under strain with the country’s Purchasing Managers’ Index staying unchanged at 47.6 in September compared to the previous month, according to S&P Global.

According to S&P Global, a PMI above 50.0 marks growth, while those below 50.0 signals contraction.

Egypt’s PMI signals a solid deterioration in business conditions, albeit one that was the joint-weakest for seven months, as inflationary pressures, energy rationing, import restrictions, and weak demand continue to impact the country’s non-oil economy.  

“Non-oil activity in Egypt continued to suffer from weak demand, geopolitical tensions and surging inflation in the final month of the third quarter,” said Shreeya Patel, an economist at S&P Global Market Intelligence.

She added: “Firms nevertheless remain hopeful that macroeconomic conditions would improve in the medium-term, but for now, non-oil Egyptian businesses are challenged to operate in an environment which includes persistently high prices, weak demand and growing uncertainty.”


Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P
Updated 34 min 13 sec ago

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

RIYADH: Saudi Arabia continues to maintain ongoing expansion in its non-oil economy as both of its key indicators — output and new orders — recorded gains, registering the Kingdom’s Purchasing Managers’ Index at 56.6 in September, the latest data from S&P Global revealed.

Although down on August's 57.7, Saudi Arabia managed to maintain this growth for the 25th successive month as the Kingdom steadily progresses in its journey to diversify its economy in line with Vision 2030.

According to S&P Global, readings above 50.0 mark growth, while those below 50.0 signals contraction. 

“Albeit down on August, Saudi Arabia’s non-oil private sector economy retained an impressive pace of growth during September, especially against the backdrop of increasingly challenging global economic conditions,” said David Owen, an economist at S&P Global Market Intelligence. 

He added: “Both output and new orders rose at rates above their averages for their current 25-month growth sequences, whilst confidence in the quality of goods and services provided meant firms expect to successfully convert into hard contract wins a high proportion of what is an extremely positive pipeline of new business.”


Global alliance on green economy launched in Dubai

Global alliance on green economy launched in Dubai
Updated 04 October 2022

Global alliance on green economy launched in Dubai

Global alliance on green economy launched in Dubai
  • UAE’s Economy Ministry is setting up shop inside the immersive virtual world

DUBAI: A “Global Alliance on Green Economy” was launched at the 8th World Green Economy Summit, which concluded in Dubai.

The summit was held under the theme “Climate action leadership through collaboration: The roadmap to net-zero.” A large number of ministers, experts, decision-makers, officials, representatives of institutions, and the academic community from around the world took part in the summit.

The alliance aims to build a coalition of countries, prioritizing a green economy in the context of climate action and sustainable development, to enhance the capacity of developing countries, provide support for their green economy transition projects and exchange knowledge on implementation.

“If we want to fast-track our transition to a green economy, we must all work together, and to do so, we need one platform with one common objective. The UAE Global Alliance on Green Economy seeks to provide such a platform,” said Mariam bint Mohammed Almheiri, UAE minister of climate change and environment.

Bet on tech

The UAE, which already boasts the world’s tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse.

In a project launched at Dubai’s gleaming Museum of the Future, it announced that the UAE’s Economy Ministry was setting up shop inside the immersive virtual world that is now taking shape. 

If we want to fast-track our transition to a green economy, we must all work together.

Mariam bint Mohammed Almheiri, UAE minister of climate change and environment

Those who don their virtual reality goggles or use other means to venture within will find a ministry open for business with companies and even ready to sign bilateral agreements with foreign governments, officials said.

The metaverse is an online world where users will eventually be able to game, work and study, its proponents say — although it is still in a “test” phase, the UAE’s economy minister conceded.

Abdulla bin Touq Al-Marri was speaking at the inaugural Dubai Metaverse Assembly, held at the museum whose innovative ring shape decorated with Arabic calligraphy flanks the city’s main thoroughfare.

Representatives of tech giants mingled with entrepreneurs and developers exploring the potential of the metaverse, a network of digital spaces intended as an extension of the physical world.

DFM adopts new methodology

Dubai Financial Market said on Monday it planned to adopt a new methodology for its main equities indices, which will come into effect in the fourth quarter, according to Reuters.

The Dubai bourse’s general index, Shariah index and sector indices, will be calculated by S&P Dow Jones Indices, it said in a statement.

A key improvement among the changes is a limit on the weighting of a listed company to 10 percent from 20 percent, which should result in a larger representation of companies on the DFM’s benchmarks, it said.

The Dubai bourse said the index calculation will be based on actual free float adjusted market capitalization, and that the indices will be rebalanced on a quarterly basis, from semi-annually currently.

The bourse plans to align its sectors with an industry classification standard which is followed by institutional clients, it said.

DFM will have seven sectors: Financials, industrials, real estate, utilities, communication services, materials and consumer staples.

The bourse has invited market participants for consultations on the index methodology ahead of possible changes, with the revised indexes to be launched in Q4, it said.