KSRelief distributes relief aid in 4 countries 

KSRelief distributes relief aid in 4 countries 
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KSRelief distributed 900 food baskets in Pakistan. (SPA) 
KSRelief distributes relief aid in 4 countries 
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KSRelief provided 1,753 individuals in Sudan with 10 tons of food. (SPA)
KSRelief distributes relief aid in 4 countries 
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KSRelief distributed 968 food baskets benefiting 5,808 individuals in Ethiopia. (SPA)
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Updated 27 January 2023

KSRelief distributes relief aid in 4 countries 

KSRelief distributes relief aid in 4 countries 
  • The relief center delivered 900 packages, benefiting 6,300 people in Pakistan
  • 1,060 Syrian and Palestinian refugees received vouchers to buy winter clothes

DUBAI: The King Salman Humanitarian Aid and Relief Center (KSRelief) has continued distributing food aid in flood-hit areas of Pakistan’s Punjab province. 

The relief center delivered 900 packages, benefiting 6,300 people, state agency SPA reported. 

Similar efforts were carried out in Sudan when KSRelief provided 1,753 individuals with 10 tons of food and 5,808 individuals with 968 food baskets in Ethiopia.

Meanwhile, host and Syrian and Palestinian refugee communities in Lebanon received vouchers in order to purchase winter clothing.

Saudi Arabia’s philanthropic organization, in cooperation with the Zakat Fund in Mount Lebanon, aided 1,060 refugees in its latest campaign.


Ninth Saudi aid plane arrives in Sudan

The ninth Saudi plane carrying aid for the Sudanese people arrives at Port Sudan International Airport on Sunday. (SPA)
The ninth Saudi plane carrying aid for the Sudanese people arrives at Port Sudan International Airport on Sunday. (SPA)
Updated 25 min 44 sec ago

Ninth Saudi aid plane arrives in Sudan

The ninth Saudi plane carrying aid for the Sudanese people arrives at Port Sudan International Airport on Sunday. (SPA)
  • On Sunday, the Kingdom and the US called on warring sides in Sudan to extend a fragile cease-fire due to expire on Monday

RIYADH: The ninth Saudi plane carrying aid for the Sudanese people arrived at Port Sudan International Airport on Sunday.

The plane was carrying 30 tons of food and medical supplies, and is part of a Saudi initiative to provide $100 million in humanitarian aid to Sudan.

On Sunday, the Kingdom and the US called on warring sides in Sudan to extend a fragile cease-fire due to expire on Monday, as weeks of fighting reached a stalemate in the capital and elsewhere in the country.

“While imperfect, an extension nonetheless will facilitate the delivery of urgently needed humanitarian assistance to the Sudanese people,” the statement said.


Global investment in clean energy to reach over $1.7tn in 2023: IEA

Global investment in clean energy to reach over $1.7tn in 2023: IEA
Updated 46 sec ago

Global investment in clean energy to reach over $1.7tn in 2023: IEA

Global investment in clean energy to reach over $1.7tn in 2023: IEA

RIYADH: As efforts to mitigate the effects of climate change gather pace around the world, investment in clean energy is also witnessing a surge and is expected to reach more than $1.7 trillion in 2023, according to the International Energy Agency.

In its latest report, the IEA said the global energy sector is likely to record investment worth around $2.8 trillion this year of which 60.7 percent will go toward clean technologies.

As security and affordability issues brought on by the global energy crisis gain strength, spending on clean energy technologies will outpace spending on fossil fuels, the report predicted.

Green energy includes renewables, electric vehicles, nuclear power, low-emissions fuels, efficiency improvements, and heat pumps.

According to the report, the leftover global energy investments — slightly over $1 trillion — will go toward coal, gas, and oil.

“Clean energy is moving fast — faster than many people realize. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” said IEA Executive Director Fatih Birol.

He added: “For every dollar invested in fossil fuels, about $1.7 are now going into clean energy. Five years ago, this ratio was one-to-one.”

The report also predicted that in 2023, spending on solar power is due to hit more than $1 billion a day or $382 billion for the year, while investment in oil production will stand at $371 billion.

From 2021 to 2023, annual investments in clean energy are projected to rise by 24 percent, driven by renewables and electric cars, compared to a 15 percent increase in investments in fossil fuels during the same time frame.

The report noted that over 90 percent of this increase emanates from developed nations and China. This poses a severe threat of creating new energy divides if renewable energy transitions do not accelerate elsewhere.

The IEA attributed the stimulated investments in clean energy in recent years to rapid economic expansion and erratic fossil fuel prices that fueled worries about energy security, particularly in the wake of the Ukraine crisis.

Other factors impacting the jump in investments in clean energy include significant policy support through initiatives in Europe, Japan, China, and other regions as well as the US Inflation Reduction Act.   


Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines

Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines
Updated 28 May 2023

Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines

Saudi Fund for Development inks loan deals worth $16m with Saint Vincent and the Grenadines

RIYADH: A new primary care center and a cultural facility are set to be established in the Caribbean island nation of Saint Vincent and the Grenadines thanks to two development loan agreements worth $16 million. 

Signed by the Saudi Fund for Development, the two new agreements are part of the Kingdom’s framework to support the advancement in developing countries and small island developing states worldwide.

The first agreement will oversee the construction of a primary care center in South Rivers for $6 million, the Saudi Press Agency reported. 

The primary care center aims to improve the quality and resilience of the healthcare sector in the island nation while ensuring that locals have access to the necessary health services. 

It will also help in reducing chronic diseases as well as reducing mortality rates in the region.

The project is expected to create direct and indirect job opportunities and train medical staff. 

Meanwhile, the second agreement worth $10 million was allocated to construct a cultural center and a market for craft and agricultural products in Belle Vue.

The project will promote the country’s craft, handicraft, cultural and creative industries. 

It will also significantly promote tourism, social and cultural growth, and public health.

Together, the two projects will contribute to achieving the UN Sustainable Development Goals, specifically good health, well-being, decent work and economic growth.

“We look forward, through the signing of these two agreements, to opening horizons for development cooperation with the Kingdom of Saudi Arabia and strengthening close relations between the two countries,” Prime Minister of Saint Vincent and the Grenadines Ralph Gonsalves said.

SDF Chairman Ahmed Aqeel Al-Khateeb and Camillo Gonsalves, the minister of finance, economic planning and information technology of the island nation, signed the agreements.

Founded in 1974, the SFD has implemented over 700 projects and development programs in 85 countries worldwide. 


Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz
Updated 28 May 2023

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

CAIRO: Saudi venture capital firms are bolstering the regional startup funding landscape, with Nama Ventures and RAZ Group leading the investment round to support the expansion of the UAE-based logistics startup Cargoz in the Kingdom. 

Cargoz, often called the Airbnb for commercial warehousing, has secured an undisclosed amount in bridge funding from Nama Ventures, RAZ Group and a select few angel investors from the UAE and the Kingdom who are players in the logistics industry. 

The company, founded in 2022 by Premlal Pullisserry and Lijo Antony, offers a platform that connects small and medium enterprises with warehouse companies for short-term contracts. 

According to the press release, the company plans to utilize the funds to spur growth in the UAE and prepare for a soft launch in Riyadh by the third quarter of this year. 

Cargoz has reported significant growth over the last eight to nine months, indicating that it addresses a substantial market issue. 

“We underestimated the pain of finding on-demand storage for SMEs and how broken and stressful that experience was,” Cargoz stated in the press release. 

Nama Ventures, known for its 29 investments, including notable startups like Muqbis, Punt Partners and Faceki, expressed great enthusiasm about backing Cargoz. 

“Nothing makes us more excited at Nama Ventures than seeing founders as complementary as Premlal and Lijo. Premlal breaths logistics; his depth of the space and his understanding of the pains in the space are unparalleled. Lijo, on the other hand, is a coder’s coder; he is very well versed in tech space and knows how to build tech products,” said Mohammed Alzubi, founder and managing partner of Nama Ventures. 

In August 2022, Nama Ventures also led Cargoz’s pre-seed funding round with an undisclosed amount used to foster growth in the UAE. 


SingleView launches open banking solutions at Seamless Middle East 2023 in Dubai

SingleView launches open banking solutions at Seamless Middle East 2023 in Dubai
Updated 28 May 2023

SingleView launches open banking solutions at Seamless Middle East 2023 in Dubai

SingleView launches open banking solutions at Seamless Middle East 2023 in Dubai

UMG Alholol Trading Company “SingleView” participated in the “Seamless Middle East 2023” exhibition on May 23-24 in Dubai, aiming to present its latest financial solutions in the field of open banking. The financial company is seeking to strengthen its position as one of the best financial technology companies in the Kingdom, by improving the experience of companies and institutions in managing their financial transactions based on the latest available financial technologies.

SingleView is always keen to participate in such specialized fintech events aiming to explore new markets regionally and internationally and strengthen the company’s position in the field of open banking, fintech and other solutions that help companies in digital transformation processes. The company focused in this edition on showcasing its latest open banking solutions, among which is the ability to access bank data in real time. The services help companies from e-commerce, finance, accounting, travel and tourism and other sectors to make decisions and provide customized services to their customers in light of real-time data.

Considered one of the most prominent events in its field, Seamless Middle East provides an opportunity to companies to get updated about the latest trends in payments, fintech, e-commerce and retail solutions.

It is worth noting that SingleView has recently obtained the permission of the Saudi Central Bank, also known as SAMA, to work within the legislative experimental environment in accordance with the regulatory framework of open banking, thus becoming one of the first companies to obtain the technical permit. The company was able to obtain the permit due to its full readiness to meet all regulatory and legislative requirements. Moreover, SingleView has several successful partnerships with international technology companies and service providers, which has earned it experience, excellence and leadership in innovating solutions in the field of open banking.

Abdurhman Alarifi, SingleView CEO, expressed his gratitude to the supervising team of the open banking program and the legislative experimental environment at SAMA and Saudi Payments for their efforts in helping the company develop and comply with the regulatory framework of open banking. The program creates opportunities for SingleView and other fintech companies to enrich the Kingdom’s financial sector with their innovative services and solutions.

SingleView aims to expand in the field of fintech solutions and explore new markets regionally and globally to be able to provide its innovative solutions to various markets, in order to strengthen its position as one of the specialized financial companies providing open banking solutions. Moreover, the company is working to promote its position in the local market supporting the digital transformation movement, which is one of the main pillars of the Kingdom’s Vision 2030.