Visa launches initiative to support women entrepreneurs in Saudi Arabia

Since 2020, Visa has invested around $3 million in over 250 grants and coaching for women entrepreneurs through the program globally including in the US, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, the UAE, Egypt, and Morocco. File
Since 2020, Visa has invested around $3 million in over 250 grants and coaching for women entrepreneurs through the program globally including in the US, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, the UAE, Egypt, and Morocco. File
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Updated 25 May 2023

Visa launches initiative to support women entrepreneurs in Saudi Arabia

Visa launches initiative to support women entrepreneurs in Saudi Arabia

RIYADH: In a bid to support women-owned small businesses in Saudi Arabia, Visa has launched the second edition of its She’s Next initiative in collaboration with the Ministry of Communications and Information Technology, the Small and Medium Enterprises General Authority, also known as Monsha’at, and Arab National Bank.

The global advocacy program is part of Visa’s efforts to support the digitalization of women-owned businesses. It also features the launch of its first digitalization index for women-owned small and medium-sized businesses, which measures digital maturity using five key indicators: online presence, digital payments acceptance, payment security awareness, customer engagement, and customer retention, said a press release.

“We’re proud to bring the second edition of our successful global She’s Next program back to Saudi Arabia. We are grateful to our partners for their support in bringing this important initiative to women-owned businesses in the Kingdom,” said Ali Bailoun, Visa’s regional general manager for KSA, Bahrain, and Oman.

Since 2020, Visa has invested around $3 million in over 250 grants and coaching for women entrepreneurs through the program globally including in the US, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, the UAE, Egypt, and Morocco.

“Women entrepreneurs in Saudi Arabia require additional funding and support in today’s business landscape. The Women SMB Digitalization Index is a central theme of this year’s She’s Next initiative, reinforcing the critical importance of this shift, and showcasing the progress made by local women-owned businesses in joining the digital economy,” Bailoun added.

According to a survey conducted by the digital payments company, seven in 10 female business owners relied on their savings to start their businesses.

“If additional funds were available, they would invest in staff expansion, new technologies, and increased security measures,” it found.

Commenting on the launch of the program, the Ministry of Communications and Information Technology said: “We believe in the significant role of training and enablement for small businesses, particularly those owned by women. By providing resources and support for their growth, we can empower these entrepreneurs to not only succeed but to thrive in our economy. Visa’s commitment to this mission aligns with our own, and we are excited to work together towards a brighter future for small businesses in the region.”

The press release stated that women entrepreneurs from all industries and sectors in Saudi Arabia can apply to participate in the program until June 23. One winner will receive a grant of $50,000, a tailored program, and access to She’s Next Club resources such as a workshop library and community of entrepreneurs, it added.

Mohammed Alamro, general manager of entrepreneurship planning at Monsha’at, said: “Initiatives of this sort are propelling the next wave of innovative female entrepreneurs.”

Khalid Al-Rashed, head of retail at ANB, said that by collaborating with Visa the bank “acknowledges the critical role that small and medium-sized businesses play in driving the economic growth of the Kingdom.”


Saudi energy ministry: Kingdom will extend 500,000 bpd voluntary cut until end of 2024

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman arrives for an OPEC meeting in Vienna, Austria, June 3, 2023.
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman arrives for an OPEC meeting in Vienna, Austria, June 3, 2023.
Updated 8 min 55 sec ago

Saudi energy ministry: Kingdom will extend 500,000 bpd voluntary cut until end of 2024

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman arrives for an OPEC meeting in Vienna, Austria, June 3, 2023.
  • OPEC+ member countries agreed a new output target of 40.46 million bpd from 2024

RIYADH: Saudi Arabia will extend its voluntary cut of 500,000 bpd until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement, the Kingdom’s energy ministry said on Sunday.

This voluntary reduction from the required production level was agreed upon at the OPEC+ meeting held on Sunday, the ministry added.

The ministry also announced an additional voluntary oil output cut of 1 million bpd for July, which could be extended further.

This would mean that the Kingdom’s production becomes 9 million bpd, and its total voluntary cut will be 1.5 million bpd in July, Saudi Press Agency reported.

The ministry said the additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries that aim to support the stability and balance of oil markets.

OPEC+ member countries also agreed a new output target of 40.46 million bpd from 2024, a statement issued by the group said.


Saudi Arabia, China contemplate energy security through petrochemical JVs

Saudi Arabia, China contemplate energy security through petrochemical JVs
Updated 04 June 2023

Saudi Arabia, China contemplate energy security through petrochemical JVs

Saudi Arabia, China contemplate energy security through petrochemical JVs

RIYADH: Saudi Arabia and China are collaborating to ensure safe energy supplies in their markets by planning to establish petrochemical joint ventures.

Saudi Minister of Energy Abdulaziz Al-Saud held a meeting with the chairman of the National Energy Authority of the Republic of China, Zhang Jianhua, in Riyadh to discuss JVs that will transform crude oil into petrochemicals and develop innovative uses of hydrocarbons, nuclear energy and fuel. 

Both nations are working to increase collaboration in the energy sector’s supply chains. 

Al-Saud and Zhang also discussed ways to boost ties between the countries in numerous energy fields, which will help achieve the goals outlined in Saudi Vision 2030 and China’s Belt and Road Initiative. 

Further collaborations between both countries are anticipated as the Kingdom is set to host the 10th session of the Arab-Chinese Business Conference and the eighth Investment Symposium. 

Set to take place between June 11 and 12 in Riyadh, the conference is expected to be the largest Arab-Chinese gathering for business and investment. 

It will host over 2,000 participants, including high-level government representatives, senior officials, CEOs, investors and entrepreneurs.

“Collaborating for Prosperity” aims to boost cooperation in the economy, trade and investment to achieve solutions of mutual interest to Arab nations and China through strategic collaboration. 

It is organized by the Kingdom’s investment and foreign affairs ministries in partnership with the Chinese Council for the Promotion of International Trade and several government agencies. 

Saudi Investment Minister Khalid Al-Falih said that trade and cultural ties between Arab countries and China extended over 2,000 years and that the conference reflected that historical relationship. 

He added that Saudi-Chinese relations had developed, especially following King Salman’s visit to China in 2017 and the two historic visits by Crown Prince Mohammed bin Salman to Beijing in 2016 and 2019. 

Trade in 2022 between the Arab countries and China reached SR1.6 trillion ($430 billion), a 31 percent increase from the previous year. 

Saudi Arabia led the way with trade between the countries reaching around SR400 billion ($106 billion), a 30 percent increase over 2021.  


PIF-owned Riyadh Air receives designator code from IATA

PIF-owned Riyadh Air receives designator code from IATA
Updated 04 June 2023

PIF-owned Riyadh Air receives designator code from IATA

PIF-owned Riyadh Air receives designator code from IATA
  • Riyadh Air unveils first of two liveries

RIYADH: Marking a significant milestone for Saudi Arabia’s new world-class carrier as it prepares to start operations, Riyadh Air secured the “RX” designator code from the International Air Transport Association.  

Riyadh Air CEO Tony Douglas made this announcement at the IATA’s 79th annual general meeting being held in Istanbul, Turkiye.  

“We are delighted to announce that we have obtained ‘RX’ as our IATA code, which will be on every touch point that our guests see as they take flight with us. The code reflects our ambition to be a digitally led airline, having the connection of innovation and state-of-the-art technology,” Douglas said.  

The new airline also unveiled the first of two liveries it will deploy as preparations continue for its launch of flights in 2025.

It released a video on social media on Sunday illustrating its livery. Owned entirely by the Public Investment Fund, Riyadh Air was inaugurated in March, with a vision to transform the Kingdom’s capital into a global hub for travel and trade.  

The airline, gearing up to start operations by early 2025, confirmed an order of 72 Boeing 787-9 Dreamliners the same month, and is anticipated to order another 150 Boeing 737 Max soon.  

“Riyadh Air has made another strategic milestone toward its operations in 2025, and we are so excited for our guests to be able to travel to over 100 destinations with our code on their bag tags, booking documents and digital services,” Douglas added.   

The airline aims to leverage Saudi Arabia’s strategic positioning, linking the three continents of Asia, Africa and Europe. This initiative will stimulate economic growth and diversification in the Kingdom, creating over 200,000 job opportunities, both directly and indirectly.

Riyadh Air was founded to bolster the Kingdom’s national aviation strategy as well as the broader national transport and logistics strategy, aligning with the ambition to achieve Vision 2030 objectives.  

“It has been an absolute pleasure to be on the ground at the IATA AGM. The Riyadh Air team is able to meet with industry stakeholders and experts to discuss safe, efficient and technologically advanced topics in the global air travel industry,” Douglas stated.  

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Saudi Arabia to sign deals to promote Egyptian investment in industrial, mining sectors

Saudi Arabia to sign deals to promote Egyptian investment in industrial, mining sectors
Updated 04 June 2023

Saudi Arabia to sign deals to promote Egyptian investment in industrial, mining sectors

Saudi Arabia to sign deals to promote Egyptian investment in industrial, mining sectors

RIYADH: Saudi Arabia plans to sign two agreements with Egypt to boost the North African country’s participation in the Kingdom’s industrial and mining sectors in line with Vision 2030.
During his visit to Egypt, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef expressed the Kingdom’s keenness to facilitate Egyptian investors.
It is part of the Kingdom’s efforts to bolster the role of the mining and industrial sectors in the national economy and increase their contribution by attracting foreign investment.
According to Alkhorayef, the first agreement seeks to “preserve commercial activity between the two countries and reduce obstacles, as well as finance exports through the Saudi Export Bank.” 
He said the other agreement would form a partnership with some Egyptian companies specialized in targeted activities in the Kingdom. 
On Saturday, the minister began his official tour to Egypt to discuss bilateral relations and explore opportunities to enhance cooperation in the industry and mining sectors, the Saudi Press Agency reported.  
Alkhorayef is accompanied by Deputy Minister of Industry and Mineral Resources Osama Al-Zamil.   
He met with various government officials and investors in the industrial and mining sectors from both countries and visited several factories.  
“There are many opportunities that we see when it comes to the collaboration between us and our brothers in Egypt that will help accelerate the projects that are being built in those sectors,” noted the minister.  
Last year, the volume of Saudi Arabia’s non-oil exports to Egypt exceeded SR11 billion ($2.9 billion), while imports totaled SR10 billion.   
The Kingdom’s primary exports to Egypt included petrochemicals, building materials, and medicines, while key imports comprised food products, heavy machinery and electronics.   
On Sunday, Egyptian Minister of Trade and Industry Ahmed Samir said that trade exchange between countries surged 23.9 percent in 2022 to reach $5.6 billion.  
He said the year ended with $6 billion worth of Saudi investments in Egypt and $1.6 billion of Egyptian investments in the Kingdom.  
Alkhorayef said: “The trade between both countries is witnessing growth, but the aspirations of the leadership are much bigger.”


Closing bell: Saudi bourses begin week on a positive note

Closing bell: Saudi bourses begin week on a positive note
Updated 04 June 2023

Closing bell: Saudi bourses begin week on a positive note

Closing bell: Saudi bourses begin week on a positive note

RIYADH: Saudi Arabia’s Tadawul All Share Index began the week positively, gaining 207.01 points, or 1.88 percent, to close at 11,221.96. 

While parallel market Nomu edged up 25.16 points to 21,513.36, the MSCI Tadawul Index increased 2.16 percent to close at 1,490.24. 

The total trading turnover of the benchmark index on Sunday was SR4.37 billion ($1.17 billion) as 179 stocks advanced, while 34 retreated.

The best performer of the day was National Gas and Industrialization Co., whose share price surged 10 percent to SR68.20. 

Etihad Atheeb Telecommunication Co. and Saudi Arabian Mining Co. were other top gainers, whose share prices increased by 9.86 percent and 5.23 percent, respectively. 

Meanwhile, the telecom firm, which announced its fiscal year result ending on March 31, 2023, reported a net profit of SR42.47 million, compared to a net loss of SR37.40 million in the same period of the previous year. 

The worst performer of the day was Saudi Enaya Cooperative Insurance Co., whose share price dipped by 5.15 percent. 

In another development, shareholders of Fesh Fash Snack Food Production Co. approved the board of directors’ recommendation to pay a cash dividend of 15 percent, or SR1.5 a share, for 2022. 

Earlier in March, the company had reported a net profit of SR1.5 million for 2022, up 10 percent compared to 2021. Its share price remained unchanged at SR160. 

Meanwhile, Al-Babtain Power and Telecommunication Co. shareholders approved the board’s recommendation to pay a 5 percent cash dividend, or SR0.50 a share, for 2022.