Al-Falih meets Chilean ministers to explore investment opportunities

Al-Falih meets Chilean ministers to explore investment opportunities
Saudi Minister of Investment Khalid Al-Falih engaged in substantive dialogue with various Chilean ministers and government officials to explore and amplify mutual financing possibilities. (File)
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Updated 06 August 2023
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Al-Falih meets Chilean ministers to explore investment opportunities

Al-Falih meets Chilean ministers to explore investment opportunities

RIYADH: Investment opportunities between Saudi Arabia and Chile are set to get a boost as officials from both sides convened for a roundtable meeting in Santiago on Saturday.  

Saudi Minister of Investment Khalid Al-Falih engaged in substantive dialogue with various Chilean ministers and government officials to explore and amplify mutual financing possibilities.  

The meeting underscored the necessity of cementing economic ties between the Kingdom and Chile in bolstering the private sectors of both countries and fostering partnerships in areas of shared interest.

Al-Falih met with Chilean Foreign Minister Alberto van Klaveran, Minister of Economy, Development and Tourism Nicolas Grau and Minister of Public Works Jessica Lopez Saffie. 

The meetings are part of the Saudi Ministry of Investment and its delegation’s intention to promote bilateral trade by introducing the Kingdom’s public and private sectors to Latin American countries to explore investment opportunities. 

Al-Falih also signed a memorandum of understanding with Argentina’s Ministry of Foreign Affairs, International Trade and Worship on Saturday. 

The agreement aims to boost cooperation between both parties to facilitate direct investments. 

Furthermore, Al-Falih discussed several topics with Argentina’s minister around enhancing partnerships and collaborative investments in quality projects.

On Thursday, Al-Falih led a 60-member delegation to an investment forum in Uruguay’s capital Montevideo. 

These initiatives are in line with the aim of the Saudi Ministry of Investment to attract quality investments that will empower sector growth, develop policies and improve the overall access to services through partnerships between the public and private sectors. 

The ministry also endeavors to bolster collaborative initiatives with the private sector to drive social and economic transformation within the Kingdom under the strategic framework of Vision 2030.  

It underscored its role as a facilitator and catalyst by enabling the involvement of both domestic and international private sectors to fuel economic growth. 

Additionally, it emphasized its commitment to assisting these sectors in navigating and surmounting any challenges they may encounter in their interactions with pertinent bodies, both locally and globally.   


Yorkshire cricket club punished over racism scandal

Yorkshire cricket club punished over racism scandal
Updated 28 July 2023
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Yorkshire cricket club punished over racism scandal

Yorkshire cricket club punished over racism scandal
  • Pakistan-born bowler Rafiq went public with allegations of racism and bullying in September 2020
  • The points penalty sends Yorkshire to the bottom of Division Two of the County Championship

LONDON: Yorkshire County Cricket Club were slapped with a huge 48-point deduction in the English County Championship on Friday after admitting four charges related to the Azeem Rafiq racism scandal.
The independent Cricket Discipline Commission (CDC) also fined the club £400,000 ($514,000), £300,000 of which is suspended for two years.
The points penalty sends Yorkshire to the bottom of Division Two of the County Championship.
Pakistan-born bowler Rafiq, 32, went public with allegations of racism and bullying in September 2020, related to his two spells at the English county.
The Yorkshire board issued a statement accepting the sanctions.
“The CDC and ECB (England and Wales Cricket Board) have today acknowledged the vast amount of work done by YCCC to overcome the cultural issues that existed within the club, which allowed racist and discriminatory behavior to go unchallenged,” it said.
“We are accountable for these issues, and we accepted four amended charges as part of a continued commitment to ensure we are able to move forward.”
But the Yorkshire board added: “We are disappointed to receive the point deductions which affects players and staff at the club, who were not responsible for the situation.”
ECB chief executive Richard Gould, who was not in post during the Rafiq scandal, said: “There can be no place for racism in our game, and the penalties announced by the Cricket Discipline Commission mark the end of a thorough disciplinary process.
“No one should have to experience what Azeem Rafiq went through in cricket, and we once again thank him for his courage in speaking out.”
Six former Yorkshire players were previously fined by the CDC after being found guilty of using racist language.
Separately, a damning report by the Independent Commission for Equity in Cricket (ICEC) last month revealed “widespread” racism, sexism and classism in English cricket.
The ICEC was established in 2021 following the racism scandal surrounding the treatment of Rafiq.


Electric car sales to grow by 35% to hit 14m in 2023 amid sustainability push: IEA  

Electric car sales to grow by 35% to hit 14m in 2023 amid sustainability push: IEA  
Updated 26 April 2023
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Electric car sales to grow by 35% to hit 14m in 2023 amid sustainability push: IEA  

Electric car sales to grow by 35% to hit 14m in 2023 amid sustainability push: IEA  

RIYADH: The sale of electric cars is expected to increase by 35 percent in 2023 to hit 14 million, up from the 10 million sold in 2022, as the world continues its drive toward a sustainable future, according to a report released by the International Energy Association.   

In its Global EV Outlook 2023 report, the IEA noted the share of electric cars in the overall car market has risen from around 4 percent in 2020 to 14 percent in 2022 and is set to increase to 18 percent this year.   

The IEA further noted this rapid electrification of transport vehicles will eliminate the need for five million barrels of oil per day by the end of the decade.  

“Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging — and they are bringing about a historic transformation of the car manufacturing industry worldwide,” said the IEA’s Executive Director Fatih Birol.   

He added: “Cars are just the first wave: electric buses and trucks will follow soon.”  

According to the IEA, the majority of electric car sales to date are mainly concentrated in three markets: China, Europe and the US.  

The IEA further noted that China accounted for 60 percent of global electric car sales in 2022.  

Europe and the US, the second and third largest markets, also saw strong growth with sales increasing by 15 percent and 55 percent respectively in 2022.  

Apart from the US, Europe and China, electric car sales in countries like India and Indonesia tripled in 2022, while sales figures doubled in Thailand.   

The IEA added that in emerging and developing economies, two- or three-wheeler vehicles outnumber cars. The report pointed out that over half of India’s three-wheeler registrations in 2022 were electric.   

“In many developing economies, two- or three-wheelers offer an affordable way to get access to mobility, meaning their electrification is important to support sustainable development,” the report added. 


Saudi stocks in red as Saudi inflation hits high: Closing bell

Saudi stocks in red as Saudi inflation hits high: Closing bell
Updated 16 October 2022
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Saudi stocks in red as Saudi inflation hits high: Closing bell

Saudi stocks in red as Saudi inflation hits high: Closing bell

RIYADH: Saudi Arabia’s main index, TASI, ended the first session of the week in the red, with investors remaining concerned about high inflation in the country.

The Tadawul All Share Index dipped 0.14 percent to end at 11,405, while the parallel market, Nomu, dropped 0.13 percent to finish at 19,744.

Saudi oil giant Aramco ended the session 1.13 percent lower, while Rabigh Refining and Petrochemical Co. edged down 0.14 percent.

Saudi National Bank, the Kingdom’s largest lender, ended the session flat, while Saudi British Bank increased by 1.64 percent.

The Kingdom’s most valued bank, Al Rajhi, gained 0.49 percent, while Alinma Bank was up 0.84 percent.

Zain KSA rose 2.09 percent, following the sale of its subsidiary to the Public Investment Fund for the nominal amount of SR10,000 ($2,666).

Saudi Co. for Hardware, known as SACO, edged up 0.60 percent, having appointed Abdel-Salam Bdeir as CEO after Haytham Alhamidi resigned.

Scientific and Medical Equipment House Co. gained 4.76 percent to lead the gainers, while Salama Cooperative Insurance Co. fell 6.19 percent to lead the fallers since last week.


Louvre Abu Dhabi releases sci-fi podcast featuring 7 international celebrities

Louvre Abu Dhabi releases sci-fi podcast featuring 7 international celebrities
Updated 01 June 2020
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Louvre Abu Dhabi releases sci-fi podcast featuring 7 international celebrities

Louvre Abu Dhabi releases sci-fi podcast featuring 7 international celebrities

DUBAI: On Sunday, Louvre Abu Dhabi  has released a 20-minute cinematic podcast, “We Are Not Alone,” that reinterprets the museum's architecture through a futuristic story narrated by seven international celebrities.

Available in six different languages, the new podcast is narrated in the voices of Emirati singer Hussain Al-Jassmi in Arabic, American actor Willem Dafoe in English, French actress and singer Charlotte Gainsbourg in French and English, Chinese actress Zhou Dongyu in Mandarin, Russian DJ and singer Nina Kraviz in Russian and filmmaker and playwright Wim Wenders in German.

“Louvre Abu Dhabi tells the story of art history throughout the ages,” said Manuel Rabate, Director of Louvre Abu Dhabi in a statement. “As we always look for new ways to experiment and innovate, we continue to explore new narratives inspired by our architecture and collection. ‘We Are Not Alone’ is yet another example of our innovative approach to sharing stories of cultural connections,” he added.

The new podcast is composed and produced by Soundwalk Collective, an experimental group of artists and musicians. It is a part of the UAE museum’s extensive digital offering, which includes free access to content through virtual tours, video, audio and downloadable activities.


Iran will sell oil, break US sanctions, President Rouhani says

Iran will sell oil, break US sanctions, President Rouhani says
Updated 05 November 2018
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Iran will sell oil, break US sanctions, President Rouhani says

Iran will sell oil, break US sanctions, President Rouhani says
  • US reimposed sanctions on Monday, but Iran pledges to defy them
  • Monday's actions mark an end to the 2015 nuclear deal reached under President Obama

DUBAI: Iran will sell its oil and break sanctions reimposed by the United States on its vital energy and banking sectors, Iranian President Hassan Rouhani told economists at a meeting broadcast live on state television on Monday.

“America wanted to cut to zero Iran’s oil sales ... but we will continue to sell our oil ... to break sanctions,” Rouhani said.

In May, US President Donald Trump pulled Washington out of world powers’ 2015 nuclear deal with Iran and reimposed a first round of sanctions on Iran in August.

The deal saw most international financial and economic sanctions on Iran lifted in return for Tehran curbing its disputed nuclear activity under UN surveillance.