Arab entrepreneurs poised for growth as region presents huge opportunities: YEU president

Arab entrepreneurs poised for growth as region presents huge opportunities: YEU president
In collaboration with the Ministry of Economic Inclusion, Small Business, Employment, and Skills of Morocco and diverse national and regional partners, the Arab SMEs Summit seeks to establish partnerships and create enhanced policy frameworks for small and medium enterprises to foster inclusive and sustainable economic growth. NNA
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Updated 13 December 2023
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Arab entrepreneurs poised for growth as region presents huge opportunities: YEU president

Arab entrepreneurs poised for growth as region presents huge opportunities: YEU president

RIYADH: The Arab region stands to benefit from significant growth opportunities, such as the 2034 FIFA World Cup in Saudi Arabia, according to a top official of a global network of young entrepreneurs. 

While speaking at the Arab Entrepreneurship Summit held in Marrakesh on Dec. 12, Prince Fahd bin Mansour, the president of the Young Entrepreneurs Union in the G20, emphasized that the Arab region is facing growth opportunities that events such as the FIFA World Cup would be a boost of the entrepreneurial ecosystem in the region. 

According to the Saudi Press Agency, Prince Fahd also emphasized the importance of startups in Arab countries as a mechanism to ensure their economic sustainability. 

He also called for enhancing investment and mutual support to achieve the goal of prosperity in the Arab entrepreneurial system. 

More than 1,000 participants from specialized economic sectors, investors, decision-makers, international organizations, and donor entities are expected to attend this summit until Dec. 14. 

Facing intensified challenges due to recent regional and global crises affecting entrepreneurs in many Arab economies, the UN Economic and Social Commission for Western Asia has initiated the second edition of the Arab SMEs Summit on Dec. 12. 

In collaboration with the Ministry of Economic Inclusion, Small Business, Employment, and Skills of Morocco and diverse national and regional partners, the summit seeks to establish partnerships and create enhanced policy frameworks for small and medium enterprises to foster inclusive and sustainable economic growth. 

Younes Sekkouri, the minister of economic inclusion in Morocco, officially opened the summit, highlighting the significant impact of the COVID-19 pandemic on SMEs and emphasizing the need for these businesses to develop independent resilience strategies due to their lack of preparedness. 

The minister stressed the importance of generating entrepreneurial opportunities, advocating for a balance between substantial investments to diversify the economy and guiding them toward high-quality and high-value sectors. 

He said: “If we fail in creating an optimal investment environment for entrepreneurs, we must intensify our networking efforts and leverage leading institutions to open new horizons for the youth.” 


Saudi Arabia, Egypt to boost energy cooperation after high-level meeting

Saudi Arabia, Egypt to boost energy cooperation after high-level meeting
Updated 4 sec ago
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Saudi Arabia, Egypt to boost energy cooperation after high-level meeting

Saudi Arabia, Egypt to boost energy cooperation after high-level meeting
  • Ministers discussed various aspects of cooperation between the two countries

RIYADH: Saudi Arabia and Egypt are set to boost energy cooperation following a meeting between top officials to expand ties in petroleum, gas, electricity, renewable energy, and hydrogen. 
On July 21, Saudi Minister of Energy Prince Abdulaziz bin Salman met with Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and Minister of Electricity and Renewable Energy Mahmoud Esmat at his ministry’s headquarters in Riyadh. 
During the meeting, the ministers discussed various aspects of cooperation between the two countries, aiming to align their efforts with the shared visions of their leaderships and the ambitions of their peoples, according to a statement from the Saudi Energy Ministry. 


National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  
Updated 33 min 43 sec ago
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National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

RIYADH: The Saudi real estate sector is set to embrace advanced technologies after the National Housing Co. partnered with Korean tech firm Naver Corp. to enhance smart city solutions. 

The collaboration, formalized in the presence of Housing Minister Majid Al-Hogail, aims to integrate Digital Twin technology, utilizing Naver’s advanced cloud system.  

The technology mirrors real-world entities in a virtual environment, supporting real-time decision-making through data analysis, prediction, and optimization. It will be cloud-based, with a focus on three-dimensional digital modeling. 

This move aligns with Saudi Arabia’s Vision 2030 goals, aiming to use this technology for urban planning and flood predictions while advancing smart city development.

The integration of Digital Twin technology is part of the Kingdom’s broader strategy to modernize its real estate sector and adopt cutting-edge solutions to enhance urban management and infrastructure efficiency. 

Minister Al-Hogail highlighted the significance of this partnership, stating on X that the deal opens the doors for innovation in digital solutions. “Together, we achieve strategic visions for the municipalities and housing sectors in our relentless pursuit of sustainable smart cities,” he said. 


Oil Updates – prices rise as investors look for signs US rate cuts to begin

Oil Updates – prices rise as investors look for signs US rate cuts to begin
Updated 22 July 2024
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Oil Updates – prices rise as investors look for signs US rate cuts to begin

Oil Updates – prices rise as investors look for signs US rate cuts to begin

TOKYO: Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September, according to Reuters.

Brent crude prices were up 48 cents, or 0.57 percent, at $83.10 a barrel by 2:35 a.m. Saudi time, and US West Texas Intermediate crude futures rose 42 cents, or 0.52 percent, to $80.55.

“Since the June FOMC meeting, inflation and labor market data have signalled that disinflation and labor market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September,” ANZ Research said in a note.

The US Federal Reserve will next hold a Federal Open Market Committee meeting on interest rates on July 30-31, at which investors expect the Fed to keep the rates unchanged, while looking for any signal of a cut coming later in the year.

On the political front, US President Joe Biden abandoned his reelection bid on Sunday under pressure from fellow Democrats and endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in November.

Slower-than-expected economic growth of 4.7 percent for China in the second quarter sparked concerns last week over the country’s demand for oil and continues to weigh on prices.

On Sunday, China released a policy document outlining known ambitions, from developing advanced industries to improving the business environment, with analysts spotting no sign of imminent structural shifts in the world’s second-biggest economy.

The 60-point document’s publication follows last week’s closed-door meeting of the Communist Party’s Central Committee that takes place roughly every five years. 


Global AI Summit in Riyadh to host top-level discussions on AI impact 

Global AI Summit in Riyadh to host top-level discussions on AI impact 
Updated 22 July 2024
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Global AI Summit in Riyadh to host top-level discussions on AI impact 

Global AI Summit in Riyadh to host top-level discussions on AI impact 
  • The event, organized by the Saudi Data and AI Authority, will focus on one of today’s most pressing global issues — AI technology

RIYADH: Saudi Arabia will welcome economic policymakers, major technology and artificial intelligence companies, international thought leaders, and heads of international organizations to Riyadh this September as the Global AI Summit returns for its third edition.

The event, organized by the Saudi Data and AI Authority, will focus on one of today’s most pressing global issues — AI technology — and will attempt to find solutions that “maximize the potential of these transformative technologies for the benefit of humanity,” a statement released Sunday said.

The third edition of the event will be held at the King Abdulaziz International Conference Center from Sept. 10 to 12 under the patronage of Saudi Crown Prince Mohammed bin Salman in his capacity as chairman of the board of directors at SDAIA, the statement added.

The GAIN Summit will take place amid increasing concerns about the impact of AI technologies and will reaffirm the Kingdom’s commitment to supporting international efforts aimed at enhancing human welfare in the face of the challenges associated with developing technology.

GAIN 2024 will focus more on AI than its previous editions in 2020 and 2022, with topics including innovation in the sector, key developments shaping a better future for AI, and fostering a supportive environment for human resources in the field.

Other topics include AI at local and global levels, the complementary relationship between humans and AI, business leaders in AI, the relationship between data and applications, GenAI, AI ethics, AI processors and infrastructure, and AI and smart cities.


Saudi industry minister to visit Brazil, Chile to explore lithium production

Saudi industry minister to visit Brazil, Chile to explore lithium production
Updated 22 July 2024
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Saudi industry minister to visit Brazil, Chile to explore lithium production

Saudi industry minister to visit Brazil, Chile to explore lithium production
  • Alkhorayaf will land in Brazil on Monday and leave for Chile, the world’s second-largest producer of lithium, next Sunday

RIYADH: Bandar Alkhorayaf, Saudi Arabia’s mining and industry minister, will visit Brazil and Chile this week, the ministry said on Sunday.

In Brazil, he will hold meetings with officials to discuss expanding the Kingdom’s mining capacity, food processing, and aviation, while in Chile he will explore lithium production, needed for electric vehicle batteries.

“This aligns with the Kingdom’s direction towards expanding the production of EVs,” a Saudi government statement said. 

Alkhorayaf will land in Brazil on Monday and leave for Chile, the world’s second-largest producer of lithium, next Sunday.

On the first leg of the tour in Brazil, Alkhorayaf will meet agricultural and industrial groups, including Minerva Foods, JBS, and BRF SA, as well as the Brazilian Mining Association and mining company Vale.

Brazil’s Energy Minister Alexandre Silveira said last month that Saudi Arabia’s Public Investment Fund plans to invest $15 billion in Brazil in areas such as green hydrogen, infrastructure, and renewable energy.

In Chile, the minister will meet his counterpart Aurora Williams, as well as mining companies Antofagasta, and Codelco, a state-run company tasked with bringing the Chilean government into the lithium industry.

Saudi Arabia’s sovereign wealth fund, the PIF, and the Kingdom’s mining company, known as Ma’aden, which is 67 percent owned by the PIF, formed a joint venture called Manara Minerals to invest in mining assets abroad.