Business

CAIRO: Saudi Arabia’s health care sector has gained a new entrant from Egypt aimed at addressing the challenges posed by delayed medical reports and improving patient outcomes.  Founded in 2017, Rology has secured its position in the Saudi market after sealing the acquisition of its counterpart Arkan United.  In an interview with Arab News, Amr Abodriaa, CEO and co-founder of Rology, expressed the significance of this move in establishing a leading position in the Saudi market. 

RIYADH: Demand for offices remained strong in Saudi Arabia in the first quarter of 2023 as global and local businesses continued to scout for quality spaces in the key cities despite limited supply in the market, the latest report from global consultancy firm CBRE showed.   Most of the offices in Riyadh witnessed nearly 100 percent occupancy, resulting in Grade A and Grade B properties recording a year-on-year rise in average rental rates of 9.3 percent and 14 percent, respectively, in the first quarter.  

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.  The BRICS group comprises Brazil, Russia, India, China and South Africa. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko. 

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.

RIYADH: German investment in the Saudi mining sector was one of the key topics of discussion when the Kingdom’s industry minister met with a leading Bavarian politician. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks with Roland Weigert, vice minister in the Bavarian Ministry of Economic Affairs, Regional Development and Energy, as part of his visit to Germany.

ST. PETERSBURG: Russia, unlike other countries, fully complies with its climate commitments and is even ahead of schedule, Russian President Vladimir Putin has told the UAE President Sheikh Mohammed bin Zayed Al-Nahyan. “Unlike many other countries, we fully fulfill all our obligations in this area. Even with a certain advance,” Putin said during an inspection of a stand at the St. Petersburg International Economic Forum dedicated to the upcoming UN climate summit in the UAE.

ST. PETERSBURG: Russian firms are keen to develop further ties with the UAE, the country’s deputy prime minister has insisted in a speech lauding economic links between the two nations. Speaking at the St. Petersburg International Economic Forum, Denis Manturov — also Russia’s industry and trade minister — noted the special nature of Russian-Emirati relations, which includes strong ties of friendship and a rich history of cooperation based on the principles of mutual respect and trust.