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GCC’s Shared Mobility Accelerates with 62M Global Users by 2027

DUBAI: Shared mobility is gradually gaining a foothold in the Gulf Cooperation Council region as the automobile industry predictably joins other sectors in adapting to the sharing economy. Whether it is renting out office space, an Airbnb vacation home, or a fancy dress for a special occasion, more people around the world are embracing the concept of sharing resources and services as opposed to owning them. Companies are also changing their business models by leveraging the ongoing shift to a sharing economy and the transport sector is no exception.
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PIF and Ma’aden’s Joint Venture to Boost Mining Sector: Top Official

RIYADH: With metals and mining being identified as one of the 13 strategic sectors to focus on to achieve the goals outlined in Vision 2030, the Kingdom’s sovereign wealth fund’s joint venture with Saudi Arabian Mining Co., also known as Ma’aden, will help unlock the potential of the mineral wealth in the nation, a top official said. 
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Saudi Arabia partners with Brazilian firm to enhance food security

RIYADH: The Kingdom’s sovereign wealth fund-owned Saudi Agricultural and Livestock Investment Co. and South American firm Marfrig Global Foods SA have committed to buying shares in a potential new offering worth $900 million by BRF SA, Brazil’s biggest poultry producer.  BRF said in a bourse filing that SALIC offered to subscribe to 50 percent of the total offer or 500 million new shares.  Marfrig Global Foods SA, which owns 33 percent of BRF, pledged to buy the remaining 250 million shares, reported Reuters. 
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Saudi main index closes steady with $1.34m trading turnover

RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Thursday, as it edged up 0.82 points, or 0.01 percent, to close at 11,014.95.   A day earlier, the benchmark index had shed 125.85 points, primarily driven by a fall in oil prices.   While parallel market Nomu gained 134 points to close at 21,415.33, the MSCI Tadawul Index shed 5.73 points to 1,458.68.   The total trading turnover of the benchmark index was SR5.03 billion ($1.34 billion) as 113 stocks advanced, while 100 retreated. 
Business

‘Saudi Female Entrepreneurs Shine in Women in Tech Competition’

CAIRO: Going by the success of the “Women in Tech” competition, it is evident that female-led startups are set to revolutionize Saudi Arabia’s technology sector.  
Business

“74% of Online Shoppers Favor Local E-commerce over Cross-border Platforms”

RIYADH: Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market, as 74 percent of online shoppers in the Kingdom are expected to shift from global to local platforms. In its recent report, leading global management consulting firm Kearney and Saudi consulting company Mukatafa noted that local and hybrid players are making strong headway against their international counterparts from China, the Gulf Cooperation Council, Europe and the US.
Business

PwC ME opens new HQ in Riyadh

RIYADH: PwC Middle East, a leading professional services firm in the region, officially inaugurated its regional headquarters in Riyadh on Wednesday. This move demonstrates the company’s commitment to the region, including creating 6,000 new jobs and continued investments in digital technology, environmental, social, and governance capabilities. PwC Middle East obtained its regional headquarters license from Saudi Arabia's investment and commerce ministries.
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Turkish Teen Jailed for Adding Mustache to Erdogan Poster

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ISTANBUL: Turkish authorities on Tuesday seized and jailed a 16-year-old youth for drawing a moustache on an election campaign poster showing re-elected President Recep Tayyip Erdogan, media reports said. Several media close to the opposition, including daily newspapers BirGun, Cumhuriyet and private TV station Halk TV, said the youth from the southeastern town of Mersin was accused of defacing the poster near his home with a pen, scribbling “a Hitler moustache and writing insulting comments.”

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Fake news spreads during Sri Lanka’s holy tree row

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Fish and Algae Conference and Exhibition Held in Dammam

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DAMMAM: More than 100 companies from 35 countries descended on the Dhahran Expo for an under-the-sea experience during the International Conference and Exhibition of Algae from June 4-6. The event, organized in conjunction with the International Fisheries Exhibition — known as SIMEC — played host to 16 workshops in a dedicated interactive space where seafood was offered to visitors, videos were on display, and experts were on hand to discuss everything related to algae and fish.

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Newcastle United extends noon.com partnership for 2023-24 season

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RIYADH: Saudi Arabia’s Public Investment Fund-owned football club Newcastle United has extended its sleeve sponsorship agreement with the e-commerce platform Noon. According to a press release, the logo of Saudi-based Noon will continue to be displayed on the sleeve of Newcastle’s first-team kit across all competitions.  Newcastle United has been owned by a consortium led by Saudi Arabia’s sovereign wealth fund since 2021, with PIF holding 80 percent of the club’s shares, while RB Sports & Media and PCP Capital Partners hold a 10 percent stake each. 

Turkish Decor Group to Set Up Factory in Saudi Arabia

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RIYADH: Turkish decor group Serdur has finalized an agreement with Dubai-based real estate developer Andalusia Courtyard to establish an office in the UAE and a $10 million factory in Saudi Arabia.   The strategic partnership with Andalusia Courtyard will pave the way for the Turkish group’s expansion into the Middle East, with a primary focus on the UAE and Saudi markets.  

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