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.

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. 

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. 

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. 

‘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.  

“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.

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.