RIYADH: A price war between cement producers is likely to break out in Saudi Arabia’s central region on the back of the giga-projects boom, according to a recent report from AlJazira Capital.
Since the majority of the huge ongoing developments in the Kingdom are located in its center, companies from across the country have ventured into the region, causing competition to soar.
The report added that the central area is also logistically more feasible and accessible for the majority of the firms in the Kingdom, further attracting external players.
RIYADH: The startup ecosystem in the Middle East and North Africa region is poised to get a boost as Saudi Arabia-based venture studio VMS has acquired minority stakes in Egyptian startup accelerator Cash Cows.
The purchase of stakes is part of a strategic partnership agreement aimed at supporting the entrepreneurial ecosystem in both countries and in the wider MENA region, according to a press release.
RIYADH: Egypt aims to advance its target of generating 42 percent of its energy through renewable sources to 2030 from 2035 as the North African nation submitted updated climate commitments as per the Paris Agreement on Monday.
In its updated Nationally Determined Contribution document, Egypt noted that the country needs to obtain grants and soft financing worth €500 million ($548 million) as a contribution to achieving the revised targets.
RIYADH: King Fahd International Airport witnessed an 11 percent rise in passenger numbers throughout the seven days of the Eid Al-Adha celebration compared to the equivalent period in 2022.
Dammam Airports Co., which operates the transport hub, revealed 250,000 people passed through the facility from June 19 to June 2.
The airport also witnessed over 2,000 flights during this time, reflecting a 15 percent increase compared to the previous year.
RIYADH: Patients in the Gulf Cooperation Council region could get faster and more accurate diagnoses after the Public Investment Fund-owned Lifera announced a joint venture with CENTOGENE.
The biopharmaceutical company will be working with the German-based firm to provide multiomic testing services — a concept in biological research that aims to comprehensively characterize and quantify large numbers of molecules in complex samples.
RIYADH: Driven by a fall in crude and commodities pricing, oil and gas production in the US is decelerating at a time when demand is showing signs of recovery, research by the Federal Reserve Bank of Dallas has shown.
The survey posted a score of zero for business activity growth in the second quarter of 2023 among 150 oil and gas groups in its region, the lowest since 2020 when oil prices crashed due to the pandemic, ultimately forcing operators to close rigs and cut headcounts.
RIYADH: Saudi Arabia is getting closer to its Vision 2030 home ownership goal, with the Kingdom’s Real Estate Development Fund on Monday depositing SR916 million ($244.1 million) in the accounts of affordable housing beneficiaries.
According to the Saudi Press Agency, Mansour bin Madi, CEO of the fund, said the total amount deposited from June 2017 to June 2023 has now surpassed SR49.3 billion.