RIYADH: As part of stc Group’s commitment to enabling innovation and advancing the Kingdom’s digital economy, entrepreneurs have obtained over SR700 million ($186.6 million) in investments via its InspireU accelerator.
During the graduation of InspireU’s ninth batch, the group announced the accelerator’s expansion with a new program to support emerging technologies, according to the Saudi Press Agency.
RIYADH: Saudi Arabia's total merchandise exports rise by 4.4 percent in March to SR106.1 billion ($28.29 billion), compared to SR101.1 billion in the previous month, according to the latest report released by the General Authority for Statistics.
The report, however, noted that the Kingdom's overall merchandise exports fell 25.3 percent year-on-year in March, as the value of exports amounted to SR142 million in the same month of 2022.
RIYADH: The Gulf Cooperation Council region will soon emerge as a data center development hub, with Saudi Arabia’s Public Investment Fund investing in a new partnership with global asset manager DigitalBridge.
According to a company press release, the partnership will prioritize investments in the data center sector and other segments of digital infrastructure in line with PIF’s strategy.
The note added that the fund’s strategy aims to enable sectors and increase local content by establishing partnerships with the private sector.
RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met his Azerbaijani counterpart Parviz Shahbazov on Wednesday to discuss bilateral cooperation in the fields of energy, including renewables, Saudi Press Agency reported.
During the meeting, the pair signed an energy cooperation agreement covering oil, petrochemicals, gas, electricity and energy efficiency. The deal also outlines cooperation in the field of circular carbon economy and related technologies that seek to mitigate the impact of climate change.
RIYADH: Spending by Saudis fell for the second week in a row in the seven days ending May 20, according to point-of-sale transactions data released by the Saudi Central Bank.
The food and beverage sector saw the biggest drop in POS value, falling by SR136.17 million ($36.3 million), or 8 percent, the figures published by the bank, also known as SAMA, showed.
The Kingdom’s aggregate POS transactions shrunk by 7.3 percent last week, totaling SR10.1 billion, driven by the decrease in food and drink spending, showed the data.
RIYADH: The Red Sea will have direct access to the best leisure travel agencies in the world as the multi-project developer, Red Sea Global, partners with global luxury travel group Virtuoso.
RSG’s flagship destination will join Virtuoso’s elite network of world-leading hotels, resorts, cruise lines, tour companies and other travel businesses when it opens its doors in 2023.
RIYADH: The UAE and Malaysia have agreed to negotiate a Comprehensive Economic Partnership Agreement, the two countries said on Tuesday.
It is a type of bilateral trade deal the UAE has been pursuing with various countries since 2021.
The agreement will cover trade in goods and services, investments, economic cooperation, Malaysia’s Trade Ministry said in a statement.