Economy

RIYADH: FTSE Russell has added five Saudi companies to its indices, it announced in its quarterly review. It is a leading global index provider of benchmarks, analytics, and data solutions. Saudi firms Luberef, Arabian Drilling, and Marafiq have been added to FTSE Mid Cap Index and FTSE Global Equity Index. While Alsaif Gallery and 2P have become part of the FTSE Global Microcap Index Series and Global Equity Index All-Cap Index.

ABU DHABI: Faced with mounting pressure over planet-heating pollution, Gulf Arab energy giants are turning to humble tech start-ups as they search for ways to remove emissions while keeping oil flowing. Oil producers have for years touted capturing carbon before it goes into the atmosphere as a potential global warming solution, against criticism from climate experts who say it risks distracting from the urgent goal of slashing fossil fuel pollution.

RIYADH: NEOM launched its first international exhibition in Venice while presenting the key design principles underlying The Line, the Saudi Press Agency reported on Sunday. Called “Zero Gravity Urbanism — Principles for a New Livability,” the exhibition plays host to more than 20 of the world’s leading architects and innovative designers. 

RIYADH: Saudi Arabia is rapidly expanding its industrial sector with foreign and joint investments totaling more than SR542 billion ($144 billion), as the Kingdom continues to diversify its economy.   This value represents 37 percent of the total investment seen in the industrial sector, the Saudi Press Agency reported.   The number of factories with foreign investment in the Kingdom has reached 930, accounting for 9 percent of the total number of factories, the report added.  

RIYADH: Impressed by the “out-of-the-box” approach of the Saudi government to drive innovation and growth, a top official of an IT firm said his company is keen on partnering with the Kingdom to become part of its success story. In an interview with Arab News, Alain Carpentier, senior vice president of worldwide sales at HPE Aruba Networking, said his company has made significant investments in the Kingdom in the last two years.

CAIRO: Saudi Arabia’s mobility sector is set to benefit from the collaboration of the Public Investment Fund-backed iot squared and UAE-based AHOY Technology as the former will obtain software licensing and resale rights of IT products offered by the latter. The partnership aims to launch AHOY’s comprehensive suite of products and services including technology infrastructure, software development kits, and programming interfaces in the Kingdom. The Saudi firm, iot squared, is a joint venture between the PIF and etc Group.

RIYADH: As the world steadily progresses on its energy transition journey, sustainability must not be the only item on the agenda, a top official at the World Economic Forum has insisted. During an interview with Arab News, Roberto Bocca, head of energy and materials and a member of the executive committee at the organization, said ensuring energy security is also essential as the world switches from traditional fuels to renewables.