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Business

VMS, Saudi Venture Studio, Acquires Stakes in Egypt’s Cash Cows

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.  
Business

Saudi EXIM Bank and NBB collaborate to enhance exports

RIYADH: Bilateral trade between Saudi Arabia and Bahrain is set to receive a further boost after banks from both sides entered into an agreement to offer competitive financing to firms involved in the import and export of goods.  According to a memorandum of understanding signed between the National Bank of Bahrain and the Saudi Export-Import Bank, also known as Saudi EXIM Bank, NBB will offer competitive financing rates to Bahraini companies importing goods from Saudi Arabia.  
Business

Boost for Makkah’s Hospitality Industry during Hajj Season

RIYADH: Hotels in Makkah have been running at full capacity as Muslims worldwide flocked to the holy city to perform Hajj after Saudi Arabia removed restrictions on the number and age of pilgrims, according to a top realtor in the city.   “The hotel occupancy rates in Makkah have reached 100 percent, such as the Novotel Thakher Makkah hotel. This substantial increase in occupancy comes in contrast to the 80 percent rate observed during the last Ramadan,” said Abdulaziz Al-Aboudi, the CEO of Thakher Development Co, a real estate firm focused on the hospitality sector.
Business

ACWA Power gets $100m credit from Chinese bank to expand operations

RIYADH: In an effort to boost its operations, Saudi energy firm ACWA Power secured $100 million in a revolving credit facility from China Construction Bank. Engaged in collaboration with the Chinese bank since 2016, ACWA Power signed the three-year revolver agreement to scale up its power generation and water desalination portfolio in the Middle East, Uzbekistan and Kazakhstan.
Business

GACA suggests economic rules to enhance aviation efficiency

  RIYADH: Saudi Arabia’s aviation sector’s efficiency and competitiveness are set to receive a boost thanks to the new economic regulations that are likely to be introduced. The General Authority of Civil Aviation has put forward the draft economic regulations for airports on a survey platform between June 22 and July 20, according to a statement. The regulations aim to support the rapid growth of the sector, enhance passenger experience and ensure transparency and fairness.
sport

US to host larger Club World Cup in 2025

The first edition of FIFA’s new 32-team Club World Cup will be held in the United States in 2025, world football’s governing body said on Friday. FIFA had confirmed in March that the revamped Club World Cup will be played every four years from June 2025. The FIFA Council unanimously appointed the United States as the competition’s hosts for the first edition of the expanded format. The United States will also host the 2024 Copa America while they are also co-hosts of the 2026 World Cup along with Mexico and Canada.
sport

Newcastle Chairman’s Dream: To Become the Top Club

LONDON: Newcastle United chairman Yasir Al-Rumayyan said on Friday he wants the Magpies to become the “number one” club, but made it clear that the ongoing development of the team will adhere to the sport’s financial fair-play rules. During an interview published on the club’s social media, the Saudi Public Investment Fund supremo said the board of directors now expects the club to be playing at the very top level of European football on a regular basis, and will build a “squad of stars.”
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