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UAE startups secure funding for Saudi Arabia expansion

CAIRO: Digital logistics platform Transportr has successfully concluded its eight-figure seed funding round with the participation of Ittihad Ventures Holding and Industrial Capital Group.   Established in 2020, the UAE-based company acts as a multimodal digital freight marketplace, connecting shippers and carriers across various industries to facilitate efficient, transparent, and cost-effective movement of goods.  The platform addresses concerns such as freight rates, manual processes, enhanced visibility, traceability and customer service. 
Business

Thales strengthens Saudi Arabia presence with focus on defense and civil aviation

PARIS: Multinational defense company Thales is committed to strengthening its presence in Saudi Arabia and expanding its operations to align with the country’s Vision 2030 initiative, one of the firm’s leading figures has told Arab News. Speaking on the sidelines of the Paris Air Show, Pascale Sourisse, president of Thales International, said the organization not only wants to bolster the Kingdom’s defense sector, it is also branching out into other areas such as security, civil aviation and higher education.
Business

EU proposes changes to payments sector to support fintech growth

LONDON: The EU has proposed making the payments sector more competitive, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes, according to Reuters. The package of European Commission reforms seeks to further prise open a payments market long dominated by banks and US duo Visa and Mastercard, which are now being challenged by fintechs that offer rival services using data from customers’ bank accounts.
Business

Saudi Arabia unemployment rate Q1 2022 drops to 5.1%

RIYADH: Saudi Arabia’s jobs targets outlined in Vision 2023 have borne results, with its overall unemployment rate falling 0.9 percentage points to 5.1 percent in the first quarter of 2023 compared to the same period a year ago, official data showed.  According to the latest report by the General Authority for Statistics, the labor force participation of Saudis increased annually by 2.3 percentage points in the first quarter. The employment-to-population ratio also increased by 2.9 percentage points. 
Business

Egypt’s Petroleum Ministry launches digital platform for sector investments

RIYADH: Egypt’s petroleum sector is on track to prosper thanks to a new service that will make it easier for investors to spot opportunities in the country. Launched by the Ministry of Petroleum and Mineral Resources, the Upstream Gateway digital platform aims to market petroleum areas globally, according to a statement. It will also provide the geological data required by current and potential investors and promote bids in the North African country’s oil and gas exploration field.
Business

“Saudi Arabia and Slovenia Foster Trade Relations at WEF Event”

RIYADH: Trade and economic ties between Saudi Arabia and Slovenia are expected to improve following a meeting between the Kingdoms’ Minister of Economy and Planning Faisal Alibrahim and Slovenia’s Minister of Digital Transformation Emilija Stojmenova Duh.  The ministers held talks on the sidelines of the recent World Economic Forum summit in Tianjin, China. The pair discussed potential areas of cooperation between both countries and analyzed ways to address issues of common interest, according to the Saudi Press Agency.
Business

“Bahrain aims for 5% renewable energy in electricity generation by 2025”

RIYADH: In line with the aims of Bahrain’s National Energy Transition Plan, the state has stepped up efforts to increase the share of its renewable energy to 5 percent of its total electricity generation by 2025.  Kamal bin Ahmed Mohammed, president of the country’s Electricity and Water Authority, said the move is part of a strategy to diversify the state’s energy resources and achieve a renewable resource share of 20 percent by 2035, according to Bahrain News Agency. 
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