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Ittihad signs Portuguese winger Jota in ongoing summer spending spree

RIYADH: Saudi football team Al-Ittihad have confirmed the signing of Portuguese winger Jota from Celtic. The 24-year-old attacker joins French World Cup winners Karim Benzima and N’Golo Kante, who were both added to the team last month, in Jeddah as The Tigers’ bid to retain the Saudi Pro League title next season.  Jota, who completed a medical before signing on Monday, has agreed terms that will see him in yellow and black for the next three years. The financial details of the deal were not disclosed.
Business

Saudi Arabia and UAE pledge $6bn for Iraq investment support

RIYADH: Saudi Arabia and the UAE have committed to allocate $6 billion for expanding international trade and investment in Iraq, reported Iraqi News Agency.  On Sunday, the Federation of Iraqi Chambers of Commerce announced that it also agreed to set up business councils of the Kingdom and the UAE in the country.   “The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities,” said FICC President Abdel Razzak Al-Zouhairy.  
sport

“Women’s Tennis Tour Considers Saudi Arabia for Potential Business”

 LONDON: Like other sports, women’s tennis is looking into the possibility of getting into business with Saudi Arabia. And while holding a tournament there is not imminent, WTA Chairman and CEO Steve Simon said Friday that he visited that country with some players in February as part of the evaluation process. “It’s a very difficult and very challenging topic that’s being, obviously, measured by many, many different groups right now,” Simon said at an event in London to mark the 50th anniversary of the meeting that led to the founding of the WTA.
sport

Kokrak and DJ tied for LIV lead after eventful trip to Spain

SOTOGRANDE, Spain: Jason Kokrak had to go through four countries over three days to reach Spain and then managed a 4-under 67 to share the lead with Dustin Johnson in LIV Golf-Valderrama. Johnson was coming off a tie for 10th in the US Open two weeks ago for his best finish in a major this year. He played bogey-free over his last 16 holes at Valderrama as he goes for his second LIV win this year.
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.
sport

Arsenal leads Man City in race for transfer target Declan Rice

MANCHESTER, England: In an offseason when Lionel Messi and Karim Benzema have already made moves, Declan Rice is turning into one of the biggest stories of the transfer window. Arsenal appears to be closing in on a deal worth up to a reported 105 million pounds ($133 million) for the England international, who has been linked with many of Europe’s biggest clubs. Manchester City, which has also targeted the West Ham midfielder, is not prepared to match that figure, according to a person with knowledge of the Premier League champion’s transfer plans.
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.
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