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Egypt boosts energy transition with updated climate commitments

RIYADH: Egypt aims to advance its target of generating 42 percent of its energy through renewable sources to 2030 from 2035 as the North African nation submitted updated climate commitments as per the Paris Agreement on Monday.   In its updated Nationally Determined Contribution document, Egypt noted that the country needs to obtain grants and soft financing worth €500 million ($548 million) as a contribution to achieving the revised targets. 
Business

King Fahd Airport: 250k Passengers in 7 Days

RIYADH: King Fahd International Airport witnessed an 11 percent rise in passenger numbers throughout the seven days of the Eid Al-Adha celebration compared to the equivalent period in 2022. Dammam Airports Co., which operates the transport hub, revealed 250,000 people passed through the facility from June 19 to June 2. The airport also witnessed over 2,000 flights during this time, reflecting a 15 percent increase compared to the previous year.
Business

Real Estate Fund Deposits $244.1m in Sakani Accounts in June

RIYADH: Saudi Arabia is getting closer to its Vision 2030 home ownership goal, with the Kingdom’s Real Estate Development Fund on Monday depositing SR916 million ($244.1 million) in the accounts of affordable housing beneficiaries.  According to the Saudi Press Agency, Mansour bin Madi, CEO of the fund, said the total amount deposited from June 2017 to June 2023 has now surpassed SR49.3 billion. 
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

“Soft Dollar Boosts Appeal: Gold Prices Rise”

RIYADH: Gold climbed on Monday after a weaker dollar made bullion more attractive for overseas investors, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the US Federal Reserve. Spot gold rose 0.3 percent to $1,926.19 per ounce by 8:38 a.m. Saudi time. US gold futures also gained 0.3 percent to $1,936.00. Bullion slumped nearly 2 percent in the previous week as hawkish comments from Fed officials signaled more rate hikes to tame sticky inflation.
Business

New Electrical Transmission Line Connects Afar, Saudi Arabia to Yusufiya, Iraq

DUBAI: Aiming to step up energy security and usher in a new era in regional cooperation, Prince Saud bin Nayef bin Abdulaziz, the governor of the Eastern Province, inaugurated an electrical interconnection project between the Gulf Cooperation Council Interconnection Authority and Iraq. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the connection was a dream turned reality, in an interview with Al-Arabiya. He said this landmark deal could achieve tangible economic benefits and enhance energy security.
Business

Saudi Arabia’s Food Industry Attracts $61.8 Million in Investments

RIYADH: Chocolate, yogurt and fish production in Saudi Arabia will increase after investment deals worth SR232 million ($61.8 million) were signed by the Saudi Authority for Industrial Cities and Technology Zones. The organization, also known as MODON, has awarded seven contracts covering 99,400 sq. meters which will primarily benefit the Kingdom’s food and beverage sector.
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