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Real Estate Fund Plans to Construct 100+ Housing Units in Riyadh

RIYADH: In a bid to contribute to the housing supply and boost the real estate development efforts in Saudi Arabia, Arjan Architects and Bloominvest have joined forces to build more than 100 housing units in northern Riyadh.   The two parties established a joint real estate investment fund called Arjan Al-Maghamis which aims to develop a land area exceeding 30,000 sq. meters in the Kingdom’s capital, Al-Ekhbariya reported.  
Business

“French Treasury Official Urges Saudi Arabia to Increase Collaboration for 2030 Goals”

RIYADH: Saudi Arabia and France need to intensify joint work and develop new projects as both countries have a lot of scope for synergy and collaboration under their 2030 investment goals, said a top official of the French Treasury.  Speaking at the France-Saudi Investment Forum, Denis Le Fers, head of bilateral trade relations at the French Treasury, explained that partnership has a central role to play in France 2030. 
Business

Latvia prioritizes Saudi Arabia as a key market, confirms minister for economics

RIYADH: Latvia is eager to strengthen trade ties with Saudi Arabia, allowing Latvian companies to contribute to the Kingdom’s Vision 2030 social reform and economic diversification agenda, Ilze Indriksone, Latvia’s minister for economics, has told Arab News. Speaking after the conclusion of the Saudi-Latvian Business Forum in Riyadh earlier this month, Indriksone emphasized the need to expand economic cooperation, boost bilateral trade, and increase investment in research, development and technology. 
Business

Egypt seeks to join BRICS, confirms Russian ambassador

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.  The BRICS group comprises Brazil, Russia, India, China and South Africa. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko. 
Business

PIF’s Jada to Boost Saudi Arabia’s Startup Scene

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.
Business

Russian-UAE Economic Cooperation Praised at SPIEF

ST. PETERSBURG: Russian firms are keen to develop further ties with the UAE, the country’s deputy prime minister has insisted in a speech lauding economic links between the two nations. Speaking at the St. Petersburg International Economic Forum, Denis Manturov — also Russia’s industry and trade minister — noted the special nature of Russian-Emirati relations, which includes strong ties of friendship and a rich history of cooperation based on the principles of mutual respect and trust.
Business

India and UAE aim for $100bn non-oil trade by 2030

RIYADH: India and the UAE have mutually agreed on Monday to double the target of non-oil trade to $100 billion from $48 billion by 2030, India’s Commerce and Industry Minister Piyush Goyal said. The goal to achieve this target was set in the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement in New Delhi. Signed in 2022, the India-UAE CEPA is expected to increase the total value of bilateral trade in goods to over $100 billion and services to over $15 billion within five years. 
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