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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

“Saudi Arabia’s Sustainable Agricultural Challenge Aims to Boost Global Crop Yield”

RIYADH: Saudi Arabia has gathered momentum in its commitment to sustainability by identifying and supporting top innovators of climate-smart agriculture solutions.  Called the Smarter Climate Farmers Challenge, the initiative was launched by the Kingdom in partnership with Uplink, the open innovation platform of the World Economic Forum.  Saudi Minister of Economy and Planning Faisal Al-Ibrahim announced the challenge during the WEF’s 14th annual meeting of the New Champions in Tianjin, China. 
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.  
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Baseball United CEO Shaikh: Abu Dhabi and Dubai Franchises Elevate Us to New Heights

For Kash Shaikh, November cannot come quickly enough. The Chairman and CEO of Baseball United, the first professional league dedicated to baseball in the Middle East and Asia, last week signed partnership with the Emirates Cricket Board ahead of the organization’s competitive launch in five months’ time. Things are steadily falling into place for the Dubai-based league. Baseball United’s first showcase will involve four franchises facing off in four games, before an eight-team league follows a year later.
Business

SPARK and Hutchison Ports team up for dry port and logistics zone operation.

RIYADH: King Salman Energy Park, also known as SPARK, will soon have access to improved logistical services and solutions thanks to a new agreement.   SPARK and Hong Kong-based firm Hutchison Ports have signed a concession agreement to manage and operate the dry ports and logistics area of the largest global center for power plants in Saudi Arabia.   This move falls in line with the objectives of the Saudi Vision 2030 in transforming the Kingdom into a global logistics hub. 
Business

“King Abdulaziz Port Achieves Record Container Throughput of 206,415 TEUs”

RIYADH: Saudi Arabia’s quest to ramp up trade volumes has seen one of its major ports registering an unprecedented growth in cargo volume. The King Abdulaziz Port set a new container throughput record of handling 206,145 twenty-foot equivalent units in May 2023, according to data released by the Saudi Ports Authority, also known as Mawani. The Dammam port surpassed its previous record of 199,609 TEUs in August 2022.
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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