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Saudi cement companies in central region may reduce prices due to strong competition.

RIYADH: A price war between cement producers is likely to break out in Saudi Arabia’s central region on the back of the giga-projects boom, according to a recent report from AlJazira Capital. Since the majority of the huge ongoing developments in the Kingdom are located in its center, companies from across the country have ventured into the region, causing competition to soar.   The report added that the central area is also logistically more feasible and accessible for the majority of the firms in the Kingdom, further attracting external players. 
Business

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

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.
News

Kyrsten Sinema Cuts Pilot Training Funding After Receiving Airline Contributions

The airline-backed amendment to radically alter pilot training requirements is opposed by pilot and flight attendant unions.

The post Kyrsten Sinema Moves to Slash Pilot Training After Taking Airline Cash appeared first on The Intercept.

Business

Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 
Business

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

“April imports to Saudi Arabia decrease by 16.1% to $15.4bn”

RIYADH: Saudi Arabia’s merchandise imports decreased 16.1 percent to SR57.9 billion ($15.4 billion) in April 2023 compared to SR69 billion in March 2023, according to the latest data released by the General Authority for Statistics.  However, the Kingdom’s merchandise imports increased by 1 percent in April 2023 compared to SR57.3 million in April 2022. According to the report, overall merchandise exports decreased 25.2 percent to SR103 billion in April 2023 compared to SR137.7 billion in the same month last year.
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Israeli forces kill Palestinian teen in West Bank

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RAMALLAH, Palestinian Territories: Palestinian officials said Israeli forces killed a 16-year-old boy during a raid in the West Bank city of Ramallah early on Thursday. Israeli police said “hits were identified” when forces responded to stone-throwing with gunfire but did not directly address the allegation. The Palestinian health ministry said Khaled Raed Arouq was shot in the chest and “martyred by the occupation’s live bullets.” Palestinian official news agency Wafa said Arouq died after being “shot by Israeli gunfire” early on Thursday morning.

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