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Saudi Arabia seeks to enhance partnerships with Hong Kong and China

LONDON: Saudi Arabia is keen to strengthen its cooperation with Hong Kong and ultimately mainland China, the Kingdom’s minister of communications and IT said on Sunday. Speaking at the “One Gateway Shared Vision — Hong Kong x Saudi Arabia” event in the city, Abdullah Al-Swaha said closer collaboration would help boost the Kingdom’s Vision 2030 reform agenda, the South China Morning Post reported.
Business

Iraq’s June oil revenues exceed $7 billion

RIYADH: The Iraqi Ministry of Oil announced on Saturday that oil export revenues during June exceeded $7 billion.    According to the State Organization for Marketing of Oil, the total exports of crude during June were nearly 100.06 million barrels, with revenues amounting to $7.11 billion.    SOMO data revealed that the total quantities of crude exported during June from oil fields in central and southern Iraq were 98.72 million barrels.     Oil exports from the Al-Qayyarah oil field in Nineveh governorate in northern Iraq were 1.03 million barrels.   
Business

UAE startups secure funding for Saudi Arabia expansion

CAIRO: Digital logistics platform Transportr has successfully concluded its eight-figure seed funding round with the participation of Ittihad Ventures Holding and Industrial Capital Group.   Established in 2020, the UAE-based company acts as a multimodal digital freight marketplace, connecting shippers and carriers across various industries to facilitate efficient, transparent, and cost-effective movement of goods.  The platform addresses concerns such as freight rates, manual processes, enhanced visibility, traceability and customer service. 
Business

Russian companies eager to strengthen UAE relations: deputy PM

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

UAE’s ADNOC Distribution Signs Deal with India’s HPCL

RIYADH: In a bid to expand its lubricant and allied products business in India, UAE’s ADNOC Distribution has inked a deal with Hindustan Petroleum Corp. Ltd.   HPCL is one of the largest lubricant marketers and fuel retailing companies in India, and with this deal ADNOC Distribution aims to tap into Asia’s second-largest economy, which has an annual demand of 3 billion liters of lubricants.   The deal will also give ADNOC access to a vast network of over 28,000 retail stations in the country, news agency WAM reported.  
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“Nikola Vucevic signs 3-year, $60M extension with Chicago Bulls”

CHICAGO: The Chicago Bulls and center Nikola Vucevic agreed Wednesday to a $60 million, three-year extension, keeping the two-time All-Star off the free agent market. The move was hardly a surprise considering executive vice president of basketball operations Arturas Karnisovas and Vucevic had expressed a desire to get a deal done. The consistently productive 6-foot-10 center averaged 17.6 points and 11 rebounds — both identical to his averages a season earlier — while playing in all 82 games for the first time in his career.
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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