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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

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.
sport

Nick Cassidy Triumphs in USA Formula E Race with Jake Dennis Leading Championship

Envision Racing’s Nick Cassidy on Saturday won the first-ever Southwire Portland E-Prix ahead of Avalanche Andretti Formula E Team driver Jake Dennis in second place, propelling the pair to the top of the world championship standings with Dennis leading Cassidy by a point. TAG Heuer Porsche’s Antonio Felix da Costa finished third while just seven seconds split the first 17 cars at the flag.
Business

“Growing Venture Capital Scene in Saudi Arabia”

CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported.  The venture capital firm is in discussions with Jada, a $1 billion fund of funds established by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, to collaborate on this initiative, Saeed Amidi, Plug and Play’s founder and CEO, stated. 
News

“India’s Political Prisoners Forgotten as D.C. Honors Narendra Modi”

The Biden administration has ignored India’s rights violations in favor of weapons sales and geopolitical expediency.

The post As D.C. Fêtes Narendra Modi, His Political Prisoners in India Are Forgotten appeared first on The Intercept.

Business

Riyadh Air orders 90 GEnx engines for Boeing 787 Dreamliner fleet

PARIS: Riyadh Air has finalized a deal for 90 GEnx-1B engines to propel its upcoming fleet, it was announced on Wednesday. The agreement also includes spare engines and a TrueChoice services package. The deal follows the Saudi airline’s recent wide-body order for 39 Boeing 787-9 Dreamliner aircraft. The signing ceremony took place at the Riyadh Air chalet during the Paris Air Show, where the airline introduced its new livery to the world.
Business

“World Defense Show Expands with More Participating Nations: CEO Announces”

RIYADH: Saudi Arabia’s World Defense Show is set to get bigger in its second edition with a substantial increase in the number of participating countries, according to a top executive. The General Authority for Military Industries recently announced that the second edition of WDS will be held in Riyadh from Feb. 4-8, 2024. Speaking at the Paris Air Show, WDS CEO Andrew Pearcey revealed that Bahrain, Oman, Denmark and Turkiye had joined the event, adding to its growing popularity.
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