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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.  
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. 
sport

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

King Fahd Airport: 250k Passengers in 7 Days

RIYADH: King Fahd International Airport witnessed an 11 percent rise in passenger numbers throughout the seven days of the Eid Al-Adha celebration compared to the equivalent period in 2022. Dammam Airports Co., which operates the transport hub, revealed 250,000 people passed through the facility from June 19 to June 2. The airport also witnessed over 2,000 flights during this time, reflecting a 15 percent increase compared to the previous year.
sport

Saudi Esports Federation partners with Razer for Gamers8 event.

RIYADH: The Saudi Esports Federation has announced that lifestyle brand Razer is to be the gaming gear partner at Gamers8: The Land of Heroes, the world’s biggest gaming and esports festival.
Business

Real Estate Fund Deposits $244.1m in Sakani Accounts in June

RIYADH: Saudi Arabia is getting closer to its Vision 2030 home ownership goal, with the Kingdom’s Real Estate Development Fund on Monday depositing SR916 million ($244.1 million) in the accounts of affordable housing beneficiaries.  According to the Saudi Press Agency, Mansour bin Madi, CEO of the fund, said the total amount deposited from June 2017 to June 2023 has now surpassed SR49.3 billion. 
Business

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.  
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UN and aid agencies urge Israel to stop Rafah assault after crossing seized

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UN and aid agencies urge Israel to halt Rafah incursion, warning Gaza is on brink of famine and needs humanitarian aid.

Israeli team heading to Cairo to assess Hamas position, official says

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JERUSALEM: The Israeli military took control of the vital Rafah border crossing between Gaza and Egypt on Tuesday, pushing into the southern Gazan town after a night of air strikes and as prospects for a ceasefire deal hung in the balance. The Palestinian militant group Hamas said late on Monday it had agreed to a ceasefire proposal from mediators seven months into the war that has pushed more than a million Gazans into the south of the enclave. Israel said the terms did not meet its demands and launched a military operation in Rafah.

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Erdogan opens church to Muslim worshippers

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ISTANBUL: Turkiye on Monday reopened a mosque converted from an ancient Orthodox church in Istanbul for Muslim worship, four years after the president ordered its transformation. The Kariye Mosque was formerly a Byzantine church, then a mosque and then a museum. President Recep Tayyip Erdogan, in 2020, ordered the building to be reconverted into a Muslim place of worship.

Collective in India Fights Hate Speech during Elections

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Hate Speech Beda trains volunteers from across the southern state of Karnataka on using the law to combat hate crimes.

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Boeing delays Starliner capsule launch due to valve issue

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Cancellation of inaugural crewed space mission comes as Boeing is under fire over safety record at its aviation arm.

KFC Malaysia closes outlets amid Gaza boycott

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