Tuesday, November 29

Day: September 5, 2022

Arab States Broadcasting Union continues preparations to launch 22nd edition of Arab Broadcasting Festival in Riyadh

Riyadh, September 05, 2022, SPA-- Arab States Broadcasting Union (ASBU) is gearing up to launch the 22nd edition of the Arab Broadcasting Festival in Riyadh, from 7 to 10 November, to be organized by the Saudi Broadcasting Authority, with the participation of more than 1,000 media professionals, and an estimated audience of more than 5,000 people.Since its inception per Arab League Resolution No. 1100, ASBU has supervised five major projects to become a witness to its pivotal role in the Arab region, an indication of strengthening ties and cooperation between audio/video stations in Arab countries and developing their production.The first projects of the Union emerged by establishing the cloud platform (Aspo Cloud), which consists of highly protected servers on global cloud networks and hi...

UAE Condemns Terrorist Attack in Central Somalia

Abu Dhabi--The United Arab Emirates (UAE) has strongly condemned the terrorist attack that targeted a convoy of vehicles in the Hiran region in central Somalia, which resulted in a number of deaths and injuries.The Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed that the UAE expresses its condemnation of these criminal acts, and its permanent rejection of all forms of violence and terrorism that aim to destabilize security and stability in contravention of human values and principles.The ministry expressed its sincere condolences to the people and families of the victims of this heinous crime, wishing the injured a speedy recovery.Source: Saudi Press Agency

OPEC+ Agrees Small Oil Production Cut

OPEC and its allies led by Russia on Monday agreed a small oil production cut to bolster prices that have slid on fears of an economic slowdown.The oil producers will cut output by 100,000 barrels per day (bpd), amounting to only 0.1% of global demand, for October. They also agreed that OPEC's leader Saudi Arabia could call an extraordinary meeting anytime if volatility persists.The decision essentially maintains the status quo as OPEC has been observing wild fluctuations in oil prices."OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," said Matthew Holland at Energy Aspects.Top OPEC producer Saudi Arabia last month ...

IsDBI Completes Development of its Industry-Leading Islamic Finance Country Assessment Framework

Jeddah, September 5, 2022, SPA -- The Islamic Development Bank Institute (IsDBI) announced that it has completed the development phase of its industry-leading initiative, the Islamic Finance Country Assessment Framework (IF-CAF).The IF-CAF is a holistic diagnostic assessment tool which will provide an early indication of the strengths and weaknesses of a country’s Islamic finance ecosystem, including analysis related to existing laws, regulations, supervision, taxation, governance, financial inclusion, financial-sector digitalisation and other issues.Additionally, in line with the forward-looking vision and development mandate of the IsDB Group, the IF-CAF adopts a “developmental” assessment approach aiming to facilitate integration of the Islamic finance industry into the mainstream natio...

Minister of Industry and Mineral Resources Inaugurates Local Content Forum in its First Edition

Riyadh-- Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Local Content and Government Procurement Authority, Bandar bin Ibrahim AlKhorayef, inaugurated today the first edition of the Local Content Forum.In a speech delivered at the opening ceremony, AlKhorayef said that the Kingdom’s vision 2030 came with ambitious aspirations, and requires a unique business model that makes it difficult to achieve the goals of this vision by traditional methods, hence, it was necessary to adopt bold and qualitative concepts; (the “local content”), which was adopted by the Kingdom’s vision to be a real possibility to achieve the objectives of sectors related to economic diversification, and represents a comprehensive umbrella under which several important elements fall...

CEO of Saudi Fund for Development receives Minister of Foreign Affairs of Equatorial Guinea

Riyadh-- The Chief Executive Officer (CEO) of Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad received here today Minister of Foreign Affairs and International Cooperation of the Republic of Equatorial Guinea, Simeon Oyono Esono Angue, and his accompanying delegation.During the meeting, the Minister was briefed on the developmental activity of the Fund in developing countries, and they discussed aspects of development cooperation and potential vital opportunities between the two sides, and the economic challenges facing the Republic of Equatorial Guinea.The Minister valued the Kingdom of Saudi Arabia's efforts through the Saudi Fund for Development to provide support for developmental projects and programs in developing countries in order to contribute to achieving sust...