Category: Business

Riyadh– The main Saudi stock index ended up today, gaining 52.18 points, to close at the level of 13090.40 points, with deals worth SAR 9 billion.

According to the daily economic bulletin of the Saudi News Agency for the Saudi stock market, the volume of traded shares reached 209 million, through more than 430,000 deals, in which the shares of 79 companies increased, while 120 companies closed down.

The Saudi Parallel Stock Index (NOMU) has ended up, gaining 67.10 points, to close at 25010.01 points level, with deals worth SAR 40 million, and the volume of traded shares amounted to more than 470,000, through 2471 deals.

Source: Saudi Press Agency

Moroni, The Saudi Fund for Development (SFD) laid the foundation stone of a project to rehabilitate the 30 km-long Mutsamudu-Sima Road in the Comoros Island of Anjouan, financed by SFD with a soft development loan at a total value of USD17 million.

The SFD’s delegation was headed by Bandar bin Abdullah Al-Obaid, Director of the Middle East and North Africa Operations Department, in the presence of Saudi Ambassador to Comoros Dr. Atallah bin Zayed Al-Zayed, and a number of senior officials of the government of Comoros.

Source: Saudi Press Agency

Riyadh, Several programs signed, initiatives launched and agreements inked with total value of more than SAR six billion in support of the SME sector and entrepreneurship during day three of the Global Entrepreneurship Congress (GEC), ongoing in Riyadh, organizers reported.

The Small and Medium Enterprises Financing Guarantee Program “Kafalah” signed a number of agreements with a number of ministries as well as public and private sector’s institutions.

The General Authority for Small and Medium Enterprises (Monsha’at) also signed various cooperation agreements and launched National Industrial Development and Logistics Program “Thousand Mile” Initiative.

Source: Saudi Press Agency

Riyadh, The Global Entrepreneurship Network (GEN) has announced that the Ministry of Commerce won the Compass Award, which is granted to global leading system for individuals, organizations or societies that have big influence at the international level in enabling entrepreneurs to establish startups and contributing their growth around the world.

The ministry won the award category (ONE GLOBAL ECOSYSTEM AWARD), which is granted to organizations that had influence in connecting a wide group of stakeholders that help entrepreneurs start their commercial activities and expand businesses globally.

On behalf of Minister of Commerce Majid Al-Qasabi, Governor of the Small and Medium Enterprises General Authority (Monsha’at) Saleh Al-Rasheed received the award during the Global Entrepreneurship Congress that Riyadh is hosting between March 27 and 29, 2022.

Monsha’at won the (BRAND CHAMPION AWARD), which is granted to members of GEN that embodies and reflects the trademark of the network in the best way through implementing programs and initiatives via an approach that is characterized by innovation and entrepreneurship to insert new programs.

Source: Saudi Press Agency

Riyadh, Day Three of the Global Entrepreneurship Congress (GEC) witnessed various scientific sessions highlighting many economic and investment issues, most notable of which is the renaissance of the film industry.

The session titled “How Do Ecosystems Accelerate?” dealt with many issues related to the field of systems and the provision of appropriate sciences that help companies and institutions, highlighting the system of data sharing and accelerating its process to reach better solutions.

Meanwhile, the session of “Nurturing Youth Entrepreneurship” affirmed the importance of the role of entrepreneurship and nurturing the minds of entrepreneurs in innovation and interconnection among them to benefit from others. The speakers addressed the needs of young people in entrepreneurship, as they constitute the largest percentage in the world.

“The Future of E-Commerce” session discussed ways to sell products during the Corona pandemic and beyond, stressing that E-commerce is able to market the products as well as to meet the needs of consumers and entrepreneurs.

The speakers at “Looking Ahead – Rise of The Film Industry” session affirmed that the Kingdom is full of unique young talents in the film sector, pointing out the opportunities and promising future of this sector.

Source: Saudi Press Agency

Riyadh– The Saudi Central Bank (SAMA) announced licensing of three new companies specialized in finance and electronic payments, during the Global Entrepreneurship Congress sponsored by His Royal Highness Mohammad bin Salman, the Crown Prince, Deputy Prime Minister and Minister of Defense. The conference held from 27-30 March 2022 AD in Riyadh, under the slogan “Reboot, Rethink and Regenerate.” was organized by the Small

and Medium Enterprises General Authority (Monsha’at) in cooperation with the Global Entrepreneurship Network (GEN).

SAMA stated that the license was granted to a new financial technology company specialized in electronic payments named Etihad Fintech Company “Mobily Pay”. The newly licensed company is now eligible to provide e-wallet payment services in the Kingdom; and thus, bringing the total number of payment companies licensed by SAMA to 17, in addition to eight companies granted an “In-principle Approval”.

SAMA also kick-started the licensing of Debt-based Crowdfunding by granting “Lendo”- a closed joint stock company with a capital of five million riyals, the license to conduct these kinds of financial activities within the Kingdom after a success trial ran through SAMA’s Regulatory Sandbox dedicated to innovative financial products and services within Saudi Arabia.

The Saudi Central Bank also followed-up on the licensing of Consumer Microfinance Activities by issuing a second license to “FinZey” – a closed joint stock company with a capital of 20 million riyals specialized in this kind of financial activities.

These initiatives come as part of SAMA’s role in strengthening the sectors of finance and payments-processing services by allowing them to engage in new activities and to entice a wider pool of investors and companies, while ensuring efficient operation by adhering to SAMA’s control and supervisory requirements related to corporate governance and risk management, as well as displaying commitment to consumers and seeking to guarantee their protection. The initiatives also align with SAMA’s goal of enhancing the Kingdom’s financial stability and supporting its economic development and growth as part of its contribution to the objectives of “Saudi Vision 2030”.

SAMA reaffirmed that it is committed to supporting the sectors of finance and payments, increasing the effectiveness and flexibility of financial transactions,

enabling and encouraging innovations in financial services, enhancing the level of financial inclusion in the Kingdom, and enabling easy and safe access to financial services to all segments of the Saudi society. The Saudi Central Bank also stressed the importance of exclusively dealing with licensed and authorized financial institutions, something that all interested parties may verify by visiting SAMA’s official website.

Source: Saudi Press Agency

Riyadh– The Global Entrepreneurship Conference (GEC) witnessed, in its second day, agreements and launches with a total value of SAR 28.9 billion ($7.71 billion), designed to support entrepreneurship in various fields and enhance the Kingdom’s position as an attractive environment for pioneers, innovators and creators from around the world.

The conference, organized by the Small and Medium Enterprises General Authority “Monsha’at” in cooperation with the Global Entrepreneurship Network, continued under the slogan “We Reinvent, We Renew”, as it witnessed the signing of more than 21 agreements and the launch of many investment initiatives.

Monsha’at signed a memorandum of understanding with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi Arabia store. As part of the MoU, Amazon will support small and medium enterprises with the logistical capabilities, tools, and programs that Amazon provides to sellers.

The launches included the announcement of the Small and Medium Enterprises Bank, the approved budget for financing the small and medium enterprises sector, which amounted to SAR 12 billion ($ 3.2 billion), and Monsha’at signed a cooperation agreement with Al Rajhi Bank, worth 2 SAR billion (more than $533 million), to launch programs and innovative financing products, and the Arab National Bank signed several cooperation agreements, including an agreement to launch innovative financing programs and products, with a value of more than SAR 1 billion (over $293 million), and launching a credit card product for small and medium enterprises with an amount of up to SAR 50 million ($13 million). The Ministry of Investment also announced a set of investments and licensing for many international companies to enter the Saudi market with investments estimated at SAR 3.51 billion (more than $ 936 million).

During the conference’s second day, a total value of innovative financing banking programs, amounting to more than SAR 7.3 billion ($2 billion) for the next five years was announced.

The Saudi National Bank signed a cooperation agreement for a product of innovative financing programs and products worth SAR 1 billion (more than $266 million) and another cooperation agreement to support the innovation program worth SAR 2.7 million ($ 720 thousand), and Bank Albilad signed an agreement with Monsha’at to provide innovative financing programs and products worth nearly SAR 2 billion ($520 million).

Thiqa company signed a joint cooperation agreement with Monsha’at to provide services to small and medium enterprises, while the Saudi Organization for Auditors and Accountants signed an agreement to raise awareness and provide professional guidance in the field of accounting and auditing, and to launch the “Etkal” platform.

The second day also witnessed the signing of an MoU between the Ministry of Investment and the Saudi Authority for Data and Artificial Intelligence, with the aim of empowering entrepreneurs and small and medium enterprises. The Saudi Tourism Authority signed an agreement with Monsha’at to cooperate in a number of initiatives that support establishments in the tourism field. The Prince Sultan bin Abdulaziz Fund for Development also signed a cooperation agreement with the aim of launching a business accelerator in the Eastern Province, and providing training programs and workshops through the Monsha’at Academy.

Source: Saudi Press Agency

Riyadh — The Saudi Industrial Development Fund (SIDF) and the General Authority for Small and Medium Enterprises “Monsha’at” today signed a cooperation agreement to support small and medium industrial enterprises in the Kingdom, through their programs (Afaq and Tomooh), to enable SIDF’s current and new small and medium enterprises to benefit from the services and programs provided by “Monsha’at”, in addition to spreading awareness of the programs and products specified in the agreement, and exploring future aspects of cooperation between the two parties.

The agreement, signed on the sidelines of Monsha’at”-organized Global Entrepreneurship Congress (GEC), aims to enable SIDF’s clients and owners of small and medium enterprises, to benefit from Monsha’at services and programs per its approved terms and conditions, as well as cooperation between the two sides in joint marketing and spreading awareness of their programs and products, per the mechanisms, terms and conditions approved by both parties.

Source: Saudi Press Agency

Riyadh– The Saudi Electricity Company, as a main sponsor, has taken part in the Global Entrepreneurship Congress (GEC), which began in Riyadh today, with the participation of entrepreneurs, investors, experts and decision-makers from 180 countries.

In a statement to Saudi Press Agency (SPA), the CEO of the Saudi Electricity Company Eng. Khaled Al-Qunun, explained that the pavilion highlights the company’s achievements and investment opportunities in the electric power industry.

He added that the company provides more than 250 investment opportunities in the industry, worth SAR13 billion, as well as more than 86 investment opportunities for services worth SAR7 billion.

“The company’s pavilion at the GEC will showcase the new business development sector, which represents the company’s investment arm and aims to increase and diversify revenue in order to achieve Vision 2030,” he affirmed, highlighting the achievements of Innovation Energy Incubator.

Source: Saudi Press Agency

Riyadh-The Global Entrepreneurship Congress, hosted in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, witnessed the signing of 33 agreements, and the launch of several investment initiatives worth more than SR16 billion ($4.2 billion), aimed at supporting entrepreneurship in various fields and enhancing the Kingdom’s status as an attractive environment for pioneers, innovators and creators in the Middle East and North Africa.

Saudi Aramco signed ten memoranda of cooperation and two agreements with local and international companies in digital transformation, information technology, and national development, while the Social Development Bank signed agreements with several entities including the Royal Commission in Yanbu and the National Entrepreneurship Institute (Riyadah), and announced the launch of several initiatives to support Empowering entrepreneurs valued at more than SR11 billion (around $3 billion).

The Saudi Venture Investment Company (SVC) signed agreements with several investment funds at a total of SR2.4 billion (more than $656 million), while SABIC launched the “Nusaned Fund 2″ with Al-Ahly Capital Holding worth SR750 million ($200 million) to support start-up companies and develop the industrial sector.

Cars24, an automotive e-commerce platform, Lenskart, the largest Asian optical eyewear retail chain, and Kitopi, a cloud-kitchen platform, signed memorandums of understanding (MOU) with the General Authority for Small and Medium Enterprises (Monsha’at) to support entrepreneurs in specialized fields.

“Monsha’at” also signed a MOU with Saudi Authority for Data and Artificial Intelligence to launch the “Ruwad” initiative, and another MOU with the Royal Commission for Jubail and Yanbu, the Saudi Industrial Development Fund, and King Abdullah University of Science and Technology to cooperate in the fields of data, artificial intelligence, and SABIC, to boost cooperation in various initiatives for entrepreneurs and small and medium enterprises. Moreover, an agreement was also signed with Aljabr Finance Company to finance products for entrepreneurs and small and medium enterprises, valued at SR20 million riyals ($5.33 million).

Source: Saudi Press Agency

Riyadh– Saudi Stock Exchange’s main index ended trading higher here today, gaining 04.21 points to close at 12,948.37 points.

The total value of the trading reported was SAR 7.9 billion, while the toll of shares traded was 171 million, divided into over 380,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 410.29 points, to close at 24,067.91 points, with a valuation of SAR 50 million and an overall tally of more than 570,000 stocks traded and divided into as many as 3,058 deals.

Source: Saudi Press Agency

Doha– The State of Qatar has expressed its strong condemnation and denunciation of targeting civilian, economic and vital facilities in several cities in the Kingdom of Saudi Arabia.

In a statement issued today, the Qatari Ministry of Foreign Affairs considered that targeting vital facilities, especially those related to water desalination, electricity and energy, is a dangerous act of sabotage that contradicts all international norms and laws, threatens the daily life of citizens and represents an attack on humanity.

The ministry reiterated Qatar’s firm stance rejecting violence and targeting civilians and civilian facilities.

Source: Saudi Press Agency