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1,365 rooms scheduled to open in two phases in 2021-2022 under the  agreements
Dur signs lease, management and operation contracts of 3 hotels in Madinah
RIYADH — Dur Hospitality has signed lease, management, and operation contracts for three (3) hotels in the central area of Madinah with Al-Manakha Urban Project Development Holding Company.Dur will manage and operate these hotels through its subsidiary Makarem, the hotel brand specializing in hosting pilgrims and religious tourists in the Kingdom’s two Holy cities. The new hotels will include 1365 rooms scheduled to open in two phases, the first in 2021 and the second in 2022. The religious significance of Madinah for Muslims, and the new hotels’ close proximity to the Prophet’s Mosque give them an added advantage and allow them to present a unique and exemplary spiritual experience for religious visitors.On this occasion, the CEO of Dur Hospitality Sultan Al Otaibi said: “We...
December 22, 2019

Dur signs lease, management and operation contracts of 3 hotels in Madinah

King Abdullah Port organizes ‘Sea Captain Day’ for students of The World Academy
KAEC — King Abdullah Port organized a two-day ‘Sea Captain Day’ field trip for high school students from The World Academy.After being welcomed at King Abdullah Port’s VIP hall with brochures, the students were introduced to ports and the maritime transport sector in general and King Abdullah Port in particular. The trip allowed the students to visit the port’s operations center and container terminals in an exciting experience that helped them see the port’s activities up close, starting with the process of transporting containers in the container terminal.The participating students learned about the vessel movement service in real-time and witnessed the process of transporting bulk cargo as well as Almarai Company’s cranes and warehouses in the bulk and general cargo...
December 22, 2019

King Abdullah Port organizes ‘Sea Captain Day’ for students of The World Academy

BASF to sell chemical unit for over €3bn to Lone Star
BERLIN — German chemical giant BASF said Saturday it has agreed to sell its construction chemicals business for 3.17 billion euros to American private equity firm Lone Star.The deal, worth the equivalent of $3.5 billion, is expected to close in the third quarter of 2020 subject to the competition authority approval, BASF said in a statement.It said the deal would allow it to develop its full potential under Lone Star, which owns several companies in the construction equipment sector.The unit, which offers insulation products for the construction industry, has more than 7,000 employees, operates in over 60 countries and generated sales of about 2.5 billion euros in 2018.The deal is part of the reorganization of the German group, which has seen falling sales and profits blamed on global...
December 21, 2019

BASF to sell chemical unit for over €3bn to Lone Star

Trump OK’s Russia-Europe gas pipeline sanctions
WASHINGTON — President Donald Trump on Friday signed off on US sanctions against companies building a Russian natural gas pipeline to Germany that Congress fears will give the Kremlin dangerous leverage over European allies.The sanctions, which are opposed by the European Union, were included in a sprawling defense spending bill Trump signed at a ceremony on Joint Base Andrews, an air force installation outside Washington, DC.They target companies building the nearly $11 billion Nord Stream 2 pipeline under the Baltic Sea with the aim of doubling deliveries of Russian natural gas to Europe's leading economy, Germany.US lawmakers have warned the pipeline would enrich a hostile Russian government and vastly increase President Vladimir Putin's influence in Europe at a time of...
December 21, 2019

Trump OK’s Russia-Europe gas pipeline sanctions

IMF approves $2.9bn Ethiopia aid package
WASHINGTON — Ethiopia will receive $2.9 billion in a three-year aid package to help economic reform, the International Monetary Fund has confirmed.The country – which has one of the fastest-growing economies in Africa – will receive $308.4 million immediately, the IMF said in a statement on Friday."The program aims to support the authorities' implementation of their ambitious reform agenda," the Fund's first deputy managing director David Lipton said in a statement.The funding would aim to ease foreign exchange shortages, as well as helping to reform state-owned enterprises, and safeguard financial stability, he added.Lipton noted that Ethiopia's rapid growth over the past decade has reduced poverty and improved living standards, but that such a model -- driven...
December 21, 2019

IMF approves $2.9bn Ethiopia aid package

Argentine Senate passes emergency economic law
BUENOS AIRES — Argentina's Senate Saturday approved an emergency economic package announced by the new center-left government to try to lift the country out of crisis.Poverty is near 40 percent in the South American country, which is in recession and has suffered 18 months of economic crisis sparked by a currency crash.It is Alberto Fernandez's first legislative victory since he assumed office on December 10 after defeating Mauricio Macri in the presidential election.The law will include imposing tax increases on sectors of the upper and middle classes, as well as providing tax incentives for production and tax benefits to the most impoverished classes.It passed with the help of allies early Saturday by 41 votes in favor, 23 against and one abstention after a marathon 12 hours of...
December 21, 2019

Argentine Senate passes emergency economic law

Dubai SME launches ‘Bedayat’ incubator
DUBAI — Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, announced the launch of a new business incubator, ‘Bedayat,’ in cooperation with The Sustainable City in Dubai, the first fully operational sustainable community in the Middle East. The launch is an important starting point for entrepreneurs and start-ups by way of the services and ideas that the incubator provides, including new solutions to help them flourish in the UAE market and the region.The new facility has been launched in line with the accreditation being granted to incubators and business accelerators by Dubai SME to provide support, guidance and follow-up to SMEs, promote investment in fourth generation technologies in Dubai, and create an ideal environment for...
December 21, 2019

Dubai SME launches ‘Bedayat’ incubator

Bahraini ICT projects are competitive on int’l level
MANAMA — Bahrain Technology Companies Society (BTECH) stated that Bahraini entrepreneurs successfully participated in the fourth global edition of the international entrepreneurial competition, Pitch@Palace 4.0, which reflects the potential for the growth and expansion of the information and communications technology (ICT) sector in the Kingdom of Bahrain depending on national labor force that is able to innovate and compete on a global level which was recently held in London, UK.BTECH said the DocWhere mobile application presented by Bahraini entrepreneur, Dr. Nahla AlSunni, received the People’s Choice Award in one of the categories providing a clear example of the ability of emerging Bahraini products and services to meet the needs of the local market with international standards,...
December 21, 2019

Bahraini ICT projects are competitive on int’l level

The workshop, organized in cooperation with Saudi Food and Drug Authority,reaffirms UAE-Saudi constant cooperation and coordination in the economic sector.
Workshop highlights sustained strong ties between KSA and UAE
SHARJAH — The Sharjah Chamber of Commerce and Industry, SCCI, held an expanded meeting with representatives of Sharjah industrial sector over the weekend to introduce them to the latest developments with regard to exporting food products to Saudi Arabia.Held at the SCCI headquarters, the event was attended by Mohammed Ahmed Amin Al Awadi, Director General of SCCI, and Ibrahim Rashid Al Jarwan, Director of Economic Relations and Marketing at the SCCI.On the sidelines of the meeting, a workshop on exporting frozen foodstuffs to Saudi Arabia has been held in collaboration with the Saudi Food and Drug Authority. Samir Mukhlis, Director of Batha Border delivered the workshop.Al Awadi stressed SCCI’s keenness to improve Sharjah’s business environment and advance companies through launching...
December 21, 2019

Workshop highlights sustained strong ties between KSA and UAE

Roast Maestro management
‘Roast Maestro’ coffee brand launched in KSA
JEDDAH — Atyab Al-Karam International Company launched its first coffee roasting factory in the Kingdom of Saudi Arabia “Roast Maestro” in the presence of a large number of coffee lovers and enthusiasts in addition to press and media representatives, who attended the press conference of the company’s management to introduce them to “Roast Maestro” products and learn about its various flavors. They also watched a presentation of the coffee roasting stages and reviewed the factory products of roasted coffee under the supervision of the factory’s coffee experts.“The inauguration of the Roast Maestro plant is considered a qualitative leap in the coffee industry, as it will contribute to changing the traditional roasting stages using state-of-the-art technologies that comply...
December 21, 2019

‘Roast Maestro’ coffee brand launched in KSA

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