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10301 - 10310 from 16532 . In "BUSINESS"
The Red Sea Project on Saudi Arabia’s west coast is envisioned as an ultra-luxury tourism destination for nature, adventure, wellness, and culture
TRSDC announces global advisory board
THE Red Sea Development Company (TRSDC), wholly-owned by the Public Investment Fund (PIF) of Saudi Arabia and creator of The Red Sea Project, on Monday announced its international Advisory Board of twelve world-leaders in business, tourism, environmental sustainability and conservation.The Advisory Board will help set The Red Sea Project’s agenda to develop and implement a new international standard e Red Sea Development Company Announces Global Advisory Boar din environmental protection and restoration, sustainable development, innovation and luxury tourism. Located along the west coast of Saudi Arabia at the crossroads of the Middle East, Europe, Asia, and Africa, the project is envisioned as an ultra-luxury tourism destination for nature, adventure, wellness, and culture. It is part...
September 17, 2018

TRSDC announces global advisory board

Alinma introduces contactless ATM withdrawals, first in Saudi Arabia
ALINMA Bank has introduced, for the first time in Saudi Arabia, contactless NFC withdrawals at selected Alinma ATMs. NFC, or “near field communication,” is a technology that can be embedded in smartchip cards and smart digital devices, that permits user authentication with only a swipe of the card/device near the NFC terminal and a PIN. Inserting a card into the ATM is not required, and for partner protection, only one transaction can be completed per swipe.Speaking about the launch, Alinma Bank CEO Abdulmohsen Al Fares said: "The adoption of modern technologies in order to better serve partners, has been a focus of Alinma since its establishment. This has provided us with certain advtanges in our market and has allowed us be even more partner-centric. With NFC ATM withdrawals, we...
September 17, 2018

Alinma introduces contactless ATM withdrawals, first in Saudi Arabia

Mahmood Al Hashmi, CEO of Ajman Media City Free Zone, speaks at the launch
Ajman Media City Free Zone unveils electronic licensing
AJMAN Media City Free Zone launched an electronic licensing service to serve and facilitate a global network of partners, representatives and potential investors based in any part of the world.Mahmood Al Hashmi, CEO of Ajman Media City Free Zone, said: “We are committed to offer “Low investment, High returns and Maximum Comfort” to our potential customers, and partners globally and this feature enhances the ease of doing business as well as eliminates costs and save significant time for everyone.”“Our latest feature, an electronic system will enable the investors to fulfill all requirements for setting up the business and acquire license in a safe, fast and secure environment.”“At the same time, we fully understand the importance of creating comfort and trust among our...
September 17, 2018

Ajman Media City Free Zone unveils electronic licensing

Takafumi Horii
Takeda picks new head for NEMEA operations
GLOBAL pharmaceutical company Takeda announced Monday a new Area Head for the Near East, Middle East & Africa (NEMEA) operations. Takafumi Horii (Taka) has been appointed to the new position after his nine years journey at Takeda holding a number of strategic and leadership roles in many countries. The appointment is effective from Sept. 18, 2018.Based in Dubai, Taka’s new role will see him spearhead Takeda’s continued growth across the NEMEA region, while upholding the organization’s unwavering commitment to serving patients and its long-held reputation as a best employer.Taka joined Takeda Japan in 2009 as Corporate Strategy & Planning Manager before relocating to Takeda China as Head of Strategic Planning in 2011. A move to Head of Strategic Projects & Planning for North Asia...
September 17, 2018

Takeda picks new head for NEMEA operations

Abdulrahman Almofadhi
Al Widyan awards SR1.1 billion infrastructure contract to Binyah
AL Widyan Saudi Real Estate Company, a private joint stock company owned by Al Akaria Saudi Real Estate Co. (SRECO), has awarded a SR1.1 billion contract to Binyah to develop key infrastructure on the Al Widyan project, SRECO’s 7 million square metre site in the northern growth corridor of Riyadh.Binyah is a joint venture between SRECO and Mohammad Ali Al Swailem Group (MASCO), which own 60% and 40% of the joint venture company respectively. Binyah will be responsible for developing all of the infrastructure of the Al Widyan project.Groundworks on SRECO’s 7 million square metre site have already begun, and Binyah will deliver community and utility buildings, roads, cabling and pipework.The scale of the project is illustrated by the scope of works under the contract, which includes 80km...
September 17, 2018

Al Widyan awards SR1.1 billion infrastructure contract to Binyah

Dr. Hamid Haqparwar
Haqparwar new MD at BMW Middle East
DR. Hamid Haqparwar (38), currently Director Sales and Marketing at BMW Group Middle East, has been appointed as Managing Director of BMW Group Middle East with effect from Oct. 1, 2018.Dr. Haqparwar is an automotive professional with extensive international background. He started his career at BMW Group headquarter and has held different senior management roles within BMW since then. Before joining BMW Group Middle East, Dr. Haqparwar was employed as the Director Sales and Director Sales Channel Development for BMW India. The Middle East is nothing new to him since he already was a Sales Area Manager and the Head of Product Management in the region from 2008 to 2012. In his new role as Managing Director he will be responsible for driving the BMW Group business and sales forward across 13...
September 17, 2018

Haqparwar new MD at BMW Middle East

Turkey omits forex losses from bankruptcy calculations
ISTANBUL — Turkish companies will no longer be required to count foreign-currency losses when assessing whether to file for bankruptcy, according to a legal change introduced at the weekend, a move that could dent productivity by propping up unhealthy companies.The move is the latest government measure to help companies squeezed by a sell-off in the Turkish lira this year, and highlights the difficulty firms, and banks, face in what analysts say is likely to be a wave of debt restructuring.For years Turkish companies have borrowed in hard currency, drawn by lower interest rates.But a 40 percent decline in the lira this year - triggered by investor concerns about President Tayyip Erdogan's growing authoritarianism and the lack of central bank independence - has driven up the cost of...
September 17, 2018

Turkey omits forex losses from bankruptcy calculations

PT Bank Pembangunan Daerah Nusa Tenggara Barat in Indonesia. — Courtesy photo
PT Bank NTB Syariah converted into full-fledged Syariah Bank in Indonesia
JEDDAH — The Islamic Banking industry in Indonesia received a new boost with the entrance of PT Bank NTB Syariah. The bank has successfully converted from a conventional bank into a full-fledged Syariah bank, which was officially launched on Thursday (Sept. 13).The launching ceremony took place in Mataram, Indonesia, in presence of the Islamic Corporation for the Development of the Private sector (ICD), the private sector arm of IsDB Group, which assisted NTB in the conversion process as a technical advisor.The ceremony was also attended by dignitaries such as; West Nusa Tenggara (NTB) Governor (Dr. Zainul Majdi), Central Bank of Indonesia, and Financial Services Authority of Indonesia (OJK).“All eyes in West Nusa Tenggara (NTB) province will be on us. Therefore, walk with good...
September 16, 2018

PT Bank NTB Syariah converted into full-fledged Syariah Bank in Indonesia

Economy can grow 1.9% this year
By Hazim Al-MutairiOkaz/Saudi GazetteRIYADH — Saudi Arabia’s economy can achieve an International Monetary Fund forecast for 1.9 percent gross domestic product growth this year if all indicators remain unchanged, central bank Governor Ahmed Al-Khulaifi told a news conference here on Sunday.After annual consultations with the Saudi government last month, the IMF predicted Saudi Arabia’s gross domestic product would grow 1.9 percent in 2018 partly because of higher oil output, after shrinking 0.9 percent last year.The Saudi Arabian Monetary Authority (SAMA) governor said the GDP during the first quarter witnessed 1.4% growth.He said expat remittances dropped by 7% during 2015, 2016 and 2017.Asked if any new licenses have been granted to banks operating in the Kingdom, he said new...
September 16, 2018

Economy can grow 1.9% this year

Dr Abdulwahab Al Sadoun
Gulf fertilizer production to hit 47m tons by 2025
DUBAI — GCC fertilizer exports have reached historical record levels, as rising market protectionism continues to dominate global markets, new figures by the Gulf Petrochemicals and Chemicals Associations (GPCA), the voice of the chemical industry in the Arabian Gulf, have revealed.According to figures by GPCA, the GCC fertilizer production capacity is likely to reach 38.9 million tons this year and poised to hit an estimated 47 million tons by 2025 growing at a CAGR (compound annual growth rate) of 7.7 percent between 2007-2017.At 46 percent, Saudi Arabia accounts for almost half of GCC fertilizer production in 2018, followed by Qatar (25 percent) and Oman (12 percent), which has increased its share from 11 percent in 2017, said a report by the Gulf Petrochemicals and Chemicals...
September 16, 2018

Gulf fertilizer production to hit 47m tons by 2025

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