Oct 22, 2023

Kazakhstani Trade and Integration Minister Arman Shakkaliyev said both countries have discussed investment objectives to boost bilateral trade relations. WAM Short Url Updated 37 sec ago RIYADH: Kazakhstan has planned to boost its trade exchange with the UAE to $1 billion from $632 million recorded last year, according to a senior government official. Speaking to the Emirates News Agency, or WAM, Kazakhstani Trade and Integration Minister Arman Shakkaliyev said both countries have discussed investment objectives to boost bilateral trade relations. “We discussed investment in environmental, social and governance and climate change agenda, and as a representative of Kazakhstan, I showed our plans about new trade roads from the Caspian Sea to Abu Dhabi and Dubai ports in the UAE,” Shakkaliyev told WAM on the sidelines of the eighth investment forum of the UN conference on trade and development held in Abu Dhabi. He added: “It is very important that a new road connects Central Asia as an agricultural hub and gives us new challenges to open regional markets. I think that this type of event gives us a clear understanding of what conditions under which the government invites investors.” Shakkaliyev further explained that the country is poised to attract investments and boost its economic position as a critical direction of its investment policy. This policy aims to increase competitiveness, create optimal conditions for investors, and attract investment in export sectors independent of natural resources. He elaborated that the country implemented 46 investment projects last year, with foreign capital reaching $4 billion and generating 6,500 jobs. “Infrastructure and a wide range of investment preferences have been created in the territories of 14 special economic zones. A new tool of state support has been introduced, and an investment agreement, which can be concluded directly with the government, gives individual benefits and legislative stability for up to 25 years,” he highlighted. “We are focused on attracting investment in the development of transport and logistics. Kazakhstan has become a vital transport and logistics center in Eurasia, offering 11 international transit routes, five railways and six roads,” Shakkaliyev stated. He further stated that the country is developing a route for supplying agricultural goods from the Kazakh port to Gulf countries. “This route will allow Kazakh exporters to deliver their goods in three days through UAE ports and onwards to all key ports in India, Pakistan, Asia-Pacific countries and the east coast of Africa,” he added. Kazakhstan is also interested in implementing joint investment and technology projects in its agro-industrial complex. “Improving the investment climate, opening dialogue with investors, improving infrastructure to attract investment are the strategic directions of the government’s work,” Shakkaliyev explained. Updated 28 min 9 sec ago Arab News October 22, 2023 13:52 RIYADH: Saudi Arabia has reaffirmed its commitment to the economic goals of Southeast Asian countries, with its development fund meeting the premiers of Cambodia and Vietnam. According to the Saudi Press Agency, the Saudi Fund for Development CEO Sultan Al-Marshad met Cambodian Prime Minister Hun Manet and Vietnamese Premier Pham Minh Chinh in separate meetings last week. Al-Marshad discussed with Manet avenues of cooperation on development projects across several sectors in Cambodia. The SFD CEO also reviewed with Vietnam’s Chinh the developmental relationship nurtured by both countries over the last 12 years. Furthermore, they discussed the means of enhancing development cooperation in various key sectors in Vietnam. Updated 22 min 19 sec ago Arab News October 22, 2023 13:33 RIYADH: In a joint effort to improve nuclear and radiation safety and protection, Saudi Arabia and Oman have signed an agreement, furthering their commitment to advancing the sector’s technology. The memorandum of understanding aims to advance and strengthen cooperation using nuclear technologies for peaceful purposes. The deal stipulates the exchange of experiences, information, and best practices in nuclear and radiation safety, radiation defense, and environmental protection. The agreement also aims to enable the two parties to exchange nuclear and radiation regulatory guidelines, operational experiences, studies, and research, according to the Oman News Agency. Under the pact, both sides will work toward crisis communications and radioactive waste management and collaborate in emergency and response planning. The MoU was co-signed by Chairman of Oman’s Environment Authority Abdullah bin Ali Al-Amri and CEO of the Saudi Nuclear and Radiological Regulatory Commission Khalid bin Abdulaziz Al-Issa. Last September, Saudi Arabia, represented by the NRRC, signed an MoU with the US Nuclear Regulatory Commission related to technical information and cooperation in nuclear safety. The agreement was inked by Al-Issa and the chairman of the US Nuclear Regulatory Commission, Christopher Hanson, according to the Saudi Press Agency. The signing of the MoU took place as part of the activities during the 66th General Conference of the International Atomic Energy Agency. Earlier this month, an IAEA mission noted that Saudi Arabia has demonstrated commitment to safety for all applications and occurrences of radiation sources in the country. The agency added that the team recommended actions for improvement, including establishing a national strategy for radioactive waste management. The statement also indicated that the Integrated Regulatory Review Service mission, the first of its kind conducted in the Kingdom, was requested by the government of Saudi Arabia and hosted by the NRRC. The 10-day mission took place from Oct. 1-10. It is noteworthy that the NRRC is mandated with regulating activities, practices, and facilities of the peaceful and safe use of nuclear energy and ionizing radiation, protecting humans and the environment from any actual or potential radiation exposure. This includes exposure to natural radiation, controlling and ensuring the safety and security of such uses and their compliance with nuclear safeguards, and implementing the Kingdom’s international obligations under the relevant treaties and conventions. Updated 22 October 2023 October 22, 2023 11:37 RIYADH: Saudi Arabia’s logistics sector is showcasing its most prominent advancements and technical solutions it has developed at an industry event in Riyadh. Participating in the Supply Chains and Logistics Services Conference, the Public Transport Authority is exhibiting its unified logistics platform that provides over 70 electronic services to facilitate investors’ access to logistics services through a single window. Called Logisti, the single window platform is one of the transport and logistics initiatives under the National Industrial Development and Logistics Program that offers critical commercial activities through the land, sea and rail transport sectors, reported the Saudi Press Agency. The SPA added that the event is also presenting the Saudi Logistics Academy, a transport authority initiative that creates national competencies on par with the best international standards. Updated 22 October 2023 October 22, 2023 10:23 CAIRO: With an objective to host 525 fintech companies by 2030, Saudi Arabia has emerged as a prime destination for both regional and global firms eager to tap into its burgeoning market. Following the financial sector development strategy unveiled last year, the Kingdom is on track to position itself as a regional hub for the industry. On that note, US-based fintech company Tribal Credit has renewed its $150 million debt facility to fuel its expansion into Saudi Arabia. Founded in 2016 in Silicon Valley by Amr Shady, Duane Good, Hariraj Jayakumar, Mark Graves, Mohamed El-Kasstawi, and Prasant Sudhakaran, the company offers enhanced financial solutions to small and medium enterprises in emerging markets. The company aims to use its debt facility to develop its tech solutions as well as expand to other countries. “This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady said. “We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia,” he added. The debt facility, provided by the global lending firm Partners for Growth, is scheduled to remain in effect until 2025. “Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions. Their continued investment in the credit process, tools, and the team has paid dividends,” says Armineh Baghoomian, managing director, head of Europe, Middle East and Africa, co-head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We’re thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services,” he added. Saudi digital payment company Cashin acquires counterpart Saudi-based digital payment solutions provider Cashin has successfully completed the acquisition of Cardless, a prominent name in the Kingdom’s digital payment product landscape. The acquisition aims to bolster the firm’s ambitions of incorporating procurement solutions for digital cards within its comprehensive platform. This move is in line with the company’s strategy to diversify its services, making a foray into the digital card realm with its Cashin Cards offering. This service is anticipated to empower over 20,000 merchants with the ability to issue virtual cards, allowing them to seamlessly integrate these cards into their product offerings and earn commissions via digital wallets, devoid of any credit constraints. Omar Al-Ramah, Cashin’s CEO, emphasized that the integration of Cardless is a strategic move, aligning with the company’s mission to cater to the retail sector’s evolving demands. He highlighted the value addition stemming from Cardless’s extensive customer database and a decade-long industry experience. Cashin is renowned for delivering versatile solutions in the domains of point of sale, digital payments, e-invoicing, inventory management, and more, all fine-tuned to serve diverse retail scales. Meanwhile, Cardless has made a mark with its holistic digital payment platform, constantly innovating to simplify payment processes for users. Saudi Arabia’s Takadao raises $1.6m Saudi fintech startup Takadao has secured $1.6 million in a pre-seed funding round spearheaded by Silicon Valley’s renowned investor, Tim Draper, and saw participation from BIM, Core Vision Ventures, and Prince Sultan bin Fahad bin Salman. Originally established in Singapore and headquartered in Riyadh, Takadao was founded by Sharene Lee and Morrad Irsane to offer Shariah-compliant blockchain-based services with a specific focus on savings and loans as well as cooperative life insurance solutions. Boasting a community that currently exceeds 10,000 members, Takadao claims to be on a growth trajectory with its user base expanding by approximately 5 percent on a weekly basis. Tim Draper’s investment in the Saudi-based startup is a notable first. Draper, with a legacy of transformative investments in companies like Baidu, Skype, and Hotmail. “Takadao is one of those companies that you don’t know quite where it’s going to go, but if it succeeds, it’s going to be really impactful and make a big difference in the world and this is a world that I want to live in,” Draper said. Moreover, the founders expressed their excitement at having Draper as an investor. “Tim Draper is a visionary. Throughout his career, he has shown foresight in anticipating where the world is going to go. He is also humble and embracing of diverse cultures and viewpoints. This is why we’re extremely excited to have him on board,” said Irsane. XPANCEO raises $40m to launch AR contact lenses The UAE-based deep tech firm XPANCEO has secured $40 million in a seed funding round spearheaded by Opportunity Ventures based in Hong Kong. Established in 2021 by founders Valentyn Volkov and Roman Axelrod, XPANCEO is creating next generation technology with its smart contact lenses. The company has successfully created and tested three separate prototypes of lenses that enable night vision and zoom, real-time health monitoring, and the ability to see video and graphic content in augmented reality. The freshly procured funds are earmarked to expedite the company’s launch of its next prototype which will gather several features into one device. “We are targeting, at least, the $790 billion augmented reality and contact lenses market, and creating the first device in the market that will allow us to use all apps and software in a single contact lens interface,” Volkov said.