Briefings by Thinking Arabian | 66

Contents

• In a nutshell
• Briefings on?Saudi Arabia, Oman, Kuwait, the United Arab Emirates, Qatar, GCC & MENA, Egypt and Morocco?

In a Nutshell

European Chamber of Commerce opened in Riyadh

• The European Chamber of Commerce in Saudi Arabia was inaugurated in Riyadh on Wednesday.

Qatar banking sector assets reach QR1.986 trillion in March

• Qatar's banking sector total assets increased by 0.8% month-on-month in March 2024 (+0.9% y-o-y), reaching QR1.986 trillion.

Qatar Chamber hosts roundtable on self-employment and its socio-economic environment

• Qatar Chamber recently hosted a roundtable on “The drivers of self-employment and its socio-economic environment in Qatar and the region” at the Chamber's headquarters.

Qatar Free Zones Authority opens revamped regional distribution centers in Ras Bufontas Free Zone

• Qatar Free Zones Authority (QFZ) announced the inauguration of regional distribution centers with state-of-the-art facilities in Ras Bufontas Free Zone near Hamad International Airport.?

UAE and Mauritius agree to strengthen cooperation in water, energy and sanitation sectors

• The UAE Ministry of Energy and Infrastructure (MoEI) and the Ministry of Energy and Public Utilities of Mauritius have signed a Memorandum of Understanding to enhance cooperation in the areas of water, energy, and sanitation.

IMF: Oman's economy poised for strong growth, but challenges remain

• Rising oil prices and accelerated reforms under Oman Vision 2040 benefit the economy

Briefings

Saudi Arabia

Saudi Arabia's $100 billion investment in technology shows global leadership in AI

According to a Microsoft Arabia executive, Saudi Arabia's plan to invest $100 billion in technology is catapulting the kingdom to the forefront of innovation and talent development globally. (12.05.2024, The National)

How a Saudi Arabian start-up aims to beat sickle cell disease with an AI-trained gene-editing biorobot

Saudi Arabia-based biotechnology company NanoPalm is developing a biorobot that uses a unique blend of artificial intelligence, nanotechnology, and gene therapy to find a solution for patients with sickle cell disease. (10.05.2024, The National)

How building greener homes in Saudi Arabia could benefit the environment and the well-being of homeowners

The concept of sustainable housing has gained momentum in recent years as individuals and communities strive to reduce their environmental impact. (11.05.2024, Gulf Business)

Saudi cabinet approves energy agreement with Brazil, Japan and Jordan

At its recent cabinet meeting, Saudi Arabia approved economic and energy agreements with several countries, including Jordan, Brazil, and Japan. (12.05.2024, Arab News)

South Korea seeks to build economic and cultural ties with Saudi Arabia

The Korean embassy in Riyadh recently hosted reporters from Saudi Arabia and worldwide for the week-long World Journalists Conference to improve the Asian country's relations with other countries. (12.05.2024, The Peninsula)

Oman

Oman launches strategic Study on energy storage options

Nama Power and Water Procurement Company (PWP), the sole purchaser of power generation and water desalination projects in the Sultanate of Oman, is moving forward with a strategic study aimed at finding an ideal mix of energy resources to meet the country's energy needs over the next 15 years. (11.05.2024, Oman Observer)

Simplified procedure for foreign investors to set up companies in Oman?

The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is working with the relevant authorities to enhance the attractiveness of the investment environment in the Sultanate of Oman by overcoming the challenges foreign investors face. (11.05.2024, Oman Observer)

Oman invests in Australian electrolyzer startup Hysata

IDO Investments, the venture capital arm of the Oman Investment Authority (OIA), is among several international strategic and financial investors participating in the latest funding round of Australian electrolyzer company Hysata. (10.05.2024, Oman Observer)

Oman's power generation increases by 16.3%

The Sultanate of Oman's total electricity generation by the end of February 2024 recorded an increase of 16.3 percent to 5,365 gigawatts per hour, compared to 4,611.3 gigawatts per hour in the same period last year. (11.05.2024, Times of Oman)

Kuwait

Kuwait and Turkey sign agreement during the Emir's state visit

The Emir of Kuwait, Sheikh Meshal Al-Ahmed Al-Jaber Al-Sabah, held talks with Turkish President Recep Tayyip Erdogan on Tuesday on a range of regional and international issues during his official visit to Ankara. (08.05.2024, Arab News)

United Arab Emirates

Masdar and Iberdrola install first wind turbine at Baltic Eagle wind farm

The wind farm, which is scheduled to go into operation by the end of the year, will consist of 50 wind turbines erected on monopile foundations (10.05.2024, Gulf Business)

The UAE's Nature-based Solution project combats climate change and promotes biodiversity?

Ecosystems worldwide are threatened by the effects of climate change, as are the communities that depend on them. Yet, these ecosystems have the potential to protect people from the negative effects of climate change. (14.05.2024, Climate Champions)

Abu Dhabi's Mubadala invests in Australia's largest urea project

The transaction represents the largest investment ever made in the Australian fertilizer industry (07.05.2023, Gulf Business)

Abu Dhabi sets out a green strategy to improve air quality and reduce noise pollution

Abu Dhabi Environment Agency Chairman Sheikh Hamdan bin Zayed adopts a resolution for cleaner air. (10.05.2024, The National)

Qatar

QBA visits Berlin and holds successful talks with German companies

Masdar, a clean energy company from Abu Dhabi, has an agreement with Bapco Energies. The Qatari Businessmen Association (QBA) has held fruitful meetings in Berlin with various government bodies and top German companies such as Siemens Group and European software giant SAP. (11.05.2024, Gulf Times)

Qatar Economic Forum emphasizes the shift towards AI and Industry 5.0

The upcoming Qatar Economic Forum, scheduled to take place from May 14-16, 2024, will focus on in-demand technologies such as Industry 5.0 and artificial intelligence (AI) that are driving economies forward. (10.05.2024, The Peninsula)

GCC & MENA

GCC prioritizes economic diversification for sustainable growth

The Gulf Cooperation Council aims to reduce dependence on oil revenues by implementing a comprehensive vision for economic diversification. (12.05.2024, Arab News)

Green light for the construction of the $3 billion Hafeet Railway between the UAE and Oman

A shareholders' agreement has been signed between Etihad Rail, Oman Rail, and Mubadala Investment Company to launch the project. (10.05.2024, Gulf Business)

Qatar and Morocco review trade and investment relations

During the meeting, ministers from both countries discussed topics of common interest and ways to strengthen cooperation between the two countries in the fields of trade, investment, and industry. (14.05.2024, The Peninsula)

QatarEnergy acquires two new exploration blocks offshore Egypt

QatarEnergy has signed a farm-in agreement with ExxonMobil to acquire a 40 percent interest in two exploration blocks offshore Egypt. (12.05.2024, Doha News)

Egypt

IFC investments in Egypt approaching $9 billion, says minister

According to a senior minister, Egypt is emerging as a major International Finance Corporation (IFC) player, with investments approaching $9 billion. (13.05.2024, Arab News)

Ministry of International Cooperation prioritizes entrepreneurship and innovation

The Ministry of International Cooperation is prioritizing entrepreneurship and innovation by entering into partnerships with various development companies.t. (11.05.2024, Egypt Independent)

External debt rises by $3.5bn in Q4 2023; inflation slows to 32.5% in April

Egypt promised the IMF in the March agreement to resume tightening if necessary to prevent further weakening of the economy. (10.05.2024, Gulf Business)

Egypt's Red Sea coral reef restoration project achieves a breakthrough in the Middle East

The Executive Director of the Abu Salam Association described the project as one of the most successful environmental projects to restore and replant coral reefs naturally. (10.05.2024, Egypt Independent)

Ancient Egyptian civilization was pioneering in the development of irrigation techniques

Ancient Egyptian civilization pioneered the development of irrigation techniques, according to Minister of Water Resources and Irrigation Hani Sweilam. (11.05.2024, Egypt Independent)

Economic partnership between Egypt and South Korea reaches new heights

South Korean investment in Egypt has risen to around USD 845 million (EGP 41 billion) by June 2023, reflecting the robust economic relations between the two countries. (11.05.2024, Egyptian Streets)

Morocco

The German company Benteler opens a factory in Kenitra, Morocco

Morocco has invested heavily in its industrial sector in recent years, making it one of its most important economic sectors. (10.05.2024, Morocco World News)