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  • Lockheed Martin Started Construction on Saudi Arabia’s 2nd MMSC

    Lockheed Martin and Fincantieri started construction on the second Multi Mission Surface Combatant (MMSC) for the Royal Saudi Navy (RSN). A low key steel cutting ceremony took place on at Fincantieri Marinette Marine in Wisconsin in late January.

  • Saudi banking sector gets off to a positive start in 2021, says KPMG

    “The banking sector in Saudi Arabia enjoys a strong base in the volume of liquidity and capital, and despite the COVID-19 pandemic, the demand for homes has witnessed a continuous increase, and the demand for real estate financing has doubled,” said Ovais Shehab, head of the financial services sector in Saudi Arabia at KPMG.

  • Saudi Arabia fourth quarter GDP down from previous year but up on third quarter as COVID-19 impact eases

    Saudi Arabia’s economy shrank 3.9% year on year in the fourth quarter but rose 2.5% from the previous three months, according to data on Tuesday that showed an upturn from the depths of the coronavirus pandemic towards the end of 2020. The oil sector contracted by 8.5% and the non-oil sector by 0.8% from the same period of 2019, Saudi Arabia’s General Authority for Statistics said.

  • Aramco’s entrepreneurship arm to support startups at Saudi Arabian industrial zones

    The entrepreneurship arm of Saudi Aramco, Wa’ed, has signed a memorandum of understanding (MoU) with the Royal Commission for Jubail and Yanbu (RCJY) to support the creation of new startups and small and medium-sized enterprises (SMEs) in Saudi Arabia’s two largest industrial cities. The MoU was signed by Wa’ed managing director, Wassim Basrawi, and RCJY general manager, Dr. Ahmed Zaid Al-Hussain, at a virtual ceremony.

  • Oman to start implementing VAT from April 16

    The tax will help the Sultanate generate about 400 million Omani riyals ($1 billion) in revenue annually, which is equivalent to 1.5 per cent of the total value of gross domestic product. All six Gulf countries agreed to introduce a 5 per cent VAT in 2018 after a slump in oil prices hit their revenues. Saudi Arabia, the UAE and Bahrain have already introduced the tax, with Riyadh tripling it last year.

  • Foster + Partners Designs an Airport for Saudi Arabia’s Red Sea Project

    Construction has just begun at the Red Sea International Airport in Saudi Arabia. Designed by the British architecture firm Foster + Partners, the airport is part of a development called the Red Sea Project—an ongoing scheme that is considered to be the most ambitious tourist project in the world. Some of the upcoming designs in the Red Sea Project include a complex comprising 100 holiday villas by Kengo Kuma and Associates and a luxurious circular hotel also designed by Foster + Partners.

  • Some progress made toward ceasefire in Yemen, U.S. State Department says

    The U.S. State Department said on Thursday that “some hopeful progress” has been made toward a ceasefire in Yemen, but more commitment was needed from the parties to the civil war. The comments were in a statement on a just-concluded visit to the region by Timothy Lenderking, the U.S. special envoy for Yemen, aimed at bolstering U.N.-led efforts to end the conflict and stem a growing humanitarian disaster.

  • Turkey says it has restarted diplomatic contacts with Egypt

    Turkey has resumed diplomatic contacts with Egypt and wants to further cooperation, Turkish leaders said on Friday, after years of tension since the Egyptian army toppled a Muslim Brotherhood president close to Ankara.

  • KSA-based last-mile startup Postage raises Seed funding

    Postage, a last-mile logistics provider for businesses that aims to shorten the wait times for express deliveries in Saudi Arabia, has raised a Seed investment from Wa’ed, the entrepreneurship arm of Aramco.

  • Saudi startup Postage raises Seed funding from Wa’ed

    Founded in 2019, by Abdulrahman AlAFaliq, Postage offers delivery services for various goods ranging from clothing to books offered by 50 local and international e-commerce players. It claims to be the first last-mile operator to offer guaranteed same-day delivery between Riyadh and Dammam, as well as offering a two-hour delivery service across Riyadh. The latest round of investment will also be used to improve Postage’s IT infrastructure and inventory management as well as hire new talent.