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  • SoftBank to Create Industrial Robots for Saudi Arabia

    The robots created under the new SoftBank venture will be used for a range of manufacturing and assembly tasks and will “radically transform” the manufacturing industry. The partners will invest up to $150 million to establish a fully automated manufacturing and engineering hub in Riyadh that will serve local and global demand. Under the venture, the partners will build industrial robots based on intellectual property developed by SoftBank Group and its affiliates, according to a statement.

  • World Bank: Emerging economies must grow ‘much faster’ to repay debt

    The World Bank warned that high borrowing costs have "changed dramatically" the need for developing nations to boost sluggish economic growth. The multilateral lender's latest warning comes as international bond sales from emerging market governments hit an all-time record of $47 billion in January, led by less risky emerging economies such as Saudi Arabia, Mexico and Romania. However, some riskier issuers have started to tap markets at higher rates. Kenya recently paid more than 10% on a new international bond - the threshold above which experts often consider borrowing unaffordable.

  • Saudi Manufacturing Push Draws SoftBank, China Surveillance Firm

    The new vehicle, Alat, and SoftBank will invest as much as $150 million to establish a fully-automated manufacturing and engineering hub in Riyadh. The venture will build industrial robots based on intellectual property developed by SoftBank, with the first factory set to open in December.

  • Red Sea Cargo Ship Crew Abandons Vessel Off Yemen After Houthi Attack

    The crew of a commercial ship in the Red Sea abandoned the vessel following a Houthi attack — the first such evacuation since the militant group began menacing trade in the vital waterway late last year. Two-anti ship ballistic missiles damaged the Belize-flagged Rubymar on Sunday evening local time, US Central Command said Monday on social media platform X. A coalition warship and another merchant ship responded to the distress call, and the Rubymar’s crew were transported to a nearby port, it added.

  • Saudi tech firm Alat to partner with SoftBank, others

    Alat is also partnering with China's Dahua Technology and The Saudi Technology and Security Comprehensive Control Company (Tahakom), it said, and will support them in reducing their emissions and moving towards carbon zero manufacturing. Alat CEO Amit Midha, who was appointed earlier this month, also announced the partnerships at an event in Riyadh. Alat aims to invest $100 billion in the kingdom by 2030, and will manufacture advanced industrials and electronics in more than 30 product categories.

  • France proposes Hezbollah withdrawal, border talks for Israel-Lebanon truce

    France has delivered a written proposal to Beirut aimed at ending hostilities with Israel and settling the disputed Lebanon-Israel frontier, according to a document seen by Reuters that calls for fighters including Hezbollah's elite unit to withdraw 10 km (6 miles) from the border. The plan aims to end fighting between the Iran-backed Hezbollah and Israel at the border. The hostilities have run in parallel to the Gaza war and are fueling concern of a ruinous, all-out confrontation.

  • Saudi Arabia announces national plan to stimulate urban policies by 2025

    The minister described the progress made by Saudi cities in the field of smart technology and urban development, saying: “Our goal is for at least 10 Saudi cities to be among the top 50 global cities by achieving the factors of governance, sustainability, and interaction with the population, meeting their aspirations, and achieving high prosperity for them.” He added: “Last year, four of our vibrant cities were classified within the Smart Cities Index. This exceptional journey toward transformation has enabled us to benefit from technology, artificial intelligence and data to make a real and tangible impact in municipalities.”

  • National portal to improve Saudi urban landscape launched

    The Saudi Data and Artificial Intelligence Authority (SDAIA) and the Ministry of Municipal and Rural Affairs and Housing launched a national portal to improve the Saudi urban landscape. The launching ceremony was held on the sidelines of the first edition of the Global Smart City Forum 2024 in Riyadh on Monday. The two-day event is organized by SDAIA, in cooperation with the Ministry of Interior and the Ministry of Municipal and Rural Affairs and Housing.

  • Yemen to receive second $250 million tranche of Saudi grant soon, central-bank governor says

    Yemen will receive a second $250 million instalment from a Saudi one-year $1 billion grant on Sunday or Monday to support salary payments, its central bank governor told Reuters. Ahmed bin Ahmed Ghaleb Al-Maabqi said the remaining $500 million of the grant, from which the first $250 million was paid out last August, has yet to be transferred to the bank, based in the southern port of Aden. The bank supports the Saudi-backed government as it struggles with a weak currency and high fuel and commodity prices.

  • Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project

    Saudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy. The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance a hub it called “the biggest of its kind.” TDF and Riyad Bank will each provide 391 million riyals in funding, according to a statement Thursday.