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Buraidah Summer Festival seeks to showcase Saudi Arabia as a tourist destination
June 24, 2019

BURAIDAH: Buraidah Summer Festival presents a variety of activities dedicated to families and children. It organizes various exciting shows at a number of locations, including Al-Salim Rural Farm, Derety Resort, Al-Basar Garden Park and King Abdullah National Park.
The festival creates a fun atmosphere, which provides its visitors with pleasant memories through showcasing the beauty of the region’s heritage and the food and handicrafts on offer. In addition"...

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Two-thirds of Saudi firms see IIoT as critical to growth: Poll
June 24, 2019

RIYADH – A new report by Honeywell, the global technology leader, has revealed that two-thirds of medium-to-large organizations in Saudi Arabia (66%) believe Industrial Internet of Things (IIoT) technologies are critical to business operations, or will become critical in the next five years.

Honeywell partnered with YouGov and IDC to launch the “IIoT Market Spotlight – UAE & Saudi Arabia” study, which analyzes the views of approximately"...

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Global corporate capex expansion to slow down this year
June 24, 2019

JEDDAH — Global corporate capex increased by a mere 2% last year, and is estimated to expand only 3% in 2019, the latest forecasts from S&P Global Ratings disclosed Sunday. The forecasts further out need to be treated with caution, given that S&P analysis has shown a tendency for market analysts to underestimate capex beyond the first forecast year, but current projections point to a 1% decline in spending for 2020 and 2021.

While the detail"...

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Ford, Lincoln rank among top five brands
June 24, 2019

JEDDAH – Both Ford and Lincoln rank among the top five automotive brands in the United States for the first time in the latest J.D. Power US Initial Quality Study thanks to overall quality improvements that are outpacing the industry. Now in its 33rd year, the study measures vehicle quality by analyzing problems reported by owners in the first 90 days of ownership.

Ford nameplates ranking tops in their segments are Ford Ranger – marking the"...

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Saudi to build metallic plane parts in link-up with French company
June 24, 2019

Saudi Arabia and French aerospace company Figeac Aero are forming a joint venture to build military and commercial metallic plane parts in the kingdom amid its push to localise military spending.

State-owned Saudi Arabian Military Industries (Sami) and Figeac Aero plan to set up a metallic aerostructures manufacturing plant in Riyadh or Jeddah, Sami said on Sunday.

Sami"...

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China's Silk Road Fund acquires 49% stake in ACWA Power's renewable energy unit
June 24, 2019

China's Silk Road Fund has taken a 49 percent stake in ACWA Power's renewable energy platform that currently owns a number of its existing renewable energy projects.

ACWA Power RenewCo will own ACWA Power’s CSP, PV, and wind assets across the United Arab Emirates, South Africa, Jordan, Egypt and Morocco, yielding an aggregate capacity of 1668 MW. No financial details of the transaction"...

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Flynas signs $2.4bn deal for 10 new aircraft
June 24, 2019

Flynas, Saudi Arabia’s first low-cost airline, has signed a $2.4 billion with Airbus for 10 A321XLR aircraft.

As part of the memorandum of understanding (MoU), the airline will also upsize 10 of the A320neo it currently has on order to the A321neo.

The A321XLR is the step up from the A321LR which responds to market"...

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Saudi Arabia offers permanent residency to expats for $213,000
June 24, 2019

Saudi Arabia has opened applications for a permanent residency programme designed to attract foreign investment to the kingdom, but it will cost a hefty 800,000 riyals ($213,000).

There’s also a cheaper option, with a one-year renewable residency costing 100,000 riyals.

The so-called premium residencies will allow"...

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Coroli Awarded ‘Superbrands’ Status
June 24, 2019

Coroli, the region’s leading edible oil brand, was awarded Superbrands status at a gala event ceremony recently held in Dubai, UAE. The award was received by Dr. B. R. Shetty, Founder & Chairman of BRS Ventures and owner of Coroli brand. At the 15th annual Superbrands event, Coroli was recognised as a leading brand in UAE for its quality, performance and engagement with customers.

Accepting"...

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10 Startups from Africa and the UAE Selected to Participate in GBF Mentorship Programme
June 24, 2019

A total of 10 startups from Africa and the UAE have been selected to participate in Dubai Chamber of Commerce and Industry’s Global Business Forum (GBF) Mentorship Programme which aims to foster cross-border cooperation and help participants expand their global presence.

Five UAE startups, members of Dubai Startup Hub, were selected to take part in the three-month programme, each offering"...

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