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China to use blockchain for cross-border customs clearance

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the Chinese government revealed that it plans to use blockchain in numerous aspects of cross-border trade in Hangzhou. The area, highly active in manufacturing and e-commerce, has seen the positive effects of digital transformation. Among other new initiatives, blockchain will further improve data integrity and transparency. China’s statement focused on the logistics and e-commerce enterprises in Hangzhou, which manage the ... Read More »

Saudi Arabia raises oil sales prices to Asia

Aramco

Saudi Arabia, the world’s biggest crude exporter, raised all pricing for November oil sales to Asia as refining margins rose and the country’s state oil producer pulled out the stops to maintain supply after aerial attacks briefly knocked out half its output last month. State-oil producer Saudi Aramco increased its official selling price for Arab Light crude for November shipment ... Read More »

Red Sea Film Festival: 12 Arab film projects chosen for development

Fire erupted aboard the Cormo Express carrying 50,000 Australian sheep
at Kuwait's Shuwaikh port where it docked after Saudi Arabia rejected
it on health grounds, an Australian official and Kuwaiti newspapers
said October 6, 2003. A small fire erupted in fodder room aboard the
ship and was promptly put out without any damage to the ship or sheep.
Kuwait said on Saturday it would supply the ship with food, water and
fuel before it sails for an unknown destination. REUTERS/Stephanie
McGeheeWS - RTR4D5L

Twelve teams of filmmakers from the Arab world will undergo development workshops and two projects will win half a million dollars each in production funding. The Red Sea International Festival announced that an international committee picked a dozen projects for development at the inaugural Red Sea Lodge out of 120 submissions. The projects include six Saudi teams, as well as ... Read More »

Saudi Customs, port authority and Maersk team up to champion blockchain

Maersk

Saudi Customs, in partnership with the Ministry of Communications and Information Technology (MCIT), the General Authority of Ports, and shipping giant Maersk, held a press conference to highlight the importance of blockchain technology in the shipping industry, reports Arab News. General Manager of Marketing and Customer Service at Saudi Customs Adel Baraja said the role of Saudi Customs is in ... Read More »

Oil gains on Saudi supply doubts, Mideast tensions

Fire erupted aboard the Cormo Express carrying 50,000 Australian sheep
at Kuwait's Shuwaikh port where it docked after Saudi Arabia rejected
it on health grounds, an Australian official and Kuwaiti newspapers
said October 6, 2003. A small fire erupted in fodder room aboard the
ship and was promptly put out without any damage to the ship or sheep.
Kuwait said on Saturday it would supply the ship with food, water and
fuel before it sails for an unknown destination. REUTERS/Stephanie
McGeheeWS - RTR4D5L

Oil prices rose after President Trump, arriving in New York for the meeting of the United Nations General Assembly, said he intended to seek support for a coalition to confront Iran after the U.S. blamed it for last week’s strike on a Saudi Arabian oil facility. There are also doubts over how fast Saudi Arabia can get back to full ... Read More »

At least two empty oil product tankers diverted from Saudi port

Workers direct the loading onto the MSC Tokyo cargo ship of a container of rice, part of a donation of 1,000 tonnes from the Brazilian government to the people of Sri Lanka, at Rio Grande Port in southern Brazil, January 25, 2012. From Turkey to Brazil, India to Saudi Arabia, a growning number of non-western donors are bringing fresh funds, a different mindset and their own experience of managing natural disasters to the global humanitarian aid scene. Picture taken January 25, 2012. To match feature DISASTERS-NEWDONORS/    REUTERS/Andres Stapff (BRAZIL - Tags: BUSINESS POLITICS SOCIETY)

LONDON : At least two refined product tankers that were due to load at Saudi Arabia’s Jubail port in mid to late September have been diverted, data from analytics firm Vortexa showed. The moves come after attacks on Saudi Arabia’s oil infrastructure on Saturday that cut the country’s crude output by more than half and reduced its refinery runs by ... Read More »

Saudi Arabia forbids transfer of funds to Mohammed Ali Al-Amoudi & Co

SAMA-saudi-arabian-monetary-agency

The Saudi Arabian Monetary Authority has announced a reversal of a 1999 decision to allow funds to be transferred in and out of the kingdom to Mohammed Ali Al-Amoudi & Co because of violations of anti-money laundering laws and other crimes, SAMA has announced. In a statement, SAMA said that the decision is based on the firm’s “violations of anti-money ... Read More »

Saudi Arabia inks Nokia deal for software R&D project

Nokia-8-Sirocco

The Saudi Ministry of Communications and Information Technology (MCIT) has entered into an agreement with tech giant Nokia to launch a research and development unit to create software in Saudi Arabia. The cooperation aims to establish a Nokia software development unit and Bell Labs research unit in Saudi Arabia. In addition, it envisages the establishment of a maintenance centre for ... Read More »

Saudi Arabia allows Turkish trucks to pass after 2 weeks

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Saudi Arabia on Sept. 2 allowed 73 Turkish trucks to pass to the Duba port after holding them at the customs for two weeks without any justification, the truck drivers told Anadolu Agency. They had started to exit the Duba port located on the Red Sea coast not at once but at certain time intervals, added the truck drivers. On ... Read More »

S. Arabia holding Turkish trucks at customs for 12 days

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Saudi authorities have been holding 73 Turkish trucks at the customs border for almost two weeks without any justification, Turkish truck drivers caught in the economic vice told Anadolu Agency on Thursday. On Aug. 17 the trucks reached the Port of Duba in northwestern Saudi Arabia, which opens up to the Red Sea, after leaving Iskenderun on Turkey’s Mediterranean coast, ... Read More »

Bankers head to Saudi Arabia to compete for world’s biggest IPO

Aramco

Global banks will this week start making their case on why they should be hired for what’s set to be the world’s biggest initial public offering, according to people with knowledge of the matter. Dealmakers representing advisory firms from around the world will from Tuesday travel to Saudi Aramco’s headquarters in Dhahran in the kingdom’s Eastern Province to compete for ... Read More »

Saudi Arabia sells SAR2.3bn in sukuk monthly issuance

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Saudi Arabia sold SAR2.3bn ($613m) in sukuk, or Islamic bonds, in its local monthly issue for July, the Finance Ministry said on Thursday. The debt sale was split into three tranches of SAR1.4bn due in 2024, SAR258m due in 2028 and SAR588m maturing in 2034. Read More »

EU reports 106% rise in the number of Saudi asylum applications in 2019

European-Union-Flag

The number of Saudi Arabian nationals applying for asylum in the European Union (EU) increased 106 percent year-on-year in the first six months of 2019, according to official figures released last week. The latest data from the European Asylum Support Office (EASO) showed that 101 Saudis applied for asylum in the EU during the first half of this year, compared ... Read More »

Saudi Arabia to Regain India’s Top Oil Supplier Spot After Reliance Deal

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/Files

New Delhi: Saudi Arabian Oil Co (Aramco) buying a 20 percent stake in Reliance Industries’ oil-to-chemical business will help it regain the position of being the biggest supplier of oil to the world’s fastest-growing oil market. Saudi Arabia, which traditionally has been India’s top oil source, lost the slot to Iraq during the last two financial years. This will change ... Read More »

Saudi Arabia said to clinch $100m Joshua-Ruiz Jr rematch

Andy-Ruiz-Anthony-Joshua

Saudi Arabia has reportedly secured hosting rights for the Anthony Joshua vs Andy Ruiz Jr boxing event after offering up to $100 million. The UK’s Telegraph reported that the rematch – which will see Joshua face Ruiz for the IBF, WBA and WBO titles in Riyadh – will take place on December 7. The newspaper also reported that an offer ... Read More »

Saudi Arabia’s business gauge slowed to 5-month low in July

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Riyadh: A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter. The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 in June. Export orders ... Read More »

Saudi Arabia lifts travel restrictions on women

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Saudi Arabia has allowed adult women to travel without permission and granted them more control over family matters, further eroding a heavily criticised male guardianship system at a time of heightened scrutiny over its human rights record. A series of royal decrees published by the official gazette on Friday stipulated that a Saudi passport should be issued to any citizen ... Read More »

China Feasts on Record Saudi Crude Imports After Sanctions Hit Iran

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China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran. Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost ... Read More »

Saudi Arabia Crown Prince’s $500B city aims for futuristic ‘Jetsons’

Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative (FII) conference in the Saudi capital Riyadh on October 23, 2018. - Saudi Arabia is hosting the key investment summit overshadowed by the killing of critic Jamal Khashoggi that has prompted a wave of policymakers and corporate giants to withdraw. (Photo by FAYEZ NURELDINE / AFP)        (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)

Crown Prince of Saudi Arabia Prince Mohammad bin Salman Al Saud on the challenges of planning the technological advances used in the design of a new city. It’s a $500 billionOpens a New Window. project that has plans for amenities you’d see out of a ‘Jetsons’ episode. According to documents reviewed by the Wall Street JournalOpens a New Window., Saudi ... Read More »

Saudi Arabia Boosts Vision 2030 with Hyperloop

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Virgin Hyperloop One has announced a development partnership with Saudi Arabia’s Economic City Authority (ECA) to conduct a study to build the world’s longest test and certification hyperloop track, as well as a research center and manufacturing facility north of Jeddah. According to a statement, the announcement took place at Virgin Hyperloop One’s Los Angeles headquarters during a visit from ... Read More »