Saudi’s state-owned oil company Aramco announced yesterday the launch of a venture capital fund that will focus on sustainability-related projects, according a press release from the company and reports.
The Red Sea Development Co., known as TRSDC, has rebranded to now be called Red Sea Global (RSG), the company announced during the sixth edition of Future Investment Initiative (FII) in Riyadh on Oct. 25.
Saudi Arabia's Crown Prince Mohammed bin Salman launched the Kingdom's National Industrial Strategy, which aims to increase the industrial exports value to 557 billion riyals by 2030 ($148.34 billion), Reuters reports, citing the Saudi Press Agency.
US-headquartered Advent Technologies has signed a Memorandum of Understanding with Riyadh-based Hydrogen Systems "to provide integrated hydrogen solutions and value-added support to industrial and renewable energy markets in the Middle East," Zawya reports.
Saudi Arabia's Ministry of Industry and Mineral Resources said on Wednesday that it had awarded a license to mine at the Kingdom's prized Khnaighuiyah mining site, where zinc and copper deposits are estimated around 26 million tons, Reuters reports.
Saudi Arabia's General Authority for Small and Medium Enterprises (Monsha’at) said the number of registered SMEs in Saudi Arabia hit 892,063 in the first half of this year, registering a 25.6 percent increase from the fourth quarter of 2021.
Saudi Arabia’s non-oil exports surged by 31 percent in the second quarter to SR86.2 billion ($22.9 billion) from SR65.8 billion in the same period last year, the General Authority for Statistics, also known as GASTAT, said in a report.
The International Monetary Fund (IMF) on Wednesday maintained its economic growth forecast for Saudi Arabia at 7.6% this year, bucking the global trend toward recession and likely placing it among the top growing economies in the world in 2022.
