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Saudi Arabia has huge potential in the esports market given its location between east and west, the chairman of the board of Directors of the Saudi Esports Federation (SEF) said Monday.

Prince Faisal bin Bandar bin Sultan, speaking about the Kingdom’s e-sports strategy recently launched by Crown Prince Mohammed bin Salman, also said Saudi youth would play a role in its development, considering more than 21 million young people are interested in gaming.

Prince Faisal’s comments came during a tour that included Singapore and South Korea, during which he participated in the All That Matters Conference in Singapore and the World esports Summit in South Korea.

The conferences involved a large number of senior executives from around the world in the world of Web3, music, sports, games, digital and marketing.

During the tour, which aimed to introduce the Saudi strategy and its objectives, Prince Faisal touched on the sectors that it aims to develop — including new technologies and devices, the esports production sector, the governance and regulations sector, in addition to infrastructure and attracting and developing talents.

Source:https://arab.news/653dr

Egypt-based B2B e-commerce startup MaxAB raised $40 million in a pre-series B funding round to expand to Morocco as well as grow its fintech solutions.

Established in 2018, the company offers underserved traditional retailers the ability to connect with food and grocery suppliers with a wide range of embedded finance solutions.

The company will be able to strengthen its presence in Egypt and advance into Morocco as well as expand into Saudi Arabia by 2023, TechCrunch reported.

“We are thrilled to have gained the recognition and financial backing of world-class investors, adding to the reception and support we receive from the retailers and suppliers we serve,” CEO and co-founder Belal El-Megharbel said in a statement.

The round saw participation from DisruptAD, the British International Investment, 4DX Ventures, Flourish Ventures, Beco Capital and Africa Platform Capital.

Source:https://arab.news/zq7hw

Egyptian President Abdel Fattah El-Sisi said on Wednesday that the government is committed to the protection of workers in black sand reserves.

Speaking at the inauguration of the Egyptian Black Sand Co.’s complex in Kafr El-Sheikh, he highlighted the state’s commitment to ensuring there is no negative health impact on the workers in the complex.

El-Sisi said the idea for the project to explore the potential of the reserves emerged five years ago, and the feasibility studies took three years. The president said the project is available to the private sector for investment, adding that private companies should form groups compatible with one other in order to complete the project within two years.

The project is part of Egypt’s efforts to maximize the use of the country’s natural wealth, said Prime Minister Mostafa Madbouly during a Cabinet meeting. He invited private sector institutions to establish factories focused on black sand, “which would take advantage of the country’s existing wealth.”

Black sand is rich in valuable minerals including ilmenite, zircon, magnetite, rutile and garnet, which can be used for a number of industries, such as textiles and renewable energy.

The project consists of four parts: An artificial lake with a total surface area of 83,000 square meters and a depth of 5 meters; the Tahya Misr dredger (a Dutch-made electric dredger with a dredging rate of 2,500 tons per hour); a floating plant with a total area of 2,800 square meters; and a site to collect yellow sand and impurities.

The Egyptian government discovered its black sand reserves over 90 years ago but was unable to utilize them.

The inauguration of the project was well received by the media and experts in various fields.

Ahmed Sultan, an associate expert at the Egyptian Center for Strategic Studies, elaborated on the properties of Egyptian black sand and its various uses, such as in the manufacture of ceramics, car bodies and aircraft structures.

Egypt’s reserves of black sand cover 1.3 billion cubic meters in 11 sites along 400 km.

Source:https://arab.news/crvsw

Saudi Arabia and China are working together to strengthen their already well-established strategic ties, as the Kingdom’s minister of industry and mineral resources hold meetings with key Chinese officials in Beijing.

Bandar Alkhorayef on Wednesday held talks with China’s Vice Minister of Commerce Wang Shouwen during which they discussed ways to boost economic collaboration and trade ties, the Saudi Press Agency reported.

The top officials also discussed investment opportunities in several economic sectors including mining.

The Saudi minister highlighted the Saudi Arabia’s progress in the field of industries and mining. He also briefed his Chinese counterpart about the existing opportunities in the Kingdom in various sectors.

Khalid bin Mohammed Al-Salem, president of the Royal Commission for Jubail and Yanbu, also attended the meeting.

Earlier, Alkhorayef met with China’s Minister of Natural Resources, Wang Guanghua, and Li Jinfa, chairman of the Geological Survey of China. They explored opportunities and challenges in the mining sector and discussed ways to enhance joint collaboration to foster growth in the mineral industry in the region.

Additionally, the Saudi minister held talks with Peng Qiming, president of the Mining Association, and Gi Honglin, president of the China Nonferrous Metal Industry Association. These meetings centered on mutual interests and efforts aimed at promoting economic growth and infrastructure development in the mining sector between the two countries.

Furthermore, Alkhorayef held discussions with the CEO of the Chinese Norinco Group, Chen Defang. The two parties discussed enhancing cooperation, exchanging expertise, and sharing experiences. Norinco Group has joint ventures in several petroleum and chemical industries with Saudi Aramco.

The minister also toured various companies and factories located in different Chinese cities as part of his trip

The visit is to further strengthen the economic partnership between Saudi Arabia and China in the industrial and mining sectors. It also allows the two sides to review their qualitative investment opportunities. Moreover, the move highlights the Kingdom’s initiatives to advance these two strategic sectors.

Source:https://arab.news/pjya6

Saudi Arabia’s economic activity gained momentum with the Ministry of Industry and Mineral Resources issuing 136 industrial licenses in August compared to 102 in July.

According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21.

Moreover, the rubber and plastics industry obtained 15 permits, and 12 licenses were issued in the paper production sector.

The SPA report added that the ministry issued 795 industrial licenses between January and August. The number of factories during this period reached 11,110, taking the total investments made by these firms to SR1.489 trillion ($400 billion).

The SPA report further noted that investment volume in August for new licenses stood at SR1.6 billion.

Small enterprises accounted for 83.09 percent of the total licenses issued in August, followed by medium enterprises with 16.18 percent and micro-enterprises with 0.74 percent.

The report added that national factories held the most significant chunk of the total licenses at 76.47 percent, followed by foreign establishments and joint-investment firms with 16.18 percent and 7.35 percent, respectively.

On the other hand, 87 factories started production in August, with an investment of SR1.5 billion. Of these plants, 79.31 percent were national factories, 12.64 were foreign establishments and 8.64 percent were joint investment firms.

Meanwhile, the ministry issued 36,293 certificates of origin in August, up from 34,926 in July.

The initiative is seen as a part of the ministry’s efforts to boost exports across various sectors.

A certificate of origin is a pivotal document in international trade, validating that the exported goods are on a nationality basis.

Source:https://arab.news/27qzn

King Salman has ordered the extension of the Citizens Account Program and provision of extra support to its beneficiaries for a full year, the Saudi Press Agency reported on Monday.

The decision, made after recommendations from Crown Prince Mohammed bin Salman, is expected to ease the financial burden on the most vulnerable in Saudi society amid a changing economic landscape, the report said.

The additional support is itself an extension of a previous directive issued by the king in July 2022.

The Citizens Account Program was established to protect Saudi families from the impact of economic reforms.

Source:https://www.arabnews.com/node/2434886

Saudi Arabia’s Film Commission will launch the fourth edition of the Filmmakers Program later this month, as it continues to develop Saudi talent in the industry.

Previous editions of the program included more than 62 training courses and trained more than 2,430 people, the Saudi Press Agency said on Monday.

In this version of the program, the commission aims to train 4,000 people, both beginners and professionals, and implement 150 training workshops in 13 regions of the Kingdom.

The commission said it will also launch the first version of the Kader Program, which will provide professional field training opportunities for up to 50 filmmakers, allowing trainees to develop cinematic tools in multiple specializations within the industry over 21 days.

The Kader initiative will be held in cooperation with international production houses and will be included in existing cinematic projects.

Through its programs and initiatives, the Film Commission seeks to provide professional training opportunities and strengthen communication between filmmakers and industry experts.

Source:https://arab.news/y7ck3

Oil prices jumped 1.5 percent in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red Sea, and hopes of strong holiday demand and an economic stimulus in China, the top crude importer, according to Reuters.

Brent crude rose $1.20, or 1.5 percent, to $78.24 a barrel by 7:38 a.m. Saudi time while US West Texas Intermediate crude was at $72.66 a barrel, up $1, or 1.4 percent.

A Reuters survey of economists and analysts predicted Brent crude would average $82.56 a barrel this year, slightly higher than the average of $82.17 in 2023. Analysts forecast that weak global growth would cap demand, but expected geopolitical tensions to provide support.

US helicopters repelled an attack on Sunday by Iran-backed Houthi militants on a Maersk container vessel in the Red Sea, sinking three Houthi ships and killing 10 militants, escalating risks of the Israel-Gaza war becoming a wider regional conflict.

“The oil price may be affected by the escalation of the situation in the Red Sea over the weekend and the peak demand season during China’s Spring Festival,” Leon Li, a Shanghai-based CMC Markets analyst said, referring to the Lunar New Year holiday set for early February.

Li added that the forecast Chinese holiday demand was also raising expectations for a price rebound in January.

A wider conflict could close crucial waterways for the transportation of oil supplies such as the Red Sea and the Straits of Hormuz in the Gulf. After the naval battle, an Iranian warship sailed into the Red Sea, Iranian media reported on Monday.

At least four tankers transporting diesel and jet fuel from the Middle East and India to Europe are sailing around Africa to avoid the Red Sea, ship tracking data show.

In China, investors’ expectations for fresh stimulus measures rose after manufacturing activity in December shrank for a third month, government data showed on Sunday.

A stimulus could provide a fillip to economic growth, potentially boosting oil demand in the world’s second-largest oil consuming nation, and also lend support to prices.

Source:https://arab.news/ch7a7

The Ministry of Planning and Economic Development aims to raise industrial production by 19 percent in FY2023/2024 to record LE4.3 trillion up from LE3.6 trillion in FY2022/2023, while the target for FY2025/2026 is LE5.74 trillion with a rise of 15 percent in comparison to the previous year.

The industrial sector in Egypt is divided into non-petroleum industries (80 percent), and petroleum industries (20 percent).

The plan includes the efficient use of resources and energy, promoting green methods of production and industries, incentivizing and financing innovations. That is in addition to localizing and upgrading promising industries such as pharmaceuticals.

Source:https://www.egypttoday.com/Article/3/126736/Egypt-plans-to-raise-industrial-production-by-19-in-FY2023