Saudi Arabia, US Enter Strategic Alliance to Establish Local Drone Infrastructure

The Saudi Excellence and Ondas' subsidiary Airobotics Ltd signed a Strategic Alliance Agreement to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.
The Saudi Excellence and Ondas' subsidiary Airobotics Ltd signed a Strategic Alliance Agreement to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.
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Saudi Arabia, US Enter Strategic Alliance to Establish Local Drone Infrastructure

The Saudi Excellence and Ondas' subsidiary Airobotics Ltd signed a Strategic Alliance Agreement to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.
The Saudi Excellence and Ondas' subsidiary Airobotics Ltd signed a Strategic Alliance Agreement to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.

The Saudi Excellence and Ondas' subsidiary Airobotics Ltd signed on Tuesday a Strategic Alliance Agreement to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.

Ondas Holding is a leading provider of private industrial wireless networks and commercial drone and automated data solutions.

Saudi Excellence and Airobotics plan to jointly establish a local office in Saudi Arabia to localize Airobotics autonomous drone systems and solutions and provide aerial data solutions to local governmental and commercial entities.

The companies will work together to develop and foster an ecosystem of technology and service providers across the Kingdom by employing local staff and working closely with local partners.

Following the announcement, Ondas shares increased 20 percent.

President of Saudi Excellence Sheikh Abdullah al-Meleihi said the partnership aims to provide sophisticated autonomous drone platforms to government and commercial customers in the Kingdom.

He told Asharq Al-Awsat: "There are significant projects in the Saudi market, and as the economy expands and diversifies, demand for next-generation technologies is growing."

"Together with Airobotics, we will provide high-value technical solutions while also training Saudi cadres to work in this field."

Meleihi indicated that both companies will work together to develop and enhance an ecosystem of technology and service providers across the Kingdom, as the initiative aims to support the vision of Saudi 2030, following the guidance and support of Prince, Mohammed bin Salman, Crown Prince and Prime Minister.

The drone market is growing continuously in all military sectors and security and civil uses, and it is one of the promising sectors in the Middle East region, said Meleihi, noting that Saudi Arabia was one of the first countries to localize the drone industry.

He asserted that Excellence plans to start manufacturing this aircraft type in the Kingdom and train Saudi cadres.

Moreover, he indicated that China's DJI controls more than 70 percent of the world's drone market, expecting the need to grow from $30.6 billion in 2022 to $55.8 billion by 2030.

The Chinese company was formed in 2006 out of a college dorm room by its founder Frank Wang selling flight control components to universities and Chinese electric companies.

CEO of Airobotics Meir Kliner expresses his pride in expanding the business in the region to Saudi Arabia and being recognized and chosen by Saudi Excellence as the leading provider of drone infrastructure.

Kliner said Vision 2030 and the country's economic transformation are creating significant opportunities for Airobotics in defense and civil markets.

"Together with the Saudi Excellence company, we look forward to implementing our state-of-the-art autonomous drone technologies across Saudi Arabia and localizing these efforts for the mutual benefit of our companies and society," said the official.



US Election Weighs on Markets

US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)
US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)
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US Election Weighs on Markets

US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)
US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)

The dollar softened and stocks fell on Monday as investors treaded carefully hours before the US presidential election, with a US Federal Reserve interest-rate cut also expected later in the week.

In the US presidential race, Democratic Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday's vote. It might not be clear who won for days after voting ends.

“Tuesday will shape the direction of the world economy and geopolitics for the next four years,” Deutsche Bank analysts wrote.

They cautioned that “there remains a large degree of uncertainty around both the result, including the very tight House (of Representatives) race, and when we will know it.”

Trump's policies on immigration, tax cuts and tariffs may put upward pressure on inflation, bond yields and the dollar, analysts say, while Harris is seen as the continuity candidate.

Uncertainty over the outcome is one reason markets assume the Federal Reserve will choose to cut rates by a standard 25 basis points on Thursday, rather than repeat its outsized half-point easing.

The Bank of England also meets Thursday and is expected to cut by 25 basis points, while the Riksbank is seen easing by 50 basis points and the Norges Bank is expected to stay on hold.

The Reserve Bank of Australia holds its meeting on Tuesday and again is expected to hold rates steady.

“Based on current data, we see no reason for (the Federal Open Market Committee) to rush through rate cuts,” said analysts at ANZ. “The election and uncertainty over the future fiscal path also support arguments for caution in recalibrating monetary policy.”

The euro extended an early climb to be up 0.5% at $1.0891 and looked set to test resistance around $1.0905. The dollar fell 0.6% on the yen to 152.60. The dollar index eased 0.1% to 103.80.

Dealers said the dip in the dollar might be linked to a poll that showed Harris taking a surprise 3-point lead in Iowa, thanks largely to her popularity with female voters.

“Markets are seemingly scaling back some Trump trades, and we suspect the next two days can see some abnormal swings in USD crosses due to tighter volatility conditions ahead of a closely contested and highly binary US election,” ING FX strategist Francesco Pesole said.

European stocks were flat, while oil prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the US presidential election.

British stocks outperformed continental indexes to add 0.5%, helped by the energy sector.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7%, recovering from its fall to a five-week low on Friday.

Chinese blue-chip stocks gained 1.4%, with the Shanghai Composite Index up 1.2%.

Wall Street also notched slim gains ahead of Tuesday's US election. Futures had the S&P 500 up 0.2% ahead of Monday’s opening bell, while the Nasdaq and Dow Jones were seen 0.1% higher respectively.

Bonds have rallied on Monday as a result of the latest swing in the polls, with yields on 10-year US treasuries down 10 basis points at 4.28%.