Red Sea Global Announces Cooperation with Oracle

Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
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Red Sea Global Announces Cooperation with Oracle

Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)

Red Sea Global (RSG) announced on Monday a cooperation with Oracle, a company specialized in hospitality, to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time.

Through this cooperation, RSG said it will establish premier luxury resorts such as Thuwal Private Retreat, Shebara, and Desert Rock, which are set to become the first resorts in the Kingdom to leverage Oracle's advanced cloud hospitality technology solutions.

Group CEO at Red Sea Global John Pagano said: "The Oracle Hospitality OPERA Cloud Central platform truly is best in class, but until now, it has not been accessible to the Saudi Arabian industry."

"Oracle was eager to be part of the exciting transformation happening in the Kingdom, especially in the hospitality industry. With their expertise and support, we now have the technology in place to deliver exceptional guest experiences, responding to our discerning visitors' needs before they know what they want," he added.

Executive Vice President and General Manager at Oracle Hospitality Alex Alt said: "Saudi Arabia is one of the world's most exciting hospitality market stories today, and by pioneering a regenerative approach to tourism, Red Sea Global is at the heart of that transformation. Now, Oracle will also be a part of shaping the sector's future in the region."



Egypt’s Foreign Debt Drops $7.4 Billion in First Quarter 

The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)
The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)
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Egypt’s Foreign Debt Drops $7.4 Billion in First Quarter 

The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)
The supermoon rises behind the historical site of Giza Pyramids, near Cairo, Egypt, Monday, Aug. 19, 2024. (AP)

Egypt's foreign debt fell by $7.4 billion in the first three months of 2024, according to central bank data released on Tuesday.

The country's finances were boosted in late February when it sold the development rights to prime Mediterranean land at Ras El-Hekma to the United Arab Emirates for $35 billion.

Total foreign debt declined to $160.6 billion by the end of March from $168.0 billion at the end of December and $164.5 billion at the end of September, the central bank data showed.

Egypt had quadrupled its external debt since 2015 to help finance a new capital, build infrastructure, buy weapons and support an overvalued currency.

In March it signed an $8 billion financial support package with the International Monetary Fund in which it committed itself to a free-floating currency. The IMF disbursed an initial $820 million in March, which the rest to be drawn in semi-annual instalments until September 2026.

The foreign debt, of which 84.2% is long term, was equivalent to 39.8% of gross domestic product, down from 43% in December, the central bank said.