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Saudi Arabia: 20 Economic Zones Aimed to Attract National, Foreign Investments

Saudi Minister of Investment Eng. Khaled Al-Falih addressing the conference on Thursday (Asharq Al-Awsat)
Saudi Minister of Investment Eng. Khaled Al-Falih addressing the conference on Thursday (Asharq Al-Awsat)
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Saudi Arabia: 20 Economic Zones Aimed to Attract National, Foreign Investments

Saudi Minister of Investment Eng. Khaled Al-Falih addressing the conference on Thursday (Asharq Al-Awsat)
Saudi Minister of Investment Eng. Khaled Al-Falih addressing the conference on Thursday (Asharq Al-Awsat)

Saudi Minister of Investment Eng. Khaled Al-Falih said that the Kingdom has prepared regulatory legislation and identified 20 economic zones, six of which are in Riyadh, to promote an attractive environment for Saudi and foreign investors.

He also stressed that the private sector would be a key player in the development strategy for the city of Riyadh, revealing “very profitable opportunities for those who invest in the new strategy.”

A dialogue session entitled “The Future of Riyadh” was held within the Future Investment Initiative conference on Thursday, during which Al-Falih said that the integration between regions and projects in the Kingdom would be achieved by enabling the airports to link the logistical areas.

He added that his country has succeeded in maintaining the flexibility of the local economy, despite the outbreak of the Covid-19 pandemic, which strengthened local and foreign investors’ confidence in the Kingdom.

For his part, Fahd Al-Rasheed, CEO of the Royal Commission for Riyadh, said that Saudi Arabia would soon announce the Riyadh strategy, revealing that the Middle East region, and the Kingdom in particular, would be a future hub for investments from around the world.

“Riyadh’s development strategy will make the city completely different from its current situation,” he said, noting that the authority was ready, through the strategic plan, to deal with the significant growth expected in the future.

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Saudi Arabia, Qatar Sign High-Speed Railway Project Implementation Agreement

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
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Saudi Arabia, Qatar Sign High-Speed Railway Project Implementation Agreement

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani witnessed the signing of an agreement to implement a high-speed electric passenger railway project connecting the Kingdom of Saudi Arabia and the State of Qatar, a step reflecting the deep-rooted fraternal and historical relations between the two countries.

The agreement was signed by Minister of Transport and Logistic Services Saleh Al-Jasser and Minister of Transport of Qatar Sheikh Mohammed bin Abdulla bin Mohammed Al Thani within the framework of the Saudi-Qatari Coordination Council, representing a strategic step aimed at enhancing cooperation, developmental integration, and sustainable development, and demonstrating a shared commitment to regional prosperity, SPA reported.

The high-speed railway line spans 785 kilometers, strategically connecting the capital cities of Riyadh and Doha, and will pass through key stations including Hofuf and Dammam, while also linking King Salman International Airport and Hamad International Airport.

The train will form a new artery for rapid and sustainable transportation, improving the regional travel experience with speeds exceeding 300 kilometers per hour, reducing travel time between the two capitals to approximately two hours, significantly enhancing mobility, boosting trade and tourism, and improving quality of life.

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety.

It is expected to have an economic impact of nearly SAR115 billion on the GDP of both countries, serve over 10 million passengers annually, and create more than 30,000 direct and indirect jobs.

The high-speed railway will also contribute to environmental sustainability by reducing carbon emissions and supporting the transition to more efficient and innovative transportation patterns for smart and sustainable mobility in the region.

This makes the rail line one of the most important strategic projects supporting regional development and strengthening connectivity and integration among the Gulf Cooperation Council countries.

Business

Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
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Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)

Türkiye's Pegasus Airlines said on Monday it has signed an agreement to acquire the biggest Czech airline, Smartwings, along with its owner, Czech Airlines, from Prague City Air.

Pegasus said the deal, which is worth 154 million euros (almost $180 million) was a “step forward in our continued global growth journey,” Reuters reported.

The process of transferring the ownership of Czech Airlines should be completed in 12 months, Smartwings spokeswoman Vladimíra Dufková said.

Smartwings currently operates regular, charter and private flights to some 80 destinations with almost 50 planes. The airline previously negotiated a takeover by Polish national carrier LOT but that fell through over the weekend after Pegasus filed a rival bid.

Pegasus, a low cost carrier, that was established in 1990. It says it operates flights to 153 destinations in 54 countries.

Business

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM
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stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Group has been awarded the 5-star recognition certificate for institutional excellence from the European Foundation for Quality Management (EFQM) for 2025.

stc is the first Saudi company to receive this prestigious recognition across all its private sector operations in the Kingdom. It is also the first company in the global telecommunications sector to achieve this rating according to the EFQM 2025 model.

This accomplishment highlights stc's leading position in performance and innovation, SPA reported.

Chief Legal and Risk Officer and General Counsel of stc Group Mathad Alajmi stated that this achievement reinforces customers' and partners' confidence in the group's capabilities, underscoring its commitment to the highest standards of corporate excellence.

This commitment is reflected in the delivery of digital solutions, supported by a flexible, adaptable organizational culture. stc will continue its journey of improvement to support the growth of the digital economy in the region and enhance the Kingdom's global competitiveness.