عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Riyadh to Host Saudi Arabia's Biggest Event for Entrepreneurship in Middle East

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
TT
TT

Riyadh to Host Saudi Arabia's Biggest Event for Entrepreneurship in Middle East

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri

Riyadh will host the first edition of "RiseUp Saudi Arabia" on Saturday, which will run until November 21 at the King Abdullah Financial District.

The summit, which is the biggest event for entrepreneurship in the Middle East, is expected to attract over 10,000 participants, more than 150 startups, 150 investors and 200 speakers from all over the world to share their global experiences as well as the latest developments in many fields to serve the startups and help them build foundations on which to base themselves.

The summit is supported by the National Technology Development Program (NTDP) of the Ministry of Communications and Information Technology, in a strategic partnership with the Saudi Federation For Cybersecurity, Programming and Drones (SAFCSP).

The summit also includes some sectors specialized in entrepreneurship in the Kingdom, such as the Saudi Venture Investment Company; the Small and Medium Enterprises General Authority (Monsha'at); the Garage, the Digital Cooperation Organization (DCO); the Ministry of Tourism, and the Angel Investors.

CEO of RiseUp Company in Saudi Arabia Princess Lolowah bint Yazeed explained that the Kingdom witnesses a historic boom for the startups community, and has been and will remain the largest supporter of this sector.

Most Viewed

 
 
Business

Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
TT
TT

Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)

Brazilian miner Vale, one of the world's largest iron ore producers, said on Monday it had partnered with China's Jinnan Steel Group to build an iron ore beneficiation plant in Oman to produce high quality pellet.

With the front-end investment exceeding $600 million, the plant, which will be located in Oman's Sohar port and free trade zone, will provide higher quality iron ore for producing pellet and hot briquetted iron (HBI) locally, reducing environmental impact, Vale said in a statement on its WeChat account.

The Sohar plant is scheduled to start commissioning in mid-2027, processing 18 million metric tons of iron ore annually to produce 12.6 million tons of high grade concentrate, it said.

"We are strengthening our capability to meet rising global demand for high grade iron ore and further expand our exposure in the Middle East region," said Gustavo Pimenta, chief executive officer (CEO) at Vale.

Vale will invest $227 million for the connection of the beneficiation plant and the pellet and HBI production facility while Jinnan Steel, a private steelmaker headquartered in north China's Shanxi province, will invest about $400 million for the building and the operation of the plant.

Vale did not disclose the equity share held by each party.