Saudi Arabia Launches Tech Talent Hub Initiative to Boost Digital Economy Growth

The initiative aims to support the tech sector and boost the growth of the digital economy. SPA
The initiative aims to support the tech sector and boost the growth of the digital economy. SPA
TT

Saudi Arabia Launches Tech Talent Hub Initiative to Boost Digital Economy Growth

The initiative aims to support the tech sector and boost the growth of the digital economy. SPA
The initiative aims to support the tech sector and boost the growth of the digital economy. SPA

The Saudi Ministry of Communications and Information Technology has launched the Tech Talent Hub initiative in collaboration with recruitment and human resources (HR) companies to offer its services and benefits to technology startups and national digital talent.

The initiative aims to support the tech sector and boost the growth of the digital economy.

The ministry aims to accelerate the growth of tech startups by providing comprehensive support for advanced HR services, enabling these companies to reach their full potential and actively contribute to the development of the tech sector, in line with Saudi Vision 2030 aspirations for a sustainable and prosperous future.

The initiative will provide HR services such as recruitment, hiring, outsourcing, HR systems, consulting, skills assessments, and other services.
The collaborating companies will empower tech sector beneficiaries, including companies and skilled professionals, to leverage the available resources.



Abu Dhabi's ADNOC to Buy German Chemicals Company Covestro for $16.4 Bln

A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. (Reuters)
A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. (Reuters)
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Abu Dhabi's ADNOC to Buy German Chemicals Company Covestro for $16.4 Bln

A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. (Reuters)
A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. (Reuters)

Abu Dhabi state oil giant ADNOC said on Tuesday that it has agreed to buy German chemicals producer Covestro for 15.9 billion euros ($18 billion) including debt, sending Covestro shares up 4% in early trade.

The deal represents one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce their economies' heavy dependence on oil in the face of the global energy transition.

It follows protracted negotiations between the two companies and will see ADNOC pay 62 euros per Covestro share, equal to 14.7 billion euros including about 3 billion euros in debt.

ADNOC added it would also buy 1.17 billion euros worth of new shares in Covestro, a former Bayer unit, from a capital increase to improve funding of the takeover target.

The deal marks a cornerstone for ADNOC's plans to grow its petrochemicals business along with gas and renewable energy.

Covestro, which makes plastics and chemicals for the automotive, construction and engineering sectors, was created in 2015 after being spun off from Bayer.