DUBAI: Richard Branson is quitting as chairman of Virgin Hyperloop One after saying the company, that plans to build a supersonic transport system in the UAE and other countries, needs a more actively involved leader, a statement confirmed on Monday.
“At this stage in the company’s evolution, I feel it needs a more hands-on Chair, who can focus on the business and these opportunities,” the statement quoted Branson as saying.
“It will be difficult for me to fulfil that commitment as I already devote significant time to my philanthropic ventures and the many businesses within the Virgin Group.”
Virgin Hyperloop One’s biggest shareholder, Dubai’s DP World, said the company was seeking a new chairman.
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Richard Branson steps down from role as chairman of Virgin Hyperloop
Richard Branson steps down from role as chairman of Virgin Hyperloop
- Branson says the company, that plans to build a supersonic transport system in the United Arab Emirates and other countries, needs a more actively involved leader
- Virgin Hyperloop One’s biggest shareholder, Dubai’s DP World, said the company was seeking a new chairman
Qatar Investment Authority commits to supporting France’s semiconductor sector
RIYADH: Qatar will venture into France’s tech industry as a major investment body announced its intent to anchor a financial commitment in Ardian Semiconductor.
This move marks the Qatar Investment Authority’s participation in a pioneering thematic fund designed to enhance the semiconductor industry in Europe. It highlights its role as a preferred financial partner in key technology subsectors, including supply chain developments.
QIA’s strategic focus on this sector reflects its belief in the critical role semiconductors play in driving digital and green transformations across vital industries such as artificial intelligence, mobility, and consumer technology, according to an official release.
This initiative is part of QIA’s broader investment strategy to engage with leading businesses at the forefront of innovation.
Notably, QIA’s interest in the semiconductor value chain includes a recent minority stake in Japan’s Kokusai Electric Corp., a leader in semiconductor manufacturing, taken in June 2023, underscoring its ongoing commitment to significant investments in this area globally.
Furthermore, on May 13, QIA announced its plan to significantly expand its investment partnership with Bpifrance by as much as €300 million ($323 million), reinforcing their joint commitment to stimulating economic growth and innovation in France.
This enhancement marks a pivotal development in their collaboration, initially established through the Future French Champions joint venture.
The first phase of this partnership, concluded in 2021, effectively channeled almost €300 million into supporting job creation, economic development, and particularly bolstering the French small and medium-sized enterprises sector.
Building on these achievements, both entities progressed to the second phase of their collaboration in January 2023, committing an additional €300 million.
They now plan to embark on a third phase, pledging up to another €300 million once the current funds are fully deployed.
The renewed partnership will focus on strategic priorities such as artificial intelligence, semiconductors, quantum computing, healthcare, aerospace, and energy transition.
These investments are intended to advance technological capabilities, enhance competitiveness across various sectors, and promote sustainable growth, reflecting both parties’ commitment to driving significant innovations and supporting France’s long-term economic objectives.
OPEC sticks to oil demand view, sees improvement in global economy
RIYADH: The Organization of The Petroleum Exporting Countries stuck to its forecast for relatively strong growth in global oil demand in 2024 on Tuesday and said there was a chance the world economy could do better than expected this year.
In its monthly report, OPEC said world oil demand will rise by 2.25 million barrels per day in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.
This is the last report before OPEC and its allies, known as OPEC+, meet on June 1 to finalize output policy. The oil alliance, in its report, sounded an upbeat tone on the economic outlook.
“Despite certain downside risks, the continued momentum observed since the start of the year could create additional upside potential for global economic growth in 2024 and beyond,” OPEC said.
ITFC’s new initiative promises to boost economic and trade growth in Central Asia
RIYADH: Economic and regional integration among the six Organization of Islamic Cooperation member countries is set to grow with a new program from the International Islamic Trade Finance Corp.
The Trade Connect Central Asia+ Program, also known as TCCA+, was launched recently by ITFC, a member of the Islamic Development Bank Group, during the third Tashkent International Investment Forum. It is poised to enhance economic growth in Kazakhstan, Kyrgyzstan, and Tajikistan, as well as Turkmenistan, Uzbekistan, and Azerbaijan.
The region, which boasts one of the world’s largest energy resources and significant production capacities in energy and agriculture, currently lacks the trade markets needed to harness its full potential, according to a press release.
In a statement at the launch, Hani Sonbol, CEO of ITFC, said: “We are immensely proud to launch the TCCA+ Program, which represents a significant step forward in enhancing economic cooperation and boosting trade across the Central Asia region and beyond.”
He stated that this initiative is designed to unlock the vast economic potential of the region by facilitating increased regional trade and investment.
“With a focus on the energy and agriculture sectors, we are committed to fostering sustainable economic growth and regional integration that benefits all member countries involved,” added Sonbol.
Focused on boosting regional trade and expanding the export base toward higher value-added products, the TCCA+ Program is anticipated to foster inclusive and sustainable economic growth, alongside promoting regional economic integration among the six targeted countries, the release added.
Qiddiya Investment Co. incorporates SEVEN to advance Saudi entertainment industry
RIYADH: Leisure firm Saudi Entertainment Ventures is set to be incorporated into Qiddiya Investment Co., an affiliate of the Kingdom’s sovereign wealth fund.
The integration of the firm, also known as SEVEN – another subsidiary of the Public Investment Fund – into QIC will strengthen the objectives of advancing the entertainment concept, nurturing local talents and capabilities, and improving the quality of life across the Kingdom, the Saudi Press Agency reported.
SEVEN aims to revolutionize leisure nationwide by enhancing visitor experiences through the development and operation of 21 entertainment destinations across 14 cities in the Kingdom, with investments surpassing SR50 billion ($13.3 billion).
Abdullah Al-Dawood, managing director of QIC and chairman of SEVEN, underscored the significance of the entertainment firm’s integration into QIC. He emphasized that this move supports their ability to foster a culture of playfulness and joy among all members of society, including citizens, residents, and visitors, thus contributing positively to societal well-being.
“The step also aims to nurture knowledge, skills, and creativity among individuals, ultimately targeting to create a new concept of fun and improving quality of life through the development of an integrated and unprecedented entertainment system, capable of contributing significantly to the Kingdom’s economic diversification plan,” Al-Dawood added.
Over half of Saudi customers eyeing to boost online spending in next 12 months
RIYADH: Saudi Arabia’s e-commerce landscape is expanding rapidly, with 53 percent of customers in the Kingdom looking to boost their online spending in the next 12 months, a survey showed.
According to a report released by UK-based tech firm checkout.com, the number of consumers in Saudi Arabia who shop regularly on e-commerce platforms has increased by 180 percent in the past four years, signifying the growing digital marketplace in the Kingdom.
Moreover, the analysis found a 90 percent surge in individuals making online purchases at least once a day since 2020.
“Amidst an era marked by swift digital transformation, Saudi Arabia’s digital payments ecosystem has demonstrated exceptional growth, while Saudi consumers continue to be increasingly enthusiastic about online shopping demonstrated by an impressive 180 percent increase in monthly e-commerce shoppers since 2020,” said checkout.com in the analysis.
It added: “This year’s report highlights that over half of Saudi consumers (53 percent) are looking to boost their online spending in the next 12 months. This optimistic outlook reflects the digital economy’s resilience and the still untapped growth potential in Saudi Arabia.”
Highlighting the growth of digital payments in the Kingdom, the study noted that consumers preferring cash on delivery for online purchases declined by 66 percent since 2020.
The report also revealed that 75 percent of online shoppers in Saudi Arabia indicated they would opt for card payments if the cash on delivery option is unavailable.
“This transition is primarily propelled by consumers’ increasing prioritization of payment security. It also reflects a broader trust in and acceptance of digital payments, aligning with trends observed across the MENA region,” added checkout.com.
From a regional perspective, the report underscored the fast adoption of digital payments by consumers in the Middle East and North Africa, with the overall volume of transactions in the region growing nearly sevenfold at 678 percent since 2020.
Earlier this month, a study released by management consulting company Arthur D. Little suggested that Saudi Arabia’s fintech sector has made significant strides as it nears its goal to become a regional financial hub.
“Saudi Arabia has embarked on a journey to transform society to be less dependent on cash transactions,” said the firm in its report.
In April, a separate analysis released by UK-based data analytics company GlobalData projected that cashless payments in Saudi Arabia are expected to surge by 7.6 percent in 2024 to SR550 billion ($146.8 billion).
GlobalData also noted that the Saudi card payments market will grow at an annual rate of 6.4 percent between 2024 and 2028 to reach SR705.2 billion.
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