Italian shipbuilding giant floats Saudi Arabia partnership plan

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CEO of Fincantieri, Pieroberto Forgiero, during his speech at the event. (AN photo/Huda Bashatah)
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CEO of Fincantieri, Pierroberto Folgiero, during his speech. (AN photo/Huda Bashatah)
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Saudi decisionmakers from related sectors in Riyadh joined Italian officials in a range of sessions at the forum. (AN photo/Huda Bashatah)
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Her Excellency Maria Tripodi, Undersecretary of State for Foreign Affairs, and His Excellency Khalil Ibrahim Bin Salamah, Deputy Minister for Industry Affairs. (AN photo/Huda Bashatah)
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Updated 25 May 2024
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Italian shipbuilding giant floats Saudi Arabia partnership plan

  • Fincantieri stands out in the shipbuilding industry for its innovation, says CEO

RIYADH: One of the world’s biggest shipbuilders will work in partnership with Saudi Arabia to strengthen the Kingdom’s maritime sector, with a focus on sustainability and the development of “green shipping.”

Fincantieri, an Italian company and Europe’s largest shipbuilding group, highlighted its commitment to Saudi Arabia’s Vision 2030 agenda at a conference under the theme “Where Vision Meets Maritime Excellence” held in Riyadh on Wednesday.

Saudi decisionmakers from related sectors in Riyadh joined Italian officials in a range of sessions at the forum.

During the event, Fincantieri CEO Pierroberto Folgiero outlined the shipbuilder’s plans to collaborate with Saudi companies in line with Vision 2030.

“Our commitment to the Kingdom of Saudi Arabia is steadfast,” he said.

Fincantieri stands out in the shipbuilding industry for its innovation, and has a leading role in the naval, cruise, and oil and gas sectors, Folgiero said.

The CEO highlighted the importance of developing green ships, designed to minimize the environmental impact of maritime operations, as part of Saudi Arabia’s commitment to achieving net-zero emissions by 2060.

Digitizing shipyard operations through innovations such as AI also aligns with the goals of Vision 2030, Folgiero said.

“Today, the shipping industry and the maritime industry, in general, is coping with environmental regulation. For us, it is not only a source of compliance, but also a source of distinctiveness. So, we believe that in the maritime sector, in the shipbuilding sector, mastering energy transition and new technologies will be a source of competitiveness and distinctiveness,” he said.

“That is why we are engaged in all the solutions (regarding) energy transition at sea. We are a new engine. We are in biofuels. We are in methanol. We are in LNG. We are in ammonia. We are in hydrogen. We are everywhere there is innovation at sea.”

Maria Tripodi, undersecretary of state for foreign affairs at the Italian Ministry of Foreign Affairs and International Cooperation, discussed the significance of keeping operations and businesses sustainable.

Fincantieri’s ships are built to produce zero carbon emissions, which helps to protect the environment and marine ecosystem, she said.

Khalil Ibrahim bin Salamah, deputy minister for industry affairs at the Saudi Ministry of Industry and Mineral Resources, said: “Localization for us is a key factor. Key components are crucial, but the whole supply chain is equally important.”


Flydubai says expansion plans have been hindered by Boeing delays

Updated 14 sec ago
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Flydubai says expansion plans have been hindered by Boeing delays

DUBAI: Budget carrier flydubai’s fleet expansion plans have been hit by delays to Boeing’s aircraft delivery schedule, the Dubai airline said on Monday.
Flydubai said it is “evaluating its route development plans and potential frequency revision across the network due to a lack of new aircraft deliveries over the next few months.”
The statement added that Boeing’s delivery delays in recent years have placed substantial pressure on the airline and its ability to plan for its projected growth in the wake of strong post-pandemic demand for travel.


Saudi Arabia, Egypt to boost energy cooperation after high-level meeting

Updated 5 min 10 sec ago
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Saudi Arabia, Egypt to boost energy cooperation after high-level meeting

  • Ministers discussed various aspects of cooperation between the two countries

RIYADH: Saudi Arabia and Egypt are set to boost energy cooperation following a meeting between top officials to expand ties in petroleum, gas, electricity, renewable energy, and hydrogen. 
On July 21, Saudi Minister of Energy Prince Abdulaziz bin Salman met with Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and Minister of Electricity and Renewable Energy Mahmoud Esmat at his ministry’s headquarters in Riyadh. 
During the meeting, the ministers discussed various aspects of cooperation between the two countries, aiming to align their efforts with the shared visions of their leaderships and the ambitions of their peoples, according to a statement from the Saudi Energy Ministry. 


National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

Updated 38 min 49 sec ago
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National Housing Co. partners with Korean firm Naver to boost smart city solutions in the Kingdom  

RIYADH: The Saudi real estate sector is set to embrace advanced technologies after the National Housing Co. partnered with Korean tech firm Naver Corp. to enhance smart city solutions. 

The collaboration, formalized in the presence of Housing Minister Majid Al-Hogail, aims to integrate Digital Twin technology, utilizing Naver’s advanced cloud system.  

The technology mirrors real-world entities in a virtual environment, supporting real-time decision-making through data analysis, prediction, and optimization. It will be cloud-based, with a focus on three-dimensional digital modeling. 

This move aligns with Saudi Arabia’s Vision 2030 goals, aiming to use this technology for urban planning and flood predictions while advancing smart city development.

The integration of Digital Twin technology is part of the Kingdom’s broader strategy to modernize its real estate sector and adopt cutting-edge solutions to enhance urban management and infrastructure efficiency. 

Minister Al-Hogail highlighted the significance of this partnership, stating on X that the deal opens the doors for innovation in digital solutions. “Together, we achieve strategic visions for the municipalities and housing sectors in our relentless pursuit of sustainable smart cities,” he said. 


Oil Updates – prices rise as investors look for signs US rate cuts to begin

Updated 22 July 2024
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Oil Updates – prices rise as investors look for signs US rate cuts to begin

TOKYO: Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September, according to Reuters.

Brent crude prices were up 48 cents, or 0.57 percent, at $83.10 a barrel by 2:35 a.m. Saudi time, and US West Texas Intermediate crude futures rose 42 cents, or 0.52 percent, to $80.55.

“Since the June FOMC meeting, inflation and labor market data have signalled that disinflation and labor market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September,” ANZ Research said in a note.

The US Federal Reserve will next hold a Federal Open Market Committee meeting on interest rates on July 30-31, at which investors expect the Fed to keep the rates unchanged, while looking for any signal of a cut coming later in the year.

On the political front, US President Joe Biden abandoned his reelection bid on Sunday under pressure from fellow Democrats and endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in November.

Slower-than-expected economic growth of 4.7 percent for China in the second quarter sparked concerns last week over the country’s demand for oil and continues to weigh on prices.

On Sunday, China released a policy document outlining known ambitions, from developing advanced industries to improving the business environment, with analysts spotting no sign of imminent structural shifts in the world’s second-biggest economy.

The 60-point document’s publication follows last week’s closed-door meeting of the Communist Party’s Central Committee that takes place roughly every five years. 


Global AI Summit in Riyadh to host top-level discussions on AI impact 

Updated 22 July 2024
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Global AI Summit in Riyadh to host top-level discussions on AI impact 

  • The event, organized by the Saudi Data and AI Authority, will focus on one of today’s most pressing global issues — AI technology

RIYADH: Saudi Arabia will welcome economic policymakers, major technology and artificial intelligence companies, international thought leaders, and heads of international organizations to Riyadh this September as the Global AI Summit returns for its third edition.

The event, organized by the Saudi Data and AI Authority, will focus on one of today’s most pressing global issues — AI technology — and will attempt to find solutions that “maximize the potential of these transformative technologies for the benefit of humanity,” a statement released Sunday said.

The third edition of the event will be held at the King Abdulaziz International Conference Center from Sept. 10 to 12 under the patronage of Saudi Crown Prince Mohammed bin Salman in his capacity as chairman of the board of directors at SDAIA, the statement added.

The GAIN Summit will take place amid increasing concerns about the impact of AI technologies and will reaffirm the Kingdom’s commitment to supporting international efforts aimed at enhancing human welfare in the face of the challenges associated with developing technology.

GAIN 2024 will focus more on AI than its previous editions in 2020 and 2022, with topics including innovation in the sector, key developments shaping a better future for AI, and fostering a supportive environment for human resources in the field.

Other topics include AI at local and global levels, the complementary relationship between humans and AI, business leaders in AI, the relationship between data and applications, GenAI, AI ethics, AI processors and infrastructure, and AI and smart cities.