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PIF signs $15 billion revolving credit facility - The revolving credit facility is provided for a period of three years, and is extendable for up to two additional years - The facility agreement was signed with a diverse global syndicate of 23 international financial institutions - Loans and debt instruments represent one of PIF’s four sources of funding. PIF has obtained a $15 billion revolving credit facility for general corporate purposes. This replaces the previous $15 billion revolving credit facility agreed in 2021. This $15 billion revolving credit facility is offered for an initial period of three years, and is extendable for up to two additional years. The facility agreement was signed with a diverse global syndicate of 23 financial institutions from Europe, the U.S., the Middle East and Asia.... https://bit.ly/4cNHm6O Public Investment Fund (PIF) #SaudiArabia #Credit #Finance #GCC #MiddleEast

The Saudi Astronomy Team Wins three Medals at the International Olympiad on Astronomy and Astrophysics (#IOAA2024) in #Brazil The Saudi Astronomy Team won three bronze medals in the International Olympiad in Astronomy and Astrophysics (IOAA2024) held in Rio de Janeiro, Brazil. This achievement marks the end of a long and eventful journey in which high school students were prepared through training camps organized in collaboration between the Communications, Space, and Technology Commission (CST) and the King Abdulaziz and His Companions Foundation for Giftedness and Creativity (Mawhiba)..... https://bit.ly/4e1dnJD Communications, Space & Technology Commission (CST) #SaudiArabia #Astronomy #GCC #MiddleEast

#Salik Announces the Financial Valuation of Two New Gates Salik Company PJSC (“Salik” or the “Company”), Dubai’s exclusive toll gate operator, is pleased to announce the combined valuation of the two new toll gates at Business Bay and Al Safa South, these two new gates have been valued at a total of AED 2,734 million (Two billion 734 million Dirhams), with the Business Bay Gate valued at AED 2,265 million (Two billion 265 million Dirhams) and the Al Safa South Gate valued at AED 469 million. The new gates are expected to be operational by the end of November 2024, the two new gates at Business Bay Crossing on Al Khail Road and Al Safa South on Sheikh Zayed Road, positioned between Al Meydan Street and Umm Al Sheif Street, will expand Salik’s toll gate network in Dubai from eight to ten. These additions aim to optimize traffic flow by redirecting vehicles to routes with higher capacity, thereby alleviating congestion. RTA has conducted detailed traffic impact studies to ensure that the placement of each gate aligns with its strategic goals for traffic management optimization..... https://bit.ly/3T1yoM7 #BusinessBay #AlSafa_South Salik #Dubai #TollGates #UAE #GCC #MiddleEast

Latifa bint Mohammed: Emirati Women – The pillars of society and the key to our nation's success Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), affirmed that Emirati women have progressed beyond the level of empowerment to become globally competitive. Through their achievements and pioneering roles, they have significantly contributed to building a sustainable future, becoming an incredible source of inspiration. She said: “Emirati women have proven their competence in undertaking all tasks, creating opportunities, and turning challenges into achievements across all fields locally, regionally, and internationally. They are the heart of the nation, helping raise a strong, promising generation capable of leading the future.".... https://bit.ly/4dCiD6I HH Sheikha Latifa bint Mohammed bin Rashid Al Maktoum Dubai Culture & Arts Authority #EmiratiWomensDay #UAE

Ministry of Human Resources & Social Development, in partnership with the Ministry of Municipal and Rural Affairs and Housing, Announces Implementation of the Decision to Saudize #Engineering Professions The Ministry of Human Resources and Social Development, in collaboration with the Ministry of Municipal and Rural Affairs and Housing, has announced the commencement of the decision to saudize 25% of engineering professions, starting from July 21, 2024. This saudization percentage will be applied to private sector establishments that employ five or more workers in engineering professions. This initiative aims to create more stimulating and productive job opportunities for male and female citizens across various regions of the Kingdom. The Ministry of Municipal and Rural Affairs and Housing has clarified its commitment to monitoring and enforcing this decision to enhance participation in the labor market. The Ministry will oversee its implementation to align with labor market requirements and the specialization of engineering professions.... https://bit.ly/3X03Vzj Ministry of Human Resources and Social Development - KSA #SaudiArabia #Saudization #GCC #MiddleEast

DP World sets new ambitious carbon reduction target as it secures #SBTI validation DP World has secured validation from the Science Based Targets initiative (SBTi) for its ambitious commitment to reduce its carbon footprint. The global trade and logistics firm commits to reduce scope 1 greenhouse gas (GHG) emissions 42% by 2030 from a 2022 base year*. DP World also commits to reduce scope 2 GHG emissions 62.2%, and reduce absolute scope 3 GHG emissions 28% within the same timeframe. The SBTi is a world leading authority in advancing private sector progress to reduce GHG emissions, helping prevent the impacts of climate change. Its validation underscores the strength of DP World’s 'Our World, Our Future' sustainability strategy, recognising its progress-to-date and ambitious plans, which focus on slashing its own emissions and empowering its customers to meet their own Scope 3 reduction targets. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World said: "DP World is committed to leading the supply chain industry towards a more sustainable and efficient future, and ultimately achieving net zero emissions by 2050. The SBTi’s validation confirms the strength and ambition of our plans as we remain committed to playing a pivotal role in uniting our industry for a better tomorrow.".... https://bit.ly/4fZWqkI DP World Science Based Targets initiative #Dubai #ClimateAction #NetZero #UAE #GCC #MiddleEast

Global CBPR Forum Endorses DIFC for Recognition as an Associate Member - DIFC first in the region to advance position on data protection, regulations, and governance within the Global Forum Assembly (GFA) - In 2022, DIFC Commissioner recognised Cross Border Privacy Rules (CBPR) as an adequate mechanism for free flow of data with trust - As an Associate in the Global CBPR Forum (the Forum), DIFC and the GFA leadership look to further opportunities for regulatory cooperation - GFA’s recognition reinforces DIFC’s regionally pioneering position on data protection, regulations, and governance “We are honoured to be recognised by the GFA, especially as DIFC is the first and only jurisdiction in the Middle East to obtain Associate status in the Forum in addition to its acceptance into the Forum’s Global Cooperation Arrangement for Privacy Enforcement (CAPE) in April 2024. This milestone echoes our commitment to uphold the highest standards of privacy and data protection in DIFC. We look forward to collaborating with our international partners on this important initiative. As a jurisdiction serving multi-jurisdictional constituents, ensuring the free flow of data whilst ensuring that importers treat it ethically and with care is of vital importance to us.” Jacques Visser, Chief Legal Officer of DIFC Authority and DIFC Data Protection Commissioner Dubai International Financial Centre (DIFC), the leading global financial centre for the Middle East, Africa, and South Asia (MEASA) region, has been recognised by the GFA as an Associate Member. The Global CBPR Forum welcomed DIFC, Mauritius and Bermuda as Associates, following the Global Forum Assembly’s endorsement of the Membership Committee’s Recommendation that all three have met the conditions for recognition as an Associate. The full announcement can be found here..... https://bit.ly/4cNsk0W #GFA DIFC #Dubai #Privacy #DataProtection #UAE #GCC #MiddleEast

The #GreenHydrogen project supports DEWA’s efforts to reach #NetZero by 2050 The race towards net zero is accelerating globally, increasing the demand for clean and renewable energy sources. In this context, the hydrogen industry is gearing up for a major boom, opening up unprecedented opportunities to contribute to a more sustainable planet. Hydrogen, especially green hydrogen, is one of the fuels that have the ability to decarbonise various sectors. Innovative Technologies There are many pioneering innovations currently being developed in hydrogen technology, especially the electrolysis of water to produce green hydrogen, which some describe as the fuel of the future, using renewable energy. Additionally, advancements in hydrogen production from biomass and waste, as well as other new methods for generating hydrogen from natural gas with low carbon emissions, align with the global transformation in the energy sector and the increasing reliance on clean and renewable energy sources such as solar and hydroelectric energy..... https://bit.ly/4cID7JU Dubai Electricity & Water Authority - DEWA #Dubai #ClimateAction #CleanEnergy #UAE #GCC #MiddleEast

Mohammed bin Rashid: UAE non-oil foreign trade hits all-time high of AED1.395 trillion in H1 2024, marking 11.2% growth His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, affirmed that the UAE under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues to achieve unprecedented milestones in its non-oil foreign trade. His Highness Sheikh Mohammed bin Rashid Al Maktoum remarked, “A few years ago, we set ambitious national economic goals, aiming for AED 4 trillion in foreign trade by 2031 – a goal that was seen as highly challenging at the time. "Today, the figures for the first half of 2024 show that our exports in just six months have equalled what we used to export in an entire year before the COVID-19 pandemic in 2019. Our foreign trade is nearing AED 1.4 trillion in these six months, with a 25 percent growth in non-oil exports. Our target is to achieve AED 3 trillion in non-oil foreign trade by the end of this year.”.... https://bit.ly/3Mh9UuR #UAE #Business #Economy Via mediaoffice.ae