You are here

  • Home
  • Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 

Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 

Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 
Fincantieri Arabia will highlight the group’s wide-ranging capabilities in shipbuilding, maritime equipment and systems. Fincantieri
Short Url

https://arab.news/jmnwu

Updated 25 May 2024
ARAB NEWS 
Follow

Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 

Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 
Updated 25 May 2024
ARAB NEWS 
Follow

RIYADH: Italian shipbuilder Fincantieri plans to enhance collaboration with Saudi Arabia through a newly established unit, the company said. 

Fincantieri Arabia will bolster the Kingdom’s Vision 2030 development agenda in the cruise, defense, and offshore sectors, the group disclosed in a press release, issued on the sidelines of an industrial conference in Riyadh. 

Fincantieri is the only shipbuilding group active in all high-tech marine industry sectors, the release added. 

The new unit aims to highlight the group’s wide-ranging capabilities in shipbuilding, maritime equipment and systems, and naval logistic support services, including training and simulation.  

It will also manage stakeholder relationships in the Kingdom and seek out local partners.  

Moreover, Fincantieri said it plans to share its technological expertise in shipbuilding across cruise, defense, and offshore sectors, thus opening up opportunities for Saudi nationals. 

The firm’s CEO Pierroberto Folgiero: “Our commitment to the Kingdom of Saudi Arabia is steadfast. Fincantieri stands out in the shipbuilding industry for its vertically integrated model and our leadership across naval, cruise, and oil and gas sectors. We are proud to offer these world-class capabilities built on decades of naval heritage and excellence to help the Kingdom achieve its Vision 2030 objectives.”  

He added: “Given the maritime industry’s pivotal role under Vision 2030, we eagerly anticipate establishing strategic partnerships. Through these collaborations, we aim to enhance local technological capabilities, create opportunities for Saudi talent, and foster knowledge exchange.” 

The state-controlled Fincantieri has expanded its presence in the Middle East in recent years. In March 2023, Folgiero stated that the group would venture into the Saudi market and was strategically positioned for growth in the region. 

The Italian group is also aiming to enhance its focus on defense, a sector that presently contributes to around a quarter of its revenues. 

On May 20, Fincantieri concluded a shipbuilding joint venture, named Maestral, with Abu Dhabi-based EDGE Group. The two entities announced the signing of a €400 million ($433 million) contract with the UAE’s Coast Guard Forces for the supply of 10 advanced 51-meter offshore patrol vessels. 

Topics: Tourism & Transport Fincantieri SHIPBUILDING Fincantieri Arabia

Related

Special Mubadala Investment Company, Italian shipbuilding company Fincantieri sign MoU 
Business & Economy
Mubadala Investment Company, Italian shipbuilding company Fincantieri sign MoU 

Over 50,000 power looms shut in Pakistan in two years, leaving thousands jobless

Over 50,000 power looms shut in Pakistan in two years, leaving thousands jobless
Updated 6 min 39 sec ago
Follow

Over 50,000 power looms shut in Pakistan in two years, leaving thousands jobless

Over 50,000 power looms shut in Pakistan in two years, leaving thousands jobless
  • Industrial stakeholder says the closure owes to soaring power tariffs, raising the cost of doing business
  • Punjab administration’s economic adviser vows to look into the issue to find viable solution to problem
Updated 6 min 39 sec ago
Aamir Saeed

ISLAMABAD: Tens of thousands of workers have lost their jobs as over 50,000 power looms shut down in Pakistan’s Faisalabad district over two years due to soaring electricity prices, an industry stakeholder said over the weekend, with officials pledging to explore viable solutions.

Power looms are mechanized devices that automate the weaving process. Faisalabad, located in Pakistan’s populous Punjab province, is the hub of the country’s textile industry, housing 125,000 power looms in its industrial zone.

The sector produces nearly 91% of Pakistan’s grey cloth, which also sells well in international market.

“In the last two years, over 200,000 workers have been rendered jobless in Faisalabad after the closure of some 50,000 power looms,” Saeed Ahmad, deputy secretary of the All Pakistan Cotton Power Looms Association, told Arab News. “The remaining industry is also on the verge of closure due to inefficient government policies.”

Ahmad said the hike in electricity prices over the last two years was the major factor behind the closures, as the per-unit cost of power had risen from Rs19 to Rs55, along with additional taxes.

“This is a small industry, and people cannot afford to pay millions in electricity bills each month,” he said, adding that the additional cost of doing business, such as higher interest rates, had also reached double digits.

Ahmad noted that while some power loom owners had switched to solar energy to run their industrial units, the option was prohibitively expensive for most.

“If you have to run the power loom, you cannot disconnect from the national grid because the solar station won’t work on cloudy days,” he explained.

Ahmad urged the government to lower electricity prices and provide loans to the industry to keep it operational.

“The power loom industry has been contributing to the national economy through textile exports, but the government is not willing to provide incentives to keep it afloat,” he said.

Speaking to Arab News, Javed Iqbal Malik, senior economic adviser to Punjab’s Industries, Commerce, Investment and Skills Development Department, acknowledged that the cost of doing business has increased due to a spike in electricity tariffs.

“I am not aware of the exact scale of the closure of power looms in Faisalabad, but one thing is for sure that the cost of doing business has increased and many businesses, including manufacturing, have become uneconomical, he said.

“We will look into the issue and discuss it with the industry to find out some viable solutions as this industry is vital for textile exports and economy,” he added.

Khurram Shahzad, a senior economist, said Pakistan’s economy had faced significant hardships in the last two years as the country narrowly avoided sovereign debt default, which also impacted the manufacturing sector.

“The manufacturing sector, including the power looms industry, has been affected by three factors: the interest rate, energy costs and taxes, all of which hit record highs in the last two years,” he told Arab News.

Shahzad noted that while the interest rate had declined in recent months, it remained in double digits.

He added that the government was promising to lower electricity tariffs to ease the cost of doing business.

“Taxes on the formal sector are expected to be reduced in the coming months with the stabilization of the economy, and this will help the manufacturing sector grow,” he said.

Topics: Pakistan Power looms textile industry All Pakistan Cotton Power Looms Association Arab News Pakistan

Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI

Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI
Updated 15 min 34 sec ago
Waad Hussain
Follow

Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI

Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI
  • Wozniak shared his insights on artificial intelligence, creativity, and the importance of ethics in technology
  • Steve Wozniak: The greatest things happen when you take risks
Updated 15 min 34 sec ago
Waad Hussain

RIYADH: Steve Wozniak, the co-founder of Apple and a pioneer of the modern computing era, delivered an inspiring talk titled “Me, Myself, and AI” at the Misk Global Forum in Riyadh.

Speaking to a packed audience of young Saudis and global tech enthusiasts, Wozniak shared his insights on artificial intelligence, creativity, and the importance of ethics in technology, emphasizing the unique potential of Saudi youth to lead the next wave of innovation. 

The session, part of a larger series focused on innovation, opened with Wozniak reflecting on his journey in shaping the personal computing revolution. He encouraged the audience to embrace risks and challenges as integral to success.

“The greatest things happen when you take risks,” he said. “Even if they fail, we always hear that you learn from your failures. But I think step after step after step, the total number of hours that you have put into doing things, even the risks that don’t come through, they lead up to your own abilities.”

This emphasis on resilience and perseverance resonates with Saudi Arabia’s aspiration to become a global leader in technology and entrepreneurship under Vision 2030.

Addressing the rise of AI and its transformative power, Wozniak highlighted the need for ethical considerations in its development. He explained that while AI can serve as a valuable tool, human oversight remains crucial.

“AI should be like a reporter bringing the information and a human being should be the editor (who) looks at it and decides which of it is important,” he said.

Wozniak also warned about the dangers of misinformation and manipulation in the digital age, calling for greater transparency in AI systems.

He advocated for clear guidelines to ensure that AI-generated content is accurate and trustworthy. “When AI generates information, users should be able to click and see where it came from. Attribution and accuracy are critical for building trust,” he explained.

This call for transparency aligns with Saudi Arabia’s efforts to integrate cutting-edge technologies while ensuring they serve the public good.

Wozniak urged the young audience to approach AI not just as a tool for progress but as a responsibility to humanity, emphasizing the need to create systems that reflect ethical values. 

Throughout the session, Wozniak’s advice to Saudi youth centered on embracing creativity and taking ownership of their ideas. He encouraged them to focus on meaningful projects and hands-on learning, which he believes are essential for fostering innovation. “Whether it’s robotics, AI, or another area of technology, young people should focus on building something meaningful,” he said.

Drawing from his experience as a fifth-grade teacher, Wozniak shared how empowering students through project-based learning can unlock their potential. “When students take ownership of a project, they learn skills that go beyond the classroom. They develop critical thinking and creativity, which are key to driving innovation,” he said.

Wozniak also emphasized the importance of creating an environment where students can experiment and explore without fear of failure. 

He ended his session on a personal note, sharing his philosophy on life and success. For him, happiness and positivity take precedence over material accomplishments. “My formula for life is not about accomplishment. It’s about happiness,” he said. “Focus on the positive, that’s the optimistic side. Don’t argue with people … always look for constructive solutions.” 

As the session ended, he urged young innovators to collaborate across disciplines and respect diverse perspectives. He emphasized the importance of teamwork in creating impactful solutions. “Engineering, marketing, and business must work together to create meaningful solutions. No single discipline can succeed alone,” he added.

As Saudi Arabia continues its journey toward becoming a global innovation leader, Wozniak’s message to its youth is clear: take risks, stay ethical, and build with purpose.

Topics: MISK GLOBAL FORUM Steve Wozniak

Related

The eighth edition of the Misk Global Forum is set to take place at Mohammed bin Salman Nonprofit City on Nov. 18-19.
Saudi Arabia
Misk Global Forum 2024 set to start in Riyadh
Apple’s Steve Wozniak, Netflix’s Randolph to inspire entrepreneurship in Riyadh
Business & Economy
Apple’s Steve Wozniak, Netflix’s Randolph to inspire entrepreneurship in Riyadh

Pakistan compares failed PIA privatization bid to Air India, saying it sold on fifth attempt

Pakistan compares failed PIA privatization bid to Air India, saying it sold on fifth attempt
Updated 24 min 9 sec ago
Follow

Pakistan compares failed PIA privatization bid to Air India, saying it sold on fifth attempt

Pakistan compares failed PIA privatization bid to Air India, saying it sold on fifth attempt
  • It took PM Narendra Modi administration more than four years to find a buyer for Air India in 2021
  • PIA privatization hit a snag last month when the final bidding round attracted just one bid of $36 million 
Updated 24 min 9 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan’s privatization chief Abdul Aleem Khan on Monday defended a recent failed bid to sell loss-making national carrier, Pakistan International Airlines by comparing it to Air India, which was sold after multiple attempts.

Cash-strapped Pakistan was looking to offload a 51-100 percent stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program approved in September. The process, however, hit a snag last month when the final bidding round attracted just one bid of Rs10 billion ($36 million) for a 60 percent stake in the national flag carrier.

PIA’s existing liabilities stand at approximately Rs250 billion ($896 million).

“Khan compared PIA’s situation to Air India, which had undergone multiple failed privatization attempts before ultimately succeeding on its fifth attempt,” the privatization ministry said in a statement, quoting Khan’s remarks at a meeting of the Senate Standing Committee on Privatization on Monday. 

“Khan expressed hope that Pakistan’s national airline could follow a similar path but underscored the need for thorough reforms.”

It took Prime Minister Narendra Modi’s administration more than four years to find a buyer for Air India in 2021. For a decade before that, the Indian government had spent about $15 billion of taxpayer money on the airline, famous for its Maharaja mascot.

The Pakistan government had pre-qualified six groups for PIA’s privatization process in June, but only real-estate development company Blue World City participated in the bidding process in October, placing a bid that was below the government-set minimum price of Rs85 billion ($304 million). 

The disposal of PIA is a step former governments have steered away from, as it has been highly unpopular given the number of layoffs that would likely result from it.

Other concerns raised by potential bidders for the PIA stake included inconsistent government communication, unattractive terms and taxes on the sector, and the flag carrier’s legacy issues and reputation.

Khan also highlighted hurdles in the privatization process during Monday’s meeting, saying it would require a “fresh approach and big-hearted decisions.”

“The first consultant engaged for the task was deemed unsatisfactory, and a new consultant would be hired to help move the process forward,” Khan told the committee, adding that privatization could only take place if PIA’s financial and operational situation was “clean and attractive to potential buyers.”

“We need to ensure that PIA is clean and profitable before privatization can proceed. Without addressing these fundamental issues, investors will not show interest,” Khan said.

Losses running into billions of dollars in the power and gas sector, the main hole in the economy, were also discussed.

“The privatization process for the first three Discos [power distribution companies] is expected to be completed by January 31, 2025,” the statement said, with Khan acknowledging that privatizing Discos would be even more challenging than PIA.

Topics: Pakistan PIA PIA privatization Air India Abdul Aleem Khan Arab News Pakistan

Stray dogs in Giza become tourist draw after ‘pyramid puppy’ sensation

A stray dog sits in front of the Great Pyramid of Khoufou (Cheops or Keops), at the Giza Plateau, on the outskirts of Cairo.
A stray dog sits in front of the Great Pyramid of Khoufou (Cheops or Keops), at the Giza Plateau, on the outskirts of Cairo.
Updated 48 min 18 sec ago
AFP
Follow

Stray dogs in Giza become tourist draw after ‘pyramid puppy’ sensation

A stray dog sits in front of the Great Pyramid of Khoufou (Cheops or Keops), at the Giza Plateau, on the outskirts of Cairo.
  • Apollo became an overnight sensation last month after being filmed scaling the Great Pyramid of Khafre
  • As news of Apollo’s daring climb spread worldwide, interest grew in the dogs who have long made their homes among the ancient stones
Updated 48 min 18 sec ago
AFP

CAIRO: Beneath the blazing Egyptian sun, crowds at the Giza Pyramids gazed up at the ancient wonders, but some had their eyes peeled for a new attraction.
“There he is,” one Polish tourist told his wife as they spotted a scrappy dog perched on one of the stones.
They were talking about Apollo, a stray who became an overnight sensation last month after being filmed scaling the Great Pyramid of Khafre, one of the seven wonders of the world.
The viral footage, captured by American paragliding enthusiast Alex Lang and shared online by his friend Marshall Mosher, showed Apollo fearlessly climbing the 136-meter monument, barking at birds from the summit.
“He was acting like a king,” Lang told AFP.
As news of Apollo’s daring climb spread worldwide, interest grew in the dogs who have long made their homes among the ancient stones.
“He is climbing over there,” said Arkadiusz Jurys, a tourist from Poland, craning his neck for a better view.
“It is unusual,” he added, describing Apollo as surveying the picture-snapping crowd from above.
Another visitor, Diego Vega from Argentina, felt a special bond with the dogs.
“Connecting with them feels like connecting with the pharaohs,” he said, while petting a member of Apollo’s pack.
Apollo’s newfound fame has even inspired local guides to include him and his pack in their stories for tourists.
“This is Anubis,” one tour guide told two American tourists, comparing Apollo, now known as the “pyramid puppy,” with the ancient Egyptian god of the dead, often depicted as a man with a jackal’s head.
“He and his pack are now part of our tour conversations,” said Sobhi Fakhry, another tour guide.
Businesses around the Giza plateau are also seeing a boost.
Umm Basma, a 43-year-old woman selling souvenirs near the Khafre pyramid, reported an increase in sales thanks to the influx of tourists eager to meet the so-called pyramid dogs.
“We’ve always seen these dogs climbing the pyramids, but we never thought they would become a blessing for us,” she said.
One pyramid guard, who preferred to remain anonymous, also said that some celebrities had paid for permits to have their own dogs photographed with Apollo.
Apollo, a three-year-old Baladi dog, is part of a pack of about eight that has made their home among the ancient ruins.
The dogs, a local breed, are known for their resilience, intelligence and ability to survive in Egypt’s harsh climate.
Ibrahim el-Bendary, co-founder of the American Cairo Animal Rescue Foundation, which monitors the pyramid dogs, described Apollo as the pack’s “alpha male.”
“He is the bravest and strongest in his pack,” he said.
Apollo was born in a rocky crevice within the Khafre pyramid where his mother, Laika, found shelter. Sadly, some of Apollo’s siblings did not survive the site’s perilous heights.
A sympathetic guard eventually relocated Laika to a safer spot where Apollo now stands out with his distinctive curled tail and confident nature.
The initial focus of Lang and Marshall was the daring canine climber, but their visit led to a deeper connection with Cairo’s stray dogs.
Intrigued by the challenges they face, Mosher decided to adopt a puppy from the pack: Anubi, who is Apollo’s daughter.
Anubi will join Marshall in the US after she receives the dedicated care she needs in Egypt to grow up healthy.
At the pyramids, local animal care groups are now working with the government in order to set up food and water stations for the strays, as well as for other animals including camels and horses.
A permanent veterinary center will be established at the pyramids with staff set to receive animal care training, said Egypt’s tourism minister.
Vicki Michelle Brown, the other co-founder of the American Cairo Animal Rescue Foundation, believes that Apollo’s story can make a difference.
“It sheds so much light on the dogs and cats that are here,” Brown said.
“I definitely believe him (Apollo) climbing the pyramids can help all of the dogs in Egypt to have a better life.”

Topics: Giza dogs

Related

New, sealed chamber discovered in Great Pyramid of Giza video
Middle-East
New, sealed chamber discovered in Great Pyramid of Giza
Istanbul airport provides anxious travelers with paw-sitive experience by hiring 5 therapy dogs
Offbeat
Istanbul airport provides anxious travelers with paw-sitive experience by hiring 5 therapy dogs

Young voices at heart of Misk forum

Young voices at heart of Misk forum
Updated 18 November 2024
Ghadi Joudah
Follow

Young voices at heart of Misk forum

Young voices at heart of Misk forum
  • Misk City ‘empowering and investing in youth,’ Misk Foundation CEO says
  • Kadi Al-Khathaam: ‘Reading for me is the light out of any darkness or hesitance’
Updated 18 November 2024
Ghadi Joudah

RIYADH: Misk City is poised to be a transformative hub for young people, blending creativity with opportunity, according to the CEO of the Misk Foundation.

“Misk City is not just a place filled with buildings and roads, it is an exceptional place for an exceptional city,” Badr Al-Bader said on the first day of the Misk Global Forum 2024.

The purpose-built destination was committed to fostering talent and innovation, he said.

The eighth Misk Global Forum is showcasing the foundation’s dedication to engaging young minds.

“With over 150,000 visitors and more than 1,000 speakers from 130 countries, this edition was notable for its youthful demographic,” Al-Bader said.

“This is the largest and smallest in terms of average age. We are proud to see so many young voices contributing to the dialogue.”

This year, Misk City welcomed students from Misk Schools and plans to extend its reach to schools across Riyadh and beyond.

“The city mirrors the youth growing alongside them, day by day. Misk has been empowering and investing in youth, making their support its highest priority,” Al-Bader said.

With the “unwavering support” of Crown Prince Mohammed bin Salman, more than 7 million young men and women had benefited from Misk programs, he said.

Kadi Al-Khathaam, the Saudi winner of the 2024 Arab Reading Challenge, was part of the “Leadership in a Future-Led Generation” panel at the forum.

“Reading is a transformation phase and it’s an enlightenment process where I can expand the horizon of my knowledge,” she said.

“Reading for me is the light out of any darkness or hesitance.”

Al-Khathaam said that the ability to communicate effectively allowed individuals to share their insights and experiences with others.

“I read, I discuss, I give the outcome to the world with the best of what I have.”

The crown prince’s advocacy for the education of all Saudi children was a source of inspiration for her, she said.

Saudi Minister of Communication, Information and Technology Abdullah Al-Swaha shared insights on youth-driven leadership and innovation, in line with the forum’s theme of “By Youth For Youth” and commented on Shawn Achor’s book “The Happiness Advantage.”

“We often link happiness with external factors, but we must realize that happiness and ambition are the main drivers of hard work,” he said.

“Let us take it the other way around: If we work with happiness in our hearts, success will follow.”

Al-Swaha shared the story of Dr. Firas Khalil, the first Saudi surgeon to perform heart surgery using AI and robotics.

“This procedure not only reduces recovery times but also saves lives,” he said.

He also spoke about Rayyanah Barnawi, the Kingdom’s first female astronaut.

“Her love and ambition to serve humanity made her the perfect candidate,” he said.

“Nothing is impossible from the Kingdom of Saudi Arabia as the greatest country in the world.”

The forum ends on Tuesday.

Topics: MISK Foundation Misk City Badr Al-Bader Kadi Al-Khathaam Abdullah Al-Swaha

Related

Misk City, stc host ‘Metathon’ to nurture Saudi tech talent
Corporate News
Misk City, stc host ‘Metathon’ to nurture Saudi tech talent
Monsha’at and Misk City forge alliance to boost Saudi entrepreneurship 
Business & Economy
Monsha’at and Misk City forge alliance to boost Saudi entrepreneurship 

Latest updates

Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI
Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI
Stray dogs in Giza become tourist draw after ‘pyramid puppy’ sensation
A stray dog sits in front of the Great Pyramid of Khoufou (Cheops or Keops), at the Giza Plateau, on the outskirts of Cairo.
Young voices at heart of Misk forum
Young voices at heart of Misk forum
UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation
UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation
Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 
Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.