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

Italy’s Fincantieri launches Saudi shipbuilding unit to strengthen collaboration 

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. 


Israel army tells north Gaza residents to leave ‘combat zone’

Israel army tells north Gaza residents to leave ‘combat zone’
Updated 1 min 51 sec ago
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Israel army tells north Gaza residents to leave ‘combat zone’

Israel army tells north Gaza residents to leave ‘combat zone’
  • “For your safety, move south immediately,” military spokesman Avichay Adraee said on X
  • The latest call follows a series of evacuation orders for large swathes of the Gaza Strip’s north

JERUSALEM: The Israeli military called for the evacuation of several areas in northern Gaza on Thursday, again warning that Palestinian militants were launching rockets from there.
“We inform you that the designated area is considered a dangerous combat zone. For your safety, move south immediately,” military spokesman Avichay Adraee said in a post on X along with a map of the area in Gaza City’s northwest.
The latest call follows a series of evacuation orders for large swathes of the Gaza Strip’s north, where Israeli forces have intensified their operations since early October.
Israeli government spokesman David Mencer told reporters that “we are isolating Gazan civilians away from Hamas terrorists so we can get to the terrorists” still in that area.
“Right now, there are residents of the northern part of Gaza who have been evacuated to safer places,” he added.


AlUla Royal Commission signs agreement with National Archaeological Museum of Naples

The exhibition at AlUla will showcase 15 masterpieces of historic cities and monuments, such as Pompeii, Herculaneum and Rome. (
The exhibition at AlUla will showcase 15 masterpieces of historic cities and monuments, such as Pompeii, Herculaneum and Rome. (
Updated 15 min 52 sec ago
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AlUla Royal Commission signs agreement with National Archaeological Museum of Naples

The exhibition at AlUla will showcase 15 masterpieces of historic cities and monuments, such as Pompeii, Herculaneum and Rome. (
  • Exhibition will showcase 15 masterpieces of historic cities and monuments

AlUla: The Royal Commission for AlUla signed a new strategic partnership agreement with the National Archaeological Museum of Naples to showcase a collection of antiques in the Kingdom and in AlUla for the first time.

The museum is an addition to the commission’s network of cultural partners, joining leading heritage and education institutions from the United Kingdom, France, China and Italy, to cooperate in preserving, studying and celebrating AlUla’s shared history of 20,000 years.

Built in 1777, the museum is also a landmark in an Italian heritage capital, embracing some of Europe’s richest cultural treasures, including Roman and Greek statues preserved in excellent condition, as well as bronze pieces, mosaics, and other works of art.

The agreement between the royal commission and the museum of Naples allows the transfer of a selection of artifacts from Naples in southern Italy to AlUla, northwest the Arabian Peninsula, to showcase the masterpieces of the museum.

The exhibition will showcase 15 masterpieces of historic cities and monuments, such as Pompeii, Herculaneum and Rome, and will be one of the main cultural events of the Ancient Kingdoms Festival 2024, which will take place in AlUla from Nov. 7 to 30.

During the exhibition, visitors will also have the opportunity to attend the AlUla World Archaeology Symposium.


Pakistan rejects reports of joint military operation with Iran against Baloch militant group

Pakistan rejects reports of joint military operation with Iran against Baloch militant group
Updated 15 min 18 sec ago
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Pakistan rejects reports of joint military operation with Iran against Baloch militant group

Pakistan rejects reports of joint military operation with Iran against Baloch militant group
  • Militant outfit Jaish Al-Adl claimed Pakistani, Iranian forces killed 12 of its members in joint operation in Saravan on Tuesday
  • Pakistani security forces conducted operation alone within its territory this week against smugglers, says FO spokesperson

QUETTA: Pakistan’s foreign office spokesperson on Thursday rejected reports that Islamabad and Tehran launched a joint military operation in the country’s southwestern border area this week to kill 12 militants, describing it as “fake news” despite a banned militant group claiming the action took place.
The spokesperson’s remarks followed militant outfit Jaish Al-Adl’s statement this week in which it claimed Pakistan and Iran’s forces on Tuesday carried out airstrikes against its fighters in the Iranian border city of Saravan, near Pakistan’s Panjgur district in Balochistan. It said the strikes killed 12 of its members and injured four others.
Iranian rights organization Halvash had also confirmed the development on social media platform X.
“First, I would like to state that this information is not correct. This is fake news,” Mumtaz Zahra Baloch, Pakistan’s foreign office spokesperson, said during her weekly press briefing. 
“Statement by terror groups should not be taken seriously.”
Baloch, however, confirmed Pakistani security forces had conducted an operation west of Panjgur to root out smugglers in southwestern Balochistan province.
“The operation took place 30 kilometers within our territory against smugglers, and this was undertaken by Pakistani security forces alone,” she disclosed.
Balochistan Levies, a paramilitary force responsible for law and order in the restive province, confirmed they received reports of an attack in Koh e Sabz area located 70 kilometers from Panjgur city on Tuesday.
“Three people were injured in the attack but we don’t know who carried out the attack in the remotest bordering area,” Shakeel Ahmed, a Levies soldier in Panjgur, told Arab News.
Ahmed said the paramilitary force did not know how many people were killed in the attack since Levies did not receive any bodies in Panjgur.
A local journalist in Panjgur said three persons injured in the alleged attack on Tuesday belonged to Peshawar, Karachi and Washuk cities of Pakistan. He said they were brought to Panjgur for medical treatment.
“The government officials in the district did not confirm the attack yet,” he told Arab News, speaking on condition of anonymity.
HISTORY OF ROCKY RELATIONS
Pakistan and Iran have had a history of rocky relations despite a number of commercial pacts between the two countries, with Islamabad being historically closer to Washington.
One of Iran’s poorest regions, Sistan-Baluchestan on the border with Pakistan has long been plagued by unrest involving drug-smuggling gangs, rebels from the Baloch minority and religiously motivated militants.
Jaish Al-Adl or “Army of Justice” has claimed responsibility for several attacks on Iranian forces in Sistan and Baluchestan over the years, straining ties between the two Muslim-majority countries.
Pakistan and Iran came to the brink of war in January this year after both countries launched cross-border strikes against armed groups and their hideouts operating in border villages.
Regarding this week’s visit by Iran’s foreign minister to Islamabad, Baloch said both sides had agreed to strengthen coordination on border areas.
“Both sides agreed that we will cooperate to ensure that the border between Pakistan and Iran will be a border of peace and amity, and we will strengthen coordination on all aspects of border security,” she said.


Buoyant Inter gunning for leaders Napoli and Serie A summit

Buoyant Inter gunning for leaders Napoli and Serie A summit
Updated 39 min 23 sec ago
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Buoyant Inter gunning for leaders Napoli and Serie A summit

Buoyant Inter gunning for leaders Napoli and Serie A summit
  • Wednesday’s win came despite Inzaghi dropping five first-choice players with Napoli
  • The defense of the Serie A title his clear priority in the early months of the season

MILAN: Inter Milan have top spot in Serie A in their sights as they host league leaders Napoli this weekend boosted by a gritty win over Arsenal in the Champions League.
Reigning champions Inter are a point behind Napoli and in buoyant mood ahead of Sunday’s clash at the San Siro after showing huge spirit to beat Arsenal 1-0 and continue their unbeaten start in Europe.
Simone Inzaghi’s team are yet to concede a goal in the Champions League and after four matches are two points behind leaders Liverpool in the new single league phase.
Wednesday’s win came despite Inzaghi dropping five first-choice players with Napoli and the defense of the Serie A title his clear priority in the early months of the season.
And Inter had to hold off wave after wave of Arsenal attacks in the second half after Hakan Calhanoglu’s penalty in stoppage time of the opening period, claiming the win with the sort dogged defending which has been lacking in Serie A where they have conceded 13 times in 11 matches.
“It was a win earned through sacrifice, the only thing that mattered tonight was the result. I needed minutes, now I’m ready for Napoli,” said Calhanoglu who was excellent in his first start since recovering from a thigh injury and will guide Inter’s midfield on Sunday.
Inter will be at full strength after Nicolo Barella, Federico Dimarco, Marcus Thuram, Henrikh Mkhitaryan and Francesco Acerbi all started the Arsenal win on the bench.
That is a daunting prospect for Napoli who have however had a week to prepare for Sunday’s clash and won at the San Siro against AC Milan as recently as last week.
Napoli have impressed by leading the league following last season’s disastrous defense of their first Scudetto since the days of Diego Maradona.
But Napoli were thumped 3-0 at home by dark horses Atalanta last weekend and questions remain over whether Antonio Conte’s side are ready to reclaim the title.
Conte, a practicing Catholic, said ahead of his team’s humbling at the hands of third-placed Atalanta that “football miracles can happen but only one person can make them happen.”
“All we can do is work hard and try to create something beautiful which in football terms translates into more points,” said Conte.
Mario Balotelli is set for more minutes with his new club Genoa who face Como at the unusual time of Thursday night, a rearrangement forced by an important rally race being held in the port city over the weekend.
Former Italy striker Balotelli made his Genoa debut off the bench late in last weekend’s 1-0 win at Parma which lifted Alberto Gilardino’s team out of the relegation zone, but his only contribution was getting booked.
In-form Fiorentina and Lazio, who are level on 22 points with Atalanta, face Verona and Monza respectively and have a chance to move level with Napoli before Sunday’s big match at the San Siro.
Juventus, who sit a point behind that trio in sixth, host local rivals Torino after drawing 1-1 at Lille on Tuesday.

Fresh from another stellar performance in Wednesday’s 2-0 win at Stuttgart, Lookman is in the form of his life as Atalanta host Udinese in Sunday’s lunchtime fixture with talk of a title challenge looking increasingly realistic.
Nigeria forward Lookman, the hat-trick hero of last season’s Europa League triumph, has scored eight goals and set up five more in 12 appearances this term.
His stunning performances, which have helped push Atalanta to within three points of Napoli, come after being dropped at the start of the season after pushing for a move to Paris Saint-Germain.
But the way he and attack partners Mateo Retegui and Charles De Ketelaere have been playing suggests that Lookman could just as likely scale new heights staying exactly where he is.

Thursday
Genoa v Como (1945)
Friday
Lecce v Empoli (1945)
Saturday
Venezia v Parma (1400), Cagliari v AC Milan (1700), Juventus v Torino (1945)
Sunday
Atalanta v Udinese (1130), Roma v Bologna, Fiorentina v Verona (1400), Monza v Lazio (1700), Inter Milan v Napoli (1945)


Closing Bell: GCC stock markets up in wake of Trump’s election win

Closing Bell: GCC stock markets up in wake of Trump’s election win
Updated 07 November 2024
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Closing Bell: GCC stock markets up in wake of Trump’s election win

Closing Bell: GCC stock markets up in wake of Trump’s election win

RIYADH: Following Donald Trump’s victory in the US presidential election, stock markets across the Gulf Cooperation Council saw a strong rally.

Markets posted gains, with Saudi Arabia’s Tadawul All Share Index finishing 0.31 percent up to close at 12,130.80 points on Thursday. This came after Crown Prince Mohammed bin Salman congratulated Trump on winning the election in a phone call on Wednesday, according to the Saudi News Agency.

Dubai’s Financial Market mirrored the upward momentum, climbing 0.60 percent. Abu Dhabi’s Securities Exchange also saw a lift, finishing the day up 0.44 percent.

Bahrain’s Bourse recorded a rise of 0.52 percent, while Kuwait’s main market similarly rose, closing with a 0.10 percent gain.

However, the Muscat Securities Market in Oman saw a 0.17 percent decrease, while the Qatar Stock Exchange was closed for a public holiday. 

The total trading turnover of the benchmark index on TASI was SR7.53 billion ($2 billion) as 113 of the listed stocks advanced, while 111 retreated.   

Similarly, the MSCI Tadawul Index increased by 2.03 points, or 0.13 percent, to close at 1,521.79.

The Kingdom’s parallel market Nomu also climbed by 415.36 points, or 1.44 percent, to close at 29,269.00. This comes as 49 of the listed stocks advanced while as many as 22 retreated.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged by 7.13 percent to SR78.10.

Other top performers include Miahona Co., and Theeb Rent a Car Co., with Miahona’s share price climbing 6.75 percent to SR29.25 and Theeb’s rising 6.59 percent to SR79.30.

Naseej International Trading Co. and Al Moammar Information Systems Co. also posted rises.

The worst performer was Saudi Arabian Mining Co., whose share price dropped by 4.09 percent to SR53.90.

Other worst performers were Abdulmohsen Alhokair Group for Tourism and Development, whose share price fell by 3.18 percent to SR2.74, and ACWA Power Co., which saw a 2.95 percent drop to SR441.20.

On an announcement front, ACWA Power Co. announced its results for interim financial results for the first nine months of 2024, ending on Sept. 30, with revenues surging by 13.3 percent to reach SR1.74 billion, compared to SR1.542 billion in 2023.

The increase was primarily driven by higher revenue from electricity sales, operation and maintenance services, and additional income from development projects and construction management, the company said on Tadawul. 

BinDawood Holding Co. also disclosed its financial results for the third quarter, with revenues slightly increasing by 0.189 percent to reach SR1.361 compared to the same quarter last year.

The company closed Thursday’s trading session at SR7.02, a 0.29 percent increase.

Saudi Steel Pipe Co. also released its financial results for the nine months of the year, recording SR381 million in revenues, a 20.18 percent increase compared to the same period last year.

The company closed today’s trading session at SR71.40, decreasing by 1.27 percent.

The United International Transportation Co. disclosed a 37.052 percent increase in revenues for the first nine months to reach SR505.8 million, compared to SR369.07 million during the same period last year.

This was primarily driven by the expansion of a long-term lease fleet and the resulting higher lease revenues.

The company closed at SR84, with its stock valie declining by 1.55 percent.