MOMAH issues regulations for minimarkets, supermarkets, hypermarkets
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
11 hours ago
- Arab News
The great corridor conundrum
It is a truth universally acknowledged — or at least universally marketed — that the Middle East is once again poised to be the beating heart of global commerce. Enter the India-Middle East-Europe Economic Corridor, known as IMEC, a vision unveiled in September 2023 with the flourish of a G20 communique and the optimism of a startup pitch deck. India, Saudi Arabia, the UAE, the EU, France, Italy, Germany and the US all signed on, proclaiming IMEC not just as a trade route but as proof that geography in the 21st century can still be redrawn. The idea is seductive: a twin corridor network, one stretching from India to the Arabian Gulf, the other from the Gulf to Europe, sewn together by ports, railways and digital cables. In theory, the scheme could shave eight to 10 days off shipping times compared to the Suez route, reduce freight costs and serve as a 'values-based' counterweight to China's Belt and Road Initiative. In practice, however, bold lines on a map are the easy part; turning them into steel, concrete and functional customs regimes is where so many grand visions are lost. Early cost estimates place IMEC's price tag between $20 billion and $30 billion, a figure almost certain to rise once engineering, land acquisition and security needs are taken into account. The project began as an Indian initiative, later embraced by the EU and Saudi Arabia. Yet, unlike the Belt and Road Initiative or the International North-South Transport Corridor, India has not set up a dedicated implementing body, nor has it committed actual funding. That omission is more than a bureaucratic footnote: without clear governance and committed capital, the India-Middle East-Europe Economic Corridor risks becoming a PowerPoint concept rather than a functioning trade artery. Financing will almost certainly rely on India-EU partnerships, with Saudi Arabia and the US playing indispensable roles. Washington's stance is broadly positive, though it views IMEC through the lens of a larger strategic agenda tied to the Abraham Accords. For India, the calculus is more complex. A faster, more reliable route to Europe could boost exports, yet New Delhi's domestic infrastructure ambitions — from high-speed rail to renewable power grids — already stretch fiscal resources. Adding to the equation, President Donald Trump's recently announced 50 percent tariffs on certain Indian exports has introduced a strategic wrinkle: can a corridor partly championed by Washington truly offset the economic sting of US protectionism? The new corridor's backers frame it as a cleaner, more transparent alternative, but politics and geography are not easily tamed Dr. John Sfakianakis The IMEC plan enters a crowded field. The Belt and Road Initiative, since its launch in 2013, has channeled an estimated $1 trillion into more than 150 countries, financing everything from deep-water ports in Pakistan to railways in East Africa. The International North-South Transport Corridor is already moving goods across Eurasia and the Suez Canal — IMEC's implicit rival — still handles more than 12 percent of global trade and is investing heavily in capacity upgrades. The new corridor's backers frame it as a cleaner, more transparent alternative, but politics and geography are not easily tamed. European shippers may think twice if tensions with Iran escalate. India's commitment could waver if EU carbon tariffs trigger a deeper trade rift. For Greece, IMEC presents a more parochial contest: who gets to be the European gateway? The port of Piraeus is the obvious candidate, but it is majority-owned by a Chinese company, an awkward fact for a project marketed as a hedge against Beijing's influence. Thessaloniki might offer an alternative, yet both ports face the same structural flaw — an underdeveloped railway network with poor links to the Balkans and beyond. In the hard reality of freight logistics, ports are only as useful as the railways that feed them. Without a robust and interconnected backbone, the dream of containers rolling smoothly from Mumbai to Munich will remain stubbornly out of reach. Security risks loom just as large. The corridor skirts maritime zones where Iran has flexed its naval muscles more than once, while the overland legs could be vulnerable to cyberattacks, drone strikes and political unrest. The recent military conflicts in the Middle East have already slowed planning for the corridor, effectively 'freezing' parts of its development. The Red Sea's recent spate of security incidents has shown how quickly global supply chains can be thrown off course by a single attack. The Belt and Road Initiative has learned to build redundancy into its networks — alternative ports, backup lines, diversified shipping lanes — and IMEC will need to do the same if it hopes to withstand inevitable shocks. The economic logic is also not as clear-cut as its boosters suggest. Rail freight from India to Europe might be faster than sea, but it is more expensive — often 30 percent to 50 percent higher per container — and speed alone may not convince shippers to absorb the cost premium. Digital and energy links, another selling point of IMEC, may produce returns sooner, but they lack the visual and political symbolism of a freight train gliding across the desert. Clear governance structures, dependable funding and disciplined execution are what will make or break this project Dr. John Sfakianakis And yet, even in its current state, the corridor is a modest diplomatic success. It has brought India and the Gulf states closer, signaled Europe's willingness to invest in non-Chinese infrastructure and given Washington a convening role in a grouping that is neither a formal trade bloc nor a military alliance. But diplomacy alone cannot move freight. Clear governance structures, dependable funding and disciplined execution are what will make or break this project. The real challenge will be execution. Coordinating engineering standards, securing rights of way, harmonizing customs rules and aligning digital protocols will require a level of bureaucratic choreography that even Brussels might find daunting. The oft-cited 'phased implementation' risks becoming a euphemism for indefinite delay and, unless each segment of the corridor can operate viably on its own, the entire chain could stall. The Belt and Road Initiative's history offers no shortage of cautionary tales: gleaming ports that sit empty, railway lines mired in debt and high-profile launches followed by quiet decay. IMEC's planners would do well to study these examples — and place less emphasis on ribbon-cutting ceremonies and more on the unglamorous business of making infrastructure work in practice. So, can IMEC deliver? Possibly — but only if it exchanges vision statements for procurement schedules, diplomatic handshakes for binding contracts and high-level endorsements for on-the-ground problem solving. The world has no shortage of trade corridors. What it lacks are corridors that deliver on their promises. IMEC has the map, the mandate and the moment. Whether it has the machinery — and the mettle — remains the billion-dollar question. • Dr. John Sfakianakis is chief economist at the Gulf Research Center.
Arab News
11 hours ago
- Arab News
Riyadh welcomes Istituto Marangoni as Saudi fashion ambitions grow
JEDDAH: Italian fashion school Istituto Marangoni will open its first campus in Riyadh on Aug. 28, marking a major step in the Kingdom's bid to become a global fashion hub. The new campus, which is located in the Riyadh Creative District within the King Abdullah Financial District, follows extensive market research with the Saudi Fashion Commission. Surrounded by a growing cluster of creative companies and institutions, it will offer specialized programs tailored to Saudi Arabia's evolving industry. Stefania Valenti, the managing director of Istituto Marangoni, told Arab News: 'There has never been a more opportune moment to invest in Saudi Arabia. The Riyadh campus is not only a symbol of our commitment to international education, but also a platform for cultural exchange, innovation, and empowerment.' • Istituto Marangoni programs have been designed in collaboration with the Saudi Fashion Commission to merge the Kingdom's cultural heritage with modern global fashion trends. • The school will offer three-year undergraduate advanced training diploma courses, accredited by the Technical and Vocational Training Corporation. The school will offer three-year undergraduate advanced training diploma courses, accredited by the Technical and Vocational Training Corporation, in areas such as fashion design and accessories, fashion communication and image, fashion management, digital communication and media, fashion product, and fragrances and cosmetics management. The programs have been designed in collaboration with the Saudi Fashion Commission to merge the Kingdom's cultural heritage with modern global fashion trends. 'It means that the three-year fashion design program offers pathways in sewing and modest fashion, reflecting local aesthetics,' Valenti explained, adding that the fashion communication and image course focused on visual storytelling for both local and international audiences. The business and management track will prepare leaders for the luxury sector. This initiative contributes to a more diversified economy, generates new jobs, and positions the Kingdom as a hub for cultural exchange. Burak Cakmak, Saudi Fashion Commission CEO She added: 'By fusing local identity with global standards we aim to cultivate a new generation of fashion professionals who can represent Saudi creativity on the world stage.' To nurture and support creative young Saudis, 50 students will receive scholarships for the diploma programs through an initiative backed by the Ministry of Culture's Fashion Commission. The Riyadh campus will link to Istituto Marangoni's global network, and Valenti said: 'After two years at the Riyadh campus, students can progress to the final year at Istituto Marangoni London or Paris and get a bachelor's degree in the chosen field of study.' Saudi students will be helped to gain employment after their academic journey at Istituto Marangoni Riyadh, for either a Saudi or a global brand. By fusing local identity with global standards we aim to cultivate a new generation of fashion professionals who can represent Saudi creativity on the world stage. Stefania Valenti, Istituto Marangoni managing director Istituto Marangoni works with more than 45,000 luxury and fashion companies worldwide and grants 91 percent placement after graduation. Its alumni network includes prominent figures such as Dario Vitale, creative director at Versace, and Alessandro Sartori, artistic director at Zegna. Valenti stressed the institute's commitment to empowering women and fostering entrepreneurship, aligning closely with Vision 2030's ambitions to diversify the economy and promote cultural innovation. Burak Cakmak, the CEO of the Saudi Fashion Commission, called the opening 'a pivotal milestone for Saudi Arabia's fashion ecosystem,' adding that it created 'a sustainable talent pipeline.' He said Istituto Marangoni was chosen for its global reputation and ability to adapt to local contexts. He added: 'Their presence in Riyadh ensures that our talents receive education that meets global standards while remaining grounded in Saudi cultural expression. 'Through immersive programs, mentorship, and access to industry networks, students will gain the skills and confidence to lead, innovate, and build meaningful careers.' He stressed that the courses were embedded within the local context, and added: 'It encourages students to draw inspiration from their heritage and personal narratives, equipping them to tell authentic Saudi stories on international platforms, from runways and campaigns to entrepreneurial ventures rooted in sustainability.' On the commission's broader goals and vision, Cakmak said: 'We take a holistic approach that encompasses every stage of the value chain, including design, product development, manufacturing, communications, merchandising, and retail. 'Education is at the heart of this vision. Through strategic partnerships, such as our collaboration with Istituto Marangoni, we are redefining what fashion learning can look like in the region and setting new benchmarks for creative excellence.' He linked the initiative to Saudi Vision 2030's goal of unlocking Saudi talent, adding: 'By investing in fashion academies like Istituto Marangoni, we are creating tangible opportunities for the local youth to pursue careers in culture, creativity, and innovation. 'This initiative contributes to a more diversified economy, generates new jobs, and positions the Kingdom as a hub for cultural exchange. At the same time it strengthens our global presence while ensuring that our heritage continues to evolve and inspire.'
Arab News
11 hours ago
- Arab News
Millennium Hotels, Taiba relaunch two properties in Madinah
Millennium Hotels and Resorts Middle East and Africa, in partnership with Taiba, a Saudi hospitality company, has announced the relaunch of two iconic properties in the heart of Madinah: Millennium Al-Aqeeq and Millennium Taiba. Strategically located close to the Prophet's Mosque, both properties offer a spiritually enriching stay experience for Umrah pilgrims, families, and travelers seeking premium comfort rooted in Islamic hospitality. 'These properties are more than key assets in our portfolio — they are landmarks of faith, connection, and culture,' said Ali Hamad Lakhraim Al-Zaabi, president of Millennium Hotels MEA. 'Our partnership with Taiba ensures that every guest, whether a pilgrim, traveler, or visitor, is welcomed with a seamless, enriching experience rooted in the values of Islamic hospitality and cultural reverence.' Following an extensive enhancement of service and guest touchpoints, the hotels will offer upgraded digital booking services, enhanced dining concepts, and customized hospitality for religious travelers. Sultan Bader Al-Otaibi, CEO of Taiba, said: 'This strategic relaunch embodies our shared vision with Millennium Hotels and Resorts Middle East and Africa, to deliver world-class hospitality experiences that honor the spiritual significance of Madinah. At Taiba, we recognize the profound responsibility that comes with serving pilgrims and visitors to one of Islam's holiest sites. 'Through this partnership, we are raising the standard of religious hospitality, seamlessly blending comfort, reverence, and service excellence. This initiative is a key milestone in our broader commitment to supporting the goals of Saudi Arabia's Vision 2030, particularly in positioning the Kingdom as a leading global destination for religious tourism.'
