Saudi fund CEO attends inauguration of Jakarta State University development project
Saudi Fund for Development CEO Sultan Al-Marshad took part in an inauguration ceremony for phase two of the Jakarta State University development and upgrade project.
The initiative, worth $32.7 million, includes the construction of four 10-storey buildings, along with a grand mosque and social development center.
Writing on X on Wednesday, the Saudi Fund said Indonesian Minister of Higher Education, Science and Technology Brian Yuliarto and Saudi Ambassador to Indonesia Faisal bin Abdullah Al-Amoudi were also present at the ceremony.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
2 hours ago
- Arab News
Pakistan approves $42 million to transform ship-breaking yard into ‘model green facility'
ISLAMABAD: Pakistan's government has approved Rs12 billion [$42 million] to transform a key ship-breaking yard in the country's southwestern Balochistan province into a 'model green facility' to reduce pollution and manage hazardous waste, the maritime affairs ministry said on Wednesday. Gadani in Balochistan once used to be one of the world's main destinations for end-of-life vessels. Here, old and decommissioned ships were regularly dismantled and their parts, especially steel, were recycled, reused or resold. Business at the shipyard has declined in recent years as Pakistan navigates a tricky path to recovery from a prolonged macroeconomic crisis. The ship-breaking industry has also taken a hit due to worldwide calls to stop beach scrapping because of the danger and environmental damage from pollutants left to drain into the sea. Workers, earning as little as $4 a day here, face health hazards such as exposure to lead paint and asbestos when working on ships. 'Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry has announced the approval of Rs12 billion for the transformation of Gadani Ship-Breaking Yard into a model green facility, aligning the maritime sector with international climate and environmental standards,' the ministry said. Chaudhry, chairing a meeting to discuss the ship-breaking yard, stressed the need for ship recycling to evolve to meet global sustainability standards. He added the transformation is essential to reduce pollution, manage hazardous waste responsibly and contribute to a greener maritime future. 'The minister said this major initiative focuses not only on modernizing infrastructure and safety mechanisms but also on addressing the climate crisis through green shipping and environmentally responsible ship recycling,' the statement added. Pakistan is consistently ranked among the world's worst-affected countries due to climate change effects. Pakistan has regularly experienced irregular weather patterns such as heatwaves and unusually heavy rains that have triggered flash floods across the country. Syed Zafar Ali Shah, the secretary of maritime affairs, said a 30-bed hospital, residential blocks for medical staff and labor colonies will be constructed as part of the social uplift component of the project. The official said that 32 kilometers of road, a school, a public park and modern water supply and treatment systems will be installed to support the workforce and local community in Gadani as part of the project. Pakistan became a party to the 2009 Hong Kong Convention in December 2023, which aims to improve hazardous working conditions in ship recycling facilities worldwide. The minister stressed that the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) must be strictly observed. He instructed authorities to put in place a 'robust monitoring mechanism' to ensure transparency and timely implementation of the project. Chaudhry noted that Gadani produces over 1.2 million tons of steel annually, making it a critical part of Pakistan's scrap and steel supply chain. 'Gadani was once among the world's largest ship-breaking hubs,' Chaudhry noted. 'Today, it stands at a crossroads— either we modernize it in line with green shipping goals or risk further decline.'
Asharq Al-Awsat
7 hours ago
- Asharq Al-Awsat
Saudia Soars to 17th in Global Airline Rankings Amid Bold Transformation
In a remarkable leap forward, Saudia has climbed to 17th place in the 2025 Skytrax ranking of the world's best airlines, marking a significant improvement from its 82nd position in 2016. The achievement comes as the global aviation sector grapples with mounting challenges, including supply chain disruptions, fluctuating demand, and the pressures of infrastructure development. The milestone reflects the success of Saudia's comprehensive transformation strategy aimed at strengthening its global standing and enhancing passenger experience. For the fourth consecutive year, the national carrier has also earned the title of the 'World's Most Improved Airline', underscoring its sustained trajectory of growth and improvement. Skytrax, a leading international airline and airport rating organization, bases its rankings on strict criteria, including both in-flight and ground service quality. Its annual awards are often referred to as the 'Oscars of the aviation industry.' Speaking to Asharq Al-Awsat, Eng. Abdullah Al-Shahrani, General Manager of Communication and official spokesperson for Saudia Group, confirmed that the airline is undergoing a sweeping upgrade of its fleet interiors. A multi-year program to refurbish cabins in both Business and Economy classes is set to begin later this year and conclude by 2027. In line with its push toward digital innovation, the airline has launched a pilot version of an AI-powered virtual assistant. This new platform is designed to streamline travel by integrating services such as bookings, hotel accommodations, ground transport, and entertainment. Digital Transformation Saudia's transformation is not limited to passenger comfort. Al-Shahrani detailed a complete overhaul of the airline's digital infrastructure, including instant booking for delayed or canceled flights, a digital wallet, and a reimagined booking, payment, and refund system. Most notably, refund processing times have been reduced from 40 days to under one minute. Operationally, the airline continues to set high standards. In March 2025, Saudia recorded a 94.07% on-time arrival rate and 94% on-time departure rate, placing it among the top 10 most punctual carriers worldwide. Strategic Growth Amid Global Challenges Despite global and regional headwinds, including the need for large-scale infrastructure upgrades to host future mega-events such as Expo 2030 and the 2034 FIFA World Cup, Saudia is moving forward with bold expansion plans. According to Al-Shahrani, the airline now operates flights to more than 145 international destinations, while positioning Jeddah as a major global air hub. This expansion is supported by the broader Saudia Group, which includes specialized subsidiaries in aircraft maintenance, training, and ground handling services. As the Kingdom's national carrier, Saudia plays a central role in advancing the goals of Saudi Vision 2030. The airline is actively contributing to the National Aviation Strategy, which aims to attract 330 million visitors annually, serve 30 million Hajj and Umrah pilgrims, and connect Saudi Arabia to over 250 global destinations. Additionally, the plan targets 4.5 million tons in annual air cargo capacity by 2030. Looking ahead, Saudia is embarking on one of the largest fleet expansions in its history. By 2032, the airline expects to receive more than 118 new aircraft, including 49 Boeing 787 Dreamliners. Earlier this year, the carrier signed a landmark deal with Airbus to purchase 105 new A320neo aircraft, the largest such order in Saudi aviation history. In April 2025, Saudia further bolstered its future capabilities with a new order for 20 wide-body Airbus A330neo aircraft, of which 10 will be operated by its low-cost subsidiary, Flyadeal.
Al Arabiya
9 hours ago
- Al Arabiya
BYD slows production, delays capacity expansion at China factories: Sources
Chinese electric vehicle champion BYD has slowed its production and expansion pace in recent months by reducing shifts at some factories in China and delaying plans to add new production lines, said two people with knowledge of the matter. The decisions are a sign that BYD's robust sales growth over the past couple of years that drove it to overtake Tesla as the world's largest EV maker could slow, as it grapples with rising inventory even after offering deep price cuts in China's cutthroat auto market. BYD has cancelled night shifts and reduced output by at least a third of the capacity at some of its factories, said the sources who declined to be named because the matter is private. These previously unreported measures were imposed on at least four factories and BYD had also suspended some plans to set up new production lines, one of the people said. BYD, which sold 4.27 million cars last year, mostly in China, has at least seven car factories in the country and it has targeted a near-30 percent rise in sales to 5.5 million this year. Reuters was not able to identify the exact scale of the production reduction and expansion suspension, nor to ascertain how long these measures may last. One of the sources said the moves were aimed at saving costs, while the other said they were imposed after sales failed to meet targets. BYD did not immediately respond to a request for comment. Data from the China Association of Automobile Manufacturers showed growth of BYD's output had slowed to 13 percent and 0.2 percent year-on-year in April and May, respectively, both of which were the slowest pace since February 2024 when factory activities were disrupted by a week-long lunar New Year holiday. BYD started ramping up monthly output from the second quarter of the year in 2023 and 2024, the data showed. But the trend has changed this year, with average output in April and May 29 percent lower than in the fourth quarter of 2024. BYD has risen to become the world's largest EV maker within the span of a few years by aggressively increasing production and speeding up the rollout of new and more affordable models. Its recent price incentives, which reduced the starting price of its cheapest model to 55,800 yuan ($7,800), triggered a broader selloff in Chinese auto stocks and fresh price cuts from rivals. A survey conducted by the China Automotive Dealer Association in May found that BYD dealers held an average inventory of 3.21 months, the highest among all brands in China, whereas the inventory level industry-wide was at 1.38 months. A large BYD dealer in the eastern province of Shandong has gone out of business with at least 20 of its stores found to be deserted or shut, government-owned media reported last month. As inventory levels increase, the China Auto Dealers Chamber of Commerce in early June called on automakers to stop offloading too many cars on dealerships and to set 'reasonable' production targets based on sales performance. The group said intense price wars were pressuring cash flow and driving down profitability. Chinese auto dealers on Monday urged automakers to pay cashback incentives within 30 days to help to alleviate financial pressures. Deepening price competition has prompted Chinese regulators to increase their scrutiny of the auto sector in recent months as the years-long practice has squeezed suppliers, automakers and dealers across the industry. Chinese automakers are now increasingly looking for overseas markets to prop up sales and offset weakening momentum in their home market. In the first five months of this year, BYD sold 1.76 million vehicles, of which around 20 percent were exported.
