Ebdaa Takes Centre Stage with Latest Microfinance Innovations at Fintech Revolution Summit
Engineered to provide seamless and secure financing experience, the system integrates advanced data protection technologies and sophisticated financial analysis tools. By enhancing access to funding for micro-enterprises and improving their operational efficiency, it reinforces Ebdaa's commitment to financial innovation and excellence.
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Daily Tribune
18 hours ago
- Daily Tribune
Bahrain Space Agency and TRA Discuss Satellite Communication Cooperation
The Bahrain Space Agency team, led by Dr. Mohammed Al-Othman, met with representatives from the Telecommunications Regulatory Authority (TRA) to explore new areas of cooperation in satellite communications and frequency registration. During the meeting, both sides praised the successful submission of Bahrain's satellite frequency file for the 'Al-Munther' satellite to the International Telecommunication Union (ITU), which was accepted in accordance with the highest global standards. The achievement reflects the growing technical expertise within both the Space Agency and the TRA. The discussion also covered key topics such as allocating national frequencies for space use, aligning with international guidelines, and keeping pace with Bahrain's rapidly evolving space ambitions. Future collaboration in representing Bahrain at regional and international conferences on satellite frequency allocation was also highlighted. Dr. Al-Othman described the partnership as a vital step in bolstering Bahrain's regional and global standing in the space sector. 'Working together with the Telecommunications Regulatory Authority is essential to driving innovation and ensuring that Bahrain's space projects meet international standards,' he said. 'We thank the TRA for their continuous support and for hosting this important meeting.' Engineer Hassan Mohammed, Director of Spectrum Management at TRA, echoed the sentiment. 'This meeting reflects our commitment to supporting the progress of Bahrain's space initiatives and managing spectrum efficiently in line with global best practices,' he said. 'We're excited to keep building on this partnership with the Space Agency to achieve our shared goals.'
Gulf Insider
2 days ago
- Gulf Insider
Saudi Arabia Hits Reset On NEOM: Did Costs For ‘The Line' Spiral Out Of Control?
Saudi Arabia is officially reassessing its $500 billion NEOM mega-city, with its most iconic component—'The Line'—now under a strategic review. The move, confirmed by NEOM, has sparked renewed scrutiny over whether the costs and complexity of the futuristic project are spiraling beyond control. NEOM described the strategic checks as 'common practice' for long-term developments, but the timing of the announcement coincides with growing reports of budget strain and operational slowdowns across the kingdom's Vision 2030 infrastructure program. According to Bloomberg , the Public Investment Fund (PIF), which backs NEOM, has hired external consultants to assess the viability of the linear city. While the exact scope of the review has not been disclosed, industry experts suggest it likely includes evaluations of technical feasibility, financing options, and projected economic impact. In a separate development reported by Semafor , NEOM is preparing to lay off a significant portion of its workforce and relocate more than 1,000 employees from the remote construction site to Riyadh. The planned move marks a reversal of a prior policy under former CEO Nadhmi Al-Nasr, who had mandated that staff remain based at the site itself. Employees moved to the capital are expected to lose on-site benefits such as housing and meals, effectively resulting in a pay cut, according to people familiar with the matter who spoke to Semafor . The scope and timeline of The Line are also reportedly being scaled back. CNBC , citing sources close to the project, reported that development has been frozen on large sections of The Line, with the number of active construction workers cut by 35% since April 2025. The report attributed the cutbacks to a wider liquidity crunch that has hit Vision 2030 projects, prompting government agencies to prioritise financial stability over rapid expansion. Vendors have reportedly faced delayed payments, and capital originally earmarked for energy-sector projects is being reallocated. One of the affected sub-projects could be Oxagon's green hydrogen facility, which is 80% complete and jointly developed by Air Products, ACWA Power, and NEOM. Though still progressing, CNBC sources suggest that financial pressures are increasingly affecting NEOM's ability to maintain its ambitious timelines. Perhaps the most eye-catching development is the estimated final cost of NEOM. According to an internal report seen by The Wall Street Journal , the total price tag has now ballooned to $8.8 trillion—a staggering leap from the original $500 billion projection. The WSJ report also revealed that the project is now expected to reach its so-called 'end-state' by 2080. The first phase, expected to cost $370 billion, may only be completed by 2035. The dramatic increase in costs and delay in timelines is likely to place even greater pressure on Saudi Arabia to attract private investment—something the government has repeatedly stated it is banking on to complete the futuristic city. Also per Bloomberg , Saudi officials have scaled down some of NEOM's most ambitious targets. Instead of 170 kilometres of linear development, only 2.4 kilometres of The Line are expected to be built by 2030. The targeted population figure for the same year has also been reduced from 1.5 million to just 300,000. Despite the downsizing, Saudi authorities still maintain that The Line will eventually span 100 kilometres and remain a centrepiece of the NEOM vision. The project, personally championed by Crown Prince Mohammed bin Salman, remains a key pillar of the kingdom's plan to diversify away from oil through technology, tourism, and innovation. But as the reassessment continues and fiscal constraints mount, NEOM's evolution may no longer mirror the sci-fi blueprint initially envisioned. Instead, it could unfold as a much more gradual—and costly—experiment in urban design.
Gulf Insider
2 days ago
- Gulf Insider
UAE's Air Arabia To Co-Launch Saudi Low-Cost Airline Flying 81 Routes From Dammam Hub
Saudi Arabia is launching a new national low-cost airline, with operations based out of King Fahd International Airport in Dammam, as part of a broader push to transform the Kingdom into a regional aviation hub. The General Authority of Civil Aviation (GACA) announced that a consortium led by UAE-based Air Arabia, Kun Investment Holding and Nesma Holding, has won the bid to operate the new carrier. The airline will begin operations with a fleet of 45 aircraft, covering 24 domestic and 57 international destinations, and aims to serve 10 million passengers annually. This expansion is part of Saudi Arabia's National Transport and Logistics Strategy, a key component of Vision 2030, which seeks to diversify the economy and enhance the Kingdom's competitiveness in transport, logistics, and tourism. According to GACA, the new low-cost airline will enhance air connectivity to and from the Eastern Province, improve operational efficiency, and boost seat availability at King Fahd International Airport. The airline is also expected to create more than 2,400 direct jobs and raise service quality across Saudi Arabia's growing aviation market. Air Arabia's inclusion in the consortium reflects its expanding regional footprint and aligns with its strategy of entering high-growth partnerships to serve underserved routes. This latest venture positions the Dammam airport as a growing hub for affordable air travel and supports the Kingdom's goal of moving 100 million passengers annually by the end of the decade.
