King Abdullah Economic City' CEO announces establishment of “Red Sea Foundation” in Geneva

Geneva, Rabi’II 11, 1437, January 21, 2016, SPA — CEO and Managing Director of King Abdullah Economic City (KAEC) Fahd Al-Rasheed announced the establishment of a non-profit entity under the name of “Red Sea Foundation,” based in Geneva. The Foundation will contribute to the launch of various initiatives aimed to lead the development effort and investment opportunities as well as raise public awareness of the potential of the Red Sea region.

He made the remarks during his participation in the activities of the World Economic Forum in Davos, Switzerland, stressing that development of trade in the Red Sea region will contribute primarily to the achievement of sustainable development in one of the largest emerging markets in the world.

Al-Rasheed explained that the new foundation, headed by King Abdullah Economic City, will have an international advisory board.

01:51 LOCAL TIME 22:51 GMT

U.S. Housing Starts Fall, But Annual Gains Solid

Washington, Rabi’II 10, 1437, Jan 20, 2016, SPA — U.S. housing starts and building permits fell in December after significant gains the previous month, but residential construction ended 2015 at its healthiest level in eight years, the government reported Wednesday.
The Commerce Department said groundbreaking on new homes fell to an annual pace of 1.15 million units, down 2.5 percent from November’s rate of 1.8 million.
December was the ninth consecutive month that housing starts were above 1 million units, the longest stretch since 2007, when the housing bubble triggered the start of the Great Recession.
Housing starts averaged 1.11 million in 2015, the highest since 2007 and up 10.8 percent from 1.00 million in 2014.
19:26 LOCAL TIME 16:26 GMT

International Islamic Relief Organization implements a project for training farmers and displaced people in Darfur, Sudan

Jeddah,10 Rabi’II,1437 AH, 20 January,2016 , SPA — The International Islamic Relief Organization of Muslim World League has implemented a new project to develop displaced capabilities and some farmers in Darfur region of western Sudan in the field of agricultural business to provide them with various training and qualification opportunities.
The Secretary-general of the Organization Ihsan Tayyip stated that these training opportunities benefited 1360 farmers among them one thousand of displaced people in “Alsriv” camp related to the Organization and 360 farmers in the village of “Tmesku” in Darfur region.
He pointed out that the Organization distributed tracts of land estimated at 18,000 acres to 20 poor families in the village “Tmesku” to be cultivated by various types of vegetables and marketed locally.
15:50 LOCAL TIME 12:50 GMT

Newgen Leads Discussion on Unlocking Business Value Through Shared Services

DUBAI, UAE, January 20, 2016/PRNewswire — Exhibits at the Shared Services & Outsourcing Week in Middle East Newgen Software, a leading global provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM), and Case Management (CM) solutions, today announced its participation at the 2016 edition of SSON’s Shared Services & Outsourcing Week […]

Russian ruble slides to record low in Moscow trading

MOSCOW, Rabi’II 10, 1437, Jan 20, 2016, SPA — The Russian ruble slid to a record low against the dollar Wednesday under pressure from the low oil price, AP reported.
The ruble traded above 80.6 to the dollar in Moscow on Wednesday, down by more than 2 percent. That beat the mark of 80.1 set when the currency crashed in value in December 2014 before stabilizing.

15:03 LOCAL TIME 12:03 GMT

Syria Supreme Commission for Negotiations Press Statement

RIYADH, Saudi Arabia, January 20, 2016/PRNewswire — The Supreme Commission for Negotiations held its third meeting on Tuesday and Wednesday January 19-20, in Riyadh, Saudi Arabia. The Commission Coordinator Dr. Riad Hijab presided over a wide agenda with several deliberation sessions and reviews, in addition to consultations over outcomes from visits to various Arab and […]