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Saudi Arabia’s non-oil new business growth at seven-year high in September

Saudi Arabia’s non-oil private sector grew in September, with new orders rising at the fastest rate in seven years, a business survey showed, as a relaxation of COVID-19 restrictions on activity and travel boosted customer demand.The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) surged to 58.6 in September from 54.1 in August, well above the 50 mark that separates growth from contraction.For the latest headlines, follow our Google News channel online or via the app.The 4.5 point gain signaled the strongest improvement in non-oil business conditions since August 2015.Firms expanded output at the sharpest rate since May and new orders received by non-oil companies jumped, with the respective sub-index rising by almost 10 points month on month.“After two successive falls, the latest reading showed that the economic recovery has stamina, and the relaxation of pandemic measures will release new waves of demand,” said David Owen, economist at IHS Markit.Saudi Arabia, the largest Arab economy and the world’s biggest oil exporter, expects 2.6 percent economic growth this year and 7.5 percent growth in 2022, after a 4.1 percent contraction last year caused by the coronavirus crisis and record-low oil prices.Private sector growth is a core aspect of Crown Prince Mohammed bin Salman’s Vision 2030, a plan to transform the economy and make it less reliant on oil.But despite the jump in new orders, the rate of job creation remained subdued in September, with surveyed firms reporting sufficient capacity levels.“Demand pressures and rising business optimism should lead more firms to hire staff over the final quarter of the year,” Owen said.Read more:Aramco touches $2 trln, in sight of Apple’s place as world’s most valuable companySaudi Arabia’s Public Investment Fund to sell part of stake in Saudi TelecomSaudi Arabia inaugurates record-breaking Expo 2020 Dubai pavilion
Source: Al Arabiya
Full Article: Saudi Arabia’s non-oil new business growth at seven-year high in September

Iran’s cyber-espionage poses threat to Israel, countries in the region: Report

By stealing sensitive information from states, Iran’s cyber-espionage poses a threat to countries in the Middle East region, including Israel, according to a recent report by cybersecurity company Cybereason.Cybereason, a cybersecurity technology company, headquartered in Boston, Massachusetts, published a report on Wednesday detailing an Iranian-based group’s operations targeting the US, Russia, Europe, Israel, and the Middle East.For all the latest headlines follow our Google News channel online or via the app.The group nicknamed “MalKamak,” targets companies including those in the telecom and aerospace sectors, according to Cybereason and media reports.According to Cybereason, their research “resulted in the identification of a new Iranian threat actor dubbed MalKamak that has operated since at least 2018 and remained publicly unknown thus far.”“The investigation draws possible connections to other Iranian state-sponsored threat actors including Chafer APT (APT39) and Agrius APT [Advanced persistent threat],” the report added.Cybereason reported that Chafer APT has been active since at least 2014 and is believed to be linked to the Rana Intelligence Computing Company, a Teheran-based company, previously known to serve as a front company for the Iranian Ministry of Intelligence and Security.Chafer APT is reportedly known to attack targets in the Middle East, US, and Europe.Another Iranian threat actor, Agrius APT, has been known to attack mainly Israeli organizations and companies, “carrying out destructive operations under the guise of ransomware attacks,” Cybereason said.“While some possible connections to known Iranian threat actors were observed, our conclusion is that MalKamak is a new and distinct activity group, with unique characteristics that distinguish it from the other known Iranian threat actors,” the cyber security company added.Read more:Facebook says Iran-based spies targeted defense workers in US, EuropeIran transport ministry hit by second apparent cyberattack in daysIran’s rail system disrupted by hackers posting fake delay messages
Source: Al Arabiya
Full Article: Iran’s cyber-espionage poses threat to Israel, countries in the region: Report

Iraq, UAE sign contract to build five solar power plants

Iraq and the United Arab Emirates signed a contract on Wednesday to build five solar power plants, the Iraqi state news agency (INA) reported.For all the latest headlines follow our Google News channel online or via the app.The report did not give further details.The United Arab Emirates’ energy minister arrived in Baghdad earlier on Wednesday, met his Iraqi counterpart and discussed bilateral cooperation.Read more:UAE issues Golden Visa to more than 500 doctors in Abu DhabiUAE authorizes Sputnik Light COVID-19 vaccine: RDIFQatar foreign minister visits UAE as relations continue to thaw
Source: Al Arabiya
Full Article: Iraq, UAE sign contract to build five solar power plants