Revolutionizing Remittances: Thunes and Barq Join Forces in Saudi Arabia

In a significant advancement for the digital finance landscape, **Thunes**, the Smart Superhighway to move money around the world, has partnered with **barq**, the rapidly-growing digital wallet in Saudi Arabia. This collaboration heralds the launch of barq's enhanced remittance services, enabling millions of consumers in the Kingdom to transfer funds seamlessly across borders. Through Thunes' trusted Direct Global Network, barq customers can now send money instantly, with transactions delivered in real-time to billions of mobile wallets and bank accounts worldwide. This innovative service not only strengthens barq's position as a leading mobile wallet in the region but also showcases the potential of digital wallets in facilitating international remittances.

The significance of this launch cannot be overstated. It comes in the wake of the partnership formed between Thunes and barq in 2024, which aimed to provide growth, expanded reach, and a consistently reliable service to Saudi customers. The Saudi Arabian remittance market, recognized as one of the largest globally, is undergoing remarkable transformation, spurred by the country's ambitious Vision 2030 program aimed at digitizing payments. By merging barq's local expertise with Thunes' extensive international network, this alliance aims to offer a best-in-class service that meets the evolving needs of consumers.

Empowering Customers with Innovative Solutions

Thamer Alharbi, Director of International Partnerships at barq, emphasized the importance of this collaboration, stating, "Our partnership with Thunes has moved from vision to reality." The successful launch of these remittance services empowers barq's customers with faster, more reliable transactions, enhancing the user experience and solidifying barq's role as the digital wallet of choice in Saudi Arabia. This initiative represents a critical step in the journey to deliver innovative and accessible financial services, with Thunes' trusted solutions playing a pivotal role in achieving this mission.

Furthermore, Ahmad Yaacoub, VP MENA and Country Head for the Kingdom of Saudi Arabia at Thunes, remarked, "We are proud to see our partnership with barq delivering impact at scale." This launch not only reaffirms their commitment to providing efficient and customer-focused payment experiences but also supports Saudi Arabia's vision for a digital-first financial ecosystem. By leveraging cutting-edge technology and strategic collaboration, Thunes and barq are poised to redefine the remittance landscape, making financial transactions simpler and more accessible for all consumers in the Kingdom.

Subsea7 Secures Key Contract: A New Chapter in Offshore Operations

In a significant advancement for the offshore oil and gas sector, Subsea7 recently announced the awarding of a major contract with Aramco, signifying a continued commitment to the development of critical infrastructure offshore Saudi Arabia. This project, executed under a long-term agreement (LTA) with the esteemed company, emphasizes the importance of strategic partnerships in enhancing global energy operations. With the scope encompassing engineering, procurement, construction, and installation (EPCI) of substantial infield and export pipelines, this contract not only highlights Subsea7's capabilities but also its role as a pivotal player in the region's energy landscape.

Furthermore, the project entails modifications to existing topsides alongside associated hook-up activities, underscoring the complexity and scale of operations involved. According to David Bertin, Senior Vice President for Subsea7 Global Projects Centre East, the initiation of project management and engineering phases at Subsea7’s offices in Saudi Arabia and the UAE indicates a robust start. The offshore activities are projected to commence in 2027 and continue into 2028, demonstrating a forward-thinking approach that prioritizes both efficiency and safety in execution.

Strategic Engagement: Building for the Future 

As work progresses, the collaborative relationship between Subsea7 and Aramco stands as a testament to the significance of strategic engagement in the energy sector. This project exemplifies a shared vision for sustainable development and operational excellence. By leveraging advanced technological solutions and expertise, Subsea7 aims to implement innovative methods that meet the demanding standards of offshore engineering. 

Moreover, this project marks another milestone in Subsea7's strategic journey, further entrenching its position within the Saudi Arabian market. As the energy landscape continues to evolve, Subsea7's commitment to quality and safety remains unwavering. The expectation is that this venture will not only enhance operational efficiencies but also contribute positively to the region’s economic fabric, paving the way for future collaborations and advancements in offshore technologies. 

The awarding of this contract to Subsea7 signals a promising initiative to bolster offshore capabilities in Saudi Arabia, positioning both Subsea7 and Aramco at the forefront of innovative energy solutions. The ongoing partnership is poised to achieve remarkable successes in the years ahead, ensuring a robust and sustainable offshore energy industry.

Pioneering a Sustainable Future: The Birth of Taqa in Palestine

In a landmark development for renewable energy in Palestine, a strategic coalition has emerged among three prominent institutions: Massader, the energy investment arm of the Palestine Investment Fund (PIF), the Arab Palestinian Investment Company (APIC), and the Bank of Palestine Group (BoP). This collaboration culminated in the signing of an agreement to establish Taqa, a pioneering company dedicated to advancing renewable energy initiatives. The agreement was signed by Mr. Iyad Joudeh, Chairman of PIF; Mr. Tarek Aggad, Chairman of APIC; and Mr. Hashim Shawa, Chairman of BoP, symbolizing a unified commitment to a sustainable energy future.

Driving Energy Independence through Renewable Initiatives

Taqa's mission is clear: to finance and develop medium- and large-scale clean energy plants that will significantly increase the share of renewable energy in Palestine’s domestic production. This ambitious endeavor aims to reduce reliance on energy imports, which have historically strained the national economy. By alleviating the financial pressures associated with electricity imports, Taqa is poised to create a direct, positive impact on the economy. As the project unfolds, it promises to enhance supply reliability and lower costs, ultimately easing the financial burdens of external dependence.

Moreover, the establishment of Taqa represents a strategic partnership that underscores the importance of investing in essential sectors such as energy. By fortifying energy infrastructure, Taqa will not only support industries like agriculture and trade but also strive to make energy more affordable and sustainable for all Palestinians. This initiative is a testament to the potential for renewable energy to serve as a catalyst for economic growth and self-sufficiency.

Partners' Commitment to a Sustainable Future

The commitment demonstrated by the partners is unwavering. Mr. Iyad Joudeh, Chairman of the Palestine Investment Fund, emphasized the importance of strategic investments in energy, stating, “Despite the complex economic and political challenges, PIF continues to pursue strategic investments. Renewable energy emerges as a national strategic choice, offering practical solutions to the challenges of energy security.” This sentiment resonates with the urgency of developing a resilient economy that can withstand external pressures.

In addition to Mr. Joudeh's remarks, Mr. Tarek Aggad of APIC articulated the necessity of investing in renewable energy as a national obligation. He remarked, “Palestine has a strong potential in solar energy… we aim to transform our natural resources into productive projects that generate added value and create jobs.” This partnership not only seeks to harness local resources but also aspires to drive social and economic development across the region.

The establishment of Taqa marks a significant milestone in Palestine's journey toward energy independence and sustainability. By aligning the efforts of leading Palestinian institutions, this initiative reflects a shared vision for a cleaner, more resilient energy future that benefits the entire society. With a focus on renewable energy, Taqa is set to deliver long-term economic, environmental, and social benefits, paving the way for a brighter tomorrow for Palestine.