NEWS

Wa’ed startup grants hit over $5.6m after third roadshow event

Author: Wed, 2021-10-06 14:21 Wa’ed, the entrepreneurship arm of Aramco, has poured more than SR21 million ($5.6 million) into Saudi-based startups on its third national roadshow stop in Jeddah.   The event follows two previous stops held in Al-Jubail and Yanbu industrial cities,...

Foreign investments in Tadawul rise 14% to $4.53bn

Wed, 2021-10-06 15:10 RIYADH: Foreign investments in Saudi Arabia’s main stock market Tadawul rose 14 percent to SR17 billion ($4.53 billion) as compared to SR14.9 billion during the same period in 2020. Total foreign purchases hit SR134.56 billion during the nine...

IMF trims global GDP growth forecast to below 6%: Economic wrap

Author: Wed, 2021-10-06 14:56 RIYADH/CAIRO: The International Monetary Fund on Tuesday revised its global GDP growth forecast to below 6 percent citing several risks including debt and infaction. IMF Managing Director Kristalina Georgieva, however, said the main obstacle is the “great vaccination...

APICORP’s debut green bonds raise $750m

Author: Wed, 2021-10-06 14:28 RIYADH: The Arab Petroleum Investments Corp., a multilateral development financial institution focused on the energy sector, raised $750 million from its debut green bonds, said a statement issued by the company. The US-denominated five-year benchmark issuance was nearly three...

Struggling tourism and slow vaccination rollout threaten Egypt’s economic recovery: Capital Economics

Author: Wed, 2021-10-06 16:25 Egypt has been on a steady course of recovery from last year’s recession, but struggling tourism and a slow vaccine rollout remain key threats, Capital Economics said in a report today. The economic research company nevertheless predicts that the Egyptian...

Rising oil prices push Saudi stock market up

Author: Wed, 2021-10-06 17:03 RIYADH: Saudi Arabia’s stock market edged up to its highest in nearly 14 years on Wednesday as oil prices rose. Oil hit a multi-year high above $83 a barrel, supported by an OPEC+ refusal to ramp up production...

Irish companies eye energy, food and fintech investments in Saudi Arabia visit

Wed, 2021-10-06 16:39 RIYADH: Irish businesses visiting the Kingdom this week have been discussing Irish-Saudi trade worth over $1 billion a year, as well as potential new investment opportunities in food, agriculture, and financial technology. A trade delegation was briefed on Tuesday at...

Knight Frank forms Saudi-focused property consultancy team

Author: Wed, 2021-10-06 09:22 DUBAI: London-based consultancy firm Knight Frank has created a retail team to advise Saudi Arabia-based clients, in a bid to take advantage of the Kingdom’s growing real estate scene.  The retail consultancy team will handle Kingdom-based landlords and organizations on the...

UAE-based crypto trading platform BitOasis eyes MENA expansion after $30m funding

Author: Wed, 2021-10-06 09:32   DUBAI: UAE-based BitOasis has secured $30 million in its latest funding round, as the company ramps up efforts to support the cryptocurrency ecosystem in the Gulf state.  The Series B round was led by Chicago-based VC firm Jump...

Bitcoin hits $50k for first time in four weeks: Market wrap

Author: Tue, 2021-10-05 23:16 RIYADH: Bitcoin, the world's largest cryptocurrency by market value, rose above the $50,000 level for the first time in four weeks on Tuesday, adding to a series of gains since the start of October. The cryptocurrency fell below...
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