SDF finances 19 projects worth SR2.4bn in 2015

Updated 05 July 2016
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SDF finances 19 projects worth SR2.4bn in 2015

RIYADH: The Saudi Development Fund (SDF) financed 19 development projects worth SR2.45 billion in 2015. Ten of these are in Asia and nine in Africa.
With this, the fund’s total loans and contributions reached SR47 billion to finance 578 development projects and programs since it was formed last year.
Finance Minister Ibrahim Al-Assaf assured that the fund is continuing its activities in 82 countries and especially in Africa and Asia.
He said it financed 19 programs and projects in 2015, which were related to social infrastructure, transport, telecommunications, energy, agriculture and other sectors.
It funded SR2.45 billion taking the total of loans and contributions to SR47 billion to finance 578 development projects and programs since it was formed last year.
He added that the report discovered that in 2015 the export program approved 16 export operations of national commodities at a gross value of SR8.1 billion, and approved, issued and renewed 15 documents as national export guarantees at SR2.6 billion. Since its launch in 2001 and till 2015, it conducted 287 financial operations and guarantees valued at SR48.5 billion.
The report stated that the SDF continues to support development in a number of countries.
The fund signed 19 agreements in the 2015-2016 fiscal with 15 developing countries at SR2.45 billion. Nine of these are in Africa totally valued at SR1.18 billion and 10 projects in Asia at SR1.27 billion.

On the sectoral distribution of temporary loans from the fund, the report showed it contributed to 19 projects and development programs worth SR2.45 billion in 2015. The energy sector got the biggest share with three projects at SR758.75 million at 30.92 percent followed by the transport and telecommunication sector of seven projects at SR647.25 million, or 26.37 percent. This is followed by the other sectors at SR611.25 million, or 24.91 percent.
The social infrastructure sector has five projects, two of them in health, one in education, and two in housing and urbanization at SR343.12 million, or 13.98 percent, amounting to 3.82 percent of the gross contributions of the fund.
Joint financing of loans in 2015 was done in 10 projects across 10 developing countries totaling SR1.48 billion, according to Al-Hayat.


Twitter triples first-quarter profit to $191 million

Updated 23 April 2019
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Twitter triples first-quarter profit to $191 million

  • Profits in the first quarter hit $191 million, compared with $61 million a year earlier
  • The longstanding metric of monthly active users was 330 million in the January-March period

WASHINGTON: Twitter said Tuesday its profits tripled in the past quarter even as it ramped up efforts to root out abuse and misconduct on its short messaging platform.
Profits in the first quarter hit $191 million, compared with $61 million a year earlier, while revenues increased 18 percent to $787 million.
Twitter’s global user base appeared to show modest growth even as the company transitions to a different way of measuring it.
The longstanding metric of monthly active users was 330 million in the January-March period, an increase of nine million from the past quarter but down slightly from a year ago.
But Twitter no longer will use that measure, switching instead to “monetizable” daily active users — 134 million in the past quarter, up from 120 million last year.
Chief executive Jack Dorsey said Twitter is benefiting from its moves to root out abusive and inauthentic content that had hurt Twitter’s reputation.
“We are taking a more proactive approach to reducing abuse and its effects on Twitter,” said Dorsey.
“We are reducing the burden on victims and, where possible, taking action before abuse is reported.”
He added that Twitter aims to become “more conversational” and has launched a prototype for a new app called “twttr,” with the goal of “making conversation on Twitter feel faster, more fluid and more fun.”