Gold recovers after slide below $1,200

Gold recovers after slide below $1,200
Updated 16 February 2016

Gold recovers after slide below $1,200

Gold recovers after slide below $1,200

LONDON: Gold rose on Tuesday, snapping two days of losses and recovering from an early dive below $1,200 an ounce, as a retreat in stock markets from earlier highs boosted interest in the metal as a haven from risk.
Spot gold was up 0.2% at $1,211.76 an ounce at 1302 GMT. It earlier fell as low as $1,190.40, having shed 2.3 percent on Monday, its biggest one-day loss since mid-July.
Gold hit a one-year high of $1,260.60 last week as worries over the global economy prompted heavy selling of assets seen as higher risk, such as stocks and cyclical commodities.
Heightened stock market volatility and fears that a slowdown in China could spill into the wider markets have led investors to cut the number of interest rate increases they expect from the US Federal Reserve this year.
US gold futures for April delivery were down 2.2 percent from late on Friday at $1,212.30. US markets were closed on Monday for Presidents’ Day.


Saudi fintech startup secures $1.2m seed funding

Saudi fintech startup secures $1.2m seed funding
Updated 8 min 30 sec ago

Saudi fintech startup secures $1.2m seed funding

Saudi fintech startup secures $1.2m seed funding
  • The Kingdom has proved to be a fruitful market for investment in startups

RIYADH: A Saudi financial technology company has raised $1.2 million in seed funding.

Hakbah’s success comes six months after the Riyadh-based startup received regulatory approval from the Saudi Central Bank (SAMA) to operate in the Kingdom.

The specific investors behind the financing have not been revealed.

Founded in late 2018 by Naif AbuSaida, Hakbah specializes in alternative saving and savings groups.

On its LinkedIn profile, the firm describes its mission “is to digitize financial habits by developing innovative savings products that help increase financial inclusion, support a non-cash society, and bridge the gender gap in savings.”

Hakbah graduated from the DIFC Fintech Accelerator Program 2019 in Dubai.

The Kingdom has proved to be a fruitful market for investment in startups. Saudi Arabia recorded a 35 percent year-on-year increase in the number of investment deals in the technology startup sector last year, according to a new industry report.

A study by data research platform Magnitt found that the Kingdom accounted for 18 percent of the 496 investment deals throughout the Middle East and North Africa (MENA) region last year.

Saudi Arabia, the UAE, and Egypt were the largest markets, accounting for 68 percent of total deals. However, while the Kingdom saw the number of investment deals increase by more than one-third, the UAE and Egypt witnessed volume decreases of 17 percent and 10 percent, respectively.

When it came to the monetary value of the deals, Saudi Arabia recorded a surge of 55 percent year-on-year to $152 million.

Nabeel Koshak, CEO at Saudi Venture Capital Co., said: “Saudi Arabia is witnessing an increase in the quality and quantity in the deal flow of startups. I am thrilled by the distinguished entrepreneurs who are creating fast growth and scalable startups.

“Despite the slowdown of (the coronavirus disease) COVID-19, Saudi Arabia saw a record increase in venture capital funding (55 percent) in 2020 compared with 2019.”

In its predictions for this year, Magnitt forecast that Saudi Arabia would overtake Egypt by total number of investments and capital deployed and become second only to the UAE in the rankings.