Bahrain seeks private partners for metro project

Bahrain seeks private partners for metro project
Bahrain’s rail project will consist of a 109-kilometer rail-based urban transit network across four transit lines, which will be built in phases. (AFP file photo)
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Updated 23 February 2021

Bahrain seeks private partners for metro project

Bahrain seeks private partners for metro project
  • Planned 109km rail-based urban network will operate across 4 transit lines

DUBAI: Bahrain’s Ministry of Transportation and Telecommunications (MTT) has launched a new procurement process, part of its bid to attract private support for its plans to build a metro network for the island’s residents.

The ministry is seeking backing from regional and global companies as part of a public private partnership (PPP) to build a state-of-the-art, fully automated, driverless public metro system.

Officials will host a Global Market Virtual Sounding Forum in the first week of March to introduce the project and gauge interest from potential partners. Consultancy firm KPMG will be the financial, technical, and legal adviser on the venture.

The project will consist of a 109 km rail-based urban transit network across four transit lines, which will be built in phases. The first phase will comprise two lines with an estimated length of 28.6 km and including 20 stations with two interchanges. The two lines will connect key focal points such as Bahrain International Airport and major residential, commercial, and school locations.

Eng. Kamal bin Ahmed Mohammed, Bahrain’s minister of transportation and telecommunications, said: “The ministry is looking to collaborate with the private sector on a public private partnership basis to encourage innovation, create efficiencies, and provide the best value for money for this project.

“This approach is reflective of our leadership’s commitment to enable the private sector’s active participation in the economy with the government acting as a facilitator and regulator.”

Appetite for the use of public transport certainly exists as the Daily Tribune newspaper reported there was a 150 percent surge in the use of Bahrain’s bus services last year. It is planned that the bus network will act as a feeder service for the metro when it is complete.

The Bahrain metro project is the latest in the country’s plans for $32 billion worth of largescale infrastructure projects.


Fashion firm Rent the Runway aims for nearly $1.3bn valuation in U.S. IPO

Fashion firm Rent the Runway aims for nearly $1.3bn valuation in U.S. IPO
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Updated 7 sec ago

Fashion firm Rent the Runway aims for nearly $1.3bn valuation in U.S. IPO

Fashion firm Rent the Runway aims for nearly $1.3bn valuation in U.S. IPO
  • Rent the Runway plans to sell 15 million shares priced between $18.00 and $21.00 apiece in its IPO

Rent the Runway is aiming for a valuation of nearly $1.3 billion in its U.S. initial public offering, as the fashion rental company looks to cash in on the rising interest in pre-owned clothing.


The company, founded in 2009, lets users rent and shop second-hand clothes and accessories such as handbags and jewelry in over 18,000 styles from more than 750 designer brands. It also allows customers to rent and shop home goods.


Rent the Runway plans to sell 15 million shares priced between $18.00 and $21.00 apiece in its IPO, raising $315 million, according to a filing.


Earlier this month, the Brooklyn, New York-based company disclosed a near 39 percent drop in revenue for the fiscal year 2020. Its top line also took a hit in the first half of this fiscal year, with revenue down 9 percent for the period ended July 31.


Rent the Runway said its active subscribers more than doubled to 111,732 in the first nine months of 2021.


Demand for second-hand clothes has jumped in recent months as customers become increasingly conscious about their carbon footprint, boosting revenues at styling service Stitch Fix and online resale shop ThredUp.


Goldman Sachs & Co, Morgan Stanley and Barclays are the lead underwriters for the offering. Rent the Runway will list its stock on the Nasdaq under the symbol "RENT".


Bitcoin nears record high ahead of futures ETF listing

Bitcoin nears record high ahead of futures ETF listing
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Updated 22 min 45 sec ago

Bitcoin nears record high ahead of futures ETF listing

Bitcoin nears record high ahead of futures ETF listing
  • ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO

Bitcoin hit a six-month high and was within striking distance of a record on Tuesday as traders bet an anticipated listing of a futures-based U.S. exchange traded fund could herald investment flows into bitcoin and cryptocurrency assets.


Bitcoin, the world's biggest cryptocurrency by market value, rose as far as 1.5 percent during the Asia session to $62,991, its strongest level since the record peak of $64,895 in April.


It is up some 40 percent in October on hopes that the advent of bitcoin exchange traded funds (ETF), of which several are in the works, will allow billions of dollars managed by pension funds and other institutional investors to flow into the sector.


ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO, provided the U.S. regulator, the Securities and Exchange Commission, does not object.


Analysts cautioned that the fund will not invest directly in bitcoin - rather in Chicago-traded futures - and so may not have any immediate implications for flows. But speculators have been wagering its launch is a positive signal for spot prices anyway.


Bitcoin futures rose on Tuesday, last trading at $62,690, and spot prices could rise if cash keeps flowing in, said cryptocurrency analysts at Arcane Research.


"This could lead to more constant buying pressure on CME, causing the open interest to rise. This will attract more cash and carry opportunities, leading to buying pressure in the spot market," they said in a note.


Crypto ETFs have launched this year in Canada and Europe amid surging interest in digital assets. VanEck and Valkyrie are among fund managers pursuing U.S.-listed ETF products, although Invesco on Monday dropped its plans for a futures-based ETF.


The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF and Grayscale, the world's largest digital currency manager, is planning to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF, CNBC has reported.


ProShares ETF is set to begin trade on Tuesday after a 75-day period during which the SEC could object to its listing elapsed on Monday.


Ether the second-largest cryptocurrency, has tracked bitcoin's rise and also traded firmly on Tuesday. It was last up 1.2 percent at $3,790.
 


ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 
Updated 19 October 2021

ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

ACWA Power among bidders of 1,200 MW Saudi renewable energy projects 

RIYADH: The Saudi Ministry of Energy announced the list of candidates for bids received from developers, participating in the third phase of renewable energy projects in the Kingdom, consisting of four independent generation projects (IPP) for solar photovoltaic energy with a total capacity of 1200 MW.

French Total Solar and ACWA Power are both candidates for the Wadi Al-Dawasir project with a capacity of 120 MW, while ACWA Power and AlFanar Energy Company are candidates for the Laila project with a capacity of 80 MW, under Category A.


What is the future of food? Dubai forum talks answers

What is the future of food? Dubai forum talks answers
Updated 19 October 2021

What is the future of food? Dubai forum talks answers

What is the future of food? Dubai forum talks answers
  • The UAE’s Minister of Climate Change and Environment Mariam bint Al-Mheiri is opening the first day of the 2-day forum

DUBAI: High-profile personalities in the food and beverage sector gathered at the Dubai Exhibition Center on Tuesday to talk about the future of food. 

The UAE’s Minister of Climate Change and Environment Mariam bint Al-Mheiri is opening the first day of the 2-day forum addressing government efforts in supporting manufacturers. 

Other top executives — from organizations such as Pepsico, Kellogs, and Agthia — will also take the stage to answer questions in food sustainability, supply chain challenges, and other crucial topics in the region’s F&B scene. 


Saudi holdings of US treasury bills fell to lowest in 14 months

Saudi holdings of US treasury bills fell to lowest in 14 months
Updated 19 October 2021

Saudi holdings of US treasury bills fell to lowest in 14 months

Saudi holdings of US treasury bills fell to lowest in 14 months

RIYADH: Saudi Arabia's holding of US Treasury securities decreased by the end of August to $124.1 billion, the lowest since May 2020, according to new data from the US government.

The Saudi holdings in August were down by 3.1 percent or $4 billion compared to the previous month.

The holdings declined by 4.5 percent equivalent to $5.9 billion on an annual basis, compared to August 2020, the data showed.