Bitcoin loses momentum, as more players enter NFT space: Market wrap

Bitcoin loses momentum, as more players enter NFT space: Market wrap
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Updated 31 August 2021

Bitcoin loses momentum, as more players enter NFT space: Market wrap

Bitcoin loses momentum, as more players enter NFT space: Market wrap
  • Bitcoin, the leading cryptocurrency, traded lower on Monday, falling by 0.91 percent to $47,857.75

RIYADH: Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Tuesday, falling by 1.57  percent to $47,115.50 at 9:16 a.m Riyadh time. Ether, the second most traded cryptocurrency, traded at $3,237.88, up by 2.51 percent, according to data from CoinDesk.

Despite losing momentum after weeks long rally; the cryptocurrencies are fast gaining acceptability with different financial players announcing plans to adopt different digital currencies.

Cryptocurrency exchange KuCoin announced that it registered more than 2 million new users in the second quarter, an increase of 1,144 percent over the previous quarter and 709 percent more than Q2 of 2020.

It said that the average daily transaction volume for KuCoin grew by 791 percent to $4.3 billion, with more than half of traders using its mobile app.

Although the number puts it below Binance, Coinbase, Huobi Global, and FTX, it is still among the largest cryptocurrency exchanges in the world.

In view of meeting the increasing demand, KuCoin launched local services in the region. Latin America saw the largest growth in new users at 172 percent compared to Q1 followed by Africa 130 percent, and Asia 67 percent.

Standard Chartered International Banking Group (SC) and Hong Kong-listed fintech services company Linklogis Inc. are creating Olia, a blockchain-based trade finance platform.

The Olea platform will focus on connecting institutional investors to businesses that require supply chain financing by leveraging blockchain technology and artificial intelligence, according to a press release issued on Monday.

The platform also aims to give investors access to investment options to obtain returns in line with their risk profiles and seeks to be operational by the end of 2021 as it awaits regulatory approval.

Nasdaq-listed crypto miner The9 has announced that it is entering the NFT space, with a “trading and community platform” to launch in Q4.

The Shanghai-based company said in a press release that the platform, dubbed NFTSTAR, will display artworks by international celebrities in sports, entertainment, the arts and other industries.

According to the owners of Dolle Mol cafe and bar in central Brussels, they have started accepting cryptocurrency as a payment option.


MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom

MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom
Updated 8 sec ago

MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom

MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom

RIYADH: The Saudi Authority for Industrial and Technology Zones, known as MODON, signed on Sunday a contract with a company to manufacture prosthetics in the Kingdom.

The first factory to manufacture prosthetics in Saudi Arabia will be established in Asir Industrial City, the Saudi Press Agency reported.

Qusai Al-Abdulkarim, a spokesman for MODON, said the establishment of the facility is a valuable addition to Saudi Arabia and it is in line with Vision 2030.

The factory, to be established with an investment of SR40 million, aims to localize manufacture of prosthetics in the Kingdom. It seeks to meet 20 percent of the local demand in the first phase of its operations. It aims to expand its operation to export Saudi products to other countries.


MGI: Charting a regional road map for sustainable living

MGI: Charting a regional road map for sustainable living
Updated 16 min 18 sec ago

MGI: Charting a regional road map for sustainable living

MGI: Charting a regional road map for sustainable living
  • Saudi initiatives demonstrate Kingdom’s willingness to address environmental challenges

RIYADH: The final event of the Saudi Green Initiative, the Middle East Green Initiative, is taking place today to create a sustainable road map for the region and highlight green transition, green policy solutions, the finance sector’s contribution to the goals of the SGI as well as insight from an international perspective. 

It will be attended by several heads of state, with key speakers including Crown Prince Mohammed bin Salman, US Special Presidential Envoy for Climate John Kerry, UN Deputy Secretary Amina Mohammed,  BlackRock CEO Larry Fink, HSBC Group Chief Executive Noel Quinn, and André Esteves, senior partner, BTG Pactual, Brazil.

Earlier this year, the crown prince highlighted that the Saudi and the Middle East green initiatives are a continuation of the environmental efforts in the Kingdom over the past few years in line with Saudi Vision 2030. 

The two initiatives demonstrate the Kingdom’s strong willingness to address the environmental challenges it has faced, from increase in temperatures and dust waves to low levels of rain and desertification.

The SGI and MGI are also aiming to collectively plant 50 billion trees as well as propel the Middle East region toward achieving more than 10 percent of global carbon emissions reduction targets.

The SGI aims to reach net zero emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060.

Saudi Arabia said the transition to net zero carbon emissions “will be delivered in a manner that preserves the Kingdom’s leading role in enhancing the security and stability of global energy markets.”

Announcing a plan to reach net zero in carbon by 2060, Crown Prince Mohammed bin Salman on Saturday said the move was in line with the Kingdom’s development plans, “while preserving and reinforcing its leading role in the security and stability of global energy markets.”

The Kingdom has pledged to double the amount of carbon it will cut in its domestic economy, removing 278 million tons of the pollutant pr year by 2030.

“As a region, we have always had to live with harsh climate conditions and we will have to continue to innovate in both mitigation and adaptation,” said Dr. Sultan bin Ahmed Al-Jaber, at a forum on COP26 in Riyadh. 

“The UAE highly commends the leadership and the people of Saudi Arabia, particularly the youth, for such a landmark, bold and long-term strategic initiative. It represents a paradigm shift in ambition for this region,” the minister said.

The SGI aims to raise vegetation cover, reduce carbon emissions, combat pollution and land degradation, and preserve marine ecosystems. 

 


STC Solutions signs $53.66m NEOM data centre contracts

STC Solutions signs $53.66m NEOM data centre contracts
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Updated 24 October 2021

STC Solutions signs $53.66m NEOM data centre contracts

STC Solutions signs $53.66m NEOM data centre contracts

RIYADH: The Arabian Internet and Communications Services Co. (Solutions by STC) on Sunday signed several contracts with the Saudi Telecom Company to build a modern data center in NEOM, according to a stock exchange filing.

The contracts, valued at SR201.3 million, will contribute to the establishment of the data center’s infrastructure, cloud platform and other applications.

The project aims to design and build digital solutions for NEOM Telco Park’s digital platform as well as data center support starting from the concept to project delivery. 

It also includes data center campus enablement, system integration, infrastructure services, and physical security solutions, digital platform enabling NEOM to provide private cloud services to its customers, solutions and technology maintenance and support.

The project delivery and implementation will be within one year starting from the contract signing date, involving support services for three years.


Bank shares lead 0.77% TASI fall: Market wrap

Bank shares lead 0.77% TASI fall: Market wrap
Updated 24 October 2021

Bank shares lead 0.77% TASI fall: Market wrap

Bank shares lead 0.77% TASI fall: Market wrap

RIYADH: Declining bank shares led a fall of the Tadawul All-Share Index, which was down 91 points on Sunday, or 0.77 percent, closing at 11,848,05 points.

221.4 million of shares changed hands in 323,000 deals.

Al Rajhi Bank fell 3 percent to SR137.80, amid trading of about four million shares, The bank’s net profit for Q3 2021 increased 43 percent year-on-year to SR3.794 billion.

Riyad Bank, Banque Saudi Fransi, Sulaiman Al Habib, Bank Albilad, Almarai, Maaden, Arab National Bank and Thob Al Aseel declined between 1 percent and 3 percent.

Dallah Health Services Company obtained a long term, Sharia-compliant 10-year bond financing from Al-Rajhi Bank, with a value of SR900 million to support the company's strategic plan for future acquisitions and expansions, according to a filing.

The parallel Nomu index decreased by 225.2 points, or 0.95 percent, to close at 23,505.27 points. The liquidity amounted to about SR18.4 million.

Yanbu Cement slumped 2 percent to SR38, The cement producer reported earlier a net profit of SAR 36.4 million in Q3 2021, a fall of 56 percent Year on year. 


Telecom Egypt to obtain $500 financing from 11 banks

Telecom Egypt to obtain $500 financing from 11 banks
Updated 24 October 2021

Telecom Egypt to obtain $500 financing from 11 banks

Telecom Egypt to obtain $500 financing from 11 banks
  • The banks involved in the transaction include First Abu Dhabi Bank, Mashreq Bank, Bank of Jordan, and the Arab Bank of Bahrain

Telecom Egypt has signed a financing agreement with 11 allied banks to obtain a $500 million medium-term syndicated loan. 

The banks involved in the transaction include First Abu Dhabi Bank, Mashreq Bank, Bank of Jordan, and the Arab Bank of Bahrain. 

“International Financial Institutions trusted us in the past three years, and it enabled Telecom Egypt to obtain a syndicated loan again estimated at EGP7.8 billion ($500 million),” Adel Hamed, director and chief executive officer of Telecom Egypt, said.