Saudi Algosaibi group gets court approval on $28bn debt settlement

Saudi Algosaibi group gets court approval on $28bn debt settlement
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Updated 16 September 2021

Saudi Algosaibi group gets court approval on $28bn debt settlement

Saudi Algosaibi group gets court approval on $28bn debt settlement

RIYADH: Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has received approval from a Saudi court on its settlement plan with 95 percent of its creditors — officially closing down the largest family debt case in the history of Saudi Arabia.

The group has finally settled the claims on the debt that totaled SR28 billion, after receiving court ratification this morning, AHAB's chief restructuring officer Simon Charlton told Arab News.

AHAB had reached the agreeement under Saudi Arabia’s new bankruptcy law, which allows creditors to vote on the debt settlement plan. 

Executive board member Samah Algosaibi said: “We are glad about the court's approval of the financial reorganisation proposal.”

She added: “We were always sure that patience, steadfastness, commitment to transparency and hard work would pay off.

“The Kingdom issuance bankruptcy law had the most significant impact that made this end possible, leading to the settlement of all the company's debts with a precise mechanism and a different regulatory framework that guarantees the creditors their rights and preserves the continuity and activity of the group.

“Our message is one of steadfastness and hope for everyone who finds himself in such circumstances, and we look forward to completing the process of building and advancing businesses.”


Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline
Updated 6 sec ago

Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline

RIYADH: Aqaba Special Economic Zone Authority and Fly Aqaba on Sunday signed a joint Saudi-Jordanian investment agreement to establish a privately-owned airline with a capital of $20 million, Reuters reported quoting Petra.

The airline will be have its headquarters in the city of Aqaba.


Market’s ‘negative’ response to Saudi Building Code is temporary

Market’s ‘negative’ response to Saudi Building Code is temporary
Updated 34 min 12 sec ago

Market’s ‘negative’ response to Saudi Building Code is temporary

Market’s ‘negative’ response to Saudi Building Code is temporary

RIYADH: The recently amended and implemented Saudi Building Code has slowed down the market, but experts and stakeholders see this downturn as a transitory period.

Ali Al-Saif, CEO of Tabuk Cement Co., said the negative impact is temporary and once the sector overcomes teething issues, the new regulations will have a positive impact on the construction sector.

Saudi Arabia’s Commerce Ministry amended the code last Friday to streamline the mechanism governing penalties against violators. It came into effect on Oct. 15, according to Umm Al-Qura newspaper. 

SBC National Committee General Secretary Saad bin Shuail told CNBC Arabia in an interview that the effective implementation of the amended code would guarantee the quality of buildings and construction work.


Subscription for Egypt’s e-finance IPO closes

Subscription for Egypt’s e-finance IPO closes
Updated 40 min 47 sec ago

Subscription for Egypt’s e-finance IPO closes

Subscription for Egypt’s e-finance IPO closes
  • The state-owned company is offering 1.61 percent of its shares to the public, or 25.78 million

DUBAI: The subscription period for the initial public offering of Egypt’s e-finance for Digital and Investments ended on Sunday.

The period started on Oct. 10, with a maximum price of $0.89 per share. 

The state-owned company is offering 1.61 percent of its shares to the public, or 25.78 million, in the transaction that is expected to reach 3.6 billion Egyptian pounds ($229 million).

Last week, e-finance raised the percentage of the institutional offering to 23.5 after a strong demand for subscription. 


Major Saudi retailers expect better days as Kingdom removes pandemic rules

Major Saudi retailers expect better days as Kingdom removes pandemic rules
Updated 49 min 21 sec ago

Major Saudi retailers expect better days as Kingdom removes pandemic rules

Major Saudi retailers expect better days as Kingdom removes pandemic rules
  • The government announced last week it will lift social distancing measures in public places, allow double-vaccinated residents to now wear masks

DUBAI: Saudi retail giants BinDawood and Arabian Centers are expecting better days ahead following the government’s easing of pandemic-related restrictions, including allowing establishments to operate at full capacity. 

The government announced last week it will lift social distancing measures in public places, allow double-vaccinated residents to now wear masks, and reopen holy sites for full capacity attendance. 

These rules will allow retail establishments to double down on efforts to recover from the months-long limited mobility for people, which affected their businesses. 

BinDawood Holding will particularly benefit from the new policy because of its presence in Makkah and Madinah.

“While difficult to estimate the size of the impact at present, the ease of social distancing restrictions and the expected return of Umrah pilgrims to Makkah and Madinah is expected to significantly positively impact the Company's financial results next quarter,” it said in a bourse filing. 

BinDawood has a total of eight stores in the two holy cities. 

Mall operator Arabian Centers also welcomed the new policy, announcing the return to operate with full capacity in all of its sites. 

It said the lifting of social distancing measures will “contribute in increasing the number of visitors to the Company’s commercial centers, which will positively affect their occupancy rates.”


China to keep up scrutiny of internet sector

China to keep up scrutiny of internet sector
Updated 17 October 2021

China to keep up scrutiny of internet sector

China to keep up scrutiny of internet sector

BEIJING: China will continue its scrutiny of the internet sector, rooting out practices including the blocking of site links by rival platforms and ensuring smaller players have room to develop, its industry minister said in an interview published on Sunday.

China has been engaged this year in a sweeping campaign across regulators to rein in its massive and free-wheeling online economy, led by giants Alibaba Group Ltd., Tencent Holdings Ltd. and others.

In July, the Ministry of Industry and Information Technology launched a six-month regulatory campaign aimed at tackling issues including disrupting market order, infringing on the rights of users, compromising data security and bombarding users with pop-up windows that could not be closed.

“Currently, corporates have increased their awareness of compliance, and some outstanding problems have been solved preliminarily,” Xiao Yaqing, China’s industry and information minister, told the official Xinhua news agency.

He said that the blocking of rivals’ links had been resolved, while uncloseable pop-ups had mostly been eliminated.

Xiao said the ministry will work with other government departments and the industry to ensure more space for the development of small- and medium-sized firms in the sector.