Saudi ministry launches initiative to implement global financial practices in govt entities

Saudi ministry launches initiative to implement global financial practices in govt entities
Short Url
Updated 19 September 2021

Saudi ministry launches initiative to implement global financial practices in govt entities

Saudi ministry launches initiative to implement global financial practices in govt entities

RIYADH: Saudi Arabia’s Finance Ministry on Sunday launched an initiative to ensure implementation of the latest global financial practices in the government sector to increase its efficiency in line with the Vision 2030, said a ministry statement.
Prior to the launch of the Financial Control and Support and Development Initiative, the ministry launched a self-assessment pilot program on selected government entities, it said.
The pilot project conducted field studies on the feasibility of self-assessment tools in government entities. The project sought to assess the efficiency of the entities’ internal control systems, level of transparency, and overall control measures.
The program aims to strengthen financial control procedures, improve governance, and switching to automation.


Retail offering of 10m shares in stc starts today 

Retail offering of 10m shares in stc starts today 
Updated 18 sec ago

Retail offering of 10m shares in stc starts today 

Retail offering of 10m shares in stc starts today 

RIYADH: Retail investors can subscribe to buy some of the 10.02 million shares being offered in the Saudi Telecom Company on Tuesday Dec. 7 and will end on Dec. 8.

The company will allocate 10 percent of the offering to retail investors while the remaining 90 percent, representing 90.18 million shares, will be allocated to institutional investors.

The number of retail investors’ shares and the share ratio will be announced after completing the book-building process and announcing the final offering price.

The offering comprises a fully marketed secondary public offering of 100.2 million shares in stc, representing 5.01 percent of its share capital owned by the Public Investment Fund.

The price range has been set between SR100 ($26.66) and SR116 per share.

The PIF and stc announced the launch of a secondary public offering of stc’s ordinary shares on Dec. 5.

Institutional investors’ subscription began on Dec. 5, and will continue until Dec. 9.


Lawsuit loss forces Uber UK business model reform 

Lawsuit loss forces Uber UK business model reform 
Image: Shutterstock
Updated 11 min 4 sec ago

Lawsuit loss forces Uber UK business model reform 

Lawsuit loss forces Uber UK business model reform 

JEDDAH: Uber and some of its rivals will have to change their business models in the UK after losing a court battle, re-classifying its drivers as workers.

The company is also required to give its drivers access to vacation pay, rest breaks and minimum wage while they’re using the app.

The partly PIF-owned firm is also now required to sign a direct contract with passengers when providing car journeys, according to Bloomberg.

The European Union is following the UK to push for app drivers to be considered as employees rather than self-employed.

This could cost the sector a 4.5 billion euros ($5.1 billion)  a year, Bloomberg reported.


Abu Dhabi chemical company, India’s Reliance form $2bn production JV

Abu Dhabi chemical company, India’s Reliance form $2bn production JV
Updated 15 min 38 sec ago

Abu Dhabi chemical company, India’s Reliance form $2bn production JV

Abu Dhabi chemical company, India’s Reliance form $2bn production JV

Abu Dhabi state-owned Chemicals Derivatives Co., TA’ZIZ, and Indian conglomerate Reliance Industries have agreed to start a more than $2 billion chemical production partnership in Ruwais, Abu Dhabi, the chemicals company said in a statement on Tuesday.

The joint venture, called TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride and polyvinyl chloride production facility, it said.

The JV aims to export the materials to target markets in Southeast Asia and Africa as well as selling them domestically.

“Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally,” TA’ZIZ said.

TA’ZIZ was formed last year, also as a joint venture, by Abu Dhabi National Oil Co. and Abu Dhabi state-owned holding company ADQ, which own 60 percent and 40 percent respectively.

“India’s need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies,” TA’ZIZ quoted Reliance’s billionaire chairman Mukesh Ambani as saying.

TA’ZIZ said in November last year it had chosen potential investment projects worth over $5 billion in the planned Ruwais Derivatives Park, for the development of which the JV is meant to act as a catalyst.

The project is Reliance’s first investment in the Middle East and North Africa region, TA’ZIZ said.


Zimbabwe's Central Bank studies digital currency, rejects cryptocurrency

Zimbabwe's Central Bank studies digital currency, rejects cryptocurrency
Image: Shutterstock
Updated 25 min 49 sec ago

Zimbabwe's Central Bank studies digital currency, rejects cryptocurrency

Zimbabwe's Central Bank studies digital currency, rejects cryptocurrency
  • The country plans to send a team to Nigeria to learn from their experiences

RIYADH: Zimbabwe's Central Bank is exploring using its own digital currency instead of allowing cryptocurrency as legal tender, its Governor John Mangudya told Bloomberg.

“As a central bank we don’t believe in cryptocurrencies,” Mangudya said in an interview on Monday.

“We believe in central bank digital currency which is basically trying to say how do we have an e-Zimbabwe dollar as opposed to cryptocurrency,” he said.

The country plans to send a team to Nigeria to learn from their experiences in launching the first digital currency in Africa in October.

“We have got our fintech group and they are working very hard, most central banks in the world are working on this CBDC and we are definitely almost there," he said.

The government decided to pay annual bonuses to civil servants in US dollars rather than the local currency. Use of the Zimbabwean dollar would have increased its recent decline. 

The government paid annual bonuses to civil servants in US dollars instead of the Zimbabwean dollar. Using the latter could have added to its recent depreciation, according to Mangudya.


Korean bioscience firm tops list of world’s best-performing IPO in 2021: Bloomberg

Korean bioscience firm tops list of world’s best-performing IPO in 2021: Bloomberg
Updated 27 min 24 sec ago

Korean bioscience firm tops list of world’s best-performing IPO in 2021: Bloomberg

Korean bioscience firm tops list of world’s best-performing IPO in 2021: Bloomberg

RIYADH: South Korean SK Bioscience Company has topped the list of the world’s best-performing IPO in 2021 after raising more than $1 billion.

The biopharmaceutical firm, which is a local COVID-19 vaccine production partner with AstraZeneca, led a ranking dominated by listings from its home country, according to an analysis by Bloomberg.

The IPO raised $1.3 billion for SK Bioscience to become the first among five Korean firms that raised more than $1 billion each through public offerings this year, with several tech-related names also surging in their trading debuts, Bloomberg said.

SK Bioscience outperformed two major listings in Shanghai, China Three Gorges Renewables Group and Zhuzhou CRRC Times Electric Co., which are each up more than 140 percent. 

US Affirm Holdings came fourth, followed by South Korean Kakao Pay, and India’s Zomato.