PIF lender SRC acquires new housing portfolio from Banque Saudi Fransi

PIF lender SRC acquires new housing portfolio from Banque Saudi Fransi
A common residential area built above on the desert near the corniche park in the Dammam, Saudi Arabia (Shutterstock)
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Updated 26 September 2021

PIF lender SRC acquires new housing portfolio from Banque Saudi Fransi

PIF lender SRC acquires new housing portfolio from Banque Saudi Fransi
  • It follows other partnerships with banks and real estate finance companies in the Kingdom
  • The company expects the acquisition to provide “long-term liquidity to the housing market”

DUBAI: The Saudi Real Estate Refinance Company has signed its second housing finance portfolio purchase with Banque Saudi Fransi.

The company, which is wholly owned by the Public Investment Fund, expects the acquisition to provide “long-term liquidity to the housing market.”

“We have illustrated to primary originators in the Kingdom the crucial role we play in developing the housing market and supporting their businesses through liquidity and risk management solutions,” SRC chief Fabrice Susini said.

It follows other partnerships with banks and real estate finance companies in the Kingdom, as SRC seeks to promote stability in the real estate finance market. 

“SRC has played a vital role in ensuring that the Vision 2030 housing program objectives are being met and we expect ourselves to play a significant role in this by supporting them,” Rayan Fayez, managing director and chief executive officer of BSF, said.


Goldman Sachs, Freshfields working on possible Porsche IPO: Manager magazin

Goldman Sachs, Freshfields working on possible Porsche IPO: Manager magazin
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Updated 6 sec ago

Goldman Sachs, Freshfields working on possible Porsche IPO: Manager magazin

Goldman Sachs, Freshfields working on possible Porsche IPO: Manager magazin
  • Goldman and Freshfields both declined to comment.

 Investment bank Goldman Sachs and law firm Freshfields are among advisors working on a possible listing of Volkswagen's luxury unit Porsche AG, manager magazin reported on Thursday, without saying where it obtained the information.


Goldman and Freshfields both declined to comment. Volkswagen had no immediate comment.

People familiar with the matter had told Reuters in May that the Porsche and Piech families, who control largest shareholder Porsche SE, are prepared to take a direct stake in Porsche AG should the luxury carmaker be separately listed.


Asked about the idea of a Porsche listing, talk of which has surfaced regularly in recent years, Volkswagen Chief Executive Herbert Diess in July said that while the company continued to review its set-up its battery ramp-up was the priority. 


Oil hits multi-year high above $86, then pulls back

Oil hits multi-year high above $86, then pulls back
Image: Shutterstock
Updated 10 min 55 sec ago

Oil hits multi-year high above $86, then pulls back

Oil hits multi-year high above $86, then pulls back
  • The price of Brent has risen over 60 percent this year

Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched.


Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to a three-year low.

Brent crude rose as high as $86.10, the highest since October 2018, but by 1155 GMT was down 92 cents, or 1.1 percent, to $84.90. U.S. West Texas Intermediate crude fell 74 cents, or 0.9 percent, to $82.68.


"Traders who had set $86 as their selling threshold took the opportunity to already pocket some profit," said Louise Dickson of Rystad Energy. "Oil prices took a dive as a result."


The price of Brent has risen over 60 percent this year, supported by a slow ramp-up in supply by the Organization of the Petroleum Exporting Countries and allies, and a global coal and gas crunch which has driven a switch to oil for power generation.


Oil also came under pressure from a drop in coal and natural gas prices. In China, coal fell 11 percent on Thursday, extending losses this week since Beijing signalled it might intervene to cool the market.


"With coal and gas prices easing and with the relative strength index technical indicators still in overbought territory, the odds of a sharp, but material fall in oil prices are rising," said Jeffrey Halley, analyst at brokerage OANDA.


Even so, some analysts are calling for oil to rally even more as OPEC+ is likely to stick to its plan for gradual output increases while demand is expected to reach pre-pandemic levels.


Rystad said the outlook was bullish for the rest of the year and Giovanni Staunovo of Swiss bank UBS said in a report he expected Brent to trade at $90 in December and March.


Ryanair not sure it will hit 12.5% 2030 sustainable fuel target

Ryanair not sure it will hit 12.5% 2030 sustainable fuel target
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Updated 35 min 28 sec ago

Ryanair not sure it will hit 12.5% 2030 sustainable fuel target

Ryanair not sure it will hit 12.5% 2030 sustainable fuel target
  • O'Leary said he was concerned that increasing use of sustainable aviation fuels could have an upward impact on food prices

Ryanair is not sure it will reach its "very ambitious target" of powering 12.5 percent of its flights with sustainable aviation fuels by 2030, Group Chief Executive Michael O'Leary told CNBC television on Thursday.


But he said Ryanair, Europe's largest low-cost airline, was confident of reaching at least 10 percent and called for the European Union to set a similar target.


"The European Union has set a target of 5 percent of sustainable aviation fuel by 2030," O'Leary told the television station. "We think we can do better than that – I think we'll get to 10 percent."


"Whether we can get to 12.5 percent, I'm not sure, but I know if we don't invest in the research and that technology now, we certainly won't get there," O'Leary said, referring to a target Ryanair set in April.


O'Leary said he was concerned that increasing use of sustainable aviation fuels could have an upward impact on food prices.


FII is now a US-registered international organization: CEO

FII is now a US-registered international organization: CEO
Updated 34 min 45 sec ago

FII is now a US-registered international organization: CEO

FII is now a US-registered international organization: CEO

RIYADH: The head of the Future Investment Initiative Institute (FII) has said that the nonprofit foundation is now an international organization which is registered in the United States.

Speaking in a press conference in Riyadh today, Richard Attias added there are plans to build offices in Asia soon.

The chief executive officer pointed out that to build credibility, the organization must have sponsors. While they are a part of the organization now, he remarked that it was not easy to attract the likes of HSBC and Zoom.

The FII's chief operating officer Rakan Tarabzoni also said the foundation is now independent from the PIF and is focusing on promoting thinking and investments in startups among other areas.


Egypt's non-oil exports rose to $2.56 billion in September

Egypt's non-oil exports rose to $2.56 billion in September
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Updated 21 October 2021

Egypt's non-oil exports rose to $2.56 billion in September

Egypt's non-oil exports rose to $2.56 billion in September
  • This reflects the efforts made by the government to support the production and export sectors during the pandemic

Egypt's non-oil exports saw a significant annual increase during September, recording a 16 percent rise as it reached $2.56 billion compared to $2.12 billion in September 2020.

Nevin Gamea, the Egyptian Minister of Trade and Industry, said the country's imports witnessed a noticeable decline of 7 percent during the month of September, reaching $4.9 billion, compared to $5.29 billion in the same month of last year. 

This contributed to a 24 percent decrease in the trade balance deficit as it stood at $2.3 billion last month, compared to $3.8 billion during September the year prior. 

Gamea explained the positive developments achieved during September come as a continuation of the expanding Egyptian merchandise exports since the beginning of this year — growing by 25 percent during the first nine months of 2021 compared to the same period last year. 

This reflects the efforts made by the government to support the production and export sectors during the pandemic, which contributed to the preservation of the export markets.

She pointed out that Egyptian exports to the European Union increased to $739 million in September, compared to $463 million during the same period last year.

Exports to the United States experienced a 52 percent rise to reach $205 million, compared to $135 million during the same period last year. Exports to African countries — excluding Arab countries — rose by 31 percent as well.

Gamea noted that exports of the printing, packaging, paper, literary and artistic works sector and the engineering and electronic goods sector had the highest growth rates at 76 percent and 34 percent respectively when compared to the same period in 2020.

The markets that received the highest levels of Egyptian exports in September included the US, Saudi Arabia and Italy while imports to Egypt were largely from China, the US and Germany.