Japan’s SMBC advising on Aramco’s gas pipeline deal: CNBC Arabia

Japan’s SMBC advising on Aramco’s gas pipeline deal: CNBC Arabia
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Updated 26 September 2021

Japan’s SMBC advising on Aramco’s gas pipeline deal: CNBC Arabia

Japan’s SMBC advising on Aramco’s gas pipeline deal: CNBC Arabia
  • A consortium of Asian investors are leading candidates to win the deal
  • The financing structure of the deal will be similar to the $12.4 billion oil pipeline deal

RIYADH: Saudi Aramco has selected Japan's Sumitomo Mitsui Banking Corporation (SMBC) to provide financial advice to the company in a $17-20 billion gas asset sale, CNBC Arabia reported, citing sources.

A consortium of Asian investors are leading candidates to win the deal, after Asian sovereign funds, primarily sovereign wealth funds from China, South Korea, and Singapore, entered negotiations the CNBC source said.

The American Brookfield Fund, which won the Abu Dhabi National Oil Company (ADNOC) gas pipeline deal last year, is among potential investors.

The financing structure of the deal will be similar to the $12.4 billion oil pipeline deal, which was won by a coalition of investors led by EIG Global Energy, the source added.

The sources explained that the deal will be financed using $4 billion of issued shares, while the rest of the deal will be financed through loans from a group of banks.


Emirati prosecutors investigating Dubai's Union Properties

Emirati prosecutors investigating Dubai's Union Properties
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Updated 8 sec ago

Emirati prosecutors investigating Dubai's Union Properties

Emirati prosecutors investigating Dubai's Union Properties
  • Other filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors

Federal prosecutors in the United Arab Emirates said Sunday they've launched a major investigation into Dubai-based real estate developer Union Properties.


A statement carried by the state-run WAM news agency said the investigation involved allegations of the firm selling property at less than its real value and hiding the name of the beneficiary of the sale, as well as forging documents and other violations.


Union Properties, known for building Dubai Motor City, did not immediately respond to requests for comment.


A stock market filing by Union Properties suggested the sale may have involved a March 2020 transaction in which a woman named Amna al-Hammadi purchased a property for 30 million dirhams ($8.1 million) that had been earlier valued at 49.5 million dirhams ($13.4 million).


A top Union Properties official, chairman Khalifa al-Hammadi, shares the woman's last name. It wasn't immediately clear if the two were related.


Union Properties' filing sought to explain the sale by noting it came amid “the spread of the COVID-19 pandemic and its accompanying negative effects — and in light of the company’s commitment to settle its debt towards its lenders.”


Other filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors. Separately, the company said one of its subsidiaries was involved in a lawsuit seeking nearly $1 billion, without elaborating.


Shares in Union Properties fell over 9 percent in early trading Sunday after the announcement.


The firm's current shareholder structure wasn't immediately clear, though a profile from the data firm Refinitiv showed its major investor as the Bluestone Fund.


“Today's news was shocking, but we need to be clear that this is a good thing that there is a system, a system that adheres to punishing people who are responsible,” said Waleed al-Khatib, a managing partner at the Abu Dhabi-based trading firm Global For Shares and Bonds.


Saudi Ministry of Industry issues 1,795 mining licenses until September

Saudi Ministry of Industry issues 1,795 mining licenses until September
Updated 9 min 19 sec ago

Saudi Ministry of Industry issues 1,795 mining licenses until September

Saudi Ministry of Industry issues 1,795 mining licenses until September
  • The number of licenses underscores the positive restructuring of the industry investment climate due to the new Mining Investment Law.

Saudi Arabia’s ministry of industry and mineral resources issued 1,795 mining licenses until September 2021, Argaam reported citing the ministry’s report on its mining indicators. 

The licenses included 1,041 licenses for building materials quarries, 22 detection licenses, 563 exploration licenses, and 169 licenses for mining and small-scale mining, the ministry said in a statement. 

The number of licenses underscores the positive restructuring of the industry investment climate due to the new Mining Investment Law.


Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months
Updated 37 min 57 sec ago

Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

RIYADH: Saudi telecom giant 'stc" said its net profit for the first nine months of 2021 increased by SR295 million or 3.5 percent to SR8.7 billion compared to a year ago.

The company said in a filing that this was the result of the increase in revenues by SR3.6 billion and a decrease in operating expenses by SR627 million due to the decrease in general and administration expenses and selling and marketing expenses.


Nigeria to launch digital currency on Monday, central bank says

Nigeria to launch digital currency on Monday, central bank says
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Updated 42 min 12 sec ago

Nigeria to launch digital currency on Monday, central bank says

Nigeria to launch digital currency on Monday, central bank says
  • Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet

Nigeria will on Monday launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.


"The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone," the bank said in a statement.


Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira. 


Saudi Arabia plans to be world’s biggest hydrogen producer

Saudi Arabia plans to be world’s biggest hydrogen producer
Updated 44 min 50 sec ago

Saudi Arabia plans to be world’s biggest hydrogen producer

Saudi Arabia plans to be world’s biggest hydrogen producer

DUBAI: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said the Kingdom has plans to be the biggest producer of hydrogen in the world.

The comments were made at the Youth Green Summit in Riyadh, which is part of the Saudi Green Initiative.