Saudi Export-Import Bank signs $25m financing for Ukraine counterpart

Saudi Export-Import Bank signs $25m financing for Ukraine counterpart
Saudi EXIM also signed an MoU with the Russian Agency for Export Credit and Investment Insurance. (Shutterstock)
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Updated 15 October 2021

Saudi Export-Import Bank signs $25m financing for Ukraine counterpart

Saudi Export-Import Bank signs $25m financing for Ukraine counterpart
  • Deal to support importers of Saudi goods and services, particularly agriculture

RIYADH: The Saudi Export-Import Bank signed a recently approved financing worth $25 million for Ukraine state-owned Export-Import Bank (Ukreximbank) to support importers of Saudi goods, services and products in Ukraine and its neighbors, SPA reported.

This financing is considered the first credit line available to a financial institution in Ukraine, creating promising opportunities for Saudi exporters in several sectors, especially the irrigation and agricultural services sector.

Saudi EXIM also signed an MoU with the Russian Agency for Export Credit and Investment Insurance (EXIAR) to enhance cooperation between the two sides on several levels, including the exchange of experiences and effective credit practices.


India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
Image: Shutterstock
Updated 15 sec ago

India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
  • They also aim to develop a unified payments platform to help merchants in India

RIYADH: Indian payments and banking solutions company CashFree has invested $15 million in Dubai-based Teller, which provides electronic payment services in the UAE and Saudi Arabia.

With this investment CashFree's market share has exceeded 50 percent.

The two companies intend to launch joint services in the MENA region, building on Teller's knowledge of the region's markets and payments infrastructure, Asharq reported.

They also aim to develop a unified payments platform to help merchants in India accept payments from customers in the region.

The electronic payments market in India exceeds $20 billion annually.


Saudi National Water Company unifies water distribution sector 

Saudi National Water Company unifies water distribution sector 
Updated 1 min 1 sec ago

Saudi National Water Company unifies water distribution sector 

Saudi National Water Company unifies water distribution sector 

RIYADH: Saudi Arabia’s National Water Company has completed merging 13 public water distribution firms to increase efficiency of operations and fix technical gaps.

The move will also localize expertise in the sector, NWC’s chief Mohammed Al-Mowkley said on Monday. 

The announcement was attended by the Kingdom’s Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who said investments in the water sector stood at $21.3 billion. 

The move is part of Saudi Arabia's National Water Strategy that aims to restructure the sector to serve its residents better. 

Under the integration, Tabuk and Al-Madinah will be the “northwestern sector,” while governorates in Riyadh will be under the “middle sector.”

NWC had previously launched a unified digital structure to improve its services across the Kingdom.


Saudi Arabia to discuss energy deal with France

Saudi Arabia to discuss energy deal with France
Updated 3 min 37 sec ago

Saudi Arabia to discuss energy deal with France

Saudi Arabia to discuss energy deal with France

RIYADH: Saudi Arabia's cabinet has delegated the Kingdom’s energy minister to discuss an agreement with France, according to the cabinet's weekly statement carried by Saudi Press Agency.

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Saudi Aramco, Reliance deal delayed not canceled, CEO says

Saudi Aramco, Reliance deal delayed not canceled, CEO says
Updated 28 min 4 sec ago

Saudi Aramco, Reliance deal delayed not canceled, CEO says

Saudi Aramco, Reliance deal delayed not canceled, CEO says

DHAHRAN: Rejecting claims about the cancellation of a deal between Saudi Aramco and India’s Reliance, the chief of the oil company told Arab News it would push ahead with the plan following the restructuring of the Indian firm.

Amin Nasser said Reliance is “restructuring their facilities,” and they will “continue to discuss further with them in the future after they finish the restructuring.”

The two companies had signed a non-binding agreement in 2019 for Aramco to acquire a 20 percent stake in Reliance’s oil-to-chemicals unit.

But the deal, valued at roughly $15 billion, has faced some delays because of the pandemic and its impact on fuel demand. 

Meanwhile, the Saudi oil giant is working to expedite operations at its joint venture with Malaysia’s Petronas, according to CNBC Arabia.

Aramco plans to resume work on the Pengerang Integrated Petroleum Complex before the end of the year, in which the Saudi firm invested about $7 billion three years ago.  

The project was disrupted in 2019 due to a fire in a desulfurization unit during the trial operation of the refinery, and the operations were postponed more than once ever since.

The Saudi company owns a 50 percent stake in the project and will supply half of the required crude oil, with the option to increase that percentage to 70 percent once the refinery is completed. 

The refinery has a capacity of about 300,000 tons per day, CNBC reported.


UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy
Image: Shutterstock
Updated 51 min 36 sec ago

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

UK competition regulator tells Facebook owner Meta to sell GIF maker Giphy

Britain’s competition regulator has told Facebook owner Meta Platforms to sell animated images platform Giphy after finding that the acquisition could harm social media users and UK advertisers, dealing a blow to the US-based tech giant.


The Competition and Markers Authority (CMA) said on Tuesday the decision was in line with provisional findings that Facebook’s acquisition of Giphy in May last year would reduce competition between social media platforms and in the display advertising market.


Facebook, recently rebranded as Meta Platforms, said it could appeal the CMA’s decision.


It is not the first time the CMA has intervened in a major merger. In February it said that Viagogo must sell part of Stubhub’s international business as their merger would reduce competition in the UK.


“The tie-up between Facebook and Giphy has already removed a potential challenger in the display advertising market,” said Stuart McIntosh, chair of the independent investigation on Facebook-Giphy for the CMA.


“By requiring Facebook to sell Giphy, we are protecting millions of social media users and promoting competition and innovation in digital advertising,” he added.


Facebook said it disagreed with the decision.


“We are reviewing the decision and considering all options, including appeal,” a spokesperson for Meta said in a statement.


The CMA in October fined the company about $70 million for breaching an order that was imposed during its investigation into the deal, having hinted in August that it may need Facebook to sell Giphy.


The CMA began a probe into the deal in January this year, and in April referred it to an in-depth investigation.


Facebook bought Giphy, a website for making and sharing animated images, or GIFs, reportedly for $400 million in May 2020 to integrate it with its photo-sharing app, Instagram. It has defended the deal and its proposals to the CMA over Giphy.


Another major provider of GIFs is Google’s Tenor.


The CMA has been actively looking into big tech’s monopoly.

Last week, Alphabet Inc’s Google pledged more restrictions on its use of data from its Chrome browser to address CMA’s concerns about plans to ban third-party cookies that advertisers use to track consumers.


The Financial Times first reported the CMA’s plans to block the Facebook-Giphy deal.