Saudi Cura gets $4m Series-A financing from ELM and Wa’ed

Saudi Cura gets $4m Series-A financing from ELM and Wa’ed
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Updated 17 October 2021

Saudi Cura gets $4m Series-A financing from ELM and Wa’ed

Saudi Cura gets $4m Series-A financing from ELM and Wa’ed

RIYADH: Cura, a Saudi-based telehealth startup, has raised SR15 million ($4 million) in a Series A funding round led by ELM and Wa’ed, the Saudi Aramco Entrepreneurship Center.

In the aftermath of the coronavirus pandemic, the Saudi healthcare industry has witnessed an unprecedented increase in venture capital activity and investment.

Established in 2016 by software engineers Wael Kabli and Mohammad Zekrallah, it was the first online platform to deliver on-demand health and wellness services.

Cura has assisted about 350,000 customers since 2016 — mostly from the Kingdom — with over 4,500 doctors registered on the platform. 

The startup’s popularity has grown worldwide with 5 percent of its total clients coming from outside the Kingdom.

Wael Kabli, CEO and founder of Cura, said the company seeks to expand further and introduce more health services.


China links key to success of African free trade initiative: Egyptian president

Egyptian President Abdel-Fattah el-Sissi. (AP file photo)
Egyptian President Abdel-Fattah el-Sissi. (AP file photo)
Updated 18 sec ago

China links key to success of African free trade initiative: Egyptian president

Egyptian President Abdel-Fattah el-Sissi. (AP file photo)
  • El-Sisi pointed out the importance of the forum in strengthening joint trade and investment initiatives, including debt relief programs and help for small- and medium-sized enterprises

CAIRO: Egyptian President Abdel Fattah El-Sisi has highlighted the importance of working with China to the success of an African free trade initiative.

Speaking virtually during a meeting of the Forum on China-Africa Cooperation — attended by Chinese President Xi Jinping and a number of African leaders — he said that effective partnership with China was vital to implementing the African Continental Free Trade Area agreement.

The Egyptian leader noted that under its current presidency of the Common Market for Eastern and Southern Africa organization his country would be looking to attract foreign investment, promote integration between African and foreign private sectors, and expand digital transformation and e-commerce.

In a statement, an official spokesperson for the Egyptian Presidency said that forum members had discussed ways to consolidate links between the African continent and China, including cooperation on economic recovery schemes following the coronavirus disease (COVID-19) pandemic.

El-Sisi pointed out the importance of the forum in strengthening joint trade and investment initiatives, including debt relief programs and help for small- and medium-sized enterprises to overcome the economic crises brought about by the global virus outbreak.

He told the meeting that further investment in infrastructure projects was needed to complete the continental linkup between African countries and added that it was important to learn from the experiences of other nations in tackling the COVID-19 pandemic through prevention, biotechnology, and pharmaceutical manufacturing.

The Egyptian president lauded the vaccine manufacturing work of Egypt and China that had seen his country become the first African nation to possess the capabilities to produce vaccines against COVID-19. And he also stressed the need for joint coordination between Africa and China on issues related to strengthening peace and security.

 


ENGIE to train Saudi Industrial Development Fund’s employees

ENGIE to train Saudi Industrial Development Fund’s employees
Updated 41 min 20 sec ago

ENGIE to train Saudi Industrial Development Fund’s employees

ENGIE to train Saudi Industrial Development Fund’s employees

RIYADH: The Saudi Industrial Development Fund on Tuesday signed a memorandum of understanding with Paris-based ENGIE to provide training to the fund’s employees, the SIDF tweeted.

Under the deal, the French multinational utility company will train the fund’s employees at its headquarters in Paris. The SIDF employees will receive training in business development, commercial activities, and project implementation. 

ENGIE operates in the fields of energy, transition, electricity generation and distributions.  


Developmental Opportunities sells shares in Theeb Rent a Car

Developmental Opportunities sells shares in Theeb Rent a Car
Updated 55 min 39 sec ago

Developmental Opportunities sells shares in Theeb Rent a Car

Developmental Opportunities sells shares in Theeb Rent a Car

RIYADH: Developmental Opportunities Trading Co. sold its 21percent shares in Theeb Rent a Car Co. to institutional investors, Al-Arabiya reported on Tuesday.

EFG Hermes and Saudi Fransi Capital, in their capacity as bookrunners and brokers, executed the sale for the trading company.

According to a joint press statement, the total number of offered and sold shares reached 9,030,000.

The shares were offered to a group of institutional investors, and they were implemented through 19 negotiated deals at a price of SR53 per share, so that the value of the deal amounted to SR478.6 million ($127.57 million).


Gold miners keen on going green

Gold miners keen on going green
Updated 30 November 2021

Gold miners keen on going green

Gold miners keen on going green
  • In eight countries gold mining firms account for more than 5% of all government income



LONDON: The gold mining industry is keen to show off its green credentials.
The World Gold Council has revealed that of the $60.1 billion its 33 members generated in revenue in 38 countries around the world last year, 63 percent, or $37.9 billion of it remained in the nations where the mining operations were based.
The trade body, whose members account for around 40 percent of the global output, pointed out that in five countries the industry supported more than 3 percent of the nation’s gross domestic product, roughly the size of internationally recognized overseas development assistance levels.
In eight countries gold mining firms accounted for more than 5 percent of all government income, the association said in a recent report titled, “The Social and Economic Contribution of Gold Mining.”
WGC Chief Financial Officer Terry Heymann said in an interview: “In Suriname the contribution is as high as 16.3 percent, Malawi its 8 percent and 6.6 percent in Burkina Faso.
“These contributions come as tax. But they also come in the form of new roads built into the site, or energy sources to power it, which can be more than the mine needs. The surplus energy is then pumped into the local community.”
One council member, Canada’s Barrick Gold, uses hydroelectric power plants at its Kibali gold mine in the Democratic Republic of the Congo, which it shares with residents of the African country’s northeastern province Haut-Uele.
In Burkina Faso, UK-based Nordgold powers its Bassi and Bouly mines with solar power, which also supplies the local towns and villages in the Centre-Nord region.
“Mines often help fund schools, hospitals and health clinics, because a site needs a healthy and educated workforce,” Heymann added.
The WGC report added: “Host nations and communities might therefore come to regard responsible and sustainable gold mining operations as representing of a ‘window of opportunity’ for development.”
Such windows can last for sustained periods. It can take a decade to fully explore a mining site, and five years to build, with a lifecycle of 30 to 50 years.
However, the world’s biggest producers of the precious yellow metal are mature countries that do not rely on its production for development.
China is currently the world’s largest miner, producing around 368.3 tons last year, followed by Russia with 331.1 tons, Australia with 327.8 tons and the US with 190.2 tons.
Gold production was not greatly affected by the coronavirus disease hitting 3,400.8 tons last year, just 4 percent down on 2019.
In the third quarter of this year, gold production increased 4 percent year-on-year to 960 tons, the largest quarterly production level on record and 3 percent higher than the same period in 2019.
Gold demand jumped by almost 25 percent last year, rising above $2,000 an ounce for the first time last August, as investors looked for a safe haven during the pandemic.
But the metal has given back those gains as the health crisis shows signs of easing, despite the emergence of the omicron COVID-19 variant, and is just under 6 percent lower than it was 12 months ago at around $1,793 an ounce.
Analysts are split on whether gold will jump to $3,000 an ounce in 2022. Some predict a rise due to persistent negative real interest rates, inflationary pressures and US dollar weakness as a result of COVID-19 pandemic. Others believe its price could fall to around $1,700 an ounce next year, due to rising supply and an easing of political tensions between China and the US as the health crisis subsides.
Heymann noted that gold remained a store of value, particularly when compared with newer digital currencies, such as Bitcoin and ether, that have grabbed headlines in the financial press in recent years.
He said: “There is a place in investors’ portfolios for gold. It is a stable long-term store of value, the pandemic has shown that. It is very liquid, it’s a physical asset, you know exactly what it is. And it’s a market that has been around for thousands of years.”


Saudi Exchange’s Tadawul almost flat as omicron fears persist

Saudi Exchange’s Tadawul almost flat as omicron fears persist
Updated 30 November 2021

Saudi Exchange’s Tadawul almost flat as omicron fears persist

Saudi Exchange’s Tadawul almost flat as omicron fears persist

Saudi Arabia's stock market closed almost flat on Tuesday as concerns about the new omicron COVID-19 strain persisted.

The main stock index, TASI was down very slightly 0.45 percent, reaching 10,761.80 points at the closing bell.

Saudi’s parallel market Nomu was up slightly, by 0.87 percent at the end of the trading session.

Industrials Albaha and Saydan were among the top gainers, up 10 percent and 9.98 percent respectively.

With a share price decline of around 4 percent, Enaya and Amana Insurance were the lowest-performing stocks.