Subscription for Egypt’s e-finance IPO closes

Subscription for Egypt’s e-finance IPO closes
The period started on Oct. 10, with a maximum price of $0.89 per share. (Getty Images)
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Updated 17 October 2021

Subscription for Egypt’s e-finance IPO closes

Subscription for Egypt’s e-finance IPO closes
  • The state-owned company is offering 1.61 percent of its shares to the public, or 25.78 million

DUBAI: The subscription period for the initial public offering of Egypt’s e-finance for Digital and Investments ended on Sunday.

The period started on Oct. 10, with a maximum price of $0.89 per share. 

The state-owned company is offering 1.61 percent of its shares to the public, or 25.78 million, in the transaction that is expected to reach 3.6 billion Egyptian pounds ($229 million).

Last week, e-finance raised the percentage of the institutional offering to 23.5 after a strong demand for subscription. 


Saudi Arabia showcases NEOM in its first roadshow in London 

Saudi Arabia showcases NEOM in its first roadshow in London 
Updated 13 sec ago

Saudi Arabia showcases NEOM in its first roadshow in London 

Saudi Arabia showcases NEOM in its first roadshow in London 

Saudi Arabia’s smart city NEOM has hosted its first UK roadshow event in London to promote investment opportunities.

It was attended by over 250 leaders from the country’s business, financial, environmental and political circles,

Launched by Saudi’s ambassador to the UK, the Discover NEOM event included presentations, panels and an exhibition of NEOM in film and images, paving the way to direct meetings with the project’s CEO and industry leaders.

Khalid bin Bandar Al-Saud has praised the Kingdom’s progress over the last five years in diversifying its economy, as non-oil revenues increased by 222 percent. 

“NEOM is a global hub for innovation and an accelerator for growth,” he said, reiterating the city’s role as the cornerstone of Vision 2030. 

Al-Saud has also welcomed numerous UK companies and international talents who already contribute to making the ambitious dream a reality. 

Baroness Helena Morrissey joins NEOM CEO Nadhmi Al-Naser to discuss the project

NEOM’s CEO Nadhmi Al-Naser reiterated that “NEOM is very much open for business,” referring to the recent establishment of OXAGON.

The world’s largest floating industrial complex, located on the Red Sea close to the Suez Canal OXAGON is to establish a fully integrated port and supply chain ecosystem for NEOM, as announced last November.

NEOM, as announced in 2017, is the Kingdom’s Vision 2030 flagship project, led by Prince Mohammad bin Salman to act like an engine for the country’s economy. 

The $500 billion project is described as the world’s first “cognitive and smart city." 

The vast sustainable development covers 10,000 square miles of Tabuk province in north-west Saudi Arabia.

It includes a 170-kilometre long linear city known as The Line, planned to have one million citizens, preserving 95 percent of the nature within NEOM. 

NEOM's CEO Nadhmi Al-Naser shares his own personal connection with the UK during the event

The city of NEOM has also signed a deal with the German-based Volocopter to develop the world's first bespoke public transport development, enabling an open electric vertical take-off and landing ecosystem for vertical mobility services, known as eVTOL.

The deal demonstrates NEOM as an ideal region to rapidly implement urban air mobility and create a fully integrated vertical mobility ecosystem, the CEO of NEOM said. 

Lord Ed Vaizey, who participated in one of the panels, welcomed NEOM’s financial and technological ambitions across its 14 sectors, and said: “Digital technology is close to my heart, and it was energizing to hear of NEOM’s plans for technology as it builds its cognitive cities.

"The plans for financial services are also dramatic and new, which will have far-reaching affects around the world, but most importantly help to create a more inclusive society in Saudi Arabia, one of the key Vision 2030 goals.”


Oil down $2 a barrel after OPEC+ sticks to planned output rise

Oil down $2 a barrel after OPEC+ sticks to planned output rise
Updated 9 min 56 sec ago

Oil down $2 a barrel after OPEC+ sticks to planned output rise

Oil down $2 a barrel after OPEC+ sticks to planned output rise

US and Brent Crude oil dropped $2 a barrel after sources claimed OPEC+ has decided to stick to its planned January output rise of 400,000 per day, Reuters is reporting.

At a meeting held via videoconference on the Thursday, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, resisted US requests for speedier increases in oil output to support the global economy.

Producers have said they did not want to hamper a fragile energy industry recovery with oversupply.

Under its existing pact, OPEC+ agreed to raise output by 400,000 barrels per day (bpd) each month, winding down record cuts agreed in 2020 when demand crashed because of the pandemic.

Thursday's meeting comes a week after the United States and other major consumers announced they would release emergency crude reserves to temper energy prices.

US President Joe Biden’s administration could adjust the timing of any release if prices dropped substantially, US Deputy Energy Secretary David Turk told Reuters on Wednesday.

OPEC+ forecast a 3 million bpd surplus in the first quarter of 2022 after the release of reserves, up from a 2.3 million bpd surplus previously forecast.

The next meeting of OPEC+ is due to take place on Jan. 4.

 

 

 

 


Saudi Arabia studies using desalinated sea water for agriculture 

Saudi Arabia studies using desalinated sea water for agriculture 
Updated 50 min 55 sec ago

Saudi Arabia studies using desalinated sea water for agriculture 

Saudi Arabia studies using desalinated sea water for agriculture 

RIYADH: Saudi Arabia has initiated a feasibility study to use desalinated sea water in agriculture.

The Kingdom’s Ministry of Environment, Water, and Agriculture is studying the possibility of using renewable energy sources, and the possibility of mixing desalinated water with renewable treated water, according to the Saudi Press Agency .

Saudi Arabia ranks as the top producer of desalinated water in the world, and is aiming to produce 9 million cubic meters of drinking water by 2025, SPA reported.


Diriyah attracts international global hotel portfolio 

Diriyah attracts international global hotel portfolio 
Updated 57 min 32 sec ago

Diriyah attracts international global hotel portfolio 

Diriyah attracts international global hotel portfolio 

RIYADH: Diriyah Gate Development Authority has announced the names of 14 international brands of hotels and resorts set to open in the development, including Address Hotels & Resorts, Baccarat Hotels & Resorts, and Rosewood Hotels & Resorts.

The hotel openings will begin with The Luxury Collection, operated by Marriott International, due to open in 2022.

“This prestigious hotel collection will set the stage for a new level of global hospitality,” said CEO of DGDA, Jerry Inzerillo.

The authority aims to place Diriyah as the Kingdom’s historic and cultural heart, showcasing Saudi Arabia’s more than 300 years of history through a set of heritage, hospitality, education, retail and dining experiences.


Saudi Arabia, Foxconn eye an electric vehicle joint venture

Saudi Arabia, Foxconn eye an electric vehicle joint venture
Updated 02 December 2021

Saudi Arabia, Foxconn eye an electric vehicle joint venture

Saudi Arabia, Foxconn eye an electric vehicle joint venture

Saudi Arabia and Taiwan-based Foxconn Technology Group are looking to form an electric vehicles joint venture, in a move that could boost the Kingdom’s effort to diversify its economy.

The parties aim to sign the deal by the end of 2021, but plans are still subject to change, Bloomberg reported. 

The majority stakeholder of the joint venture will be Velocity, a new entity created by Saudi Arabia’s Public Investment Fund, which manages around $450 billion of assets. 

The Taiwanese electronic company will be a minority stakeholder, providing software, electronics and electrical architecture for the electric vehicles. 

The coalition aims to assemble EVs on chassis licensed from BMW AG. 

Saudi Arabia aims to develop the local car-making industry as a way to diversify its economy.

In 2018, the Kingdom’s PIF took a majority stake in Lucid Motors, the EV startup, to encourage the firm to develop a manufacturing site inside the country.

Last November, the chairman of Foxconn, Apple Inc.’s assembly partner, Young Liu, said that the company plans to establish an EV project that focuses on software for passenger cars in the region, Bloomberg reported.