Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’

Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’
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Updated 24 October 2021

Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’

Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’

CAIRO: Pakistan’s Prime Minister Imran Khan left for a three-day visit to Saudi Arabia on Sunday to attend the launch of the “Middle East Green Initiative Summit” in Riyadh, Pakistan’s Foreign Office said in a statement.

Khan left with Foreign Minister Shah Mahmood Qureshi, Energy Minister Hammad Azhar, and Malik Amin Aslam, PM’s adviser on climate change. 

“An initiative of the (Saudi) crown prince, the summit is the first of its kind in the Middle East region,” the statement said.

The Prime Minister Office said that Saudi Crown Prince Mohammed bin Salman had extended the invitation to the premier to attend the event on Oct. 25.

Khan, who made Pakistan a “Champions for Nature”, will share his perspective on the challenges faced by developing countries due to climate change, the statement said. 

He will also highlight Pakistan’s experience of launching “nature-based solutions” to address environmental challenges.


Brazil’s digital Nubank raises $2.6bn in US IPO to become Latin America’s most valuable bank

Brazil’s digital Nubank raises $2.6bn in US IPO to become Latin America’s most valuable bank
Updated 12 sec ago

Brazil’s digital Nubank raises $2.6bn in US IPO to become Latin America’s most valuable bank

Brazil’s digital Nubank raises $2.6bn in US IPO to become Latin America’s most valuable bank

RIYADH: Brazilian digital bank Nu Holding, also known as Nubank, has raised $2.6 billion in a US initial public offering, making it the most valuable financial institution in Latin America. 

The company, whose backers include Warren Buffett’s Berkshire Hathaway, sold 289 million shares on Wednesday Dec. 8 for $9 each after offering them for $8 to $9, a statement revealed.

This IPO price gives Nubank a market value of $41 billion.

Nubank had lowered the proposed range last week after earlier seeking to raise $3.18 billion.

Berkshire bought 10 percent of the shares in the offering, a person familiar with the matter told Bloomberg, asking not to be identified because it wasn’t public. 

The shares are expected to begin trading on Thursday Dec. 9 on the New York Stock Exchange under the symbol NU, Bloomberg said. Its Brazilian depositary receipts, known as BDRs, will trade on the Sao Paulo stock exchange under the ticker NUBR33.

The offering is being led by Morgan Stanley, Goldman Sachs Group and Citigroup.


Stocks turn green in morning trading on Saudi Tadawul: Market Open

Stocks turn green in morning trading on Saudi Tadawul: Market Open
Updated 09 December 2021

Stocks turn green in morning trading on Saudi Tadawul: Market Open

Stocks turn green in morning trading on Saudi Tadawul: Market Open

10.13 Saudi time: RIYADH: With most of the stocks on the index starting the day in the green zone, Tadawul’s TASI rose 0.39 percent in early trading.

Sadr Logistics and Naseej International Trading Co. led the top gainers, with Sadr reaching another record high of SR124 ($33).

Naseej’s gains were attributed to its recent decision to raise SR150 worth of capital to limit the accumulated losses to 19.4 percent of capital.

Wafrah for Industry remained resilient as it surged 2.23 percent in morning trading.

Among the top fallers came Batic Investment and Logistics Co. and the Mediterranean and Gulf Insurance and Reinsurance Co., MEDGULF, down slightly by 2.4 percent and 1.99 percent respectively.

Tadawul’s parallel market Nomu fell 0.26 percent to reach 23502.77 points.

 

09:09 Saudi time: Key market signals ahead of Thursday’s trading session: Premarket

RIYADH: The new coronavirus variant, omicron, has left markets, including the Saudi stock exchange, prone to volatility as investors assess the severity of the strain.

The previous month has been particularly rough, with Saudi’s main benchmark index TASI sliding down by 6.48 percent to hit 10991.8 points. TASI was down almost one percent in the latest trading session.

Meanwhile, the parallel market Nomu fell 5 percent in a month. The index’s last close amounted to 23564.11 points, up 0.49 percent intraday.

Registering the highest volume and value traded, Saudi Tadawul Holding Group came first in the top gainers on its listing day.

The share price of the group last closed at SR118 ($31.5), having traded between an intraday low of SR115.4 and an intraday high of SR127.6 on debut.

Sadr Logistics extended its gains, rising an additional ten percent to close at a record high of SR114.6 as of the previous session.

Bank Saudi Fransi led the lowest-performing stocks, down 4.5 percent.

Companies in the Kingdom’s energy sector weighed the index down with stocks of Petro Rabigh and Saudi Arabia Refineries Co. falling 2.5 percent and 3.92 percent respectively.

Petro Rabigh’s stock price declined for a second consecutive day, after a 7.8 percent fall in the prior session following the company’s capital decrease and rights issue recommendation.

Naseej International Trading Co. announced that it will raise SR150 million worth of capital to limit the accumulated losses to 19.4 percent of capital.

This came as its shares hit a 52-week low in terms of price on Dec.2.

Bank Aljazira issued a SR2 billion tier 2 sukuk with a ten-year duration and a par value of SR1 million, according to a bourse filing.

Saudi Basic Industries Corporation announced its decision to leverage organic and inorganic growth whilst strengthening capital expenditure to align with Vision 2030, according to SABIC chief Youssef Al-Benyan.

Jarir Marketing Co. launched a showroom worth SR28 million in Najran. The company’s stock has remained almost flat for a month, last closing at SR194.

Saudi Real Estate Co., or Al Akaria, sold land plots worth SR127.34 million in Riyadh.

The company expects the investment to boost its profit to SR121.9 million, according to a bourse filing.

Al Moammar Information Systems Co. won a three-year contract worth SR54.89 million to offer computer maintenance solutions for the Royal Commission for Jubail and Yanbu.

The expected date of contract signature is Feb.8, 2022.

Dec. 9 is the last day to subscribe to Maadaniyah’s new shares.

The subscription period to Saudi Economic and Development Securities Co.’s capital REIT fund will start on Dec.12 and end on Dec.16.

Batic Investment and Logistics Co.’s SR300 million rights issue trading will start on Dec.13 and end on Dec.23.

The tradable rights have been deposited into the Securities Depository Center as of Dec.9, the center announced in a bourse filing.


Saudi industrial production hits highest level since April 2020

Saudi industrial production hits highest level since April 2020
Updated 52 min 18 sec ago

Saudi industrial production hits highest level since April 2020

Saudi industrial production hits highest level since April 2020
  • Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 percent

Saudi industrial production expanded by an annual rate of 7.7 percent in October  to reach its highest level since April 2020, data published by Gastat showed. 

Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 percent. This is the largest level of production for the sector since November 2019.

Oil production rose from 8.9 million barrels per day in October last year to 9.7 million bpd in October 2021.

The mining and quarrying sector accounts for the highest share in the industrial production index, making up 74.5 percent of it.

In addition, non-oil manufacturing activities grew by a yearly rate of 4 percent in October to stand at its highest level since March 2020.

Gastat said that the sector rebounded from the adverse effects of the pandemic, which hampered international trade and the Kingdom’s exports.

The report added 90 factories started production in October, citing data from the Ministry of Industry and Mineral Resources. The sector has a weight of 22.6 percent in the index.

Meanwhile, production in electricity and gas expanded by 4.7 percent compared to a year earlier, yet it had minimal effect on the index due to its small 2.9 percent weight.

Looking at monthly data, it was revealed that industrial production rose by 1.7 percent in October, on higher mining and quarrying output. The latter widened by 1.3 percent as oil production experienced an uptick, moving from 9.6 million bpd in September to 9.7 million bpd in the following month.

Manufacturing activities also grew by a monthly 4 percent while electricity and gas supply narrowed by 4.3 percent.

 


ADNOC Drilling bags $3.8 billion contract 

ADNOC Drilling bags $3.8 billion contract 
Updated 09 December 2021

ADNOC Drilling bags $3.8 billion contract 

ADNOC Drilling bags $3.8 billion contract 
  • The contract outlines the company’s work to drive efficiency in crews, rig move time, maintenance schedules, as well as other well services

RIYADH: The Abu Dhabi-listed ADNOC Drilling Co. has signed a five-year services contract with ADNOC Onshore for a total value of $3.8 billion. 

The contract outlines the company’s work to drive efficiency in crews, rig move time, maintenance schedules, as well as other well services.

“I am delighted, that working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets,” Abdulrahman Abdullah Al-Seiari, CEO of ADNOC Drilling, said. 

The contract comes as the Abu Dhabi firm pursues geographical expansion and further development in its offerings. 


Saudi-Qatari business forum reviews economic, investment ties

Saudi-Qatari business forum reviews economic, investment ties
Updated 09 December 2021

Saudi-Qatari business forum reviews economic, investment ties

Saudi-Qatari business forum reviews economic, investment ties
  • Cooperation in economic and investment fields was among a range of topics discussed

Saudi and Qatari companies signed agreements in the hospitality and tourism sectors at the Saudi-Qatari Business Forum in Doha on Wednesday.

The forum was organized by the Federation of Saudi Chambers and Qatar Chamber, with participation from private and public bodies and businesspeople.

Cooperation in economic and investment fields was among a range of topics discussed.

“Although the two countries have advantages for economic integration in many industries, the volume of trade exchange is still below ambition, as official Saudi statistics indicate that the volume of trade exchange between the two countries amounted to about SR1.67 billion ($450 million) in Q3 of this year,” said Ajlan Al-Ajlan, chairman of the Federation of Saudi Chambers.

Mohammed bin Ahmed bin Tawar Al-Kuwari, the first vice-chairman of Qatar Chamber, said that the two countries have strong and distinguished relations, as the volume of trade exchange during the first nine months of 2021 reached 386 million Qatari riyals, which is an encouraging start after, despite the COVID-19 repercussions and the absence in recent years.”