Crypto market value tops $3 trillion for first time

Crypto market value tops $3 trillion for first time
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Updated 08 November 2021

Crypto market value tops $3 trillion for first time

Crypto market value tops $3 trillion for first time

RIYADH: Major cryptocurrencies once again rose on Monday hitting their highest levels in three weeks. 

The digital coins are also gaining confidence as mainstream investors are increasingly jumping on board pushing the global cryptocurrency market to more than $3 trillion, said CoinGecko, which tracks prices of more than 10,000 cryptocurrencies. The value has reached $3.007 trillion, it said.

Bitcoin, the world’s biggest cryptocurrency, hit a record-high $66,000 last month after taking another step toward mainstream status. It surged back above $66,000 on Monday close to its all-time peak after a 5 percent jump. Ethereum, the second biggest cryptocurrency by market value, hit a record high $4,768 on Monday.

“While relatively steep and sudden, the BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October. Importantly, the uptick does not seem to be leverage-driven but rather results from the increased demand on the spot market where there is currently very little sell-side liquidity,” Mikkel Morch, executive director and risk management at crypto/digital assets hedge fund ARK36 said.

Meanwhile, Global investment bank JPMorgan has doubled its long-term bitcoin price forecast of $146,000, with a short-term price target of $73,000 for 2022. The bank’s analyst explained that the price of the cryptocurrency could reach this level if its volatility subsides and institutional investors start investing more in bitcoin than gold in their portfolios.

Martha Reyes, head of research at BEQUANT said: “After losing ground to altcoins such as Solana last week, the incumbents BTC and ETH came roaring back to life late Sunday. ETH is once again at all-time highs while Bitcoin was also flirting with the 67,000 level.  Positive signs such as net outflows from exchanges continues intact while this rally has not seen a big jump in funding rates or open interest. Further institutional adoption such as Australia’s Commonwealth Bank news likely boosted interest in Asia.”


Singapore’s Global Schools Foundation opens its first campus in Riyadh

Singapore’s Global Schools Foundation opens its first campus in Riyadh
Updated 13 sec ago

Singapore’s Global Schools Foundation opens its first campus in Riyadh

Singapore’s Global Schools Foundation opens its first campus in Riyadh

RIYADH: The Royal Commission for Riyadh City has announced the opening of Singapore-based Global Schools Foundation’s One World International School in Riyadh. 

This comes as part of RCRC International Schools Attraction Program that aims to bring international schools to the Saudi capital in partnership with the Ministry of Investment and the Ministry of Education, said a statement. 

“Attracting prestigious global institutions such as the OWIS is a big part of how Riyadh is creating a world-class education ecosystem,” Mazen Tammar, head of education sector at the RCRC, said. 

“The international institutions brought here by the RCRC will not only enhance the education sector but also contribute to the transformation of the capital into one of the world's most competitive and liveable cities by 2030,” he added. 

Founded in 2002, Singapore-based GSF has several international brands including OWIS, Dwight School — Korea and GIIS.

It currently operates 26 campuses in eight countries with over 25,000 students. 


Saudi Najran Cement’s profit slumped 61% owing to lower sales

Saudi Najran Cement’s profit slumped 61% owing to lower sales
Updated 32 min 2 sec ago

Saudi Najran Cement’s profit slumped 61% owing to lower sales

Saudi Najran Cement’s profit slumped 61% owing to lower sales

RIYADH: Saudi Arabia’s Najran Cement Co. posted a 61 percent decrease in profit for the first quarter of 2022, primarily due to lower sales.

The cement producer saw its profits fall to SR23 million ($6 million), down from SR60 million in the same period a year earlier, according to a bourse filing.

The decline in profit was caused by a decline in sales and an increase in production costs.

For the same period, sales and revenue totaled SR139 million, down 24 percent from the first quarter of last year.


Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales
Updated 38 min 40 sec ago

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

RIYADH: Dammam-based Saudi Arabian Amiantit Co. has widened losses by 344 percent in the first quarter of 2022 despite a slight increase in its revenues.

The company’s net losses widened to SR5.98 million ($1.5 million) during the first quarter of 2022, compared to SR1.34 million in the same period last year, according to a bourse filing.

Increased net losses happened despite a 4.3 percent increase in the company’s revenues. 

This rise in losses was a result of recorded accounting profits during the first quarter of 2021 against settlement discounts for some outstanding obligations with some banks that amounted to around SR20 million. 

Established in 1968, the company manufactures pipes. 


Saudi food delivery platform Jahez eyes full acquisition of The Chefz

Saudi food delivery platform Jahez eyes full acquisition of The Chefz
Updated 42 min 23 sec ago

Saudi food delivery platform Jahez eyes full acquisition of The Chefz

Saudi food delivery platform Jahez eyes full acquisition of The Chefz

RIYADH: Saudi food delivery platform Jahez said it has signed an initial deal to acquire The Chefz — one of its rivals in the Kingdom.

The firm, formally known as Jahez International Co. for Information Systems Technology, seeks a full acquisition of The Chefz, it said in a bourse filing.

Riyadh-based The Chefz is an app specialized in food delivery and caters to several citites across the Kingdom.

Valued at $2.94 billion as of May 19, Jahez joined Saudi exchange’s parallel market earlier this year as its first-ever listing of a local startup.


Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance
Updated 19 May 2022

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

RIYADH: Alujain Holding Corp. has recorded a profit decline of 7.5 percent as rising costs weighed on its performance during the first quarter of 2022.

The Saudi-listed investment firm, involved in Kingdom’s major petrochemical and mining projects, made SR55.8 million ($14.9 million) in profit, according to a bourse filing.

Alujain attributed the profit drop from SR60.3 million in the same period a year ago to an increase in finance costs.