UAE aims to be home for 20 unicorns by 2031, says minister

UAE aims to be home for 20 unicorns by 2031, says minister
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Updated 10 November 2021

UAE aims to be home for 20 unicorns by 2031, says minister

UAE aims to be home for 20 unicorns by 2031, says minister

The United Arab Emirates aims to become home to 20 so-called unicorns by 2031, Minister of State for Entrepreneurship and SMEs, Ahmad al-Falasi, told a conference in Dubai.


A unicorn is a privately held startup company valued at more than $1 billion.


Shares of Saudi mining firm Ma’aden hit highest value since listing

Shares of Saudi mining firm Ma’aden hit highest value since listing
Updated 18 sec ago

Shares of Saudi mining firm Ma’aden hit highest value since listing

Shares of Saudi mining firm Ma’aden hit highest value since listing

RIYADH: Shares of Gulf’s largest miner, Saudi-listed Ma’aden hit its highest value since listing at SR95.5 ($25.5).


Key factors to watch before opening bell on Tadawul today

Key factors to watch before opening bell on Tadawul today
Updated 56 min 17 sec ago

Key factors to watch before opening bell on Tadawul today

Key factors to watch before opening bell on Tadawul today

RIYADH: Saudi Arabia’s main stock index, TASI, was up on Wednesday to its highest close since 2006, continuing its rally from last week amid heightened investor sentiment. 
TASI edged 0.5 percent higher to 12,260 points, and the parallel Nomu market added 0.4 percent to reach 26,158 points.

In line with Saudi Arabia, most GCC indexes closed higher on Wednesday, with Abu Dhabi’s FTSE ADX General index outperforming, up 1.6 percent.

Muscat Stock Exchange’s MSX30 rose 0.8 percent, followed by Bahrain’s BAX and Qatar’s QSI which were up in the range of 0.2 and 0.3 percent.

Bourses of Dubai and Kuwait were down 0.3 and 0.1 percent, respectively.

Elsewhere in the Middle East, the Egyptian index EGX30 dropped 1.4 percent.  

In energy trading, Brent crude rose in early morning to its highest level in seven years, reaching $88.5 per barrel, and US WTI crude oil went up to $87.3 per barrel as of 8:48 a.m. Saudi time.

Stock news

  • Yanbu National Petrochemical Co., known as Yansab, reported a 126 jump in net profit in the fiscal year 2021, due to higher product selling prices
  • Amlak responded to a plaintiff who alleged it faces damages regarding a residential tower project, saying it did not not breach its contractual obligations

Calendar

Jan. 20, 2022

National Co. for Learning and Education will start paying out dividends of SR0.8 per share for the fiscal year ended Aug. 31, 2021

Jan. 25, 2022

Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year

 


Saudi fintech Lean Technologies raises $33 million latest funding round

Saudi fintech Lean Technologies raises $33 million latest funding round
Updated 20 January 2022

Saudi fintech Lean Technologies raises $33 million latest funding round

Saudi fintech Lean Technologies raises $33 million latest funding round
  • The proprietary technology is used by a number of financial players in the region, across different verticals

RIYADH: Saudi financial technology startup Lean Technologies has raised $33 million in its series A funding round led by Sequoia Capital India. 

The startup provides a platform that allows its clients to integrate with their customer's bank accounts to retrieve relevant information or initiate bank transfers. 

The proprietary technology is used by a number of financial players in the region, across different verticals including remittances, cryptocurrency, and investment, the company said in a statement. 

“We started Lean with the aim of enabling the next generation of financial innovation in the Middle East, a mission deep-rooted in the hearts of our entire team,” Hisham Al-Falih, co-founder and CEO of Lean, said. 

The investment happens in the background of a burgeoning regional financial ecosystem, characterized by fintech sandboxes and forward-thinking regulations. 

Lean aims to be the first Saudi aggregator to “enable the booming sector within the Kingdom,” which it ties back to the ambitious 2030 vision that includes financial objectives. 


Residential land prices drive Saudi real estate inflation to almost 2-year high

Residential land prices drive Saudi real estate inflation to almost 2-year high
Updated 20 January 2022

Residential land prices drive Saudi real estate inflation to almost 2-year high

Residential land prices drive Saudi real estate inflation to almost 2-year high

RIYADH: A hike in residential land prices prompted real estate prices in Saudi Arabia to rise by an annual rate of 0.9 percent in the final quarter of 2021, according to data by Gastat.

This is the highest level since the first quarter of 2020 as prices of residential land plots went up, causing the sub-index of residential real estate prices to go up by 1.7 percent.

Other components of this sub-index – which includes costs of buildings, villa, apartments and houses – all underwent negative inflation.

Meanwhile, commercial and agricultural real estate prices fell from a year ago by 0.7 percent and 0.2 percent, respectively, balancing the effect on the overall index.

In quarterly terms, real estate prices in the Kingdom ticked up by 0.5 percent induced by, again, the household real estate sub-index which grew by 0.7 percent.


Saudi Arabia is top oil supplier to China in 2021

Saudi Arabia is top oil supplier to China in 2021
Updated 20 January 2022

Saudi Arabia is top oil supplier to China in 2021

Saudi Arabia is top oil supplier to China in 2021

CHINA: Saudi Arabia retained its top ranking in Chinese oil supplies in 2021, with supplies up 3.1 percent over 2020, and increased its share to 17% of total Chinese imports, customs data showed.

China brought in 87.58 million tonnes of crude oil from the kingdom, or an equivalence of 1.75 million barrels-per-day, data from the General Administration of Customs showed on Thursday.

That compares to 84.92 million tonnes in 2020, when Saudi Arabia held 16 percent of the Chinese market.

The expanded market share by the top OPEC exporter came as it boosted sales to national refiners and bolstered by demand from private mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical.

Russia came in second, increasing the gap with Saudi Arabia, as supplies contracted 4.7 percent to 79.65 million tonnes, or 1.59 million bpd, weighed down by weaker demand from China's independent refiners.

Shipments from Iraq came in third and fell 10 percent on the year to 54.13 million tonnes. Brazil dropped to No.7 last year versus No.4 in 2020, with supplies down 28 percent to 30.28 million tonnes, also due to reduced appetite from small independent plants.

Under a broad campaign to rein in surplus refining capacity and cut carbon emissions, the Chinese government last year introduced measures such as cutting import quotas and slapping a hefty tax on imports of blending fuels.

Imports from Oman and Malaysia gained 18 percent and 50 percent, respectively.

Reuters reported shipments from Iran and Venezuela were passed on as originated from Oman and Malaysia due to U.S. sanctions.

China's customs data on Thursday showed the country brought in its first imports of Iranian crude oil in a year in December despite ongoing sanctions by the United States government.

Officially, Chinese customs data has consistently not shown any imports from Venezuela.

Thursday's data showed U.S. supplies plunged 42 percent to 11.47 million tonnes.

The table below shows import details by country, in metric tonnes. Volumes during January-December period and the percentage changes are calculated by Reuters.

Country Jan-Dec. volume Jan-Dec yr/yr %
Russia 79,654,884 -4.7
Saudi Arabia 87,576,703 3.1
Iraq 54,130,343 -10
Angola 39,163,873 -6.3
UAE 33,825,312 8.6
Oman 44,789,938 18.4