Saudi geological program to attract investments worth over $1bn

Saudi geological program to attract investments worth over $1bn
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Updated 15 November 2021

Saudi geological program to attract investments worth over $1bn

Saudi geological program to attract investments worth over $1bn
  • Program aims to build a database of Kingdom’s geological and mineral information, says CEO

RIYADH: The Geological Survey Program initiatives related to the mining sector are expected to attract investments worth about SR3.8 billion (over $1 billion), CEO Abdullah Al-Shamrani told CNBC Arabia.

These initiatives contribute to facilitating investors who wish to obtain information about the mining sector in the Kingdom, he said.

The initial results of the program are promising, said Al-Shamrani. The program will cover the largest survey operation in the world in terms of area and is expected to be completed within three years, he said.

Six projects were documented within the project, four of which are related to the geological survey and their contracts were signed and work began in some fields, according to Al-Shamrani.

Mineral resources in the Kingdom are estimated at SR5 trillion, according to the official. Preliminary results of the survey showed presence of large gold reserves in the Kingdom estimated at around $230 billion, he said. 

Al-Shamrani said the program is aimed at building a database of geological and mineral information.


B2B e-commerce startup Chari closes a bridge round to pilot BNPL services

B2B e-commerce startup Chari closes a bridge round to pilot BNPL services
Updated 11 sec ago

B2B e-commerce startup Chari closes a bridge round to pilot BNPL services

B2B e-commerce startup Chari closes a bridge round to pilot BNPL services

RIYADH: Aiming to take a serious step towards the fintech space, Chari, a B2B e-commerce and fintech startup, has announced the closing of a bridge round.

“Chari will use the money of this bridge round to test the BNPL (Buy Now, Pay Later) services with its existing customers. Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end-users and further grow their business”, Ismael Belkhayat, the CEO of Chari said.

The amount of funding was not disclosed.

The round was led by the Saudi-based venture capital fund Khwarizmi Ventures, AirAngels, and Afri Mobility, the venture capital arm of AKWA Group.

Chari is digitizing the largely fragmented consumer goods sector in French-Speaking Africa.

By using Chari’s app, traditional convenience stores in Morocco and Tunisia can order products and receive them in less than 24 hours.

In October 2021, Chari announced a $5 million seed round along with the acquisition of Karny.ma, a Moroccan ledger book that had more than fifty thousand active users.

The recent acquisition of the credit book app Karny.ma gave Chari valuable data on the loans given by grocery stores to their customers.

This allows Chari to credit-assess the unbanked shop owners and determines the most fitting payment terms given to each.

This bridge round allows Khwarizmi Ventures, Air Angels and AKWA Group to join the existing cap table of Chari that includes Y combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital and P1 Ventures.


Masdar-Mitrabara collaboration to boost renewable energy market

Masdar-Mitrabara collaboration to boost renewable energy market
Updated 13 min 6 sec ago

Masdar-Mitrabara collaboration to boost renewable energy market

Masdar-Mitrabara collaboration to boost renewable energy market

The Indonesian commercial and industrial segment of the renewable energy market is set to benefit from a joint venture between UAE leading renewable energy firm Masdar and domestic energy group Mitrabara.

The collaboration is to run under Solar Radiance, which builds and maintains high-efficiency commercial solar solutions and utility solar projects.

The aim is to boost the availability of green sources and renewable energy solutions in the country in order to meet carbon footprint reduction goals.

“We believe that Solar Radiance will be able to accelerate the implementation of solar power solutions in Indonesia, especially since it is an abundant resource that is still underutilized,” a statement said, citing Khoirudin, Chief Executive Officer of Mitrabara.

The collaboration also aims to propel energy diversification attempts in the country and tackle climate action in the pursuit of net zero goals.

This comes as both the UAE and Indonesia share similar energy diversification, climate action, and sustainable future objectives.

It also aligns with Indonesia’s objective of generating at least 51 percent of power capacity from green sources by 2030.

 


UAE restructures board of directors for its Securities and Commodities Authority

UAE restructures board of directors for its Securities and Commodities Authority
Image: Shutterstock
Updated 28 min 59 sec ago

UAE restructures board of directors for its Securities and Commodities Authority

UAE restructures board of directors for its Securities and Commodities Authority

RIYADH: The UAE’s cabinet announced a restructuring of the board of directors of Securities and Commodities Authority as it moves ahead with reforms to position the country as a leader on the global financial stage.

The board members affected include Ali M. Al-Rumaithi, Abdullah A. Al-Khatib, and Faisal Y. Solitin, as their positions will last for 3 years, the albayan newspaper reported.

Under the restructuring and as per SCA's duties, the board members will work to strengthen and develop the legislative and administrative system for the financial markets in the country.

However, their remit extends further to also encompass a focus on supporting the supervisory and regulatory systems to set UAE as a global leader in this field.

The restructuring is conducted under the supervision of Deputy Chairman of SCA, Muhammad A. Al-Hammadi, UAE Government Media Office announced. 

Established in 2002 following federal decree No.4, the Abu Dhabi-based SCA is a legal entity aiming to supervise and monitor the markets. 


Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell

Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell
Updated 42 min 17 sec ago

Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell

Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell

RIYADH: Saudi Arabia’s main stock index closed higher on Thursday, holding onto strong gains from the past nine sessions, as investor sentiment rose with the start of the earnings season.

TASI gained 0.3 percent to reach 12,291 points, reversing losses from earlier today, while the parallel market Nomu slipped 0.3 percent to close at 26,071 points.

Saudi oil giant Aramco recouped morning losses to end 0.4 percent higher. The Kingdom’s largest lender, the Saudi National Bank, edged down by 0.13 percent.

The Gulf’s leading miner Saudi Arabian Mining Co., or Ma’aden, closed at its highest value since listing of SR93.7 ($25).

Al Moammar Information Systems Co., MIS, saw a 0.3 percent increase in its share price.

Earlier, MIS announced the launch of a system to provide cloud management solutions in Saudi Arabia, following a deal with BMC Software.

Nama Chemicals Co. topped the gainers, surging 5.9 percent to SR41.5.

Shares in Yanbu National Petrochemical Co., known as Yansab, led the losses, down 2.6 percent despite posting a 126-percent jump in net profit in 2021.

In energy trading, Brent crude reached $88 per barrel, and US WTI crude oil neared $87 per barrel as of 3:34 p.m. Saudi time.


Saudi oil exports and production continue to rise, highest since April 2020: JODI

Saudi oil exports and production continue to rise, highest since April 2020: JODI
Updated 8 min 28 sec ago

Saudi oil exports and production continue to rise, highest since April 2020: JODI

Saudi oil exports and production continue to rise, highest since April 2020: JODI

Saud Arabia's crude oil exports and production went up again in November to reach their highest levels since April 2020, according to the Joint Organisations Data Initiative.

Saudi crude oil exports grew by 116,000 barrels per day in November to 6.95 million barrels per day.

This corresponded to a monthly 1.7 percent increase from 6.83 million bpd in October, JODI revealed in its latest report.

In annual terms, outgoing oil shipments were up by 9.4 percent.

Additionally, crude oil production grew by 132,000 bpd in November to 9.91 million bpd. Crude output rose by 1.3 percent from 9.78 million bpd in October.

This was accompanied by a 10.5 percent yearly growth.

Moreover, crude closing stocks decreased by 4.43 million barrels from October to 132.4 million barrels in November, the lowest ever level on record. Crude stocks also fell by 11.1 million barrels, or 7.7 percent, from November 2020.

Refinery intake increased by 161,000 bpd, or 6.2 percent, from a month earlier to 2.77 million bpd in November.

The direct use of crude oil, which measures oil usage for generating electricity, went up by 3.4 percent to 0.339 million bpd. This followed the steep 40 percent decline experienced in the prior month.

Saudi oil refinery output grew by 0.47 million bpd in November from the same month a year ago to 2.84 million bpd. This translates to a growth rate of 19.6 percent year-on-year. 

Over the same period, exports of refined products grew by 0.49 million bpd, or 45.4 percent, to 1.56 million bpd. This indicates that the bulk of the increase in output was shipped outside the country.