El Salvador to issue $1bn Bitcoin bonds

El Salvador to issue $1bn Bitcoin bonds
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Updated 21 November 2021

El Salvador to issue $1bn Bitcoin bonds

El Salvador to issue $1bn Bitcoin bonds
  • The Latin American country also aims to build Bitcoin City near the Conchagua volcano

El Salvador plans to issue the world’s first sovereign $1 billion US dollar denominated 10-year Bitcoin bonds on the Liquid Network, Bloomberg reported citing the chief strategy officer of Blockstream. 

The so-called “volcano bond” is to be equally split between an allocation in bitcoin and Bitcoin mining infrastructure powered by geothermal energy in the region, Samson Mon explained. 

As demonstrated by Blockstream models, at the end of the 10th year of the bond, the annual percentage yield will be 146 percent due to Bitcoin’s projected appreciation, with Bitcoin expected to hit the $1 million mark within five years. 

The Latin American country also aims to build Bitcoin City near the Conchagua volcano, to provide energy for mining, Bloomberg reported citing president Nayib Bukele. 

The city will be free of income, property and capital gains taxes, with only 10 percent of value-added tax to fund city construction and services.

The ambitious plans will allow El Salvador to be “the financial center of the world” and “the Singapore of Latin America,” Mow said.


Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
Updated 13 sec ago

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
  • The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah said

RIYADH: Kuwait Foreign Petroleum Exploration Company, or Kufpec, has discovered natural gas and a light form of oil in Indonesia. 

Kufpec, which is a unit of Kuwait’s state energy company, made the discoveries “through the successful drilling of the Anambas-2X well” in 288 feet (88 meters) of water, Bloomberg reported.

The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah told Annahar on Sunday.

He added all the discoveries are owned by the company as it is the operator of the project, and it was its first discovery at an offshore block that it operates.

Kufpec started its operation in 1981, known as an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside Kuwait.

 


TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell
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Updated 3 min 57 sec ago

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

RIYADH: Saudi stocks fell on Sunday as weak earnings data weighed on investor sentiment and losses hit some of the Kingdom’s major stocks.

TASI dropped 1.2 percent, snapping its ten-day winning streak, to close at 12,140 points, and the parallel Nomu market slipped 1.4 percent to 25,707 points.

The Kingdom’s dairy giant, Almarai Co., lost 2.4 percent after leading the losses earlier this morning.

The diary giant earlier posted a 21 percent decline in profit in 2021 as pandemic and value-added tax adversely impacted revenues.

Shares in Saudia Dairy and Foodstuff Co., or SADAFCO, also fell 1.3 percent in response to weak earnings data. Profits dropped by 29 percent during the nine months ending Dec. 31, 2021.

The $1.95 trillion oil giant Saudi Aramco edged down almost 1 percent, and fertilizer firm, SABIC Agri-Nutrients, closed 3 percent lower.

Stocks in the financial sector further weighed on TASI, including Al Rajhi Bank, the Saudi National Bank, SNB, and Alinma Bank, all down between 0.7 and 0.8 percent.

Etihad Atheeb Telecommunications Co. led the gainers, up 6.6 percent, while Saudi Research and Media Group was the highest faller, down over 3.7 percent.

Saudi information technology firm Al Moammar Information Systems Co., MIS, saw a 0.8 percent decline in its share price.

MIS has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co. for cloud hosting and data center services.

In energy trading, In energy trading, oil prices brought to an abrupt end the seven-year high on Friday as higher inventories of US crude and fuel prompted profit-taking.

Brent crude oil reached $87.9 per barrel, and US benchmark WTI crude oil settled at $85 per barrel.


Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris
Image: Shutterstock
Updated 37 min 15 sec ago

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris
  • EgyptAir aims to reduce the use of single-use plastic materials on its flights by 90 percent

Cairo International Airport launched Africa’s first test flight with environmentally friendly services on board to Paris, led by EgyptAir. 

The Boeing 787-9 Dreamliner was led by the Egyptian minister of civil aviation and had 219 passengers onboard.

The flight coincides with the ministry of aviation's celebration of the 92nd National Day of Egyptian Civil Aviation, which falls on Jan. 26 of each year.

Mohamed Manar said the success of the environmentally friendly trip comes in line with the ministry of aviation’s plan to confront the effects of climate change.

EgyptAir aims to reduce the use of single-use plastic materials on its flights by 90 percent. 

It identified 27 products made of single-use plastic that were used on planes and replaced them with environmentally friendly products.

The Egyptian airline has set out a timetable for all flights to Europe with environmentally friendly products and services by 2025, to be circulated to all airline network flights, Amr Abol-Enein,  the head of the holding company for EgyptAir, said


Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’
Updated 23 January 2022

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

RIYADH: A five-million-square-meter beach in Saudi Arabia’s Eastern Province has been sold for over SR4 billion ($1 billion), in what was described as one of the largest real estate transactions in the Kingdom. 

Saudi Real Estate Contributions Commission, known as Tasfiah, has concluded the sale of the Al Qatif beach in a public auction in the governorate of Al Khobar, the Saudi Press Agency reported. 

The beach covers more than 5 million square meters on Tarout Island, one of the oldest settlements in the Arabian gulf. 

Tasfiah has so far reached a total of SR15 billion as a return to shareholders through its public auctions and sale of land contributions. 


Saudi shipping firm Bahri starts operations of $203m floating desalination project

Saudi shipping firm Bahri starts operations of $203m floating desalination project
Updated 23 January 2022

Saudi shipping firm Bahri starts operations of $203m floating desalination project

Saudi shipping firm Bahri starts operations of $203m floating desalination project
  • Bahri said the project is expected to be finalized by the fourth quarter of 2022

RIYADH: A Saudi-based provider of logistics and transportation services, Bahri, has started trial commissioning of the first floating desalination plant under its SR760 million ($203 million) deal with Saline Water Conversion Corp., or SWCC.

The plant is located near the port of Al Shuqaiq on the Western coast of the Kingdom, Bahri said in a bourse statement on Sunday.

Signed in 2019, the deal involves establishing three floating plants, to supply and transfer desalinated water from the stations to desalination tanks.

Each station will have a capacity of 50,000 cubic meters per day with a total capacity of 150,000 cubic meters a day. 

Bahri said the project is expected to be finalized by the fourth quarter of 2022 and attributed the delay in commercial operations to COVID-19 constraints.

Established in 1978, Bahri is a joint venture between Saudi Aramco and the Public Investment Fund. It owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.