Dr Suliman Al Habib Group signs $8m land deal for new Al-Madinah hospital

Dr Suliman Al Habib Group signs $8m land deal for new Al-Madinah hospital
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Updated 21 November 2021

Dr Suliman Al Habib Group signs $8m land deal for new Al-Madinah hospital

Dr Suliman Al Habib Group signs $8m land deal for new Al-Madinah hospital

RIYADH: Hospital operator Dr Sulaiman Al Habib Medical Services Group (HMG) is investing SR30 million ($8 million) in a land lease in Al-Madinah where it plans to build a hospital.

Tadawul-listed HMG will construct and operate the hospital on a 50 year contract basis, the company announced in a filing.

The hospital operator was established in 1995, in the Olaya area of Riyadh. Today it operates seven hospitals in the Kingdom, as well as in UAE, Bahrain. It also operates pharmacies and other medical related divisions.


Lebanon launches second licensing round for 8 offshore oil, gas blocks 

Lebanon launches second licensing round for 8 offshore oil, gas blocks 
Image: Shutterstock
Updated 25 sec ago

Lebanon launches second licensing round for 8 offshore oil, gas blocks 

Lebanon launches second licensing round for 8 offshore oil, gas blocks 
  • The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute

RIYADH: Lebanon has launched the second licensing round for eight offshore oil and gas blocks after two years of delay.

The government had agreed to launch the second round in April 2019 but it was postponed due to the pandemic, Bloomberg reported.

The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute over about 860 square kilometers of water.

The deadline for applications is June 15, according to the Lebanese Petroleum Administration.


Doha Bank looks to borrow a 3-year $350m loan

Doha Bank looks to borrow a 3-year $350m loan
Updated 9 min 42 sec ago

Doha Bank looks to borrow a 3-year $350m loan

Doha Bank looks to borrow a 3-year $350m loan
  • Banks that finance more than $100 million will receive an interest rate of 108 basis points on the total tranche

RIYADH: Doha Bank, one of the largest commercial banks in Qatar in terms of assets, is looking for a 3-year loan of $350 million, following a financing it obtained earlier this year.

The loan also includes a one-year extension option and an interest rate of about 85 basis points above LIBOR, a global benchmark interest rate, Alarabiya reported.

Banks that finance more than $100 million will receive an interest rate of 108 basis points on the total tranche.

Those offering to lend less than $100 million will receive a total interest rate of 106 basis points.


Chinese NetEase’s music business raises $422m in Hong Kong IPO 

Chinese NetEase’s music business raises $422m in Hong Kong IPO 
Image: Shutterstock
Updated 29 min 7 sec ago

Chinese NetEase’s music business raises $422m in Hong Kong IPO 

Chinese NetEase’s music business raises $422m in Hong Kong IPO 
  • The listing comes as China tightens up control over its data

Chinese gaming giant NetEase’s music streaming platform, Cloud Village has raised $422 million in its Hong Kong initial public offering.

The company priced its shares at HK$205 ($26.30), to start trading on Dec. 2, Bloomberg reported.

The listing comes as China tightens up control over its data, by issuing a draft law that requires Hong Kong IPO candidates to do a cybersecurity review. 

The music streaming platform, founded in 2013, generates most of its revenue through subscriptions, virtual gifting and advertising, providing online karaoke, live-streaming and lyrics sharing.

Bank of America Corp., China International Capital Corp. and Credit Suisse Group AG are joint sponsors for the offering.


Egypt’s tourism investments to grow 64% to $540m: minister

Egypt’s tourism investments to grow 64% to $540m: minister
Updated 42 min 29 sec ago

Egypt’s tourism investments to grow 64% to $540m: minister

Egypt’s tourism investments to grow 64% to $540m: minister
  • Minister Hala El-Said estimated investments will reach around 8.5 billion Egyptian pounds ($540 million)

Egypt’s minister of planning and economic development expects investments in the tourism and antiquities sector to rise 64 percent in the fiscal year 2021/22. 

Hala El-Said estimated investments will reach around 8.5 billion Egyptian pounds ($540 million) up from 5.2 billion Egyptian pounds in the fiscal year 2020/21.

The tourism sector occupies a special significance for the Egyptian economy due to its high growth rates and its large sectoral contribution to the country’s GDP growth, the minister said. 

The ministry’s report included the tourism sector’s targets in the 2021/22 plan. 

The sector’s production level is expected to reach about 120 billion Egyptian pounds at current prices, compared to 93 billion Egyptian pounds during 2020/21, a growth rate of nearly 29 percent. 

It is aimed to extend the tourism sector’s GDP share to 91.4 billion Egyptian pounds in the next fiscal year, compared to 69.5 billion Egyptian pounds in the previous year. 


UAE’s Raseed raises $1.1m in a pre-Seed round

UAE’s Raseed raises $1.1m in a pre-Seed round
Image: Shutterstock
Updated 50 min 9 sec ago

UAE’s Raseed raises $1.1m in a pre-Seed round

UAE’s Raseed raises $1.1m in a pre-Seed round
  • Founded in early 2020, Raseed facilitates the process of buying and selling stocks

UAE-based investment platform Raseed has raised $1.1 million in a pre-Seed round led by Impact46, according to WAMDA. 

The financing will support the company’s product development and will increase its user base by providing advanced investment opportunities. 

“Through best-in-class technologies and partnerships, we have simplified the customer onboarding process, reduced onboarding time to minutes, and eliminated the high barriers to buying and owning stocks,” founder of Raseed, Abdel Sallam Qatshan, said. 

Founded in early 2020, Raseed facilitates the process of buying and selling stocks on the US markets to investors in Saudi Arabia, UAE and Bahrain, through a commission-free application.