Saudi Arabia hosts first National Forum for Islamic Banking on Dec. 6

Saudi Arabia hosts first National Forum for Islamic Banking on Dec. 6
A view of Riyadh, where the first National Forum for Islamic Banking will be held (shutterstock)
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Updated 03 December 2021

Saudi Arabia hosts first National Forum for Islamic Banking on Dec. 6

Saudi Arabia hosts first National Forum for Islamic Banking on Dec. 6

RIYADH: Saudi Arabia is hosting its first National Forum for Islamic Banking on Dec. 6 and 7 in Riyadh, titled "Kingdom's Leadership in Islamic Banking.”

Participants in the forum will discuss the impact of Islamic banking on economic development, the Kingdom’s regulations in Islamic banking, Islamic digital banking in Saudi Arabia and the role of Islamic banks in entrepreneurship, among other discussions.

This comes in light of the rapid growth of the Islamic financial industry since its inception at the global level.

Islamic banking assets in the Kingdom reached more than $565 billion by the first quarter of 2021, SPA reported.


Boeing nears Qatar freighter deal ahead of emir visit: sources

Boeing nears Qatar freighter deal ahead of emir visit: sources
Image: Shutterstock
Updated 10 sec ago

Boeing nears Qatar freighter deal ahead of emir visit: sources

Boeing nears Qatar freighter deal ahead of emir visit: sources
  • Qatar has indicated it is willing to look at buying as many as 50 freighters

Boeing Co is in advanced talks with Qatar Airways to secure a launch order for a proposed new freighter, and a deal could come as early as next week when the country's ruling emir visits Washington, two people familiar with the matter said on Tuesday.


Qatar Airways is looking at renewing its existing fleet of around 34 freighters with the larger new 777X version in a deal potentially worth $14 billion at list prices, the people said.

Qatar has indicated it is willing to look at buying as many as 50 freighters, with the larger number likely to include options.


Both companies declined comment


GM invests $7 billion to rival EV competitors

GM invests $7 billion to rival EV competitors
Updated 56 min 27 sec ago

GM invests $7 billion to rival EV competitors

GM invests $7 billion to rival EV competitors

DETROIT: General Motors said Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with rival Ford Motor for EV supremacy in North America. This report produced by Jillian Kitchener.

General Motors is putting the pedal to the metal in its race toward an electric vehicle future.

The company announced Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups.

CEO Mary Barra said the investment will benefit four Michigan manufacturing sites and will create 4,000 jobs:

“The 7 billion investment is the largest in GM’s history and its so appropriate that it’s in Michigan. It includes a new Ultium Cell LLC battery plant – will be located near Lansing. As well as the conversion of our assembly plant in Orion township for the production of the Chevrolet Silverado and the GMC Sierra EV pickups.”

GM said its Detroit-Hamtramck and Orion Township plants will be able to build more than 600,000 electric trucks a year by late 2024, including different variations of the new Chevrolet Silverado and GMC Sierra electric pickups.

“And all together, we will have more than a million units of EV capability in North America by the end of 2025.”

Tuesday’s announcement intensifies a battle with Ford for EV dominance in North America.

In January, Ford said it will have the annual capacity to build 600,000 electric vehicles, including 150,000 F-150 Lightning pickups, within 24 months.

But, both Ford and GM will have to contend with the current EV leader – Tesla. It will soon open a second U.S. plant in Austin, Texas, and is on pace to sell more than 1 million electric vehicles globally in 2022.


Here’s what you need to know before opening bell today

Here’s what you need to know before opening bell today
Updated 58 min 14 sec ago

Here’s what you need to know before opening bell today

Here’s what you need to know before opening bell today

RIYADH: Saudi Arabia’s main stock index TASI ended Tuesday’s session in positive territory as gains in the energy, financial, and insurance sectors pushed the index higher.

TASI recorded gains at 0.3 percent, reaching 12,109 points, and the parallel Nomu market closed flat at 25,551 points.

Most major GCC indexes also recorded gains on Tuesday.

Dubai’s DFMGI, Abu Dhabi’s FTSE ADX general index, and the Qatari QSI index all edged up between 0.1 and 0.3 percent.

Bourses of Bahrain, Oman, and Kuwait were down, as well as the Egyptian EGX30 index which closed 0.6 lower.

In energy trading, oil prices rebounded as Brent crude oil crossed $88 per barrel, and US benchmark WTI crude oil reached $85.3 per barrel as of 9:05 a.m. Saudi time.

Stock news

  • The Saudi Automotive Services Co. has acquired 80 percent of gas station operator NAFT Services Limited Co. for $1.1 billion ($293 million)
  • Advanced Petrochemical Co.’s board recommended increasing capital to SR2.6 billion, or by 20 percent, through issuing bonus shares. They also recommended buying back 1.5 million shares to allocate in an employee incentives program
  • Saudi oil giant Aramco has awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes
  • Dallah Healthcare Co. has signed a memorandum of understanding with KUN Investment Holding Co. for the purchase of 19 percent of International Medical Center Co. through a share swap

Calendar

Jan. 27, 2022

End of Gas Arabian Services’ IPO book-building

End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

End of Elm Co.’s IPO book-building 

 


Saudi Aramco awards $71m steel pipes deal to Arabian Pipes

Saudi Aramco awards $71m steel pipes deal to Arabian Pipes
(Shutterstock)
Updated 49 min 28 sec ago

Saudi Aramco awards $71m steel pipes deal to Arabian Pipes

Saudi Aramco awards $71m steel pipes deal to Arabian Pipes

RIYADH: Saudi oil giant Aramco has sealed a SR268 million ($71 million) deal with homegrown Arabian Pipes Co. to provide steel pipes, according to a bourse filing.

The contract will be valid for 13 months, the Riyadh-based pipe manufacturer said in a statement to Saudi stock exchange, Tadawul.

Arabian Pipes expects the transaction to impact its financial statements starting from the third quarter of this year until the first quarter of 2023.


Saudi Arabia, Thailand set efforts for economic push after PM visit to Riyadh

Saudi Arabia, Thailand set efforts for economic push after PM visit to Riyadh
Updated 26 January 2022

Saudi Arabia, Thailand set efforts for economic push after PM visit to Riyadh

Saudi Arabia, Thailand set efforts for economic push after PM visit to Riyadh

RIYADH: Saudi Arabia and Thailand are setting efforts to improve economic and trade relations through investments and opportunities available in light of the Kingdom's Vision 2030 and Thailand's priorities, amid three decades of conflict.

This includes the policy of a dynamic - circular - green economy, in addition to discovering new areas of cooperation, such as renewable energy and the environment, digital transformation, and cybersecurity.

Discussions were held during the visit of Thailand's Prime Minister and Minister of Defense, General Prayut Chan-ocha, to the Kingdom on January 25 and 26, Saudi Press Agency reported.

The leadership of both countries has a serious desire to continue consultation and coordination at all levels, especially trade and investment, the Commerce Minister Majid Al-Qasabi said in a statement to SPA.

Al-Qasabi stressed the importance of the effective role of the private sector in developing relations with all countries of the world, by taking advantage of investment opportunities and working hard to overcome all obstacles to the establishment of joint commercial and industrial projects.

Both countries aim to open new horizons to increase their prosperity, Foreign Minister Prince Faisal bin Farhan said.

The volume of the Kingdom's exports to Thailand amounted to $4 billion during 2020, while the volume of Thailand's exports to the Kingdom amounted to $1.65 billion in the same year, he said.

The volume of trade exchange between Saudi Arabia and Thailand in the past five years amounted to SR130 billion ($34.65 billion), according to SPA.

The Kingdom's non-oil exports to Thailand exceeded SR2 billion during the year 2020, with mineral, chemical and aluminum products topping the list of the most important exported commodities. Cars and their parts, machinery, wood and its products were among most prominent imported commodities