Saudi-based fintech NQOODLET raises $1m in funding round

Saudi-based fintech NQOODLET raises $1m in funding round
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Updated 07 December 2021

Saudi-based fintech NQOODLET raises $1m in funding round

Saudi-based fintech NQOODLET raises $1m in funding round

RIYADH: Saudi-based expense management fintech platform NQOODLET has raised $1 million in a pre-seed funding round.

The Riyadh-located company will use the funds to build its infrastructure and launch its card and platform, according to MAGNiTT.

The funding was led by angel investor Yaser Alghamdi with the participation of the Saudi Venture Capital Company. OMQ investments also participated in the round.

As of 2020 there are around 600,000 SMEs in the Saudi market generating about $89 billion revenue and employing 8 million employees, cofounder Mohamed Milyani said.

“We can capitalise on this number to help provide and manage travel expenses and even provide an employee card for salaries,” he said.

Founded in 2021, NQOODLET provides a digital platform for SMEs to manage their expenses, purchases, and register bills directly through corporate cards.


Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February
Image: Shutterstock
Updated 13 sec ago

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

RIYADH: Egypt's Ghazl El Mahalla will become the first football club to list on the Egyptian Exchange, known as EGX, in early February 2022, Almal reported citing the company’s head. 

Ghazl El Mahall is currently owned by the Egyptian El Mahalla Spinning and Weaving Co, and Ali Al-Abbasi said the listing of the company would take the burden of football off the firm.

The football club is offering over 60 percent of its capital and will raise around 135 million Egyptian pounds ($8.6 million).

The club will release the prospectus for its initial public offering on the Egyptian stock exchange before the end of January. 

It will become the first club to establish an independent joint stock company in Egypt, in accordance with the new sports law, he noted. 

Egypt’s new sports law was issued as part of the ministry of youth affairs and sports’ efforts to motivate investors, attract investments, and encourage clubs and sports bodies to establish companies.

Ghazl El Mahalla is one of Egypt's biggest clubs, but has not won the country's premier league since 1973.

 


Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts
Updated 2 min ago

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion ($320 million) partial acquisition of Dubai-based ETG Inputs Holdco Ltd.

The homegrown fertilizer producer is to takeover 49 percent of ETG Inputs Holdco’s share capital, it said in a bourse statement.

This comes as part of the company’s strategy to strengthen its presence in global markets and move closer to its customers.

SABIC Agri-Nutrients noted that the transaction is subject to regulatory approvals and other terms and conditions.

The financial impact of the acquisition is expected to roll out on the company’s financial statements during the second half of the ongoing fiscal year, it added.

ETG Inputs Holdco specializes in the field of blending and distributing fertilizers and seeds. It directly sells to farmers and end customers across several countries in Africa.

 


JPMorgan merges EU operations into single German business

JPMorgan merges EU operations into single German business
Image: Shutterstock
Updated 7 min 24 sec ago

JPMorgan merges EU operations into single German business

JPMorgan merges EU operations into single German business
  • Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate

American banking giant JPMorgan has merged most of its European Union businesses into a single entity in Germany, it said on Monday, seeking to make its business in the bloc more competitive after Britain’s departure.


The bank said it had simplified its European structure by merging its Luxembourg and Irish entities into German business JP Morgan AG.


JPMorgan said the new combined operation “will be among the five largest banking legal entities in Germany” and go into the top 20 of those supervised by the European Central Bank.

It said it would have a total capital base of about 34 billion euros ($38.51 billion).


Major US banks have been reorganizing their European operations since Brexit because they can no longer serve EU clients out of London.

Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate by reducing how much capital it needs to hold in total and combining different pools of liquidity.


The reorganization of the group’s EU legal entity structure does not involve any change to its existing office locations, JPMorgan added.


Lamborghini dedicates $1.7bn in move to electric models

Lamborghini dedicates $1.7bn in move to electric models
Lamborghini Aventador SV. Image: Shutterstock
Updated 26 min 21 sec ago

Lamborghini dedicates $1.7bn in move to electric models

Lamborghini dedicates $1.7bn in move to electric models
  • Lamborghini’s shift is heavily backed by Volkswagen’s heavy spending on new and up to date technologies

RIYADH: Italian luxury sports cars and SUVs manufacturer, Lamborghini has devoted 1.5 billion euros ($1.7 billion) to shift its lineup from pure combustion vehicles to plug-in hybrids as of 2023, Bloomberg reported.

The sports car manufacturer is preparing for the final round of combustion engine models such as the Aventador.

This comes as the Italian producer aims to introduce its initial plug-in hybrid car in 2023 amid efforts to fully convert its lineup to battery powered models by 2024.


Other car brands such as Ferrari NV and Aston Martin Lagonda Global Holdings Plc have faced some challenges to maintain their brand identity amid the electrification process.

On the other hand, Lamborghini’s shift is heavily backed by Volkswagen’s heavy spending on new and up to date technologies.


Lamborghini's first electric car design is still a work in progress; however, the manufacturer is considering a four door model convenient for day to day use.

The supercar brand hit record deliveries in 2021 and said 2022 had seen a very good start.

The firm’s full year earnings — to be unveiled in March — will be “surprising to everyone in a positive sense,” Bloomberg reported, citing chief executive officer Stephan Winkelmann.


French power company EDF to produce lowest amount of nuclear energy in 30 years: NRG matters

French power company EDF to produce lowest amount of nuclear energy in 30 years: NRG matters
Updated 59 min 22 sec ago

French power company EDF to produce lowest amount of nuclear energy in 30 years: NRG matters

French power company EDF to produce lowest amount of nuclear energy in 30 years: NRG matters

RIYADH: Germany’s concerns over the EU’s nuclear power plans are causing uncertainty in the sector, while initiatives by businesses such as Lamborghini, Fortescue, and Kufpec show some companies are taking green concerns on board.

Looking at the bigger picture:

  • The German government has formally vocalized its objection — in a letter to Brussels — regarding the EU taxonomy plan which aims to recognize nuclear power plants as a green energy source, Reuters reported. The planned move is considered perilous, costly, and lacks safety requirements in the eyes of the German government.

Through a micro lens:

  • Italian manufacturer of luxury sports cars and SUVs, Lamborghini has devoted 1.5 billion euros ($1.7 billion) to shift its lineup from pure combustion vehicles to plug-in hybrids as of 2023, Bloomberg reported. The sports car manufacturer aims to introduce its initial plug-in hybrid car in 2023 amid efforts to fully convert its lineup to battery powered models by 2024.
  • Australian iron ore firm Fortescue Metals Group Ltd. has acquired $223 million of the technology and engineering business service Williams Advanced Engineering Ltd., allowing it to access battery technology, Bloomberg reported.The fourth largest iron producer worldwide will use the acquisition to propel the advance of net zero emissions as well as having electric haul trucks instead of diesel models.
  • Kuwait Foreign Petroleum Exploration Co., better known as Kufpec, has announced its first discovery in an offshore block of natural gas and a light form of oil — known as condensate — in Indonesia, Bloomberg reported. This comes after triumphant drilling in 88 meters of water in the Anambas-2X well.
  • Nuclear electric power generation company Electricite de France SA will generate the least amount of atomic power in 30 years due to technical issues in its plants, Bloomberg reported. This will diminish neighboring countries' access to French power exports, posing a great risk for energy security across the European continent.