Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 
Nazha and El-Shinnawy. (Supplied)
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Updated 09 December 2021

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

DUBAI: Egyptian startup Minly is acquiring Dubai-based celebrity shoutout platform Oulo to combine services and reach for an undisclosed value. 

The platforms allow fans to connect with athletes, musicians, and other celebrities, and the merged business will combine the pair’s roster of celebrities across the Arab region. 

“Historically, the majority of pan-Arab celebrities were either Egyptian or Lebanese. Therefore, combining forces unlocks immense synergies as, together, we dominate the two most important sources of cultural content,” Kamal Nazha, Oula’s founder, said.

The acquisition follows Minly’s recent seed round where it raised $3.6 million off the back of a year of growth for the platform. It acquired 130,000 users and 1,000 celebrities in just over a year.

“Our mission is to become the number one creator economy platform in the region, and speed to market is critical to achieving this,” Minly chief Mohamed El-Shinnawy told Tech Crunch in an interview. 


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 9 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 13 min 27 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 40 min 44 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.

 


Russian central bank proposes banning cryptocurrencies, crypto mining

Russian central bank proposes banning cryptocurrencies, crypto mining
Image: Shutterstock
Updated 20 January 2022

Russian central bank proposes banning cryptocurrencies, crypto mining

Russian central bank proposes banning cryptocurrencies, crypto mining
  • Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion

Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty.


Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism.

It eventually gave them legal status in 2020 but banned their use as a means of payment.


In December, the price of bitcoin fell after Reuters reported, citing sources, that Russia's regulator was in favour of a complete ban on cryptocurrencies.


In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.


The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges.


Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.


Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month.


The central bank said crypto mining created problems for energy consumption.

Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles.

The process guzzles electricity and is often powered by fossil fuels.


"The best solution is to introduce a ban on cryptocurrency mining in Russia," the bank said.


Saudi energy ministry signs hydrogen projects with NEOM, TRSDC, other ministries

Saudi energy ministry signs hydrogen projects with NEOM, TRSDC, other ministries
Image: Shutterstock
Updated 20 January 2022

Saudi energy ministry signs hydrogen projects with NEOM, TRSDC, other ministries

Saudi energy ministry signs hydrogen projects with NEOM, TRSDC, other ministries

RIYADH: Saudi Arabia’s Ministry of Energy is signing today initial agreements with several local and government stakeholders, for projects where hydrogen is to be used in the transport sector. 

The ministry is partnering with the Ministry of Transport and Logistic Services, Ministry of Industry and Mineral Resources, as well as the Ministry of Environment, Water, and Agriculture. 

Other stakeholders who are attending the signing ceremony also include the Royal Commission for Jubail and Yanbu, NEOM, Saudi Green Initiative, Saudi Railway Company, Princess Norah Mint Abdul Rahman University, the Royal Commission for Makkah City and Holy Sites, The Red Sea Development Company, Saudi Ground Services, and the Saudi Technology Development and Investment Company. 

The MoUs singing will take place at The Ritz Carlton Hotel in Riyadh.