Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut
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Updated 09 December 2021

Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut

JEDDAH: Saudi Arabia’s Public Investment Fund achieved gains of SR1.1 billion ($2.9 million) after the strong market debut of the Saudi Tadawul Group.

Tadawul shares rose more than 14 percent during its first trading session following its initial public offering on Wednesday Dec. 8. 

The price reached SR119 ($31.7), fluctuating between an intraday high of SR127.6 and a low of SR115.4, according to a bourse filing.

PIF now owns 84 million shares of the company's 120 million shares, with the remaining 36 million shares offered for IPO, according to Al-Eqtisadiah paper.

The fund’s share in Tadawul Group is the seventh largest of its holdings in the Saudi Market, in terms of market value, and the second in terms of ownership percentage, Al Arabiya reported.


General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president
Updated 12 sec ago

General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president

RIYADH: Automotive company General Motors Africa and Middle East, or GM AMEO, has appointed Sajed Sbeih to the role of vice president of strategy, product & operations at GM Europe. 

Sbeih was previously serving as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa, according to the company’s statement.

Currently named as GM AMEO chief financial officer, Albert Nazarian has been named as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa.

Also, Ajai Shankar, former finance director, is appointed as the company’s new chief financial officer.  

This comes in line with the company’s global growth strategy and efforts to support its vision of Zero Crashes, Zero Emissions and Zero Congestion.


Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets
Updated 15 min 3 sec ago

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, has done a lot to ensure the stability of the oil market, the Saudi Energy Minister has said.

Speaking at the Abu Dhabi Sustainability Week Summit on Monday, Prince Abdulaziz bin Salman emphasized the importance of a stable market, adding that the Kingdom enjoys good relationships with OPEC+ members.

OPEC+ has consistently resisted pressure from countries such as the US to raise oil production plans above the agreed rate of an extra 400,000 barrels a day.

Prince Abdulaziz also said that Saudi Arabia is engaging in many events globally with the aim of demonstrating the initiatives taken to boost sustainability.

In addition, while the energy sector faces some challenges in terms of technology, the minister said that young people are expected to welcome this with excitement as they try to satisfy their ambitions.


UAE seeks to capture 25% of the hydrogen market, energy minister says

UAE seeks to capture 25% of the hydrogen market, energy minister says
Updated 21 min 44 sec ago

UAE seeks to capture 25% of the hydrogen market, energy minister says

UAE seeks to capture 25% of the hydrogen market, energy minister says

The UAE aims to obtain a quarter of the global hydrogen market, the country’s energy minister said on Monday.

Speaking during the Abu Dhabi Sustainability Week Summit, Suhail Al Mazrouei said the UAE is in discussions with many countries who are interested in blue and green hydrogen.

The minister also talked up the importance of the circular economy, saying that adopting it makes sense commercially and helps in creating job opportunities in the country.

According to Al Mazrouei, the UAE is one of the leaders in the shift to this type of economy, which emphasizes the reuse, repair and recycling of existing materials and products as much as possible.


Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell

Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell
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Updated 43 min 39 sec ago

Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell

Saudi stocks poised to extend winning streak, omicron fears subside: Closing bell

RIYADH: Saudi Arabia’s main TASI index ended higher for the seventh straight session, buoyed by strong investor sentiment stifling any lingering omicron fears.

TASI advanced 0.5 percent to close at 12,166 points after starting the session with mild gains, while the parallel market Nomu edged down by 0.4 percent to 26,180 points.

Tadawul group, owner of the Saudi Exchange, led the gainers as it added 5.8 percent to reach SR160 ($45) — its highest closing value since listing.

This was supported by advances in the Kingdom’s utility provider ACWA POWER Co., its largest lender the Saudi National Bank, and oil giant Saudi Aramco, up 0.2, 1.4 and 0.4 percent, respectively.

ACWA POWER re-appointed Mohammad Abdullah Abunayyan as chairman of the board of directors for another three years.    

In the financial sector, Alinma bank was up 0.9 percent to a record high of SR27.9 and the Saudi British Bank, known as SABB, gained 1.9 percent.

Shares of Saudi franchise retailer Fawaz Abdulaziz Alhokair Co. surged 3.7 percent. 

Earlier, the retailer submitted a filing to the Capital Market Authority for capital decrease, followed by capital increase through rights issue of SR1 billion.

Saudi Pharmaceutical Industries and Medical Appliances Corp., or SPIMACO, was up 1.5 percent after it sealed a deal with Swiss-based Vifor Pharma to localize the production of an injection.

In the oil market, Brent crude was down to $85.7 per barrel after crossing $86 earlier in the morning, and US WTI crude oil reached $83,7 per barrel as of 3:37 p.m. Saudi time.


Egypt’s issuance of securities surge 44% to $17.8 bn in 2021

Egypt’s issuance of securities surge 44% to $17.8 bn in 2021
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Updated 17 January 2022

Egypt’s issuance of securities surge 44% to $17.8 bn in 2021

Egypt’s issuance of securities surge 44% to $17.8 bn in 2021

Egypt saw issuances of securities worth 280 billion Egyptian pounds ($17.8 billion) in 2021, up by 44 percent from a year earlier, according to the country’s Financial Regulatory Authority.

Investments made by insurance companies also rose by 22.1 percent to 131.5 billion Egyptian pounds while mortgage financing soared by 138.2 percent to 8.1 billion Egyptian pounds, CNBC Arabia reported.

Data on the value of financial leasing contracts showed an increase of 35.5 percent to hit 79.8 billion Egyptian pounds in 2021.

In addition, the country had its first ever green bond issuance in 2021, valued at $100 million to aid in the move towards a green economy, according to Egypt Today.

Meanwhile, there were 3.5 million beneficiaries from the financing of micro, small and medium enterprises — which grew by 9.4 percent.