RIYADH: Crown Prince Mohammad bin Salman said total spending in the Kingdom will reach SR7.2 trillion in 2030, including investments of PIFSaudi, the private sector and government spending, according to a statement carried by Saudi Press Agency.
SoftBank to book $34bn gain by cutting Alibaba stake to 14.6%
TOKYO: SoftBank Group Corp. on Wednesday said it will book an estimated gain of 4.6 trillion yen ($34.08 billion) on settling prepaid forward contracts using shares in Alibaba Group Holding, reducing its stake to 14.6 percent from 23.7 percent.
SoftBank on Monday booked a record quarterly net loss due to sliding valuations at its Vision Fund investment arm, with Chief Executive Masayoshi Son pledging to further reduce investment activity and cut costs.
The estimated gain announced on Wednesday includes 2.4 trillion yen from the revaluation of shares in the Chinese e-commerce giant and a derivative gain of 0.7 trillion yen, SoftBank said in a filing.
The transaction “will be able to eliminate concerns about future cash outflows, and furthermore, reduce costs associated with these prepaid forward contracts,” SoftBank said.
“These will further strengthen our defense against the severe market environment,” SoftBank added.
Son bought into Alibaba for $20 million in 2000 and the Chinese company’s growth that made it one of the world’s biggest e-commerce companies helped to burnish his tech investor credentials.
But Alibaba has lost more than two thirds of its value from highs in late 2020, hit by Beijing’s crackdown on the tech sector and its scrutiny of founder Jack Ma.
The SoftBank transaction is not expected to result in additional sales of Alibaba shares on the market as the shares were hedged at the time of the original monetization, SoftBank said.
Ties between the two companies have weakened, with Ma leaving SoftBank’s board in 2020 and Son stepping down from Alibaba’s board the same year.
The Japanese billionaire, who has also bet on ventures such as ridehailer Didi Global, has sought to emphasize the decreasing size of China tech in his portfolio as market turmoil has hit valuations and US-China tensions have increased.
Iraq launches Mosul airport reconstruction
- The airport, which was heavily damaged in the battle, had been disused since the extremists seized Mosul and adjacent areas in 2014
MOSUL: Iraqi Prime Minister Mustafa Al-Kadhemi on Wednesday inaugurated the reconstruction of Mosul international airport, still in disrepair five years after the battle that expelled Daesh from the city.
Entire sectors of the northern metropolis have remained in ruins since the July 2017 recapture of Mosul by Iraqi forces backed by a US-led multinational coalition.
The airport, which was heavily damaged in the battle, has been disused since the extremists seized Mosul and adjacent areas in 2014.
Kadhemi, in an official ceremony at the airport on the southern outskirts of Mosul, laid the foundation stone for its renovation.
Airport director Haider Ali told AFP that the reconstruction has been assigned to two Turkish companies and is expected to take 24 months.
Despite the slow pace of reconstruction, the city of 1.5 million inhabitants has regained a semblance of normality: shops have reopened, traffic jams are back and international agencies have been funding restoration projects for historic sites.
But huge challenges remain.
At the end of 2021, the Red Cross estimated that 35 percent of west Mosul residents and less than 15 percent in east Mosul, which bore the brunt of the fighting, have enough water to meet their daily needs.
Kadhemi, quoted in a statement issued by his office, said that “huge efforts” were being made to rebuild the city.
In January, a provincial official spoke of a $266-million budget for major reconstruction projects, notably in the health, education and transport sectors for 2021-2022, according to the state news agency INA.
Saudi Arabia implemented over 600 reforms to improve business environment, says deputy minister
RIYADH: Saudi Arabia has implemented over 600 structural and legislative reforms that contributed to accelerating and improving the country’s business environment, deputy minister at the Ministry of Investment told CNBC Arabia.
Saad Al-Shahrani said (the reforms) included facilitating the procedures for issuing investment licenses, whether from inside or outside the Kingdom.
He noted that a total of 150 deals, valued at SR19 billion ($5 billion), were signed during the first half of 2022, reflecting the attractiveness of Saudi Arabia for investors.
This comes as part of the ministry’s efforts to enhance the Kingdom’s competitiveness as a regional business hub through a series of incentives and initiatives, Al-Shahrani added.
Saudi agricultural fund signs $40m deal to finance import of 130K tons of barley
RIYADH: Saudi Arabia’s Agricultural Development Fund has signed a SR150 million ($39.8 million) contract to finance the import of around 130,000 tons of barley.
It is part of the fund’s initiative to finance the import of agricultural products, according to the Saudi Press Agency.
The fund aims to enhance the strategic stock of agricultural products and compensate for any agricultural commodities’ supply shortages, as well as ensuring the stability of food supply chains.
Saudi healthcare provider Naba Alsaha reports 24% profit growth ahead of IPO
RIYADH: Naba Alsaha Medical Services Co. has posted 24 percent profit growth for the first half of 2022, ahead of an initial public offering on Saudi Arabia’s stock market.
This was coupled with a year-on-year revenue jump of 13 percent, CEO Nathir Al-Jishi told Argaam.
The executive noted that Naba Alsaha will open a new pharmacy in Riyadh, adding that it’s studying opening new branches in other neighborhoods.
The company is also looking to expand in non-medical operation segments by providing medical maintenance services as well as cleaning healthcare facilities and complexes, Al-Jishi said.
This comes amid plans to float 1.4 million shares on Saudi Exchange’s parallel market. With an IPO price of SR57 ($15), the subscription period is currently in progress and will end on Aug. 14.