‘Neom Coin’ started trading on BitMart, but it’s not connected to Saudi Arabia’s NEOM 

Update ‘Neom Coin’ started trading on BitMart, but it’s not connected to Saudi Arabia’s NEOM 
(Neomcoin.io)
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Updated 09 January 2022

‘Neom Coin’ started trading on BitMart, but it’s not connected to Saudi Arabia’s NEOM 

‘Neom Coin’ started trading on BitMart, but it’s not connected to Saudi Arabia’s NEOM 
  • The company claims to be in negotiations with NEOM to provide blockchain and graphene technologies in the futuristic Saudi city
  • NEOM denies any existing link with the new cryptocurrency

RIYADH: A new cryptocurrency, Neom Coin, has started trading on one of the world’s largest trading platforms for digital coins BitMart — but it’s not connected to Saudi Arabia’s NEOM. 

Its maker, India-based Neom Blockchain Technologies, said the city of NEOM has “no responsibility for the price movements of the cryptocurrency called Neom,” which is an abbreviation for New Earth Order Money.

The statement was released on its account on Twitter, which earlier took it down for violating the social media platform’s rules.

Twitter later “unsuspended” the account after Neom Blockchain “provided official and legal documents to Twitter executives.” 

 

The company claims to be in negotiations with NEOM to provide blockchain and graphene technologies in the futuristic Saudi city. It said it’s also in talks with “many states and smart cities in the Middle East.”

NEOM said it “has nothing to do with any third party claiming to offer a NEOM cryptocurrency,” its communications team confirmed to Arab News over email.

“NEOM does not have any digital or cryptocurrencies, or plans to offer any, at this time. Any claims relating to a cryptocurrency to be issued by NEOM are false and may be related to criminal activities,” the team said, reiterating a “crypto disclaimer” it has on its website.

Abdullah Mashat, an active crypto investor and managing director of a private Saudi retail company said: “Having the NEOM name will cause the same confusion knowing that the saudi city aims to have a futuristic outlook. I do believe consumers should do their own due diligence prior to any investments.”


TASI falls to its lowest level in 2022 as fear grips the market: Opening bell

TASI falls to its lowest level in 2022 as fear grips the market: Opening bell
Updated 13 sec ago

TASI falls to its lowest level in 2022 as fear grips the market: Opening bell

TASI falls to its lowest level in 2022 as fear grips the market: Opening bell

RIYADH: Saudi Arabia's main index, TASI, fell 0.77 percent to 11,257, its lowest level at the opening bell in 2022 amid rising investor concerns of a possible global recession.


US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m

US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m
Updated 11 min ago

US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m

US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m

RIYADH: Tyson International Holding Co., a wholly-owned subsidiary of New York-listed Tyson Foods, has reached an agreement to acquire equity stakes in two of Tanmiah Food Co.’s subsidiaries for SR262.6 million ($70 million).

Tyson will acquire 15 percent of shares in Agricultural Development Co. and 60 percent of shares in Supreme Foods Processing Co., according to a bourse filing.

In partnership with Tyson, Tanmiah will double its production capacity and develop new halal products for the international market, expanding its product portfolio and enhancing its supply chain and procurement processes.

The agreement with Tyson will also strengthen and boost the Tanmiah brand in the Gulf Cooperation Council and other regions.

With SR20 million in registered capital, Agricultural Development Co. rears and produces broilers, feed mills, and operates hatcheries. It also raises fresh chicken.

Supreme Food Processing Co. produces pre-prepared chicken and beef products. It has a registered capital of SR8.6 million.


Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City

Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City
Updated 52 min 29 sec ago

Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City

Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City

RIYADH: Advanced Polyolefins Industry Co., a unit of Saudi-listed Advanced Petrochemical, has secured loans worth SR6.1 billion ($1.6 billion) to finance the construction of three plants at Jubail Industrial City II in Saudi Arabia.

The Shariah-compliant facility deals are repayable in 22 installments until November 2035, while SR956 million of the amount is payable by May 2026, a bourse filing revealed.

The company said the proceeds will be used to set up three plants for propane dehydrogenation, polypropylene, and isopropanol, with a capacity to produce 843,000, 800,000, and 70,000 tons per annum, respectively.

Alinma Bank, Al Rajhi Banking and Investment Corp., Arab National Bank, and the Saudi National Bank were among the financing entities for the facilities. 


Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance

Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance
Updated 06 July 2022

Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance

Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance

RIYADH: National Shipping Co. of Saudi Arabia, better known as Bahri, has completed the issuance of SR3.9 billion ($1.04 billion) sukuk, denominated in Saudi Riyals and maturing in seven years.

The offering, led by Al Rajhi Capital, HSBC Saudi Arabia, and SNB Capital, started by mid-June, and the settlement was done on July 5, the firm said in a bourse filing.

The Saudi-listed company earlier said it will use proceeds to refinance the existing sukuk which will mature this month.

Bahri is a joint venture between Saudi Aramco and the Public Investment Fund, operating a fleet of 89 tankers and container ships that transport oil, petrochemicals, and other types of cargo.

 


OPEC secretary-general Mohammad Barkindo dies

OPEC secretary-general Mohammad Barkindo dies
Updated 06 July 2022

OPEC secretary-general Mohammad Barkindo dies

OPEC secretary-general Mohammad Barkindo dies

RIYADH: OPEC secretary-general Mohammad Barkindo dies at Abuja, Nigeria at an age of 63, Arab News learned.

He will be buried in his home town Yola, a source confirmed.

The news of Barkindo’s death was confirmed by Mele Kyari, managing director of Nigerian National Petroleum Corporation. 

In a tweet, Kyari described Barkindo’s departure as a great loss to his immediate family, NNPC Nigeria, OPEC and the global energy community.

A few hours before his death, Barkindo was honored by Nigerian President Muhammadu Buhari at the state house.

During the honoring ceremony, Buhari described Barkindo as a worthy ambassador of the country, and lauded his efforts as the secretary general of OPEC for six years.

“You have indeed been a worthy ambassador of our country. We are proud of your achievements before and during your appointment at OPEC and the proud legacies you will leave behind,” said Buhari, during the honoring event. 

Barkindo’s unexpected demise came at a time when he was expected to complete his tenure as the OPEC secretary-general on July 31. 

A few days back, it has been reported that Barkindo will join the Atlantic Council as a distinguished fellow in the Global Energy Center after his term at the OPEC. 

In his career which spanned over four decades, Barkindo has worked as NNPC’s International Investments head, president of Duke oil, CEO of NNPC, etc. 

From 1986 to 2010, Barkindo was the Nigerian Delegate to OPEC Ministerial Conferences. He became the secretary-general of OPEC on Aug. 01, 2016, and continued in that position until his death.