IMF says more work needed for Lebanon aid deal

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US. (File/Reuters)
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US. (File/Reuters)
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Updated 12 February 2022

IMF says more work needed for Lebanon aid deal

IMF says more work needed for Lebanon aid deal

WASHINGTON: After two weeks of talks, the IMF said Friday it has advanced efforts to secure an aid program to help Lebanon overcome its “unprecedented and complex” economic crisis, but more work is needed.
The country will need fiscal reforms that ensure it can manage its debt load as well as measures to establish a “credible” currency system, the International Monetary Fund said in a statement at the conclusion of its virtual negotiation mission.
“During the mission, progress was made in agreeing on these necessary reform areas, although more work is needed to translate them into concrete policies,” IMF team leader Ernesto Ramirez Rigo said.
The Washington-based lender launched talks last month to pull the Middle Eastern country out of its deepening economic crisis.
In 2020, Lebanon defaulted on its sovereign debt for the first time in its history.
Its currency has lost about 90 percent of its value on the black market and four out of five Lebanese now live below the poverty line, according to the United Nations, a situation made worse by triple-digit inflation.
Ramirez Rigo said “strong upfront actions will be necessary to start turning the economy around and rebuilding confidence.”
He also urged that “decisive action by the authorities is needed to tackle the deep-seated problem of corruption.”
But any program must include a fiscal plan that “allows the government to invest in critically-needed social spending to support the people,” he added.
IMF Managing Director Kristalina Georgieva last week described the country’s situation as “very, very dire” and said that a comprehensive program was required.


LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022
Updated 15 sec ago

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

RIYADH: Professional networking solution provider LinkedIn has revealed the annual ranking of the top 10 startups based in Saudi Arabia that have demonstrated growth in 2022.

The annual ranking has been analyzed on the basis of the companies’ interactions with LinkedIn members. They are measured through employment growth, company and employee engagement, job interests, and talent attraction.

The top startups in Saudi Arabia for 2022: 

  1. Tamara
  2. Sary
  3. Nana
  4. Zid
  5. Tweeq
  6. Gathern
  7. Lendo
  8. Qawafel
  9. Resal
  10. Shgardi

“KSA’s Top Startups List 2022 reflects the current state of the startups and VC space in the country while also offering insights into the prevailing market trends influencing the community,” said Salma Altantawy, senior news editor at LinkedIn.

The announcement also indicated that fintech witnessed huge traction in the Kingdom with three startups — Tamara, Tweeq, and Lendo — in the sector making to the list.

Delivery services have also grown in popularity with platforms like Nana and Shgardi recording good traction. This is in addition to a rise in B2B solutions as companies like Sary and Qawafel found second and eighth positions, respectively.

“This year’s list sees the emergence of many startups from financial backgrounds. This signifies the increased popularity and growing need for simplified and innovative fintech solutions by consumers in Saudi Arabia,” she added.

To be eligible, LinkedIn said, companies must be independent and privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the country on whose list they appear.


TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell
Updated 37 min 17 sec ago

TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell

RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share
Updated 38 min 52 sec ago

Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share

RIYADH: Arabian Drilling Co. has set its price range for its initial public offering at SR90-100 ($24-$27) per share, as it kicks off the book-building period on Wednesday.

The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.


Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m
Updated 49 min 27 sec ago

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

RIYADH: Raydan Food Co. has invited its shareholders to vote on reducing the company’s capital from SR338 million ($90 million) to SR158 million.

This reduction plan was made in order to restructure the company’s capital structure to recover losses, according to a bourse filing.

Raydan Food reported earlier that its accumulated losses reached SR179 million in the first half of the year, representing 53 percent of its share capital.

Earlier this month, Raydan received the Capital Market Authority's approval for capital reductions.


Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday
Updated 52 min 45 sec ago

Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday

RIYADH: Stock markets across the Gulf closed in the green on Tuesday, with the Saudi index outperforming the region after falling sharply over concerns about economic growth.

The Tadawul All Share Index, known as Tadawul, gained 0.99 percent to reach 11,017 at the end of Tuesday’s trading, while the parallel market Nomu ended almost flat at 19,718.

Dubai's main share index snapped a four-session losing streak to close 0.7 percent higher, while Qatar’s benchmark closed 0.5 percent higher,

The Abu Dhabi index, on the other hand, closed lower by 0.7 percent, bucking the Gulf trend.

Outside the Gulf, Egypt's blue-chip index fell for the fourth consecutive session, slipping 0.1 percent at the end of Tuesday.

In energy trading, Brent crude traded at $85.15 a barrel and WTI crude reached $77.42 a barrel, as of 9:44 a.m. Saudi time.

Stock News

Riyad REIT Fund has invested SR62 million ($17 million) in a private closed-end Real Estate Fund that is income-generating and Shariah-compliant.

Al-Jouf Cement Co. has completed the sale of fractional shares worth SR359,132 following the approval of its shareholders to decrease its capital.

Naseej for Technology Co. won a SR10 million project award from King Salman Global Academy to develop an online platform that uses artificial intelligence for Arabic-language writing editing.

The Saudi Public Transport Co. has been awarded an SR88 million ($23 million) public bus transport project with Taif Municipality.

Advanced Petrochemical Co.will distribute SR0.5 per share in dividends to shareholders in the third quarter of 2022.

Raydan Food Co. invited its shareholders to vote on cutting its capital by 100 percent to SR158 million.

Maharah Human Resources Co. secured a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

Maharah Human Resources’ unit has completed the acquisition of 41 percent of Care Shield Holding Co.

Knowledge Tower Trading Co. intends to proceed with its initial public offering, floating 350,000 shares on the Kingdom’s Parallel Market, following approval from the Capital Market Authority and Saudi exchanges.

Arabian Drilling Co. has set its IPO price range at SR90-100 per share as it begins the book-building period.