Misk reveals details on the masterplan for Prince Mohammed Bin Salman Nonprofit City

Misk reveals details on the masterplan for Prince Mohammed Bin Salman Nonprofit City
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Updated 05 March 2022

Misk reveals details on the masterplan for Prince Mohammed Bin Salman Nonprofit City

Misk reveals details on the masterplan for Prince Mohammed Bin Salman Nonprofit City

RIYADH: Mohammed bin Salman Foundation — known as Misk — releases the details on the masterplan for Prince Mohammed Bin Salman Nonprofit City, the first of its kind in the world.

The city, according to a statement, occupies an area of approximately 3.4 square kilometers.

Commercial areas in the city are estimated to cover more than 306,000 square meters, with an estimated workforce to reach approximately 20,000.

Green areas

Overall, the city embodies a human-centered, advanced digital metropolis designed to be sustainable and pedestrian-friendly. Over 44 percent of the city’s total area will be dedicated to open green spaces in the continued advancement of its sustainable development.

Further details surrounding the ongoing development and progress of Prince Mohammed Bin Salman Nonprofit City will be announced in the coming months.

Around 99,000 square meters have been allocated for retail, entertainment, and food and beverage outlets serving both residents and visitors alike.

The city’s general masterplan includes residential areas with 500 villas and townhouses, as well as 6,000 apartments with multiple floor plans; all are anticipated to accommodate nearly 18,000 residents.

Wadi Hanifa lies to the north of the city, while the Irqah neighborhood lies to the south, along Western Ring Road.


Eastern Province Cement’s half-year profit down 41% on lower sales

Eastern Province Cement’s half-year profit down 41% on lower sales
Updated 16 sec ago

Eastern Province Cement’s half-year profit down 41% on lower sales

Eastern Province Cement’s half-year profit down 41% on lower sales

RIYADH: Eastern Province Cement Co. has posted a 41 percent profit drop for the first half of 2022, dragged down by lower sales.

The Saudi-listed cement producer’s profit went down to SR72 million ($19 million) from SR122 million in the same period a year earlier, a bourse filing revealed.

The profit drop was mainly driven by a decline in cement sales, higher selling and other expenses, and a decrease in the share of profit of associates.

Total sales fell by 17 percent on the year to SR357 million, compared to SR429 million in the first half of 2021.


TASI ends higher as profit reports roll in: Closing bell

TASI ends higher as profit reports roll in: Closing bell
Updated 15 min 45 sec ago

TASI ends higher as profit reports roll in: Closing bell

TASI ends higher as profit reports roll in: Closing bell

RIYADH: Saudi stocks market ended higher on Wednesday after more companies revealed their earnings for the first half of the year.

The Saudi benchmark index, TASI, edged 0.82 percent higher to finish at 12,431, and the parallel market Nomu added 0.13 percent to end at 22,227.

The Kingdom’s oil giant Saudi Aramco added 0.13 percent, while the country's biggest lender Saudi National Bank gained 0.68 percent.

Al-Jouf Agricultural Development Co. dropped 0.77 percent, despite seeing its profits jump 203 percent during the first half of 2022 to SR22 million ($6 million).

National Gas and Industrialization Co. fell 1.04 percent after a 14 percent decline in net profit to SR105 million during the first half of this year.

Bupa Arabia for Cooperative Insurance Co. increased 1.15 percent, after it received final approval from the Saudi Central Bank to sell its new insurance product in the Kingdom.

Filling and Packing Materials Manufacturing Co. climbed 1.52 percent, after its board proposed a SR115 million capital increase through rights issues.

Walaa Cooperative Insurance Co. lost 0.40 percent, after its losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year.

Abdullah Al-Othaim Markets Co. gained 3.99 percent, after approving the sale of SR211 million worth of land owned by the company in Al-Madinah Al-Munawarh.

Baazeem Trading Co. declined 2.63 percent, after its half-year profit was down 8.5 percent to SR13.4 million.

Theeb Rent a Car Co. gained 3.19 percent, after its profit rose by 68 percent to SR86 million during the first half of 2022.

Southern Province Cement Co. slipped 1.19 percent, after reporting a 42 percent profit drop to SR150 million for the first half of 2022.

Saudi miner Almasane Alkobra Mining Co. dropped 1.66 percent, after its profits dropped 11 percent to SR82 million during the first half of 2022.


Russian oil shipments to central Europe expected to resume

Russian oil shipments to central Europe expected to resume
Updated 23 min 31 sec ago

Russian oil shipments to central Europe expected to resume

Russian oil shipments to central Europe expected to resume
  • “I expect the oil shipments to resume in hours,” Slovakia’s Economy Minister said
  • Transneft cited complications due to European Union sanctions for its action on Aug. 4

BRATISLAVA, Slovakia: Oil shipments from Russia through a critical pipeline to several European countries should resume soon after a problem over payments for transit was resolved, Slovakia’s Economy Minister Richard Sulik said on Wednesday.
“I expect the oil shipments to resume in hours,” Sulik said.
Russian state pipeline operator Transneft said Tuesday it halted shipments through the southern branch of the Druzhba, or Friendship, pipeline, which runs through Ukraine to the Czech Republic, Slovakia and Hungary. The northern leg of the Druzhba pipeline, which runs through Belarus to Poland and Germany, was unaffected, Transneft said.
Transneft cited complications due to European Union sanctions for its action on Aug. 4, saying its payment to the company’s Ukrainian counterpart was refused.
Sulik said the payments would be made Wednesday by Slovak refiner Slovnaft after both the Russian and Ukrainian sides agreed to the solution.
Slovnaft is owned by Hungary’s MOL energy group.
MOL confirmed the money has been transferred.
Slovakia receives practically all its oil through the Druzhba pipeline. Sulik said the payment is worth some 9–10 million euros (up to $10.2 million).
He said his country would work on a long-term solution to the problem which he said was caused by the refusal of an unnamed bank in Western Europe to transfer the money due to the sanctions imposed by the EU on Russia for its war against Ukraine.
“I wouldn’t look for a political context behind it, there’s none,” Sulik said.
However, Simone Tagliapietra, an energy expert at the Bruegel think tank in Brussels, said Russia has weaponized natural gas heading to Europe by claiming technical issues, and “this opens questions on whether it might now do the same with oil.”
Russia has blamed equipment repairs for its decision to slash flows through the Nord Stream 1 pipeline to Germany, whose government has called it a political move to sow uncertainty and push up prices amid the war in Ukraine.
EU leaders agreed in May to embargo most Russian oil imports by the end of the year as part of the bloc’s sanctions over Moscow’s invasion of Ukraine.
The embargo covers Russian oil brought in by sea, but allowed temporary Druzhba pipeline shipments to Hungary and certain other landlocked countries in central Europe, such as Slovakia and the Czech Republic.


Abu Dhabi conglomerate IHC seeks takeovers in ‘buyers’ market’

Abu Dhabi conglomerate IHC seeks takeovers in ‘buyers’ market’
Updated 25 min 59 sec ago

Abu Dhabi conglomerate IHC seeks takeovers in ‘buyers’ market’

Abu Dhabi conglomerate IHC seeks takeovers in ‘buyers’ market’

DUBAI: Abu Dhabi conglomerate International Holding Co. expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created “a buyers’ market,” its chief executive told Reuters on Wednesday.

IHC, the most valuable company on the Abu Dhabi bourse with a market capitalization of around $167 billion, is aiming for publicly-listed companies in growth markets, Syed Basar Shueb said, adding that it was also looking in South America and Indonesia.

“The public domain market has really corrected itself in some of the assets,” he said.

“But in the private domain, it is still difficult to negotiate with the owners because they all are still living in a year-old world where the valuations were extremely high. It’s not a sellers’ market, it’s a buyers’ market now.”

IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions at a total value of 10 billion dirhams ($2.72 billion) this year.

Its highest profile deals include a 7.3 billion-dirham investment in three of India’s Gautam Adani companies in May this year.

Rising interest rates and predictions of a global downturn have made IHC more selective as valuations in private markets do not reflect current market conditions, Shueb said.

The company on Monday reported a 137 percent year-on-year increase in net profit for the first half of the year to 10.35 billion dirhams.

IHC’s stock has risen over 120 percent so far this year to trade at 348 dirhams a share.

The company is chaired by Sheikh Tahnoon bin Zayed Al-Nahyan, the UAE’s national security adviser.


SoftBank to book $34bn gain by cutting Alibaba stake to 14.6%

SoftBank to book $34bn gain by cutting Alibaba stake to 14.6%
Updated 10 August 2022

SoftBank to book $34bn gain by cutting Alibaba stake to 14.6%

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.