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.


TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell
Updated 15 sec ago

TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell

RIYADH: Saudi Arabia’s main index continues to decline in response to oil prices dropping below $85 for the first time since January and fears of a global recession due to aggressive interest rate rises.

The Tadawul All Share Index fell 0.45 percent to start Monday at 11,110, while the parallel market Nomu fell 0.11 percent at 19,853, as of 10:09 a.m. Saudi time.

Brent crude traded at $85.30 a barrel and WTI crude reached $77.96 a barrel, as of 10:06 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.43 percent decline, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 0.16 percent, while Saudi British Bank declined by 0.53 percent.

National Agricultural Development Co. gained 1.96 percent, following the signing of a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Retal Urban Development Co. gained 1.62 percent, after selling its share in a land located in Al Khobar city for SR67 million ($18 million) to Maali Holding Co.

Anaam International Holding Group gained 5.6 percent to lead the gainers, after reporting that it turned into profits of SR1.6 million during the first half of 2022.


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

Here’s what you need to know before Tadawul trading on Monday
Updated 54 min 35 sec ago

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

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

RIYADH: Saudi stocks started and ended sharply lower on Sunday, in response to the Saudi Central Bank raising interest rates in line with Fed's steep rate hike and forecast for further hikes to curb inflation.

The Tadawul All Share Index lost 2.61 percent to end the session at 11,161, while the parallel market slid 1.92 percent to finish at 19,875.

Kuwait’s index declined 2.5 percent, followed by Qatar's index declining 1.5 percent for a second session.

The index in Bahrain traded down 1.4 percent, while both Egypt’s blue-chip index and Oman index tumbled 0.3 percent.

Oil prices fell below $85 for the first time since January, Brent crude traded at $84.94 a barrel and WTI crude reached $77.70 a barrel, as of 9:20 a.m. Saudi time.

Stock News

Nadec has signed a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Sure Global Technology Co. set its price guidance for a direct listing on Saudi Arabia’s parallel stock market at SR70 ($19) per share.

Retal Urban Development Co. sold its share in a land located in Al Khobar city for SR67.44 million to Maali Holding Co.


Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing
Updated 26 September 2022

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

Saudi tech firm Sure Global sets price guidance at $19 for Nomu listing

RIYADH: Sure Global Technology Co. announced the publication of the registration document for a direct listing on the Nomu-Parallel Market, setting its price guidance for the listing at SR70 ($19) per share.

Sure International reached an agreement with its shareholders to allocate 1.284 million shares, representing 25 percent of its capital, to offer and sell in the market to natural or legal persons in order to meet liquidity requirements.

Sure received approval from the Capital Market Authority on June 30 for its registration to trade on Nomu-Parallel Market.

Established in 2006, Sure International Technology offers a wide range of services, including wholesale and retail sales of computers and accessories, printers and inks, systems analysis, software design and programming, and senior management consulting.

 


Oil Updates — Crude slipped below $85; Ecopetrol selling more Colombian oil to Europe

Oil Updates — Crude slipped below $85; Ecopetrol selling more Colombian oil to Europe
Updated 26 September 2022

Oil Updates — Crude slipped below $85; Ecopetrol selling more Colombian oil to Europe

Oil Updates — Crude slipped below $85; Ecopetrol selling more Colombian oil to Europe

RIYADH: Brent crude slipped below $85 for the first time since January on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging US dollar limits the ability of non-dollar consumers to purchase crude.

Brent crude is priced at $84.85 a barrel at 09.30 a.m Saudi time, while the US West Texas Intermediate Crude fell to $77.61. 

Ecopetrol selling more Colombian oil to Europe 

Colombian state energy company Ecopetrol is selling more of its oil production to Europe, replacing Russian supplies, while it sees growing competition for market share in Asia.

About 40-50 percent of Ecopetrol’s crude production is exported to Asia this year compared with 60 percent last year, Ecopetrol’s CEO Felipe Bayon told Reuters on the sidelines of the 38th Annual Asia Pacific Petroleum Conference in Singapore.

Bayon said there is growing competition with Russian, Mexican, Canadian Heavy and Venezuelan crude in Asia.

Vitol expects Russian oil to flow to Asia and Mideast

Russian oil is expected to come to Asia and the Middle East, while refined fuel produced in these regions will flow to the West as the global oil trade is disrupted by sanctions, Vitol’s CEO Russell Hardy said on Monday.

The Russia-Ukraine war has made energy security the top issue for governments as they grapple with inflation. With bans on Russian oil looming and Moscow slashing gas supplies to Europe, policymakers are setting aside sustainability concerns for now.

“Energy security is number one. Price is number two. Sustainability is number three,” Hardy said of key priorities in the short term.

More than a million barrels per day of US crude is expected to go to Europe to fill the gap in Russian supplies, he told a forum at the APPEC conference, adding that Russian commodities would need to find a home in places outside the UK, US and EU. 

“It’s going to go further and longer distances and find different markets, and in doing that it’s going to have to trade at a discount,” Hardy said.

“You’re beginning to see that with fuel coming East that would otherwise have stayed in Europe, and fuel in the East going to the West to cover the shortfall.”

(With input from Reuters) 


 


Indian currency seen at record low as dollar, US yields surge; RBI eyed

Indian currency seen at record low as dollar, US yields surge; RBI eyed
Updated 26 September 2022

Indian currency seen at record low as dollar, US yields surge; RBI eyed

Indian currency seen at record low as dollar, US yields surge; RBI eyed
  • The rupee is tipped to open at around 81.30 per US dollar, down from 80.9900 in the previous session

MUMBAI: The Indian rupee is poised to hit a new lifetime low against the US currency on Monday, as worsening risk sentiment and a tumbling pound lifted the dollar index to its highest since 2002.
The rupee is tipped to open at around 81.30 per US dollar, down from 80.9900 in the previous session.
The local unit had reached a record low of 81.2250 on Friday, prompting the Reserve Bank of India (RBI) to sell dollars, according to traders. The RBI’s intervention had aided the rupee to turn briefly higher on Friday.
“It will be another choppy and volatile session. All eyes will be on state-run banks at open,” a trader at a Mumbai-based bank said, alluding to intervention from the RBI through these banks.
“The intervention by RBI at 81.20 was quite forceful and markets will want to know if that level will be protected again,” the trader said, adding, the RBI may not be too inclined to intervene given the “carnage” across Asian currencies.
The dollar index in Asia trading climbed above 114.50, the highest since May 2002, thanks to demand for safe-haven assets and a collapsing British pound.
The pound tumbled to a record low on Monday on fears the new government’s economic plan will stretch its finances to the limit. The rout prompted speculation of an emergency response from the Bank of England.
Asian equity gauges fell by as much as 2.4 percent and futures pointed to more losses for the S&P 500 Index. The offshore Chinese yuan declined below 7.16 to the dollar and the Korean won dropped more than a percent.
Treasury yields continued to march higher, not benefiting from the risk-off sentiment. The 2-year Treasury yield reached a fresh multi-year high of 4.27 percent on bets that the Federal Reserve will continue to hike rates aggressively despite the mounting growth risks.