Cryptocurrencies rise after Elon Musk says he ‘won't sell’ his stash: Crypto Moves

Cryptocurrencies rise after Elon Musk says he ‘won't sell’ his stash: Crypto Moves
Elon Musk revealed he owned Bitcoin, Ether and Dogecoin in October 2021 (Getty)
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Updated 14 March 2022

Cryptocurrencies rise after Elon Musk says he ‘won't sell’ his stash: Crypto Moves

Cryptocurrencies rise after Elon Musk says he ‘won't sell’ his stash: Crypto Moves

RIYADH: Bitcoin, Ether and Dogecoin got a boost on Monday after entrepreneur Elon Musk tweeted that he owns the digital tokens and has no plans to sell them.

“I still own and won't sell my Bitcoin, Ethereum or Dogecoin,” Musk tweeted.

Musk, the CEO of Tesla, is no stranger to social media posts about cryptocurrencies.

Last May he said he has not and will not sell any Dogecoin, a token created in 2013 as a joke and for which he had become a proponent. In October, Musk said he owns Bitcoin, Ether and Dogecoin.

Daily trading

Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising by 0.30 percent to $39,131 at 12:48 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,599, up by 0.97 percent, according to data from Coindesk.

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Bill Barhydt, CEO of crypto trading platform Abra, predicts that the price of Ethereum could reach $40,000, a significant increase from the cryptocurrency’s current price.

“The network effects for Ethereum in the short-term are actually more bullish to me because of the use cases that are just starting to play out,” Barhydt said in an interview with CNBC.

He added: “Ethereum’s network effect is based on this idea that it could become the world’s computers. It’s being used for stablecoins, non-fungible tokens, decentralized finance and gaming now.”

However, Barhydt warned: “We may have a bit of a sell-the-news effect after the initial rush to stake happens with the upgrade in June or July — whenever it happens, the upgrade to proof-of-stake — so you may see a kind of sell-the-news pullback.”


Saudi Arabia invites Italian investors to take part in Kingdom's energy transition

Saudi Arabia invites Italian investors to take part in Kingdom's energy transition
Updated 16 sec ago

Saudi Arabia invites Italian investors to take part in Kingdom's energy transition

Saudi Arabia invites Italian investors to take part in Kingdom's energy transition

RIYADH: Italian investors are invited to be part of Saudi Arabia's energy and economic transformation, according to Minister of Finance Mohammed Al-Jadaan. 

He made the appeal while speaking at the Saudi-Italian Investment Forum currently being held in Riyadh.

According to Al-Jadaan, the world’s biggest energy exporter has rapidly increased the production of renewable energy — something that is expected to offer huge investment opportunities for Italian entities in the future. 

“The opportunities here are exciting and I’m delighted to be part of this effort to deepen the ties between our nations,” the minister said. 

Saudi Arabia is also undergoing an economic transformation with the diversification of its economy by concentrating more on non-oil sectors, he noted.

“Italian investors with their expertise, experience and innovation are invited to be a part of our transformation,” the minister further added.


UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share

UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share
Updated 14 min 50 sec ago

UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share

UAE’s TECOM secures $463m in IPO, sets final price at $0.73 per share

RIYADH: Dubai business park operator TECOM Group has raised $454 million by selling 625 million shares in an initial public offering.

The shares were offered at 2.67 dirhams ($0.73) each, Bloomberg reported.

The global offer attracted substantial demand from both qualified institutional and UAE retail investors, with a total gross demand of 35.4 billion dirhams — 21 times oversubscription.

This price implies a dividend yield of approximately 6 percent, as well as a market capitalization of 13.4 billion dirhams.


Saudi manufacturer Alessa to offer 30% shares in IPO

Saudi manufacturer Alessa to offer 30% shares in IPO
Updated 27 June 2022

Saudi manufacturer Alessa to offer 30% shares in IPO

Saudi manufacturer Alessa to offer 30% shares in IPO

RIYADH: Alessa Industries Co. intends to float 30 percent of its capital in an initial public offering.

The company, owned 38 percent by Sinad Holding Co., will be ready in two years for the issue, Executive Vice President for Operations, Abdulmohsen Alessa, told Asharq Business.

Alessa also aims to generate local sales of over SR1 billion ($266 million) by the end of the year.

The executive added that the firm plans to open a regional office in Egypt by 2023, with investments exceeding $10 million there.

Established in 1935, Alessa is a Saudi closed joint-stock company that produces, manufactures, imports, and distributes air conditioners, home electrical appliances, and electronics.


Saudi Alfanar Global Development invests $530m in Egypt

Saudi Alfanar Global Development invests $530m in Egypt
Updated 27 June 2022

Saudi Alfanar Global Development invests $530m in Egypt

Saudi Alfanar Global Development invests $530m in Egypt

RIYADH: Saudi Arabia’s Alfanar Global Development has signed agreements worth SR2 billion ($530 million) with Egypt’s Arab Organization for Industrialization and Benya Holding Group.

The new investments happened on the sidelines of Crown Prince Mohammed bin Salman’s visit to Egypt.

According to the press release, these agreements are focused on localization of technology for renewable energy, and implementation of IT projects, digital solutions, data centers and cybersecurity.

“Alfanar has been present in international markets including the Egyptian market for many years now through our renewable energy projects. In Egypt, we have also contributed toward 50MW at the Benban Solar Park. We look forward to making more investments in Egypt and Africa,” said Amer AlAjmi, executive vice president of Alfanar Global Development.


COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO

COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO
Updated 27 June 2022

COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO

COP27 should discuss funds for poor regions to achieve climate goals: Siemens CEO

RIYADH: The upcoming United Nations Climate Change Conference should discuss plans to fund poor regions to help achieve sustainability goals, according to Christian Bruch, CEO of Siemens Energy.

“It’s not about the promises but it’s about implementing them,” said Bruch while speaking at a virtual conference during the MEA Energy Week.

The conference, known as COP27, is set to be held in Sharm el-Sheikh, Egypt, from Nov. 7 to 18. 

Bruch noted that leaders in the region have understood the necessity of stopping the use of hydrocarbons, but their usage should continue for some time to meet the energy demands.

According to Bruch, hydrocarbons should be used in the most sufficient and sustainable way to achieve the emission targets.

He added that the ongoing tensions between Russia and Ukraine have negatively impacted the sustainability journey. The top official made it clear that a long-term plan should be formulated to achieve net-zero goals.