Saudia resumes flights to Istanbul after a 2-year pause

Saudia resumes flights to Istanbul after a 2-year pause
Air travel resumed between the Turkish city and Riyadh and Jeddah on May 7, following a two-year pause due to the COVID-19 pandemic. (Shutterstock)
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Updated 08 May 2022

Saudia resumes flights to Istanbul after a 2-year pause

Saudia resumes flights to Istanbul after a 2-year pause

RIYADH: Saudia, formerly known as Saudi Arabian Airlines, is to launch flights from Madinah to Istanbul Airport on May 11.

This comes after air travel resumed between the Turkish city and Riyadh and Jeddah on May 7, following a two-year pause due to the COVID-19 pandemic. 

Flights from Jeddah and Medina are scheduled every day, while trips from Riyadh are to be held on Tuesdays, Thursdays and Saturdays, according to Turkish media Hürriyet Daily News. 

The timing of the new flights follows Turkish President Tayyip Erdoğan's recent visit to Saudi Arabia on April 28, his first since 2017.


Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt
Updated 16 sec ago

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi Arabia's Ministry of Finance,and the National Debt Management Center signed an agreement with the international banks, including BNP Paribas, to join primary dealers in government debt instruments.

The deal also includes CitiGroup, Goldman Sachs, Standard Chartered and J.P. Morgan, the ministry said in a statement released on Oct 3. 

The Minister of Finance Mohammed Al Jadaan said: “These agreements are a continuation of the developmental steps taken towards achieving Vision 2030 objectives under the umbrella of the Financial Sector Development Program.”

This will be primarily achieved through cooperation between relevant entities, to develop the infrastructure of the local debt market and increase the liquidity of the government's local debt instruments by attracting more capital from foreign investors, he added. 

The five international banks will join five other local banks in that role — the Saudi National Bank, AlJazira Bank, Alinma Bank, and AlRajhi Bank.

The applications for subscription in the primary market for the government's local debt instruments are submitted to the National Debt Management Center.


Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund
Updated 24 min 2 sec ago

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

RIYADH: Egypt-based venture capital firm Algebra Ventures has finalized a $100 million first close of its second fund — exceeding the $90 million target.

The company, which is set to invest $15 million in startups by the end of the year, is expecting to make its final close by the end of the first quarter of 2023.

The company’s second fund is backed by existing limited partnerships from the first fund including IFC, EBRD, and EAEF in addition to new investors like FMO, BII, MSMEDA, DGGF and regional family offices.

Founded in 2016, Algebra Ventures has backed a number of startups like Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.


Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise
Updated 35 min 58 sec ago

Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise

RIYADH: The Saudi Cabinet has approved a memorandum of understanding with the UK to share technical knowledge and expertise on energy.

The Cabinet is also discussing a draft MoU with its Finnish counterpart for further cooperation in the fields of information technology, communications, and digital economy.

Moreover, the Cabinet has transferred the licensing competence for the professions of industrial consultancy and mining consultancy from the Ministry of Commerce to the Ministry of Industry and Mineral Resources.


Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade
Updated 04 October 2022

Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade

RIYADH: Metaverse is predicted to add $360 billion to the economy in the Middle East, North Africa and Turkey over the next 10 years, an official for Meta, the parent company of Facebook, told Asharq Business.

The metaverse is an online world where users can play games, work, and study.

Globally, the metaverse is expected to add $3 trillion to the world’s economy over the next decade, according to Fares Akkad, regional director for Meta in MENA.

Speaking about Meta platforms, he said there are over 300 million users on Instagram, Facebook, and Whatsapp.

Meta is investing more than $1 billion in programs that support creators on these platforms and help them succeed, Akkad said.

 


TASI sees sixth session of gains: Closing bell

TASI sees sixth session of gains: Closing bell
Updated 04 October 2022

TASI sees sixth session of gains: Closing bell

TASI sees sixth session of gains: Closing bell

RIYADH: The Saudi main index closed on a positive note for the sixth trading session in a row as investors’ recession fears faded.

The Tadawul All Share Index ended 1.49 percent higher to reach 11,780; the parallel market Nomu edged 1.32 percent higher to 20,339.

Saudi oil giant Aramco ended with a 0.70 percent decline, while Rabigh Refining and Petrochemical Co. edged up 4.9 percent.

The Saudi National Bank, the Kingdom’s largest lender, fell 2.36 percent, while Saudi British Bank increased by 1.73 percent.

The Kingdom’s most valued bank Al Rajhi gained 1.81 percent, while Alinma Bank gained 1.05 percent.

Arabian Internet and Telecommunication Co., known as solutions by stc, gained 7.67 percent to lead the gainers, after it completed all necessary procedures to acquire a $158 million stake in Egypt's Giza Systems Co.

Gulf General Cooperative Insurance Co. declined 2.58 percent to lead the fallers, followed by Alamar Foods Co. which fell 1.45 percent.

Among the gainers, Arabian Pipes Co. increased 7.54 percent, while Jabal Omar Development Co. added 6.67 percent.