Saudi Aramco briefly becomes world’s top-valued company as shares surge

Saudi Aramco briefly becomes world’s top-valued company as shares surge
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Updated 10 May 2022

Saudi Aramco briefly becomes world’s top-valued company as shares surge

Saudi Aramco briefly becomes world’s top-valued company as shares surge

RIYADH: Saudi Aramco briefly became the world’s top-valued company as its shares soared to yield a SR9.24 trillion ($2.463 trillion) market cap on Tuesday.

Shares of the oil giant hit SR46.2 in early trading, pushing its market valuation higher than that of tech major Apple, valued at $2.461 trillion, according to data by Bloomberg.

Aramco’s stock price slightly retreated later in the day to trade at SR46.05 as of 11:53 a.m. Saudi time, implying a market valuation of SR9.21 trillion.

With the latest share movement, the company is now the second-largest firm by market cap after Apple.

Aramco has been constantly hitting record highs, thanks to strong oil prices that continue to soar to date. 


Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023

Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023
Updated 12 sec ago

Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023

Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources has decided to adjust the fuel and feedstock prices for the industrial sector from the fourth quarter of 2023, according to a ministry statement to companies.

The prices will be reviewed annually until 2030, it stated.

Price adjustment policy will be applicable to natural gas products, Arab heavy crude oil, ethane, heavy fuel oil, and Arab light crude oil.


UAE-Based Filipino businesswoman receives Presidential Award

UAE-Based Filipino businesswoman receives Presidential Award
Updated 56 min 5 sec ago

UAE-Based Filipino businesswoman receives Presidential Award

UAE-Based Filipino businesswoman receives Presidential Award
  • Pamana ng Pilipino Award, given to Dr. Karen Remo, is awarded to Filipinos overseas who have brought honor to the country through the excellence of their work

LONDON: Dr. Karen Remo, a business leader based in the UAE, has received the Presidential Award, the highest honor bestowed by the Philippine government on Filipinos overseas.

Dr. Remo is the CEO and Managing Director of The Filipino Times and New Perspective Media Group.Founded by Dr. Remo in 2013, The Filipino Times has become the Middle East's largest digital news portal for Filipinos and the UAE's largest free newspaper.She was one of 17 recipients chosen for the "Pamana ng Pilipino Award".  It is given to Filipinos overseas who, by exemplifying Filipino talent and industry, have brought honor and recognition to the country through the excellence of their work.

The award was presented by the Secretary and Chairperson of the Commission on Filipinos Overseas, Justice Francisco Acosta, on behalf of President Rodrigo Roa Duterte.

“In conferring the Pamana ng Pilipino Award to Dr. Karen Remo, the President recognizes her ability to lead, inspire, and influence Filipinos from all over the world while proving that women can be a pioneer in the field of business,” according to the Presidential Awards for Filipino Individuals and Organisations (PAFIOO) Awards Committee.

“Dr. Remo continues to be an inspiring entrepreneur and community leader in the Middle East. She has not only earned the respect of Filipinos and the multinational expat professionals in Dubai but also inspired many women to pursue their careers in business,” the statement continued.

A report by the Commission on Filipinos Overseas (CFO) also commended Dr. Remo's contribution to strengthening economic and social ties between the UAE and the Philippines. “Playing such an important role in the media industry, she fosters a positive relationship between the UAE and the Philippines. Her position has also allowed her to put Filipinos on the center stage.” it noted

The Philippine Ambassador to the UAE, Hjayceelyn Quintana also endorsed the nomination. “Dr. Remo comes from a community of an estimated one million Filipinos in the UAE. To be a cut above the rest means that the impact of her achievements in the host country is a source of pride for Filipinos not only in the UAE but in the Middle East region as a whole.” Quintana said.

"It is an honor to receive such a prestigious recognition and I am very grateful to the Office of the President, CFO, and the PAFIOO Awards Committee for this award. I have been privileged to work with and help many clients – both in the government and private sectors – in the Mena and Asia-Pacific regions” Dr. Remo said.

“I am very thankful to our readers and followers who always support and challenge us to do better. It was their trust and support that gave me this opportunity to showcase the passion and dedication of every team member in the NPM Group of companies to be of service and to make a difference.” she continued.


Egypt In-Focus — Startups raise $269.1m in H1; Abu Dhabi Ports Group acquires 70% equity stake in Egyptian firms

Egypt In-Focus — Startups raise $269.1m in H1; Abu Dhabi Ports Group acquires 70% equity stake in Egyptian firms
Updated 56 min 36 sec ago

Egypt In-Focus — Startups raise $269.1m in H1; Abu Dhabi Ports Group acquires 70% equity stake in Egyptian firms

Egypt In-Focus — Startups raise $269.1m in H1; Abu Dhabi Ports Group acquires 70% equity stake in Egyptian firms

RIYADH: Egyptian startups succeeded in raising a total of $269.1 million in funding in the first half of 2022, according to local media reports.

As of June 2022, around 35 startups in Egypt pulled together $269.1 million in the fintech and ecommerce sectors this year, Daily News Egypt reported.

During the first two months, Brimor and Thunder were responsible for the bulk of funds attained in January and February respectively.

March saw the highest volume when 9 startups raised $78.95 million.

In addition, three considerable deals further added to March’s ranking where Khazna, Lucky and Naqla raised $38 million, $25 million and $10.5 million respectively.

April saw a drop in finances, whereas May regenerated the funds with PayMob’s $50 million deal leading the way and June saw three deals worth $4.5 million.

Abu Dhabi Ports Group acquires stake in two firms 

Abu Dhabi Ports Group reached an agreement to acquire a 70 percent equity stake in International Associated Cargo Carrier BV, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International, Asharq Alwsat reported.

The total purchase consideration of this transaction amounts to 514 million  dirhams ($140 million).

The acquisition will be fully funded from AD Ports Group’s existing cash reserves, which stood at over 3 billion dirhams as of March 31.

It is the first international acquisition realized by AD Ports Group.

Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. In 2021, Transmar handled 109,000 twenty-foot equivalent units.

TCI is a terminal operator and stevedoring company, mainly operating out of the Adabiya Port, where it is the exclusive container operator. Its two lines of business are container and bulk cargo services. In 2021, TCI handled 92,000 TEUs and 1.2 million tons of bulk cargo.

 


Al-Dhaher appointed SAMA’s deputy governor for control and technology

Al-Dhaher appointed SAMA’s deputy governor for control and technology
Updated 03 July 2022

Al-Dhaher appointed SAMA’s deputy governor for control and technology

Al-Dhaher appointed SAMA’s deputy governor for control and technology

RIYADH: The Saudi Central Bank has appointed Khaled Al-Dhaher as deputy governor for control and technology at the excellent rank, according to the Saudi Press Agency. 

Khaled Al-Dhaher

Al-Dhaher has vast experience in technology and banking solutions industries. He also served as the country managing director for Saudi Arabia at the IT company Accenture.
He did a Ph.D. in computer science and engineering from the University of Illinois at Urbana-Champaign.


Saudi banks’ real estate lending grows to $161bn in Q1

Saudi banks’ real estate lending grows to $161bn in Q1
Updated 03 July 2022

Saudi banks’ real estate lending grows to $161bn in Q1

Saudi banks’ real estate lending grows to $161bn in Q1
  • 79% of the loans were issued to individuals, remaining 21% constituted corporate loans: SAMA

RIYADH: Saudi banks’ real estate lending witnessed a year-on-year increase of SR131 billion ($34.9 billion) to SR605.5 billion in the first quarter of 2022, from SR474.5 during the same period last year, according to latest figures released by the Saudi Central Bank, also known as SAMA.
 Data compiled by Arab News shows a 27.6 percent year-on-year growth in total real estate lending, but the growth rate has slowed in comparison to 44.1 percent in the same period last year.


On a quarterly basis, the total loan credit increased by SR36.7 billion, or 6.4 percent in the first quarter of 2022 from SR568.9 billion in the fourth quarter of 2021. The loan credit has grown for the 15th consecutive month. 

In the breakdown of real estate loans — 79 percent of the loans were issued to individuals, and the remaining 21 percent constituted corporate loans.
On an annual basis, the retail segment showed a 33 percent year-on-year increase while corporate loans grew 11 percent.

Additionally, the total value of real estate loans given to individuals witnessed a quarterly growth of 6.8 percent to SR476.2 billion, while corporate loans increased by 5.1 percent over the same period.


Over the past two years, the corporate loans experienced a decline of 10 percentage points in terms of their share in the total real estate lending by Saudi banks. It would be pertinent to mention here that any percentage lost in the corporate sector means a percentage gained in the retail segment.
Regardless, corporate loans seem to be on the rise — as they have grown 3.2 percentage points in this quarter. This is a 5.1 percent growth in the first quarter of 2022 against 1.9 percent growth recorded in the fourth quarter of 2021.
On the other hand, retail loans experienced a slight decline in growth rates, from 8 percent in the last quarter to 6.8 percent growth in the first quarter of 2022.
The outstanding balance of real estate loans provided by Saudi banks rose 6 percent quarter-on-quarter, SAMA data revealed.