Mastercard announces partnership to launch integrated wallet in MENA region 

Through this partnership, banks, fintech, merchants and wallet providers can offer consumers in the region easy access to digital-first payment solutions and services.
Through this partnership, banks, fintech, merchants and wallet providers can offer consumers in the region easy access to digital-first payment solutions and services.
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Updated 22 May 2022

Mastercard announces partnership to launch integrated wallet in MENA region 

Mastercard announces partnership to launch integrated wallet in MENA region 

RIYADH: Mastercard, One Global and i2c have announced a partnership to provide tailored financial solutions that will enable the issuance of digital mobile wallets in the MENA region. 

One Global is a digital transformation and innovation company, specialized in fintech, while i2c is a global provider of highly configurable payment and banking solutions. 

Through this partnership, banks, fintech, merchants and wallet providers can offer consumers in the region easy access to digital-first payment solutions and services.

Mastercard and i2c will also provide an exchange to exchange solution for fintechs to go to market faster and in a more agile way.

“This announcement is an excellent example of collaboration to solve for speed, service and scale, while accelerating financial inclusion and innovation in the region,” Amnah Ajmal, executive vice president of Mastercard said. 


TASI begins higher despite market fears: Opening bell

TASI begins higher despite market fears: Opening bell
Updated 12 sec ago

TASI begins higher despite market fears: Opening bell

TASI begins higher despite market fears: Opening bell

RIYADH: Saudi stocks opened higher in the early morning trading session, despite ongoing market fears of higher interest rates weighing on investors' sentiment.

The main index, TASI, gained 0.11 percent to reach 11,477, while the parallel market, Nomu, started flat at 21,082, as of 10:08 a.m. Saudi time.

This was led by a rise in the banking sector, with Al Rajhi, the Kingdom’s largest valued bank, adding 0.25 percent, and Saudi National Bank adding 0.75 percent.

Among the biggest IT companies, Elm Co. gained 0.48 percent and Al Moammar Information Systems Co. gained 0.12 percent, respectively.

Shares of Saudi Aramco, the largest player on the Saudi oil market, opened 0.52 percent lower.

Fawaz Abdulaziz Alhokair Co. led the fallers with a 3.07 percent decline, followed by Abdulmohsen Alhokair Group for Tourism and Development which fell 2.48 percent.

In the energy sector, West Texas Intermediate crude was trading at $108.56 per barrel and Brent crude was trading at $111.74 per barrel as of 10:10 a.m. Saudi time.


SABB to pay $301m in dividends for H1

SABB to pay $301m in dividends for H1
Updated 46 min 23 sec ago

SABB to pay $301m in dividends for H1

SABB to pay $301m in dividends for H1

RIYADH: Saudi British Bank, also known as SABB, has proposed a dividend of SR1.13 billion ($301 million) for the first half of 2022.

The dividend payout per share has been set at SR0.55 for over 2 billion shares eligible for dividends which will be distributed on July 27, according to a bourse filing.

SABB, which was voted the best bank in 2022, recently appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking.

The bank has posted a 3 percent increase in net profit to SR1 billion in the first quarter of 2022, over SR974 in the year-ago quarter.


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 59 min 44 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 ended their first trading session of July in red, extending losses after an 11-percent decline in June due to fears over inflation and recession.

TASI, the main benchmark index, fell 0.5 percent to 11,464 on Sunday and the parallel market, Nomu, shed 2.3 percent to 21,082.

Oman’s stock exchange declined 0.3 percent in line with Saudi Arabia.

However, the Bahraini bourse led the gains in the region as it advanced by 1.4 percent, followed by Kuwait and Qatar, up 1 and 0.7 percent, respectively.

Outside the Gulf, Egypt’s blue-chip index EGX30 lost as much as 2.4 percent.

In the oil market, Brent crude futures rose slightly to $112.16 a barrel and US West Texas Intermediate reached $108.82 a barrel by 8:59 a.m. Saudi time on Monday.

Stock news

The Saudi British Bank, or SABB, appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking

SABB’s board of directors proposed a dividend distribution of SR1.13 billion ($301 million) in total, or SR0.55 per share, for the first half of 2022

Al-Khaleej Training and Education Co. entered into a non-binding agreement to potentially acquire 51 percent of Al-Minhaj Private Schools Co.

Ayyan Investment Co. named Faisal Al-Qahtani chairman of the board and Abdul Aziz Al Shaikh vice-chairman

Wafrah for Industry and Development Co.’s rights issue was 78 percent subscribed, generating SR120 million in proceeds

Jahez International Co. for Information System Technology appointed Lulua Bakr to replace audit committee chairman Abdulwahab Al-Butairi following his resignation

Saudi Basic Industries Corp.'s health insurance contract with Bupa Arabia was renewed for one year starting July 4

Calendar

July 4, 2022

Launch of single-stock futures trading on Tadawul

July 7, 2022

Saudi Exchange will close for the Eid Al Adha holidays and resume trading on July 13


Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others

Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others
Updated 04 July 2022

Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others

Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others

RIYADH: The UAE’s fintech YAP, a leading digital banking platform, has raised $41 million in a funding round led by Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital.

The company plans to complete series A funding by the end of the year and use the funds to expand its regional footprint, it said in a statement.

It recently partnered with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia.

“There is incredible demand for fintech products in the region, and we are well placed to be a market leader to address these needs,” said Marwan Hachem, co-founder and group CEO of YAP, in the statement.

Marwan Hachem, co-founder and group CEO of YAP (Supplied)

The company has also received regulatory approval in Pakistan and Ghana to offer similar services and plans to soon launch in Egypt.

YAP offers users a simple interface with a complete view of consumer spending analytics and easy ways to transfer money and pay bills.

With no minimum balance required, the app also provides customers with real-time notifications of purchases, withdrawals, and transfers.

YAP’s product development pipeline includes a new multicurrency offering, products for children and households, equity trading, loans and buy-now-pay-later options through the YAP Store, the YAP Financial Marketplace, and the YAP Hub.

“The momentum and growth we have seen since our launch validate the need for the YAP platform throughout the region. We look forward to expanding into new markets and enhancing our offering in the months ahead with these investments,” Anas Zaidan, co-founder and managing director of YAP, said in the statement.

Since its launch in 2021, the platform has provided over 130,000 users with an extensive database of resources at their fingertips to become expert money managers.


Oil Updates — Crude slips on recession fear; Algeria’s oil, gas earnings climb; Planned strike could cut Norwegian gas output

Oil Updates — Crude slips on recession fear; Algeria’s oil, gas earnings climb; Planned strike could cut Norwegian gas output
Updated 04 July 2022

Oil Updates — Crude slips on recession fear; Algeria’s oil, gas earnings climb; Planned strike could cut Norwegian gas output

Oil Updates — Crude slips on recession fear; Algeria’s oil, gas earnings climb; Planned strike could cut Norwegian gas output

RIYADH: Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

Brent crude futures for September slipped 36 cents, or 0.3 percent, to $111.27 a barrel at 0300 GMT, having jumped 2.4 percent on Friday.

US West Texas Intermediate crude futures for August delivery dropped 34 cents, or 0.3 percent, to $108.09 a barrel, after climbing 2.5 percent on Friday.

Algeria’s oil, gas earnings up 70 percent in first five months of 2022

Algeria’s oil and gas earnings are up 70 percent and have reached $21.5 billion in the five first months of 2022, compared to $12.6 billion in the same period last year, an executive at state oil and gas producer Sonatrach told reporters on Sunday.

Meanwhile, Sonatrach’s CEO, Tewfik Hakkar told reporters on Sunday that the country is negotiating with all its clients to review gas prices. 

Hakkar added that the review of the prices is not targeting a single company or country.

Norway strike could cut gas output by 13 percent next week

A planned strike next week by Norwegian energy sector workers could cut the country’s gas output by 292,000 barrels of oil equivalent per day, or 13 percent of output, employers’ group the Norwegian Oil and Gas Association said on Sunday.

Oil output could be cut by 130,000 barrels per day, NOG added, corresponding to around 6.5 percent of Norway’s production, according to a Reuters calculation.

The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes at a time of high oil and gas prices, with supplies of natural gas to Europe particularly tight after Russian export cutbacks.

Members of the Lederne labor union, who make up around 15 percent of the country’s offshore petroleum workers, on Thursday voted down a proposed wage agreement that had been negotiated by companies and union leaders.

As a result, they plan to begin a strike at three offshore fields on July 5, and to add three more fields the following day unless a solution is found.

A seventh field, Tyrihans, will have to shut down because its output is processed from the nearby Kristin field, which will shut down.

The parties have been talking, but no progress has been made.

(With inputs from Reuters)