Britain approves plans for new Shell North Sea gas field

Shell welcomed the decision and said it plans to move ahead with the development of the Jackdaw gas field which has the potential to produce 6.5 percent of Britain’s gas output. File
Shell welcomed the decision and said it plans to move ahead with the development of the Jackdaw gas field which has the potential to produce 6.5 percent of Britain’s gas output. File
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Updated 01 June 2022

Britain approves plans for new Shell North Sea gas field

Britain approves plans for new Shell North Sea gas field

LONDON: Britain’s regulator on Wednesday approved Shell’s revised plan to develop a North Sea natural gas field as the government seeks to boost domestic energy output following Russia’s invasion of Ukraine.

In a statement, Shell welcomed the decision and said it plans to move ahead with the development of the Jackdaw gas field which has the potential to produce 6.5 percent of Britain’s gas output.

British Business Minister Kwasi Kwarteng said the Jackdaw gas field had received final regulatory approval after it was initially rejected on environmental grounds last October.

“Let’s source more of the gas we need from British waters to protect energy security,” Kwarteng said on Twitter.

Reuters last week reported that Britain’s Offshore Petroleum Regulator for Environment and Decommissioning was poised to approve the field’s new environmental development plans, a major milestone for a new development.

Under the new plan, Shell plans to start production from the field in the second half of 2025.


SABIC Agri-Nutrients declares $508m dividends for H1

SABIC Agri-Nutrients declares $508m dividends for H1
Updated 11 sec ago

SABIC Agri-Nutrients declares $508m dividends for H1

SABIC Agri-Nutrients declares $508m dividends for H1

RIYADH: Saudi petrochemical firm SABIC Agri-Nutrients Co.’s board has decided to distribute SR1.9 billion ($508 million) in dividends for the first half of 2022.

The dividend payout will be SR4 per share, to be paid on Aug. 1 with almost 476 million shares eligible for dividends, the homegrown company revealed in a bourse filing.

Half owned by chemical giant SABIC, SABIC Agri-Nutrients had earlier posted a near six-fold jump in its quarterly profits, buoyed by a surge in sales.

Despite global logistic hurdles, net profit soared to SR2.5 billion in the first quarter of the year, compared to SR423 million in the same period a year ago.


Saudi Derayah REIT to restructure $200m financing for cost reduction

Saudi Derayah REIT to restructure $200m financing for cost reduction
Updated 6 min 42 sec ago

Saudi Derayah REIT to restructure $200m financing for cost reduction

Saudi Derayah REIT to restructure $200m financing for cost reduction

RIYADH: Derayah REIT’s board has approved restructuring the fund’s outstanding financing facility, which was valued at SR748 million ($200 million) by 2021-end.

According to a bourse filing, the fund manager, Derayah Financial, has agreed with a local bank to reschedule existing financing, with maturity staggered in 2026 and 2027.

As per the agreed terms, the profit spread will be reduced by 20 percent and the maturity will be extended to seven years from the restructuring date.

The move is aimed at cutting Derayah REIT’s financing expenses, which will have a positive impact on its financial results for the second half of the ongoing year.


SADAFCO shareholders approve $26m half-year dividend

SADAFCO shareholders approve $26m half-year dividend
Updated 13 min 38 sec ago

SADAFCO shareholders approve $26m half-year dividend

SADAFCO shareholders approve $26m half-year dividend

RIYADH: Saudia Dairy and Foodstuff Co.’s shareholders have approved the board proposal to distribute SR96 million ($26 million) in cash dividends for the second half of the fiscal year ended March 31, 2022.

Shareholders are set to receive SR3 for each share, the company said in a bourse filing

The dairy firm’s payout remained unchanged from the same period last year.

SADAFCO, based in Jeddah, operates sales and distribution centers in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait. 

 


QIA CEO says exploring opportunities in blockchain

QIA CEO says exploring opportunities in blockchain
Updated 28 June 2022

QIA CEO says exploring opportunities in blockchain

QIA CEO says exploring opportunities in blockchain
  • Qatar’s sovereign wealth fund chief says not interested in crypto investment

DUBAI: The chief executive of Qatar Investment Authority said on Tuesday that the sovereign wealth fund is not interested in crypto investments but it is exploring opportunities in blockchain.

Mansoor bin Ebrahim Al-Mahmoud was speaking at the Qatar Economic Forum organized by Bloomberg.

The $300 billion sovereign wealth fund owns stakes in Credit Suisse and Volkswagen AG as part of its European portfolio.

Russian exemption

On the other hand, Russian lawmakers approved a draft law that would potentially exempt issuers of digital assets and cryptocurrencies from value-added tax.

Russia has long voiced skepticism of cryptocurrencies and other digital assets, with the central bank citing concerns over financial stability.

But in February the regulator gave blockchain platform Atomyze Russia the first license to exchange digital assets. A license for dominant lender Sberbank soon followed.

Unprecedented Western sanctions have hit the heart of Russia’s financial system over events in Ukraine and lawmakers have scrabbled to bring in new legislation to soften the blow.

The draft law, approved by State Duma members in the second and third readings on Tuesday, envisages exemptions on value-added tax for issuers of digital assets and information systems operators involved in their issue.

It also establishes tax rates on income earned from the sale of digital assets.

The current rate on transactions is 20 percent, the same as for standard assets. Under the new law, the tax would be 13 percent for Russian companies and 15 percent for foreign ones.

The draft must still be reviewed by the upper house and signed by President Vladimir Putin to become law.

Bitcoin miners

Bitcoin miners have been forced to tap into their cryptocurrency stashes as a plunge in prices, rising energy costs and increased competition bite into profitability.

The number of coins miners are sending to crypto exchanges has been steadily climbing since June 7, researchers at MacroHive noted, in a sign that “miners have been increasingly liquidating their coins on exchanges.”

Several publicly listed bitcoin miners collectively sold more than 100 percent of their entire output in May as the value of bitcoin tumbled 45 percent, an analysis by Arcane Research found.

“The plummeting profitability of mining forced these miners to increase their selling rate to more than 100 percent of their output in May. The conditions have worsened in June, meaning they are likely selling even more,” said Arcane analyst Jaran Mellerud.

The crypto mining space rapidly expanded in 2021 as bitcoin more than quadrupled in value, but this growth has further pressured margins as the process is designed to grow more difficult as the number of miners increases.

“Over the past six months, hash rate and mining difficulty have increased while the price of bitcoin has dropped. These are both negatives for existing miners as both work to compress margins,” said Joe Burnett, analyst at bitcoin mining firm Blockware Solutions.

High energy prices are also hitting miners, which by some estimates use more electricity than the Philippines, according to the Cambridge Bitcoin Electricity Consumption Index.

“If you’re not at a very low-cost electricity area at this point, you’ve got to shut down,” noted Chris Brendler, senior research analyst at D.A. Davidson.

Daily trading

Bitcoin, the leading cryptocurrency internationally, traded lower on Tuesday, falling by 1.77 percent to $20,811.95 as of 9:15 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,192.89 falling by 1.73 percent, according to data from CoinDesk.


Tabby’s app achieves a record 26m clicks to retail partners in a year

Tabby’s app achieves a record 26m clicks to retail partners in a year
Updated 28 June 2022

Tabby’s app achieves a record 26m clicks to retail partners in a year

Tabby’s app achieves a record 26m clicks to retail partners in a year
  • The app drives 3.5 million clicks every month to thousands of retailers.

RIYADH: Tabby, the payments and shopping app, attracted 2 million shoppers driving 26 million clicks to retail partners in the last year, according to a statement. 

The app drives 3.5 million clicks every month to thousands of retailers, including brands like Ikea, Shein, Adidas, Level Shoes, H&M, and thousands more.

The app currently ranks among the top-10 shopping apps on the App store in Saudi Arabia and the UAE with 500,000 shoppers installing the app every month to discover new stores and unlock great deals.

Commenting on the achievement, Hosam Arab, co-founder and CEO at Tabby, said: “We’re seeing Tabby’s place in people’s shopping journey go far beyond payments, with millions relying on Tabby to support their entire shopping experience. Tabby’s app helps customers discover where to shop and make the most out of their money, driving high-intent traffic to thousands of our retail partners.”

Retail partners work with Tabby’s in-house marketing team to gain traffic and visibility through prominent placement in the app which delivers curated content, promotions and deals. 

The past two years have seen exponential growth for Tabby, with 8 of the 10 largest retail groups in the Middle East and North Africa choosing Tabby as their preferred partner and closing their series B funding round at $154 million in equity and debt this year.