Saudi competition authority signs off BinDawood’s acquisition of e-commerce platform

Saudi competition authority signs off BinDawood’s acquisition of e-commerce platform
BinDawood wants to cement in position in the e-commerce sector (Supplied)
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Updated 23 June 2022

Saudi competition authority signs off BinDawood’s acquisition of e-commerce platform

Saudi competition authority signs off BinDawood’s acquisition of e-commerce platform

RIYADH: Saudi retailer BinDawood Holding Co. has received approval by the General Authority for Competition to acquire a 62 percent stake in e-commerce platform International Applications Trading Co.

BinDawood, through its fully-owned unit Future Tech Retail, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co., according to a bourse filing.

The move comes in a bid to strengthen the company’s position in the e-commerce sector and enhance its omnichannel presence.


Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021
Updated 13 sec ago

Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

RIYADH: The Saudi Export-Import Bank, also known as Saudi EXIM, approved loans worth SR1.7 billion ($450 million) in 2021, with 51 percent of the total financing given to small and medium enterprises, according to the bank’s CEO, Saad Alkhalb.

The bank also reported a total revenue of SR39.48 million in 2021.

Citing its annual report, Argaam reported that this financing helped Saudi products reach more than 50 countries including India, Germany, China, the US, Indonesia, etc.

Out of the total, 24.5 percent of the loans were issued to the food products sector, followed by iron and steel, and rubber and plastics sectors with 10.5 percent and 8.4 percent respectively.

Alkhalb added that the bank’s flexible financing products contributed to increasing the import of Saudi products through direct bank payment to suppliers, and pre-export financing through confirmed purchase orders for Saudi export production inputs.

He further noted that the bank also issued guarantees, import financing, international supply chains, structural financing for international projects, and working capital financing.

In its annual report, Alkhalb revealed that the bank also launched an insurance protection plan for Saudi exporters who face risks of non-payment by international buyers due to commercial reasons or geopolitical tensions.


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 28 min 29 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 43 min 4 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.