Saudi food delivery app Jahez to start operation in Bahrain on June 26

Saudi food delivery app Jahez to start operation in Bahrain on June 26
The company started trial operations in Bahrain almost a month earlier. (Supplied/File)
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Updated 23 June 2022

Saudi food delivery app Jahez to start operation in Bahrain on June 26

Saudi food delivery app Jahez to start operation in Bahrain on June 26

RIYADH: Saudi food delivery platform Jahez will start commercial operations at its Bahraini unit on June 26, it said in a bourse filing.

The company started trial operations in Bahrain almost a month earlier as part of its expansion strategy to enhance Jahez’s footprint in the Gulf Cooperation Council.

Formally known as Jahez International Co. for Information Systems Technology, the firm noted that the financial impact of this move is expected to reflect on the current quarter’s results.


JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts
Updated 13 sec ago

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

RIYADH: Amid ongoing geopolitical tensions and skyrocketing energy rates, global oil prices may hit $380 a barrel if the US and European curbs compel Russia to inflict retaliatory crude output cuts, Bloomberg reported citing analysts at JPMorgan Chase & Co.

It was after Russia’s invasion of Ukraine that the Western allies led by the US imposed several sanctions, and worked out a complicated mechanism to cap the price fetched by Russian oil.

According to JPMorgan analysts including Natasha Kaneva, currently Russia enjoys a strong financial position and it can afford to slash daily crude production by 5 million barrels.

The analysts noted that Russia’s crude production cuts could be disastrous for the world, as a cut of 3 million barrels will elevate London crude prices to $190. In the worst-case scenario, if the output is cut by 5 million barrels, the price could reach as high as $380 a barrel.

“The most obvious and likely risk with a price cap is that Russia might choose retaliate by reducing exports as a way to inflict pain on the West,” wrote the analysts.


SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking
Updated 12 min 43 sec ago

SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking

RIYADH: The Saudi British Bank has appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking from this month.

The appointment of Al-Barrak will take effect on July 1, the bank said in a press statement.

Al-Barrak joined SABB in 2012 and has held many leadership positions, most recently being the general manager of global corporate and institutional banking, the statement said.

“The appointment of Yasser is a testament to the success of career growth plans at SABB, which is a major player in managing our most valuable assets, our people,” said SABB Managing Director & CEO Tony Cripps.

Established in 1978, SABB is an associate of the HSBC Group and a Saudi joint-stock company. It was named Saudi’s best bank for 2022, the statement added.

The bank provides retail, corporate, investment, private, and treasury services and has a paid-up capital of SR20.5 billion ($5.46 billion).


Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations
Updated 03 July 2022

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

RIYADH: Bitcoin, the leading cryptocurrency worldwide, traded lower on Sunday, falling by 0.93 percent to $19,033.92 at 9 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,057.11, rising by 1.15 percent, according to data from CoinDesk.

Voyager Digital suspends withdrawals and deposits 

To preserve its platform’s value, Voyager Digital on Friday announced it had suspended withdrawals, trading, and deposits, according to Reuters. 

A default notice was issued to embattled hedge fund Three Arrows Capital just days earlier for the fund’s failure to make required payments.

According to Voyager CEO Stephen Ehrlich, the move gives the company more time to consider strategic alternatives with various interested parties while preserving its value.

The company announced that it had hired financial advisers Moelis & Co., Consello Group, and legal advisers Kirkland & Ellis LLP “to support its exploration of strategic alternatives.”

Voyager’s crypto assets are worth $685 million, compared to the more than $1.12 billion it has lent in crypto assets. The company said it lent $350 million and 15,250 bitcoins to 3AC. 

Voyager’s move comes less than a month after Celsius Network suspended withdrawals due to extreme market conditions. Customers of Celsius have not yet been able to withdraw money again.

(With inputs from Reuters)


Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 
Updated 03 July 2022

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

RIYADH: Saudi Arabia’s Abdullah Al-Othaim Markets Co. has canceled plans to sell shares of its mall business to the public, the company said in a bourse filing.

The group halted initial public offering plans for Abdullah Al Othaim Investment Co. due to concerns over valuation and market volatility.

Arab News earlier reported that the group had selected GIB Capital to manage an IPO of a 30-percent stake in the Kingdom’s stock market. 

Known as Al Othaim Malls, the firm specializes in the construction, management and operation of shopping malls, entertainment centers, restaurants and cinemas.

 


OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 
Updated 03 July 2022

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

RIYADH: Mohammad Sanusi Barkindo, secretary general for the Organization of the Petroleum Exporting Countries, will join the Atlantic Council as a distinguished fellow in the Global Energy Center.

Barkindo will take part in the Atlantic Council after the conclusion of his term at OPEC on July 31, according to a statement. 

Serving as OPEC’s secretary general for six years, Barkindo has also played a crucial role in enhancing the cooperation between OPEC and non-OPEC countries on stabilizing oil markets. 

The fellowship at the Atlantic Council comes amid an unprecedented rise in energy prices driven by geopolitical tensions, climate change impacts, and volatile markets.

“Barkindo brings a deep understanding of geopolitics in a volatile world that will further enhance the Atlantic Council’s approach to shaping solutions to global energy-security challenges,” said Frederick Kempe, president and CEO of the Atlantic Council.

The Washington-based center promotes energy security by working alongside governments, industry leaders, civil society, and public stakeholders.

Barkindo said: “I look forward to contributing to the organization’s work on a plethora of energy-related issues, at a time when the world’s eyes are focused on both short- and long-term energy market outlooks.”