Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
The main benchmark index TASI lost 0.9 percent to close at 11,358. (Shutterstock)
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Updated 05 July 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s stock market extended losses on Monday as recession and inflation risks continue to bother investors.

The main benchmark index TASI lost 0.9 percent to close at 11,358, hit by a 1.3-percent fall in oil giant Aramco, while the parallel market Nomu dropped 1.9 percent to 20,672.

Likewise, the stock exchanges of Abu Dhabi, Dubai, Qatar, and Kuwait all shed between 0.2 and 1.4 percent.

Bahrain and Oman bucked the downward trend to close 0.5 and 0.2 percent higher, respectively.

Apart from the Gulf, Egypt’s blue-chip index EGX30 continued its losing streak as it slipped 3.6 percent.

Oil prices were slightly changed on Tuesday due to lingering supply concerns and worries over a potential global recession.

Brent crude futures edged down to $113.28 a barrel and US West Texas Intermediate rose almost 1.5 percent to $110.02 a barrel by 9:16 a.m. Saudi time.

Stock news

Petro Rabigh’s rump offering generated a total of SR390 million ($104 million) in proceeds after selling over 23 million shares

Middle East Specialized Cables Co. appointed Yahiya Al-Qunaibit as board chairman and Saad Al-Shammari as vice-chairman

Two substantial shareholders in Wataniya Insurance Co. have executed an off-market deal where SNIC Insurance Co. sold a 2.5 percent stake to E.A. Juffali and Brothers for SR16.5 million

Jadwa Investment Co. sold a property located in Riyadh, namely Raud Al Jenan School, for SR27 million

National Industrialization Co. elected Mubarak Al-Khafrah as its chairman and Talal Al-Maiman as its vice-chairman

Gulf General Cooperative Insurance Co. has signed a one-year deal with Al-Rashid Trading and Contracting Co. to provide medical insurance services

Calendar

July 7, 2022

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


Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round
Updated 58 min 31 sec ago

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

RIYADH: Mazaya, an Egypt-based B2B e-commerce marketplace, raised $5 million in a pre-seed round, said a statement issued on Tuesday.

The funding round was led by financial investment firm Raya Trade and Distribution, it added.

The company will use the funds to boost its operation in Egypt as well as expand into new markets and other verticals.

“The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end,” Amir Aboul Fotouh, Mazaya co-founder, said.

The Mazaya App provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores from all major brands.

“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Bassem Megahed, CEO of Raya Trade and Distribution, said in a statement.

The company also plans to offer financial services and support to their retailers by offering credit facilities and flexible payment options.


Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap
Updated 28 September 2022

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

MOSCOW: Russia plans to spend 3.19 trillion roubles ($54.62 billion) from its National Wealth Fund this year to cover its budget deficit, a draft budget published on the finance ministry’s website showed on Wednesday, according to Reuters.

In 2023, Russia intends to spend 1.95 trillion roubles on budget deficit financing from the NWF, a rainy-day fund made up of oil and gas revenues, and another 643.7 billion roubles in 2024.

The ministry intends to issue 2.5 trillion roubles worth of OFZ treasury bonds as it seeks to ramp up domestic borrowing in 2023, the document showed.

In 2024, the ministry plans to borrow 3.4 trillion roubles and another 3.4 trillion roubles in 2025.


MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 
Updated 28 September 2022

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

RIYADH: Iraq has approved a project to build a $50 million industrial city in tandem with its post-war reconstruction initiative, reported Zawya.  

Located in the center of the Najaf Governorate, the new city will stretch over 9.5 sq. km, and encompass many different industries such as petrochemicals, lubricants, glass and detergents.

“This project will provide 5,000 jobs to Iraqis and its cost could exceed $50 million…we have received cabinet approval and have already selected a contractor,” said Dirgham Kiko, chairman of the Najaf Investment Commission.

It is expected to be completed within two years.

Petrofac’s contract extended in the Haliba oil field

UK-based Petrofac will continue supporting operations at the Haliba oil field in Abu Dhabi for the next two years, according to an agreement with Al-Dhafra Petroleum — a subsidiary of Abu Dhabi National Oil Co. Group.

Al-Dhafra Petroleum originally selected Petrofac for this contract in September 2019, reported MEED.  

ASHGHAL requests pre-qualification documents

Qatar’s Public Works Authority has requested prequalification documents for four construction contracts that make up the South of Wakrah and New District of Doha pumping station and outfall scheme, reported MEED.

The contract has been tendered since mid-August, and bids will be closed by Oct. 23.


Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round
Updated 28 September 2022

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

RIYADH: Egypt-based property technology startup Partment raised $1.5 million in a pre-seed funding round led by venture capital firm Nclude.

The company will use its acquired funding to deploy its platform by offering a solution for home co-ownership in Egypt.

Founded in 2022, the platform allows users to explore different listings of homes and co-own properties with 40+ nights per year to use the property.

“Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market,” Nadim Nagui, CEO at Partment, said in a statement.


MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year
Updated 28 September 2022

MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year

RIYADH: The Saudi Ports Authority, MAWANI, has achieved an increase in the volume of handling containers during the current year by 14 percent to reach 212 million tons.

The head of the Public Transport Authority, Rumaih Al-Rumaih, said at the Saudi Maritime Conference the King Abdulaziz Port now stands 14th in the world for container volume — up from 88th.

The Kingdom’s strategic location and its view of the most important waterways for world trade contributed to the transit of 70 percent of the Kingdom’s imports and 90 percent of its exports, Al-Rumaih added. 

Meanwhile, MAWANI signed agreements to establish five logistic zones in Jeddah Islamic Port with an investment value of nearly SR2 billion ($531 million), the head of Saudi Ports Authority, Omar Al-Hariri said. 

The Kingdom has all the ingredients for success, and through the national transport strategy, we will reach a bright future, Al-Rumaih added.