Commodities Update — Gold slowly climbs up; grains fall on recession fear; copper slides

Commodities Update — Gold slowly climbs up; grains fall on recession fear; copper slides
The most-active corn contract on the Chicago Board of Trade lost 0.8 percent to $5.73-3/4 a bushel as of 0252 GMT. (Shutterstock)
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Updated 06 July 2022

Commodities Update — Gold slowly climbs up; grains fall on recession fear; copper slides

Commodities Update — Gold slowly climbs up; grains fall on recession fear; copper slides

RIYADH: Gold found temporary respite on Wednesday after touching a near seven-month low in the previous session, as the dollar paused for breath after a blistering surge to 20-year highs.

Spot gold rose 0.3 percent to $1,770.27 per ounce by 0330 GMT. 

US gold futures also firmed 0.3 percent to $1,769.10.

Silver drops

Spot silver dipped 0.1 percent to $19.27 per ounce, while platinum was down 0.7 percent at $859.52. 

Palladium slipped 0.2 percent to $1,929.35.

Grains fall

Chicago corn futures lost more ground on Wednesday, with prices trading near a multi-month low reached in the previous session on worries around a global recession.

Wheat eased, while soybeans ticked higher.

The most-active corn contract on the Chicago Board of Trade lost 0.8 percent to $5.73-3/4 a bushel as of 0252 GMT, while wheat gave up 0.6 percent to $8.02-1/2 a bushel.

Soybeans added 0.3 percent to 13.19-1/4 a bushel.

Copper dips

Copper prices fell on Wednesday to their lowest since November 2020, weighed down by a robust US dollar and threats to demand from heightened fears of a global recession and renewed lockdowns in top consumer China.

Three-month copper on the London Metal Exchange was down 2.5 percent at $7,483 a ton, as of 0440 GMT, its lowest since November 27, 2020.

The most-traded August copper contract in Shanghai dropped 5.5 percent to $8,582.76 a ton by the midday break.

(With inputs from Reuters)


Bahrain-based Eat App raises $11m in a series B funding

Bahrain-based Eat App raises $11m in a series B funding
Updated 28 September 2022

Bahrain-based Eat App raises $11m in a series B funding

Bahrain-based Eat App raises $11m in a series B funding

RIYADH: Bahrain-based restaurant reservation platform, Eat App, raised $11 million in a series B funding round.

The funding round included venture capital firms MEVP, 500 Startups, Derayah VC, Dalah Albaraka, Ali Zaid Al-Quraishi and Brothers, and Rasameel Investment Company.

The firm seeks expand globally and invest in product development to support restaurants and guest experience.

“Looking back, the pandemic impacted Eat App greatly. While it caused a drop in revenue, it was also one of the largest accelerators of the business, as restaurants were forced to implement digital tools,” Nezar Kadhem, co-founder and CEO of Eat App, said in a statement.

Founded in 2015, Eat App currently operates in Bahrain, Dubai, Abu Dhabi, and Doha, with more than 800 restaurants on its platform.


Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round
Updated 28 September 2022

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

RIYADH: Alteia, a European artificial intelligence and industrial software company, announced that it closed its latest funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital arm.

Alteia will utilize its funding to increase its presence in the Kingdom by opening an office in Dhahran to support companies in the region as well as invest in research and development.

“To have the world’s leading energy company invest in Alteia through its investment arm is a strong show of faith in our trajectory, and weighs in the value of contextualized, actionable visual data as the foundation to shape a more efficient, more sustainable industrial future,” Benjamin Benharrosh, co-founder of Alteia, said in a statement.


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

Egypt B2B marketplace Mazaya raises $5m in pre-seed round
Updated 28 September 2022

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.