Saudi retailer BinDawood to acquire 80.5% stake in French TFI’s subsidiary

Saudi retailer BinDawood to acquire 80.5% stake in French TFI’s subsidiary
The acquisition will be made through its newly established French subsidiary Future Retail for Information Technology Co. (Supplied)
Short Url
Updated 27 July 2022

Saudi retailer BinDawood to acquire 80.5% stake in French TFI’s subsidiary

Saudi retailer BinDawood to acquire 80.5% stake in French TFI’s subsidiary

RIYADH: BinDawood Holding Co. has received approval from its shareholders and board to acquire an 80.5 percent stake in Ykone, a subsidiary of French TF1 Group.

The acquisition will be made through its newly established French subsidiary Future Retail for Information Technology Co., with the option of purchasing an additional 4.9 percent, according to a bourse filing

BinDawood said it will assist Ykone in improving its technology platform to enable the company to expand into other industries and verticals and to gain deeper access to the Middle Eastern markets.

“The acquisition of Ykone represents another important milestone in Future Technology Retail’s ambition to invest in all segments of the retail e-commerce value chain.”  BinDawood CEO Ahmad BinDawood said.

“This investment in cutting-edge marketing technology and a trusted, full-service agency, with a global and local footprint, will strengthen the growth of our business and enhance our focus and nimbleness in making informed marketing decisions for our Danube and BinDawood brands, whilst providing a platform to Ykone for accelerated growth in the Middle East and beyond.” He added

Ykone is a profitable global influencer marketing agency, with a proprietary technology offering, specializing in travel, beauty, fashion, and luxury brands, operating in Europe, Asia, the US, and the Middle East.


India In-Focus — Billionaire Rakesh Jhunjhunwala dies at 62; US says India hid Russian origin of fuel shipped to US

India In-Focus — Billionaire Rakesh Jhunjhunwala dies at 62; US says India hid Russian origin of fuel shipped to US
Billionaire Rakesh Jhunjhunwala (Reuters)
Updated 14 sec ago

India In-Focus — Billionaire Rakesh Jhunjhunwala dies at 62; US says India hid Russian origin of fuel shipped to US

India In-Focus — Billionaire Rakesh Jhunjhunwala dies at 62; US says India hid Russian origin of fuel shipped to US

RIYADH: Stock investor Rakesh Jhunjhunwala, dubbed India’s Warren Buffett with an estimated net worth of $6 billion, died on Sunday morning at age 62, local media reported.

A chartered accountant by profession from the desert state of Rajasthan, Jhunjhunwala started dabbling in stocks while in college and went on to manage a stock trading firm, RARE Enterprises.

The cause of death was not immediately known.

The promoter of India’s newest airline, the ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. He is survived by his wife and three children.

Major politicians and business leaders mourned his death on social media.

“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter.

Former Deutsche Bank co-CEO Anshu Jain dies

Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG take on the largest Wall Street firms, died overnight on Saturday after a five-year battle with cancer, his family said. He was 59.

Jain, who was born in India, spent two decades building Deutsche Bank into one of the world’s top universal banks. He was the first non-European to lead the German institution.

In the aftermath of the financial crisis of 2008 and the European debt crisis that followed, Jain pushed Deutsche to remain Europe’s “last man standing” as US firms pulled ahead in global banking.

He resigned from the German lender in 2015, and had been the president of US financial services firm Cantor Fitzgerald since 2017.

“He will be remembered for his leadership in financial services and his deep commitment to conservation,” said Larry Fink, chief executive of BlackRock Inc, who said he knew Jain well.

Born in the Indian city of Jaipur, Jain earned his bachelors at the University of Delhi before completing an MBA at the University of Massachusetts in Amherst.

US says India hid Russian origin of fuel shipped to US

The US has expressed concern to India that it was being used to export fuel made from Russian crude, through high-seas transfers to hide its origin, to New York in violation of US sanctions, a top Indian central banker said on Saturday.

The US Treasury Department told India that an Indian ship picked up oil from a Russian tanker on the high seas and brought it to a port in Gujarat on the west coast, where it was refined and shipped on, said Reserve Bank of India Deputy Governor Michael Patra.

US sanctions on Moscow for its February invasion of Ukraine prohibit the import to the US of Russian-origin energy products, including crude oil, refined fuels, distillates, coal and gas.

“The refined output was put back on that ship, and it set sail without a destination. In the mid-seas it received the destination so it went to New York,” Patra said at an event to celebrate 75 years of India’s independence.

 

(With input from Reuters) 


Saudi Aramco currently studying its portfolio for potential IPOs: CEO

Saudi Aramco currently studying its portfolio for potential IPOs: CEO
Updated 14 min 19 sec ago

Saudi Aramco currently studying its portfolio for potential IPOs: CEO

Saudi Aramco currently studying its portfolio for potential IPOs: CEO

RIYADH: Saudi Aramco is currently studying its portfolio for potential listings of some of its units, according to its CEO, Amin Nasser.

“We’re looking at optimizing our capital program and we’re looking at our portfolio. If there is anything that would require listing in the market, it is currently being considered,” Nasser said in a press conference on Sunday after posting a 90 percent surge in second-quarter profit.

The executive added that announcements will be made in due course in case any partly or fully owned entity will be placed in the market, noting that “there is some expectation” to do so.

Earlier this year, Aramco was reported to weigh an initial public offering of its unit Aramco Trading Co. that could potentially raise over $30 billion, slated to become one of the world’s biggest listings in 2022.


Digital payments exceed cash for first time in Saudi Arabia with 94% transaction value 

Digital payments exceed cash for first time in Saudi Arabia with 94% transaction value 
Updated 32 min 25 sec ago

Digital payments exceed cash for first time in Saudi Arabia with 94% transaction value 

Digital payments exceed cash for first time in Saudi Arabia with 94% transaction value 

RIYADH: Electronic payments exceeded the use of cash for the first time in Saudi Arabia in 2021, with these transactions representing 94 percent of all payments when measured by value, a study conducted by the Saudi Central Bank revealed.

In terms of volume, the use of electronic payments increased to 62 percent last year from 44 percent in 2019 across all areas of economic activities.

The Saudi government sector has almost completely converted to electronic payment methods for all outward payments to individuals, business establishments or other government agencies, the report noted. 

The study indicated that cash is no longer the most used method of payment by individuals for the first time in the Kingdom. This comes as electronic payments of individuals have grown significantly to reach 57 percent in 2021 of the total number of transactions executed, compared to just 36 percent in 2019, the report added.

When it comes to the business sector, the share of electronic payments reached a substantial 84 percent of all business payments in 2021, up from 51 percent in 2019, recording a growth of 65 percent over the two years.

In line with Saudi Vision 2030, this comes as part of the government’s efforts to promote digital payment solutions to transform the Kingdom into a less-cash society by reaching 70 percent of non-cash payments by 2025.


Saudi Aramco prepared to increase output to 12m bpd if government asks for, says CEO

Saudi Aramco prepared to increase output to 12m bpd if government asks for, says CEO
Updated 14 August 2022

Saudi Aramco prepared to increase output to 12m bpd if government asks for, says CEO

Saudi Aramco prepared to increase output to 12m bpd if government asks for, says CEO

RIYADH: The Saudi Arabian Oil Co., also known as Aramco, is ready to increase oil production to 12 million barrels per day when the government asks for it, according to its CEO Amin Nasser. 

In a press conference after reporting a 90-percent rise in second-quarter profit on Sunday, Nasser said that oil demand growth is healthy with more demand coming from Asia. 

The CEO said that Aramco is deeply concerned with the lack of investment in oil output capacity globally, along with declining rates in oil fields. 

He noted that Aramco has been responding to this crisis by raising the maximum production capacity, while urging others to join hands with Aramco in this effort. 

The CEO predicted that there could be an additional 2 million bpd crude oil demand next year, but there is no sufficient capacity to meet that. 

He also noted that the market could further tighten if the demand for aviation fuel rises beyond limits. 

Nasser added that the possibility of a potential joint venture with PKN Orlen, along with the existing tri-party agreement between Aramco, SABIC, and PKN Orlen could be the next big thing for the firm in Europe. 

He, however, noted that the growth of the company in Europe is not as good as in Asia, but still, the firm is looking for more opportunities there. 

The CEO further stated Saudi Aramco is looking for more investments in China, along with enhancing cooperation with Chinese entities within the Kingdom. 

He said that Aramco is in talks with China’s Sinopec and others on petrochemicals and liquid to chemicals projects. 

“Chemicals are very important for our strategy,” he emphasized. 

Nasser stated that Aramco has 99.8 percent reliability in delivering crude to its customers, and made it clear that the company has strong contingency plans. 

He added that Aramco has the lowest carbon intensity globally and the company is working toward achieving a sustainable future. 

Nasser also revealed that the Jafura gas project’s first phase will be operational by 2025, followed by the opening of the second phase in 2027.


TASI starts the week higher on the back of strong earnings reports: Opening bell

TASI starts the week higher on the back of strong earnings reports: Opening bell
Updated 29 min 44 sec ago

TASI starts the week higher on the back of strong earnings reports: Opening bell

TASI starts the week higher on the back of strong earnings reports: Opening bell

RIYADH: Saudi Arabia’s main index started the week higher on the back of strong earnings reports, led by oil giant Aramco reports, which lifted investor sentiment.

TASI edged 0.17 percent higher at 12,552, while the parallel market, Nomu, started flat at 22,020, as of 10:07 a.m. Saudi time.

The Kingdom’s oil giant Saudi Aramco started the day with a 0.49 percent increase, after it announced a record second-quarter profit of $48.4 billion.

Rabigh Refining and Petrochemical Co. gained 3.53 percent, following the announcement last week that its first-half profits jumped 54 percent to SR2.1 billion.

Saudi Tadawul Group Holding Co. declined 1.93 percent, after its first-half profits declined 23 percent to SR278 million.

National Agricultural Development Co. increased 1.73 percent, after it turned into profits of SR43 million during the first half of 2022.

Saudi Chemical Co. declined 1.3 percent, after reporting a 32 percent drop in first-half profits to SR47 million.

National Medical Care Co. added 5.64 percent to lead the gainers, while Arab Sea Information System Co. edged down 4.42 percent to lead the fallers.