Crypto Moves — Ethereum and Bitcoin fall; Barcelona auctions NFT of Cruyff goal

Crypto Moves — Ethereum and Bitcoin fall; Barcelona auctions NFT of Cruyff goal
“In a Way, Immortal” is the name of the NFT sold by Barcelona (FC Barcelona)
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Updated 02 August 2022

Crypto Moves — Ethereum and Bitcoin fall; Barcelona auctions NFT of Cruyff goal

Crypto Moves — Ethereum and Bitcoin fall; Barcelona auctions NFT of Cruyff goal

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 1.73 percent to $23,405, as of 7:58 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,695 falling by 0.53 percent, according to data from Coindesk.

Barcelona auctions NFT of Cruyff goal for $693,000

As part of its efforts to combat massive debt, Barcelona auctioned off a digital artwork depicting a goal by Johan Cruyff for SR2.6 million ($693,000), according to the Associated Press.

The club’s first non-fungible token sold for SR2 million at an auction conducted by Sotheby’s in New York on Friday.

The final sale price was SR2.6 million due to the auctioneer’s fees.

This artwork depicts Cruyff’s memorable goal from 1973 when he soared through the air with his leg outstretched. “In a Way, Immortal” is the name of the NFT, which was inspired by a quote by Cruyff, the legendary player and coach at Barcelona, AP added.

To pay off its SR3.8 billion debt, Barcelona has been looking for new sources of revenue. Additionally, Camp Nou recently sold off 25 percent of its Spanish league television rights for 25 years, including its naming rights to Spotify.

Ethereum co-founder criticizes metaverse efforts

Ethereum co-founder Vitalik Buterin took to Twitter on Saturday to comment on the “existing corporate attempts to create a metaverse.”

 Buterin stated that a metaverse will happen, but he does not believe the current attempts will succeed, according to Bitcoin.com.

“The ‘metaverse’ is going to happen, but I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere,” Buterin said.

The Ethereum co-founder added: “It’s that we don’t really know the definition of ‘the metaverse’ yet, it’s far too early to know what people actually want. So anything Facebook creates now will misfire.”


Germany seeks to deepen energy ties with Saudi Arabia

Germany seeks to deepen energy ties with Saudi Arabia
Updated 23 sec ago

Germany seeks to deepen energy ties with Saudi Arabia

Germany seeks to deepen energy ties with Saudi Arabia

JEDDAH: German Chancellor Olaf Scholz said on Saturday after a meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman that he wants to deepen the energy partnership between the two countries.

Speaking to reporters, Scholz said that the partnership should go beyond fossil fuels to include hydrogen and renewable energies.

Germany, until recently heavily dependent on Russia for gas, has been seeking to diversify its energy supply since Russia invaded Ukraine in February.

Scholz, on a two-day trip to the Gulf, said he also addressed issues involving human and civil rights in talks with the prince.

 


Cement producer Qassim signs MoU to acquire Hail Cement

Cement producer Qassim signs MoU to acquire Hail Cement
Updated 20 min 25 sec ago

Cement producer Qassim signs MoU to acquire Hail Cement

Cement producer Qassim signs MoU to acquire Hail Cement

RIYADH: Qassim Cement Co. has signed a non-binding memorandum of understanding with Hail Cement Co. regarding a securities exchange transaction, in which the former will acquire all of Hail’s issued shares.

Both parties will therefore proceed with due diligence in connection with the proposed transaction, according to a bourse filing.

Upon completion of the relevant financial evaluation and after consideration of the due diligence, Qassim and Hail will begin discussions on a non-binding exchange ratio.

Hail’s shareholders will receive 0.1933 newly issued shares in Qassim for each share they own in Hail.


TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 

TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 
Updated 14 min 24 sec ago

TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 

TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 

RIYADH: France’s TotalEnergies on Saturday signed a new $1.5 billion deal with QatarEnergy to help expand the country’s natural gas production as Europe scrambles to find new energy sources to replace Russian supplies. 

The partnership deal was signed by QatarEnergy CEO and the country’s Minister of Energy Saad Al-Kaabi and Patrick Pouyanné, CEO of TotalEnergies. 

Al-Kabbi said that TotalEnergies would have a 9.375 percent stake out of a 25 percent stake in the North Field South project dedicated to international partners. 

QatarEnergy will hold 75 percent of NFS.

“We are not overexposed to Qatar. We are happy to invest in new licenses here. Because we cannot invest in Russia, there is logic to continue investing in Qatar,” said Pouyanné. 

He added: “If Qatar had offered more investment, then we would have invested more in Qatar.” 

The new deal comes at a time when European nations are diversifying their energy imports away from Russia after the invasion of Ukraine. 

The North Field expansion projects comprise two parts; the North Field East or NFE project and the North Field South project. 

The NFE project is expected to increase Qatar’s liquified natural gas production capacity from 77 to 110 million tons per annum, while the NFS project will elevate the country’s LNG production capacity from 110 to 126 million tons per annum. 

Earlier, in June and July, QatarEnergy and TotalEnergies signed five separate partnership agreements in the NFE project worth around $29 billion. 

Britain’s Shell, Italy’s ENI and US giants ConocoPhillips and ExxonMobil have already signed up to be part of the North Field East project.

“We are in active discussions with the majority of buyers around the world and some are advancing more than others,” added Al-Kabbi. 

Qatar is one of the world’s top LNG exporters, alongside the US and Australia, and the country is aiming to increase its gas production by more than 60 percent by 2027. 

QatarEnergy estimates that the North Field holds about 10 percent of the world’s known natural gas reserves. LNG from the North Field is expected to start coming online in 2026. 

(With input from Reuters and AFP) 


Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy
Updated 27 min 8 sec ago

Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

RIYADH: Saudi Power Procurement Co. has launched five projects to produce electricity using renewable energy, with a total capacity of 3,300 megawatts, according to the Saudi Press Agency. 

The launch includes three wind energy projects and two solar projects. The wind energy projects, located in Yanbu, Al-Ghat and Waad Al Shamal have a total production capacity of 1800 MW, with 700 MW, 600MW and 500 MW distributed respectively.

The total capacity of production from the two solar energy projects amounts to 1500 MW. The projects are based in Al Hinakiyah and Tabarjal and have capacities of 1100 MW and 400 MW respectively.

The launch of the projects is part of the fourth phase of the Ministry of Energy’s National Renewable Energy Program. 

In line with Saudi Vision 2030, the program is part of the Kingdom’s aims to reach the optimal energy mix for electricity production from renewable energy sources.


TASI dips following the Fed’s hefty interest rate hike: Opening bell

TASI dips following the Fed’s hefty interest rate hike: Opening bell
Updated 25 September 2022

TASI dips following the Fed’s hefty interest rate hike: Opening bell

TASI dips following the Fed’s hefty interest rate hike: Opening bell

RIYADH: Saudi Arabia’s main index fell in the wake of the Fed’s sharp interest rate hike and forecast of further and faster increases.

The Tadawul All Share Index sank 2.15 percent to start the week at 11,214, while the parallel market Nomu fell 0.96 percent at 20,069.

Saudi oil giant Aramco started with a 1.39 percent decline, while Rabigh Refining and Petrochemical Co. collapsed 4.73 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 3.01 percent, while Saudi British Bank declined by 1.27 percent.

The Kingdom’s largest valued bank Al Rajhi Bank edged down 3.20 percent, while Alinma Bank fell 2.99 percent.

Abdulmohsen Alhokair Group for Tourism and Development fell 4.89 percent, after inviting its shareholders to vote on reducing its capital to SR315 million ($84 million).

National Gypsum Co. led the fallers with a 4.51 percent decline, while Hail Cement Co. led the gainers with a 4.58 percent increase.