China In-Focus — Stocks fall; yuan hits 11-week low ahead of Pelosi’s expected Taiwan visit

The blue-chip CSI300 index fell 2 percent, to 4,107.02, while the Shanghai Composite Index lost 2.3 percent to 3,186.27 points. Reuters/File
The blue-chip CSI300 index fell 2 percent, to 4,107.02, while the Shanghai Composite Index lost 2.3 percent to 3,186.27 points. Reuters/File
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Updated 02 August 2022

China In-Focus — Stocks fall; yuan hits 11-week low ahead of Pelosi’s expected Taiwan visit

China In-Focus — Stocks fall; yuan hits 11-week low ahead of Pelosi’s expected Taiwan visit

RIYADH: China stocks posted their biggest fall in more than two months on Tuesday, as tensions between Washington and Beijing escalated amid reports of US House of Representatives Speaker Nancy Pelosi’s planned visit to Taiwan.

Pelosi, who began her trip to Asia earlier on Monday in Singapore, was due to spend Tuesday night in Taiwan, three sources said. The US said it would not be intimidated by Chinese threats to never “sit idly by” if she made the trip to the island claimed by Beijing.

The blue-chip CSI300 index fell 2 percent, to 4,107.02, while the Shanghai Composite Index lost 2.3 percent to 3,186.27 points.

The Hang Seng index fell 2.4 percent, to 19,689.21, while the China Enterprises Index lost 2.5 percent, to 6,702.07 points.

Yuan hits 11-week low 

The Chinese yuan hit an 11-week low against the greenback on Tuesday as diplomatic tensions rose ahead of an expected Taiwan visit by Pelosi. 

Onshore yuan touched 6.7835 per US dollar in morning trade, its lowest since May 16, before recouping some losses.

Offshore yuan fell as far as 6.7945.

China’s Taibang Biologic raises $300m 

China’s Taibang Biologic Group raised $300 million to finance growth in a fundraising led by sovereign wealth funds Abu Dhabi Investment Authority and Singapore’s GIC, the biopharmaceutical firm said on Tuesday.

Apart from Platinum Orchid, a subsidiary of the UAE’s biggest sovereign wealth fund ADIA, and GIC, new investors included state-owned China Life’s private equity arm — China Life Private Equity Investment — and Cinda Kunpeng Investment Management Co. Ltd., Taibang said in a statement.

Taibang makes and sells plasma products and was previously known as China Biologic Products Holdings, as per the statement.

The proceeds will be used to finance its expansion of plasma stations and its research and development of new products, the statement said.

The deal marks Taibang’s first equity financing transaction since the completion of its privatization in April last year by a consortium led by Chinese private equity firm Centurium Capital.

With input from Reuters 


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.