Buy Now Pay Later firm Tabby secures $150m financing

Buy Now Pay Later firm Tabby secures $150m financing
Following Tabby’s Series B extension earlier this year, the firm’s total capital raised to date amounts to $275 million (Supplied)
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Updated 03 August 2022

Buy Now Pay Later firm Tabby secures $150m financing

Buy Now Pay Later firm Tabby secures $150m financing

RIYADH: Dubai-based Tabby, a ‘Buy Now Pay Later’ firm, has secured a debt financing worth $150 million from two US-based investors, the company has announced.

According to the press release, the financing comes from New York’s Atalaya Capital Management and San Francisco-based Partners for Growth. 

Following Tabby’s Series B extension earlier this year, the firm’s total capital raised to date amounts to $275 million.

“Debt commitments from two reputable institutions is a validation of our strong track record and business model,” said Hosam Arab, CEO and co-founder of Tabby. 

He added: “As we near profitability, we’re in the fortunate position of not having to raise equity under the current market conditions and as such are thrilled to partner with the like-minded people at PFG and Atalaya.” 

“Atalaya is excited to partner with Tabby in its mission to expand access to credit and payments in markets where there are limited existing options,” said Justin Burns, managing director of Atalaya Capital.

 


Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger
Updated 11 sec ago

Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

RIYADH: Walaa Cooperative Insurance Co. has received approval from the Capital Market Authority to increase its capital in order to merge with SABB Takaful.

By issuing over 20 million ordinary shares, Walaa Insurance's capital will increase to SR850 million ($227 million), up from SR646 million, according to a bourse filing.

Walaa Cooperative revealed today that its losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year.


NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 

NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 
Updated 1 min 14 sec ago

NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 

NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 

RIYADH: On a macro level, power consumption in the US is expected to rise to a record high in 2022. Zooming in, a delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center attended a conference in Tokyo to discuss decarbonization and renewable energy challenges and opportunities. 

Looking at the bigger picture

• US power consumption is expected to rise to a record high in 2022 as the economy grows, Reuters reported citing the US Energy Information Administration’s Short-Term Energy Outlook.

The EIA forecast power demand will climb to 4,027 billion kWh in 2022, from 3,930 billion kWh in 2021, before sliding to 4,018 billion kWh in 2023.

•  Électricité de France is seeking €8.34 billion ($8.5 billion) from the French state, its main shareholder, in compensation, as the government forced it to sell power at cut-rate prices to protect consumers from the surging inflation.

The French government is defending its decision to force EDF to sell more of its nuclear power output at a discount as the measure is taken in the wider interest of consumers due to surging energy prices, Bloomberg reported. 

Through a micro lens

• The Emirates Water and Electricity Co. has signed an initial agreement with the Abu Dhabi Department of Economic Development to reinforce the competitiveness of the emirate’s energy sector, Trade Arabia reported.

The joint initiative aims to boost sustainability best practices and promote the adoption of clean energy certificates across Abu Dhabi’s industrial sector. 

• A delegation from the King Abdullah Petroleum Studies and Research Center, KAPSARC,  participated in plenary and  specialized sessions in the 43rd International Association for Energy Economics held in Tokyo, the Saudi Press Agency reported. 

During the sessions, researchers discussed the future role of fossil fuels, challenges and opportunities for decarbonization and renewable energy, as well as energy economics, the electricity market, transportation issues and oil market stability.


Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins
Updated 8 min 46 sec ago

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

CAIRO: Egypt’s annual urban consumer inflation has surged to 13.6 percent year-on-year in July, according to the Central Agency for Public Mobilization and Statistics.

On a monthly basis, headline inflation went up by 1.3 percent, after a slight decline of 0.1 in June, reported Reuters.

These changes may have an impact on changes to the country’s current interest rate of 11.25 percent, which will be decided on Aug. 18.  

Egypt starts bids on water desalination project

The Sovereign Fund of Egypt has started bids on the contract for the development of desalination plants powered by renewable energy sources, reported MEED.

The contract bids by the prequalified companies are to be received by Sept. 22.

This project aims to acquire up to 3.8 million cubic meters per day of water desalination capacity over the next two years.

It falls in tandem with Egypt’s long-term water strategy plan of procuring 100 water desalination plants by 2050.

Study on $1 billion industrial complex

A study on the environmental effects of developing an industrial complex for ferroalloys is being carried out in Egypt.

The $1 billion Arab Alloys project will cover an area of 40,000 square meters in Egypt’s Suez Canal Economic Zone and take five years to be completed, according to MEED.


ACWA Power starts operations at $797m desalination plant in UAE

ACWA Power starts operations at $797m desalination plant in UAE
Updated 49 min 51 sec ago

ACWA Power starts operations at $797m desalination plant in UAE

ACWA Power starts operations at $797m desalination plant in UAE

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has announced the start of operations at the Umm Al-Quwain desalination plant in the UAE.

The $797 million plant, known as Umm Al-Quwain IWP, has the capacity to generate 682,000 cubic meters per day of desalinated potable water, according to a bourse filing.

The Saudi-listed utility provider holds a 40 percent stake in the project, from which it expects a positive financial impact starting from the ongoing quarter onward.


Eastern Province Cement’s half-year profit down 41% on lower sales

Eastern Province Cement’s half-year profit down 41% on lower sales
Updated 53 min 54 sec ago

Eastern Province Cement’s half-year profit down 41% on lower sales

Eastern Province Cement’s half-year profit down 41% on lower sales

RIYADH: Eastern Province Cement Co. has posted a 41 percent profit drop for the first half of 2022, dragged down by lower sales.

The Saudi-listed cement producer’s profit went down to SR72 million ($19 million) from SR122 million in the same period a year earlier, a bourse filing revealed.

The profit drop was mainly driven by a decline in cement sales, higher selling and other expenses, and a decrease in the share of profit of associates.

Total sales fell by 17 percent on the year to SR357 million, compared to SR429 million in the first half of 2021.