India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 
ndia is seeking to oust Chinese firms from its sub-$150 phone market, according to reports (Shutterstock)
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Updated 08 August 2022

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

RIYADH: Indian government bond yields ended higher on Monday for a second consecutive session tracking a hike in key policy rate from the Reserve Bank of India as well as rise in US Treasury yields.

The 10-year benchmark bond yield ended at 7.3485 percent. It had closed 14 basis points higher at 7.3005 percent on Friday, when it posted the biggest single-day gain in three months.

India’s ICICI Securities to issue 3-month CP: traders

India’s ICICI Securities plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Monday.

The company will offer a yield of 6.15 percent on this issue and it has received commitments worth around 11.75 billion rupees ($147.54 million), the bankers said.

The notes are rated A1+ by CRISIL.

L&T Finance to issue intra-month CP

India’s L&T Finance plans to raise funds selling commercial papers maturing within August, Reuters reported quoting three merchant bankers.

The company will offer a yield of 5.80 percent on this issue, and it has received bids worth around three billion rupees so far, the bankers said.

The notes are rated A1+ by CARE Ratings and have a value date of Aug. 10.

India seeking to block Chinese firms from its sub-$150 phone market: ET Now

India is seeking to oust Chinese firms from its sub-$150 phone market, broadcaster ET NOW said on Monday citing unnamed news agencies.

The report said the move would come as a blow to Chinese companies Xiaomi and Realme.

(With input from Reuters) 


MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 
Updated 04 October 2022

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

RIYADH: Companies have submitted bids for the technical and economic consultancy contract for developing wind power projects in Oman, reported MEED.

Oman Power & Water Procurement Co. originally tendered the contract in July and received its bids on Sept. 27. 

The company announced that the contractor will be selected by early October.

The scope of work includes two stages — undertaking feasibility studies, followed by the provision of technical consultancy services.

This project aims to diversify fuel sources for power generation in Oman.

ADNOC receives bids on seawater plant

Abu Dhabi National Oil Co. has received three bids for the contract to develop a seawater treatment plant and transmission pipeline project in Mirfa, according to MEED.

The project’s work includes the development of a nanofiltration plant — which will hold a capacity of 115 million imperial gallons a day in Mirfa.

It also includes seawater intake and outfall facilities for the plant, a pumping station and a 75 km water transmission pipeline to the Bab and Bu Hasa oil fields.

The project, estimated at $2 billion, is part of ADNOC's Project Wave — a huge scheme that plans to replace the current aquifer water injection systems used to maintain reservoir pressure in all onshore oil fields in Abu Dhabi.

Saudi Arabia and Kuwait inject $256m in housing project in Egypt 

Saudi Arabia-based Binladin Group has partnered with Kuwait’s Bukhamseen company in a 5 billion Egyptian pound ($256 million) investment into a large housing project in Egypt.  

Located in Sheikh Zayed City near Cairo, ‘Marascene’ will stretch over 275,000 sq. m, according to Zawya.       

 “This is a large project which will be completed within seven years...we expect revenue to reach 9 billion pounds,” stated Bukhamseen’s CEO Imad Bukhamseen.


Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt
Updated 04 October 2022

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi Arabia's Ministry of Finance,and the National Debt Management Center signed an agreement with the international banks, including BNP Paribas, to join primary dealers in government debt instruments.

The deal also includes CitiGroup, Goldman Sachs, Standard Chartered and J.P. Morgan, the ministry said in a statement released on Oct 3. 

The Minister of Finance Mohammed Al Jadaan said: “These agreements are a continuation of the developmental steps taken towards achieving Vision 2030 objectives under the umbrella of the Financial Sector Development Program.”

This will be primarily achieved through cooperation between relevant entities, to develop the infrastructure of the local debt market and increase the liquidity of the government's local debt instruments by attracting more capital from foreign investors, he added. 

The five international banks will join five other local banks in that role — the Saudi National Bank, AlJazira Bank, Alinma Bank, and AlRajhi Bank.

The applications for subscription in the primary market for the government's local debt instruments are submitted to the National Debt Management Center.


Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund
Updated 04 October 2022

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

RIYADH: Egypt-based venture capital firm Algebra Ventures has finalized a $100 million first close of its second fund — exceeding the $90 million target.

The company, which is set to invest $15 million in startups by the end of the year, is expecting to make its final close by the end of the first quarter of 2023.

The company’s second fund is backed by existing limited partnerships from the first fund including IFC, EBRD, and EAEF in addition to new investors like FMO, BII, MSMEDA, DGGF and regional family offices.

Founded in 2016, Algebra Ventures has backed a number of startups like Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.


Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise
Updated 04 October 2022

Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise

RIYADH: The Saudi Cabinet has approved a memorandum of understanding with the UK to share technical knowledge and expertise on energy.

The Cabinet is also discussing a draft MoU with its Finnish counterpart for further cooperation in the fields of information technology, communications, and digital economy.

Moreover, the Cabinet has transferred the licensing competence for the professions of industrial consultancy and mining consultancy from the Ministry of Commerce to the Ministry of Industry and Mineral Resources.


Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade
Updated 04 October 2022

Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade

RIYADH: Metaverse is predicted to add $360 billion to the economy in the Middle East, North Africa and Turkey over the next 10 years, an official for Meta, the parent company of Facebook, told Asharq Business.

The metaverse is an online world where users can play games, work, and study.

Globally, the metaverse is expected to add $3 trillion to the world’s economy over the next decade, according to Fares Akkad, regional director for Meta in MENA.

Speaking about Meta platforms, he said there are over 300 million users on Instagram, Facebook, and Whatsapp.

Meta is investing more than $1 billion in programs that support creators on these platforms and help them succeed, Akkad said.