Crypto Moves – Bitcoin and Ethereum rise; Binance wins crypto clients due to inflation

Crypto Moves – Bitcoin and Ethereum rise; Binance wins crypto clients due to inflation
Binance is experiencing an uptick in clients (Shutterstock)
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Updated 11 August 2022

Crypto Moves – Bitcoin and Ethereum rise; Binance wins crypto clients due to inflation

Crypto Moves – Bitcoin and Ethereum rise; Binance wins crypto clients due to inflation

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, rising by 6.13 percent to $24,406 as of 7:46 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,886 rising by 12.09 percent, according to data from Coindesk.

Binance wins crypto clients due to inflation

A high dollar and rising inflation, coupled with a depressed emerging market currency, are causing Binance, the world’s largest cryptocurrency exchange, to experience an uptick in clients, according to Reuters.

Maximiliano Hinz, who heads Binance in Latin America told Reuters: “Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like Bitcoin, as a way to protect themselves from inflation.”

As an example, Hinz cited Argentina, where annual inflation is 90 percent. Together with Brazil and Mexico, the country has become one of the company’s top markets.

A fall in cryptocurrency prices did not stop Argentina’s citizens from investing their savings in Bitcoin this year.

Hinz said that while El Salvador adopted Bitcoin as legal tender, other Latin American nations have not passed meaningful cryptocurrency laws, although that may not necessarily be bad for his company.

“Regulation is a framework, but it’s not always negative that something isn’t regulated,” he said. “If something isn’t banned, then it’s legal.”

As a result of President Nayib Bukele’s massive bet on Bitcoin, El Salvador has made the cryptocurrency legal tender and purchased more than $100 million worth of it.

However, Bitcoin has lost about 50 percent of its value amid a broader cryptocurrency selloff.

Cryptocurrencies have important roles in the metaverse, Bank of England Analysts say

Bank of England’s analysts said crypto assets could have important roles within the metaverse, according to Bitcoin.com.

They added that, “widespread adoption of crypto in the metaverse … would require compliance with robust consumer protection and financial stability regulatory frameworks.”

In a blog post published Tuesday, economist Owen Lock and policy analyst Teresa Cascino discussed crypto assets, the metaverse, and systemic risk.

“Cryptoassets could have important roles within the metaverse,” the blog said.

The risks associated with crypto assets may scale up to have a systemic financial stability impact if an open and decentralized metaverse grows.

“Widespread adoption of crypto in the metaverse, or any other setting would require compliance with robust consumer protection and financial stability regulatory frameworks,” they said.

In order for the open metaverse to exist, there needs to be a way to own and transact interoperable digital objects between virtual worlds, Lock and Cascino explained, noting that “cryptoassets are well suited to play an important role here.”

“If a sizable open-metaverse materialized, households may hold a greater share of their wealth in crypto assets to make metaverse-based payments or for investment purposes,” they said.

A growing open-metaverse may improve the investment prospects of crypto assets and their supporting infrastructure, according to the authors.


Abu Dhabi Chamber of Commerce forms new board for businesswomen council

Abu Dhabi Chamber of Commerce forms new board for businesswomen council
Updated 02 October 2022

Abu Dhabi Chamber of Commerce forms new board for businesswomen council

Abu Dhabi Chamber of Commerce forms new board for businesswomen council
  • Council enables female entrepreneurs to capitalize on business opportunities

ABU DHABI: The Board of Directors of the Abu Dhabi Chamber of Commerce and Industry has formed a new board for the Abu Dhabi Businesswomen Council, Emirates News Agency reported.

The new board’s mission is to help female entrepreneurs improve their skills, introduce them to relevant laws and policies, and teach them how to take advantage of local and federal government initiatives.

It is part of the chamber’s efforts to help businesswomen and female entrepreneurs in Abu Dhabi contribute to the emirate’s economic growth.

The ADBWC board, chaired by Asma Al-Fahim, is made up of Abu Dhabi Chamber board members as well as successful Abu Dhabi businesswomen such as Nour Al-Tamimi, Dr. Khadija Al-Ameri, Marwa Al-Mansoori and Shaikha Al-Nowais.

“Over the past 50 years, the UAE has placed women’s empowerment amongst its top priorities and supported the Emirati woman to be a key partner in building the UAE,” Al-Fahim said.

She added: “The support of H.H. Sheikha Fatima bint Mubarak, chairwoman of the General Women’s Union, president of the Supreme Council for Motherhood and Childhood, supreme chairwoman of the Family Development Foundation and honorary chairwoman of the ADBWC, played a huge role in women’s development in all fields, especially entrepreneurship. Thanks to H.H. Sheikha Fatima, the Emirati woman is now equipped with all the factors of success to occupy her proper place regionally and internationally.”

Al-Fahim added that the ADBWC is eager to increase communication with businesswomen in Abu Dhabi in order to keep them up to date on the latest economic changes.

Furthermore, Al-Fahim said that the council will launch new initiatives and programs to support the business environment, giving female entrepreneurs the necessary tools to capitalize on business opportunities locally, regionally and internationally.


Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.

Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.
Updated 02 October 2022

Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.

Saudi Mouwasat completes $27m acquisition of 51% of Jeddah Doctors Co.

RIYADH: Saudi healthcare provider Mouwasat Medical Services Co. said that it has completed the acquisition of 51 percent of Jeddah Doctors Co. in a deal worth SR102 million ($27 million).

The financial impact of this acquisition is expected to appear in the third quarter of 2022, according to a bourse filing.

Jeddah Doctors Co. is a Saudi closed joint stock company that owns a hospital presently under construction in Jeddah called Jeddah Doctors Hospital.


TASI in green as recession concerns ease: Closing bell

TASI in green as recession concerns ease: Closing bell
Updated 02 October 2022

TASI in green as recession concerns ease: Closing bell

TASI in green as recession concerns ease: Closing bell

RIYADH: The Saudi main index ticked up in its first trading session of October as investor recession fears subsided.

The Tadawul All Share Index ended  0.72 percent higher to reach 11,487; the parallel market Nomu edged 0.34 percent higher to 19,939.

Saudi oil giant Aramco ended with a 0.28 percent decline, while Rabigh Refining and Petrochemical Co. edged up 1.31 percent.

The Saudi National Bank, the Kingdom’s largest lender, fell 0.63 percent, while Saudi British Bank increased by 2.43 percent.

The Kingdom’s most valued bank Al Rajhi gained 1.48 percent, while Alinma Bank gained 1.93 percent.

Saudi Paper Manufacturing Co. decreased by 0.19 percent, after it signed SR166 million ($44 million) agreement with Italy-based Toscotec for a raw tissue paper roll production line.

Retal Urban Development Co. dropped 0.28 percent, after its shareholders approved a cash dividend of SR2 per share for the first half of 2022.

Tihama Advertising and Public Relations Co. declined 1.61 percent to lead the fallers, after the company and UK-based WPP postponed their merger agreement until Oct. 31, 2022.

Middle East Healthcare Co. led the pack of gainers with an increase of 9.93 percent.


PIF’s green bond issuance to bolster market, says London bourse official

PIF’s green bond issuance to bolster market, says London bourse official
Updated 02 October 2022

PIF’s green bond issuance to bolster market, says London bourse official

PIF’s green bond issuance to bolster market, says London bourse official

RIYADH: Saudi Arabia’s Public Investment Fund green bonds will help bolster the regional and global green bond market, which last year amounted to $900 billion, the head of Debt Capital Markets and Funds at the London Stock Exchange told Al-Arabiya.

The fund currently manages assets of over $600 billion. The PIF targets those sectors for investment that are in line with the framework of green bonds and the fund offers complete transparency to investors, Shrey Kohli added.

As of now, the framework and prospectus of the PIF are available on the London Stock Exchange platform, which allows investors to gain an understanding of the fund’s strategy.

Kohli said the London Stock Exchange supported the PIF during its tour to promote the green bonds and fund witnessed an overwhelming investors’ response from around the world.

The fund has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds.

BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active book runners.

A debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. The issuance will be under GACI First Investment Co. and guaranteed by the PIF.

Credit Agricole, First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered are also active book runners, while ANB Capital, BofA Securities, Bank of China, GIB Capital, ICBC, IMI Intesa Sanpaolo, Morgan Stanley, MUFG, Natixis, Riyad Capital and Saudi Fransi Capital are also on the deal.


SAGO buys 5k tons of wheat for $2.3m from local farmers

SAGO buys 5k tons of wheat for $2.3m from local farmers
Updated 02 October 2022

SAGO buys 5k tons of wheat for $2.3m from local farmers

SAGO buys 5k tons of wheat for $2.3m from local farmers

RIYADH: The Saudi Grains Organization has bought the 16th batch of wheat worth SR8.84 million ($2.35 million) from 18 local farmers.

It is part of the organization’s arrangements to ensure adequate wheat supply by procuring grain from abroad and through local farmers. 

The current batch of local wheat weighed 5 tons, according to a SAGO statement.

Since the beginning of the current season, it added, wheat worth SR823.53 million has been bought from local farmers.