Saudi healthcare provider Naba to start Tadawul trading on Wednesday

Saudi healthcare provider Naba to start Tadawul trading on Wednesday
For the first half of 2022, Naba Alsaha posted a 24 percent profit growth (Supplied)
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Updated 05 September 2022

Saudi healthcare provider Naba to start Tadawul trading on Wednesday

Saudi healthcare provider Naba to start Tadawul trading on Wednesday

RIYADH: Naba Alsaha Medical Services Co. will make its Tadawul debut on Wednesday after its initial public offering saw a 531 percent oversubscription.

Naba Alsaha offered 20 percent of its capital through an IPO with 1.4 million ordinary shares, Aldukheil Financial Group, the financial advisor for the move, revealed.

For the first half of 2022, Naba Alsaha posted a 24 percent profit growth coupled with a year-on-year revenue jump of 13 percent.

 


Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 

Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 
Updated 7 sec ago

Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 

Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 

RIYADH: Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows canceled out demand recovery expectations from China. 

March Brent crude futures fell 5 cents or .06 percent to $84.85 per barrel by 08.15 a.m. Saudi time, while the more heavily traded April contracts fell by 32 cents or 0.38 percent to $84.18 a barrel. 

US West Texas Intermediate crude futures slipped 33 cents, or 0.44 percent, to $77.57 a barrel. 

Russia bans oil exporters from adhering to Western price caps 

The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. 

The measure was issued to help enforce President Vladimir Putin’s decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide by the caps. 

The Group of Seven economies, the EU and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow over its actions in Ukraine. 

The new Russian act bans corporates and individuals from including oil price cap mechanisms in their contracts. 

They also have to report to customs officials and the energy ministry any attempts to impose oil price caps. 

In addition, customs bodies have to prevent goods from leaving Russia if they find such mechanisms have been applied. 

CNOOC’s $3 billion UK portfolio sale halted on valuation gap 

CNOOC Ltd., China’s top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, according to a Bloomberg News report.  

Although initial offers failed to meet CNOOC’s expectations for the business, it could still resume a sale once conditions improve, the report added, citing people familiar with the matter.  

CNOOC did not immediately respond to Reuter's request for comment. 

Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions. 

(With input from Reuters) 

 

 

 


IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023
Updated 10 min 38 sec ago

IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

RIYADH: The International Monetary Fund has lowered Saudi Arabia’s economic growth forecast to 2.6 percent for 2023, 1.1 percentage points lower than its October estimate of 3.7 percent, its latest report showed. 

This is in line with its projection for the Middle East region which is projected to decline from 5.3 percent in 2022 to 3.2 percent in 2023, primarily attributed to Saudi Arabia’s growth slowdown, according to IMF’s World Economic Outlook report.

In 2022, Saudi Arabia witnessed an economic growth of 8.7 percent, the highest in the region. 

IMF, in its report, noted that the economic growth slowdown in Saudi Arabia could be due to the decision made by the Organization of Petroleum Exporting Countries and its allies known as OPEC+ to reduce the oil output. 

Earlier in October 2022, OPEC+ had agreed to cut output by 2 million barrels per day, which equals to about 2 percent of world demand, from November 2022 until the end of 2023.

The IMF report, however, noted that non-oil growth in Saudi Arabia and the rest of the region will remain robust in 2023. 


Dubai International Financial Centre launches metaverse platform

Dubai International Financial Centre launches metaverse platform
Updated 30 January 2023

Dubai International Financial Centre launches metaverse platform

Dubai International Financial Centre launches metaverse platform
  • Strategy aims to grow the region’s GDP, attract companies

DUBAI: Dubai International Financial Centre announced the launch of the DIFC Metaverse Platform on Monday in a bid to attract technology innovators from across the globe, Emirates News Agency reported.

The platform is part of the Dubai Metaverse Strategy, which aims to add $4 billion to the emirate’s GDP by 2030, support 40,000 virtual jobs, and attract 1,000 blockchain and metaverse companies. 

The platform also supports the Dubai Economic Agenda’s goal of generating economic value worth $27 billion per year from digital transformation. 

Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar bin Sultan Al Olama said that the metaverse platform is the first in a series of initiatives aimed at bolstering Dubai’s position as a global hub for the latest digital trends, and accelerating the pace of achieving the strategy’s objectives.

DIFC Authority CEO Arif Amiri said: “The Dubai government has shown great foresight in introducing a metaverse strategy that has the objective of making the emirate a global hub for technology and innovation.

“The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector.

“The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.”

The DIFC Metaverse Platform includes an accelerator program with a physical studio for metaverse technology, which will foster the growth of a creator community and venture creation.

It will also work on metaverse policy development and legislation on open data, digital identity, and metaverse company law frameworks.


Saudi banks’ profits up 21% in December, central bank data shows

Saudi banks’ profits up 21% in December, central bank data shows
Updated 30 January 2023

Saudi banks’ profits up 21% in December, central bank data shows

Saudi banks’ profits up 21% in December, central bank data shows

RIYADH: Deposits in Saudi banks grew by 9 percent year-on-year to SR2.29 trillion ($609.97 billion) with the major chunk deposited by government agencies, the monthly bulletin issued by the Saudi Central Bank, also known as SAMA, showed.

Data showed that deposits by government entities rose by 27 percent, the highest in 16 years, reaching SR651.2 billion.

Saudi-listed banks reported a 21 percent rise in aggregate net profit before zakat and tax to SR6.16 billion in December 2022, compared to SR5.11 billion a year earlier.

The data covered the results of Tadawul-listed banks and some foreign banks operating in Saudi Arabia.

Banks’ aggregate assets increased nearly 10 percent year-on-year to SR3.62 trillion in December.

Loans issued to individuals in the Kingdom saw a 14 percent surge during 2022 reaching SR1.17 trillion by the end of 2022 as compared to SR1.02 trillion by the end of 2021.

The volume of residential real estate financing for individuals declined by 21 percent in 2022 for the first time since 2016. The total volume remained at SR123.4 billion.

The SAMA report showed that remittances from Saudi Arabia fell by 7 percent during 2022 to SR143.2 billion while remittances to the Kingdom from citizens living abroad recorded a growth of 11 percent to reach SR7.25 billion.

Assets held by the central bank shrank by SR63.8 billion month-on-month to SR1.93 trillion in December 2022. However, as compared to December 2021, SAMA’s assets rose by SR85.1 billion.

The central bank’s investments in foreign securities, which make up 58 percent of its total assets, edged down 0.2 percent year-on-year to around SR1.13 trillion last month.


 LEAP tech conference launches two competitions with a $1.5m prize pool

 LEAP tech conference launches two competitions with a $1.5m prize pool
Updated 30 January 2023

 LEAP tech conference launches two competitions with a $1.5m prize pool

 LEAP tech conference launches two competitions with a $1.5m prize pool

RIYADH: The world’s largest technical conference “LEAP” has launched two competitions with a SR6 million ($1.5 million) prize pool aimed at rewarding Saudi-based startups and boosting cloud technologies.

Supported by the National Information Technology Development Program and the Misk Foundation, the Rocket Fuel competition aims to support new businesses, highlight entrepreneurial projects, and build innovative solutions that address technical challenges.

As many as 90 local startups will compete for a chance to be one of 15 to be awarded a share of SR4 million, with a top prize of almost SR940,000.

As for the Alibaba Cloud hackathon, it aims to enhance cloud technologies in the Kingdom through a number of various challenges that will be set up prior to the start of the conference. The competition offers cash prizes amounting to SR2 million.

LEAP, which is set to kick off its second edition in Riyadh from Feb. 6 to Feb. 9, is anticipating the participation of major government and private agencies as well as technology and communications companies.

The conference is organized by the Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming, and Drones, and UAE-based IT services and consulting firm Tahaluf.