Monday , 26 February 2018

Tag Archives: Saudi

Ripple effect: Saudi’s crypto experiment can save hundreds of millions, says Moody’s

By: Staff Writer, ZAWYA Saudi Arabia could save itself hundreds of millions of dollars in foreign currency exchange fees if its pilot programme to use blockchain for cross-border payments is rolled out, according to credit ratings agency Moody’s. In a note published on Monday evening, Moody’s said that an agreement last Wednesday between United States-based financial technology (fintech) company Ripple …

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UBS names ex-Investcorp exec as Saudi ultra high net worth head

UBS Group has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia. UBS Group UBSG.S has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia from February 1, the bank said in an email. Aractingi previously headed the Saudi business for Bahrain-based Investcorp INVB.BH …

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Six-fold hike: Saudi steps up renewable energy targets in 2018

Zawya Express presents the top story, topic or trend highlighted by our editorial team as recommended reading to start your working day ACWA Power’s three Solar PV projects for 165.5MWp under Round 2 of Egypt FiT program II reach financial close By-Nada Al Rifai, ZAWYA Saudi Arabia has raised its target for renewable energy tenders to 4.125 Gigawatts (GW) in …

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Sale of the century? $300bln Saudi state sell-off moves slowly

Privatisation critical to economy in era of cheap crude. DUBAI/RIYADH: Saudi Arabia’s $300-billion privatisation programme was billed as the sale of the century when Crown Prince Mohammed bin Salman unveiled his plan to great fanfare. Nineteen months later, it is moving at a snail’s pace, bankers, investors and analysts familiar with the process say. The main problems they cite are …

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Saudi fund agrees plan to invest in Virgin space ventures

Saudi Arabia’s Public Investment Fund plans to invest about $1 billion in Richard Branson’s space company, Virgin Galactic, and sister companies The Spaceship Company and Virgin Orbit, according to a joint statement published on Thursday. “This investment will enable us to develop the next generation of satellite launches and accelerate our programme for point to point supersonic space travel,” the …

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Saudi, Russia to sign deals worth over $3bln during King Salman’s Moscow visit

Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during a visit to Moscow by Saudi Arabia’s King Salman, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday. The deals will include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak …

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Saudi reform tweaks won’t affect key economic policies

Saudi Arabia is revising parts of an economic development plan released a year ago but key policies, including fiscal reforms and a massive privatisation programme, won’t be affected by the review, sources familiar with the matter told Reuters. In June 2016, the government published a National Transformation Programme (NTP) that included hundreds of steps to modernise the economy and society, …

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MIDEAST STOCKS-Banks pull Qatar higher, big Mobily loss weighs on Saudi

Banks pulled Qatar’s stock market higher in early trade on Monday while Saudi Arabia’s market edged down after a string of second-quarter earnings, with telecommunications firm Mobily plunging on a bigger-than-expected loss. The Qatari index added 0.4 percent as Qatar National Bank climbed 1.0 percent and Masraf Al Rayan rose 0.8 percent. Qatar International Islamic Bank gained 1.4 percent after …

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IPO surge: Saudi SMEs help 2017 hit a five-year high

The first quarter of 2017 saw 10 new initial public offerings (IPOs) registered on the stock markets among the six members of the Gulf Cooperation Council (GCC), a five-year record high and propelled by Saudi Arabian small and medium-sized businesses, according to a press release issued by consultancy firm PwC. IPO news in the region is important, as Saudi Arabia, …

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Saudi delegates visit SDG to learn Dubai’s smart transformation efforts

A government delegation from the Ministry of Communications and Information Technology and the Ministry of Civil Service in Saudi Arabia recently visited the office of Smart Dubai Government Establishment (SDG), the Smart Dubai Office’s technical arm that supervises Dubai’s smart transformation efforts. The visiting delegates aimed to learn more about SDG’s best practices, particularly in the area of shared services …

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