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Saudi Crown Prince Launches 'Ardara' with Development of AlWadi in Abha as Flagship Project

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)
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Saudi Crown Prince Launches 'Ardara' with Development of AlWadi in Abha as Flagship Project

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and Chairman of the Public Investment Fund (PIF), announced on Monday the launch of “Ardara,” which will develop AlWadi in the Aseer region in southwestern Saudi Arabia.

This will be the company’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, in line with Vision 2030.

Inspired by the distinctive Aseer architectural style and rich historic heritage, AlWadi – meaning “the valley”– will span 2.5 million square meters and will be developed with sustainability at its core. It will enhance quality of life by dedicating over 30% of the project's area as green open spaces, with over 16 km of waterfront extending across the length of the project, and 17 km of sport trails, as well as cultural and community activities.

AlWadi will feature five distinct districts offering unique experiences, with a range of residential, hospitality and recreation options to be provided with phase one of the project over the next three years. This will include 2,000 residential options in the form of modern high-end apartments and villas, luxury hotels, commercial spaces and business spaces designed in accordance with the highest international standards and in harmony with the region's identity and history.

Ardara aims to provide investment and partnership opportunities for local and international investors across a range of sectors including hospitality, arts, culture, food and agriculture, as well as retail and entertainment, to further strengthen the partnership with the private sector.

The launch of Ardara aligns with PIF’s strategy to unlock the capabilities of promising sectors, including tourism and entertainment, and diversify the economy of Saudi Arabia.

The AlWadi flagship destination is set to contribute more than SAR19 billion to the country’s non-oil GDP by 2030, creating thousands of jobs for the region's local communities. It will contribute to the objectives of the Aseer Development Strategy; “Arabian Highland” announced by the Crown Prince in 2021.

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Business

Gold Hits Record Peak, Silver Jumps

FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo
FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo
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Gold Hits Record Peak, Silver Jumps

FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo
FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo

Gold prices hit an all-time high on Monday as a slowing US inflation trend boosted expectations that the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.
Spot gold was up 0.9% at $2,436.76 per ounce, as of 0340 GMT after hitting a record high of $2440.49 earlier in the session.
US gold futures rose 1% at $2,440.60, Reuters reported.
The main driver for gold is that there is a soft US dollar and sentiment is being boosted on the basis that the Federal Reserve is expected to cut rates soon, said Kyle Rodda, a financial market analyst at Capital.com. The dollar index> remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies. Data last week showed signs of cooling inflation and traders now expect a 65% chance of a US rate cut by September.
Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
Minutes of the Fed's last policy meeting due on Wednesday along with comments from a slew of Fed speakers will be on investors' radar for this week.
"Gold prices sneaked in a cheeky record high ahead of China's (market) open on Monday. Yet as the move has not been confirmed with by a weaker US dollar, it seems to have been caught a tailwind from higher metals futures on China's exchanges," said City Index senior analyst Matt Simpson.
China, the top consumer of bullion and a majority of industrial metals, announced "historic" steps on Friday to stabilize its crisis-hit property sector.
According to Reuters technical analyst Wang Tao, spot gold may test resistance at $2,447 per ounce, a break above could trigger a gain to $2,455.
Spot silver rose 2.5% to $32.28 after hitting an over 11-year high.
Platinum rose 0.7% to $1,088.75, after hitting its highest since May 12, 2023. Palladium dropped 0.5% to $1,013.56.

Business

Qatar Posts $549 Mln First-quarter Budget Surplus

Qatari flag flutters in Doha - AAWSAT/File
Qatari flag flutters in Doha - AAWSAT/File
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Qatar Posts $549 Mln First-quarter Budget Surplus

Qatari flag flutters in Doha - AAWSAT/File
Qatari flag flutters in Doha - AAWSAT/File

Qatar, the world's second-largest LNG exporter, achieved a budget surplus of 2 billion riyals ($548.9 million) in the first quarter of 2024, which was used to reduce public debt, the finance ministry said on Sunday.

The state's total revenue for the period amounted to 53.4 billion riyals, down 22.1% from a year earlier, the ministry said, Reuters reported.

Qatar also recorded total public spending of 51.4 billion riyals in the quarter, up 5% year on year, the ministry added.

Business

Saudi Staffing Company SMASCO Announces Final IPO Price at 7.50 Riyals Per Share

Saudi Staffing Company SMASCO Announces Final IPO Price at 7.50 Riyals Per Share
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Saudi Staffing Company SMASCO Announces Final IPO Price at 7.50 Riyals Per Share

Saudi Staffing Company SMASCO Announces Final IPO Price at 7.50 Riyals Per Share

Saudi Arabian staffing company SMASCO announced its final IPO price at 7.50 riyals per share via the Saudi Exchange on Sunday.
The company aims to raise as much as 900 million riyals ($240 million) in its initial public offering on Riyadh's main bourse, it said earlier this month.
SMASCO plans to offer 120 million shares representing a 30% stake. Reuters reported.
The individual investors subscription process will begin next Sunday and end next Monday, the statement said, with 10% of total shares available to individual investors.

There have been a number of IPOs across the Gulf this year with Saudi flour mills company Modern Mills, UAE supermarket franchisee Spinneys, and Kuwait's BIG Holding coming to the market, among others.
The growth of IPOs in the region comes as part of broad plans to deepen capital markets, grow the private sector and attract investment.

 

 

 

 

 

 

Business

Saudi Aviation Sector Contributes $53 Bln to Economy

A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)
A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)
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Saudi Aviation Sector Contributes $53 Bln to Economy

A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)
A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)

Saudi Arabia’s civil aviation sector is playing a crucial role in driving the Kingdom’s economic growth, contributing $53 billion to the Gross Domestic Product (GDP), according to the Saudi General Authority of Civil Aviation (GACA).

This data was revealed in the inaugural 2024 State of Aviation Report, which GACA will launch at the Future Aviation Forum, detailing the contribution of the aviation sector to Saudi Arabia’s economic development and Vision 2030 transformation program.

The forum, held under the patronage of King Salman bin Abdulaziz, will take place from May 20-22 in Riyadh.

Transport Minister and Chairman of GACA Saleh Al-Jasser emphasized the significant strides made by Saudi Arabia’s aviation sector in international metrics, aligning with the transformative goals of Vision 2030 and the National Transport and Logistics Strategy.

These advancements offer unprecedented opportunities in the aviation sector.

The report, developed by GACA in line with its strategic regulatory mandate, highlights that the Saudi aviation sector contributes $20.8 billion through aviation-related activities, enabling a further estimated $32.2 billion in tourism economic activity.

Moreover, aviation supports 241,000 jobs, and a further estimated 717,000 jobs in the tourism sector.

The report also captures the transformation of Saudi aviation, with Saudi Arabia outperforming global aviation sector growth rates in 2023 – achieving 123% of international pre-pandemic seat capacity compared with a global and regional average recovery rate of 90% and 95% respectively, with 2023 growth amounting to 26% as total passenger volumes reached 111.7 million.

Hosted by GACA under the patronage of the Custodian of the Two Holy Mosques King Salman, the Future Aviation Forum will showcase investment opportunities exceeding $100 billion, aimed at realizing Vision 2030 objectives to position Saudi Arabia as a leading logistics hub in the Middle East.

This includes $50 billion in airport investments and nearly $40 billion in new aircraft orders, with the remaining $10 billion allocated to various projects, including $5 billion for logistics zones at major airports in Riyadh, Jeddah, and Dammam.

The event will convene more than 5,000 aviation experts and leaders from more than 100 countries to shape the future of aviation, including executives from international carriers, all major global manufacturers, airport executives, industry leaders and regulators.

Business

Saudi Rasan to Sell Shares on Tadawul

Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)
Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)
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Saudi Rasan to Sell Shares on Tadawul

Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)
Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)

The Saudi Rasan Information Technology Company intends to offer 22.74 million shares on the Tadawul Stock Exchange, 10 percent of which will be allocated to individual subscribers, at the price of SAR 35-37 riyals per share.

MAGNiTT research company estimated that the market value of Rasan would reach around $750 million, after the expected offering of 30 percent of its capital in the main Saudi market (Tadawul), thus becoming one of the sector’s largest companies in the region.

Rasan is one of 216 new fintech companies that have been established in Saudi Arabia since 2016. The cumulative total of venture capital investments in this sector exceeded SAR 6.9 billion ($1.84 billion).

The company, which was founded in 2016 and operates in the financial and insurance technology sectors, achieved a compound annual growth in net profit at a rate of 332 percent between 2020 and 2023. Its revenues at the end of 2023 amounted to SAR 256 million ($68.3 million).

Rasan operates online insurance platforms such as Tameeni and Treza. In 2021 it closed an investment round of SAR 90 million led by Impact46, a Saudi alternative asset manager.

The insurance sector in Saudi Arabia has grown over the past year, as the profits of listed insurance companies increased during the first quarter of 2024 by 50 percent compared to the same period last year, to record SAR 910 million ($242 million).

On the other hand, the Rasan IPO is the seventh and last in the month of May, during which new listings were active on the Saudi Financial Market (Tadawul). The period for individuals to subscribe to the company’s shares begins on Wednesday May 29, and continues until the evening of the following day.

Saudi Arabia is looking to increase the pace of listings in the financial market, by offering 24 companies over the course of 2024, according to the annual report of the Financial Sector Development Program of Vision 2030.

Business

Russian Court Seizes Deutsche Bank, Commerzbank Assets

FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo
FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo
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Russian Court Seizes Deutsche Bank, Commerzbank Assets

FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo
FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo

A Russian court has ordered that Deutsche Bank's and Commerzbank's assets, accounts, property and shares be seized in Russia as part of a lawsuit involving the German banks, court documents showed.
The banks were among the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany's Linde, which was terminated due to Western sanctions, Reuters reported.
The lawsuits were filed by St Petersburg-based RusChemAlliance, a joint venture 50% owned by Russian gas giant Gazprom which is the operator of the project.
The St Petersburg arbitration court has barred Deutsche Bank from exercising its 100% interest in the authorized capital of its Russian subsidiary, as well as Deutsche Bank Technology Center LLC.
The court has also imposed the seizure of up to 238.6 million euros ($259 million) in securities, real estate and bank accounts of Deutsche Bank, as well as its Russian subsidiary and Deutsche Bank Technology Center.
Deutsche Bank in Frankfurt said it had already provisioned around 260 million euros for the case.
"We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia," the bank said in a statement.
The court also seized Commerzbank's assets worth 93.7 million euros ($101.85 million) as well as securities and the bank's building in central Moscow.
Commerzbank did not immediately respond to a request for comment.
The Russian court on Friday ordered UniCredit's assets, accounts and property, as well as shares in two subsidiaries, be seized as part of a parallel lawsuit.

Business

Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment Leads Saudi Delegation at 10th World Water Forum
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Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment, Water, and Agriculture Eng. Abdulrahman Abdulmohsen Alfadley is leading the Kingdom's delegation to the 10th World Water Forum in Bali, Indonesia.

The Saudi delegation, which represents the water sector, will present its efforts to develop the water sector, as well as its regional and international contribution in the field through a pavilion.

Saudi Arabia will engage in events and a special session focused on hosting the 11th World Water Forum 2027 in Riyadh under the theme "Action for a Better Tomorrow."

Hosting the event aligns with Saudi Arabia's Vision 2030 and boost its regional and global efforts and role in the water sector. These efforts included the announcement by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, of the establishment of a global water organization in Riyadh.

The event in Bali is held under the theme "Water for Shared Prosperity." It will tackle six sub-themes: Water Security and Prosperity; Water for Humans and Nature; Disaster Risk Reduction and Management; Governance, Cooperation, and Hydro-diplomacy; Sustainable Water Finance; and Knowledge and Innovation.

Indonesia expects 180 countries and representatives from 250 organizations to attend the forum that concludes on May 25.

The World Water Forum is the largest international event on water. It brings together all levels of participants from different areas, including politics, institutions, academia, civil society, and the private sector.

Business

Saudi EXIM Signs Line of Credit Agreement with Ziraat Bank of Türkiye

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
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Saudi EXIM Signs Line of Credit Agreement with Ziraat Bank of Türkiye

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA

The Saudi Export-Import Bank (Saudi EXIM) announced it signed a line of credit agreement worth $100 million with the Turkish Ziraat Bank, which aims at financing the export activities of Saudi non-oil products and services to Turkish markets.
The agreement comes within the EXIM’s efforts to empower the non-oil national economy and enhance the competitiveness of Saudi products in international markets, according to SPA.
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye.
AlKhalb explained that the agreement comes within the framework of the bank’s efforts to strengthen international trade relations to open new markets for Saudi exporters to expand their activities and increase Saudi products and services to global markets, underlying the bank’s endeavor to achieve the targets of the Saudi Vision 2030 in creating a diversified and sustainable economy, maximizing the economic impact of export activities, and increasing Its contribution to non-oil gross domestic product (GDP) to 50% by 2030.

Business

Saudi Aramco Signs MoUs with US firms Aeroseal, Spiritus and Rondo

(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
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Saudi Aramco Signs MoUs with US firms Aeroseal, Spiritus and Rondo

(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)

Saudi Aramco signed three memorandums of understanding (MOU) with US companies Aeroseal, Spiritus and Rondo, the state-owned oil giant said on Friday.

Under the MoU the companies will develop potential lower-carbon energy solutions, Aramco's statement said.

Aramco and Aeroseal agreed to deploy Aeroseal’s technology to expand its fleet and commercialize the technology in novel applications such as gas pipelines, the statement said.

With Spiritus, Aramco has agreed to explore opportunities in direct air capture to reduce energy needs.

The statement added that Aramco and Rondo agreed to explore deployment of heat batteries in Aramco’s global facilities to reduce operating costs and cut emissions.

The MoUs were signed during the visit of US Secretary of Energy Jennifer Granholm to Saudi Arabia.

Business

Morocco to Impose Anti-dumping Duty on Turkish Electric Ovens

A man waves a Turkish flag - REUTERS/Vincent Kessler
A man waves a Turkish flag - REUTERS/Vincent Kessler
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Morocco to Impose Anti-dumping Duty on Turkish Electric Ovens

A man waves a Turkish flag - REUTERS/Vincent Kessler
A man waves a Turkish flag - REUTERS/Vincent Kessler

Morocco's trade ministry plans to introduce an anti-dumping duty on electric ovens imported from Türkiye that would amount to 62% to protect the local market, a ministry source said on Friday.

However, Turkish brand ITIMAT will be subject to an import duty of 34%, the source said.

The dumping margin of Turkish oven makers stood at up to 71.4%, while that of ITIMAT was at 34%, the ministry said on its website.

Morocco and Türkiye signed a free trade agreement in 2004, Reuters reported.

The deal was amended in 2020 to introduce import duties on some Turkish goods following complaints by Moroccan textile manufacturers.