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Saudi Arabia Launches Two Investment Funds to Develop Non-Profit Sector

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Launches Two Investment Funds to Develop Non-Profit Sector

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Jadwa Investments has partnered with the Saudi Ministry of Human Resources and Social Development to launch two investment funds for the local non-profit sector.

The launching ceremony was held in the presence of Deputy Minister of Human Resources and Social Development and Chairman of the Executive Committee of the National Center for the Development of the Non-Profit Sector Majid Al-Ghanimi.

Jadwa will provide an investment platform that is compliant with the provisions of Islamic Sharia and dedicated to non-profit organizations licensed by the National Center for the Development of the Non-Profit Sector.

In a statement on its website, Jadwa said the funds will provide the non-profit sector with a Sharia-compliant investment platform to preserve and grow its capital over the long term through balanced and conservative investments across asset classes.

Jadwa will also provide the strategic and operational support to ensure that the funds are managed in line with the investment objectives, risk appetite and liquidity requirements of participating non-profit organizations.

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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.