عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi: SEC Secures $2.6 Billion in Local Syndicated Facility Agreement

The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)
The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)
TT
TT

Saudi: SEC Secures $2.6 Billion in Local Syndicated Facility Agreement

The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)
The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)

The Saudi Electricity Company signed with nine local banks a syndicated facility agreement valued at SAR 10 billion ($2.6 billion).

The seven-year facility is provided by Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Saudi National Bank, Riyad Bank, Bank Albilad, Bank AlJazira, Qatar National Bank KSA and Saudi Investment Bank.

In a statement, Saudi Electricity said that the collateral-free facility was intended to be used for financing general corporate purposes, including capital expenditure.

Saudi Electricity CEO Khaled Al-Gnoon emphasized that the company was working to improve efficiency and reliability, and to achieve a quantum leap in developing and automating the electric service provided to a growing base of nearly 11 million subscribers.

On a different note, the Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services, which provides for the replacement of wooden pallets with plastic pallets, in a move aimed at supporting the transition towards sustainability in the field of logistics and loading.

The Oil Demand Sustainability Program was launched in 2020, with the participation of several government agencies, companies and research centers. The program works to enhance the added value that can be achieved from hydrocarbons, by developing innovative hydrocarbon materials, and promoting their sustainable use, in addition to supporting the localization of the associated supply chain in the Kingdom.

The agreement was signed by the Head of the Executive Office of the Petroleum Demand Sustainability Program, Eng. Mohammad Haitham Al-Tayyar, and the Managing Director and CEO of SAL Saudi Company for Logistics Services, Faisal Al-Beddah.

Al-Beddah noted that the use of polymeric materials in the manufacture of pallets had several economic and environmental benefits.

He explained that plastic pallets were more sustainable, produced less carbon emissions, were recyclable and reusable, and preserved vegetation.

SAL Saudi Logistics Services provides integrated logistical services in the field of cargo handling across all Saudi airports.

It also offers integrated logistical solutions services to its partners from the sports, entertainment, culture and arts sectors to contribute to achieving the Kingdom’s Vision 2030.

Most Viewed

 
 
Business

Crypto Platform Binance Confirms ‘Complex’ $6.3 Bn Hack

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
TT
TT

Crypto Platform Binance Confirms ‘Complex’ $6.3 Bn Hack

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. (Reuters)

Cryptocurrency platform Binance said Friday it was working to resolve a "complex attack" that hit around $6.3 billion in funds, with about half that amount frozen to prevent a massive theft. 

The company -- the world's largest crypto exchange by daily trading volumes -- said investigations had "uncovered additional points of breach", contrary to initial findings that suggested the hack involved a single compromised laptop. 

"This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it," Binance wrote on X. 

The firm earlier posted a series of sometimes contradictory messages, insisting that "user funds are completely safe" but also saying it would "cover all losses." 

The company confirmed on its X account for Latin America that "the total estimated impact is around $6.3 billion." 

That is four times the amount impacted in the biggest-ever cyberattack of its kind to date: $1.5 billion taken in February last year from the Bybit platform. 

Binance warned the figure "may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets." 

It said around $3 billion in affected assets had been frozen. 

The 2023 Bybit heist was attributed at the time to a group of hackers affiliated with North Korea called TraderTraitor. 

Blockchain investigation firm TRM Labs said Thursday it had "high confidence" that the Binance hack was also orchestrated by TraderTraitor, citing "robust on and off-chain intelligence." 

"Several features of this attack match earlier North Korea-linked heists," TRM said. 

TraderTraitor is believed to be part of Lazarus Group -- which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for "The Interview," a film that mocked North Korean leader Kim Jong Un. 

- Fund freeze - 

At about 0900 GMT Friday, Binance said it was on track to resume withdrawals in 45 hours, after announcing earlier that all deposits and withdrawals had been "temporarily suspended". 

"Deposits remain unaffected," it said. 

The company had said on X that initial investigation suggested the hack involved a compromised laptop belonging to a "DevOps engineer," allowing the unauthorized party to access a "service container" and execute unauthorized withdrawal transactions. 

"We have found no evidence of any private key leaks from wallets," it said, promising to share a detailed technical analysis once investigations were complete. 

But it said later that "subsequent investigation has uncovered additional points of breach." 

Paolo Ardoino, the boss of Tether -- a company that issues a cryptocurrency known as USDT -- said his firm froze about $1.6 billion "related to a potential Binance exchange hack." 

Jeremy Allaire, who runs cryptocurrency platform Circle, said his company had frozen more than $800 million in USDC. 

USDT and USDC are both "stablecoins," or digital currencies whose value is linked to a traditional currency, the US dollar. 

The US Department of Justice and the FBI did not immediately respond to requests for comment. 

- Crypto prices tumble - 

For several hours before Binance confirmed the attack, industry observers said hackers had managed to reach the platform. 

The prices of most major cryptocurrencies fell on news of the cyberattack, except for the stablecoins, which by definition can only fluctuate within tight margins. 

Bitcoin and Ethereum plunged nearly five percent and nearly six percent respectively on the news. BNB, native to Binance, tumbled nearly 10 percent. 

The attack on Binance comes as many observers express worries that the ever-expanding capabilities of artificial intelligence (AI) models could compromise cryptography and IT security protocols. 

Business

TotalEnergies to Cut Diesel Prices to €2.15 per Liter at 705 French Stations

A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
TT
TT

TotalEnergies to Cut Diesel Prices to €2.15 per Liter at 705 French Stations

A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)
A sign of TotalEnergies on a fuel station in Paris, France on October 9, 2022. (AFP)

TotalEnergies said on Friday it will cut diesel prices to €2.15 ($2.40) a liter at 705 French stations from ‌Saturday, October ‌31.

The price ‌reduction ⁠comes after France ⁠announced it would release 10 million barrels of diesel from its strategic reserves on November ⁠1.

TotalEnergies said it ‌is ‌passing on the savings ‌from these older, cheaper ‌fuel stocks immediately, without waiting for physical deliveries to arrive.

The company ‌said in a statement the Access ⁠stations ⁠account for 60% of its fuel sales in the country, adding it will maintain a nationwide diesel price cap of €2.25 per liter.

Business

Türkiye’s Q3 Tourism Revenues Rise 5%, Minister Sees Full-Year Topping $65 Billion

People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
TT
TT

Türkiye’s Q3 Tourism Revenues Rise 5%, Minister Sees Full-Year Topping $65 Billion

People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street that leads to the historical Galata Tower, Istanbul, Türkiye, April 25, 2025. (Reuters)

Türkiye’s tourism revenues rose 5% year-on-year to $25.53 billion in the third quarter, with revenues in the first nine months increasing 2.4% to $51.29 billion, Turkish Statistical Institute data showed on Friday. 

Tourism Minister Mehmet Nuri Ersoy said Türkiye was on track to generate more than $65 billion in full-year tourism revenues. 

"Longer-than-expected average stays and higher overnight spending have boosted tourism revenues," Ersoy told a news conference on the sector's performance in the ‌first nine ‌months of the year. 

The number of visitors ‌fell ⁠1% year-on-year to ⁠23.37 million in the third quarter, while total arrivals reached 49.13 million in the January-September period, the data showed. 

Separately, data from the Tourism Ministry showed that the number of foreign visitors rose 0.4% year-on-year to 6.11 million in September. However, foreign arrivals fell 1.52% to 40.93 million ⁠in the first nine months of the ‌year. 

Russians accounted for the ‌largest group of foreign visitors in September, with 979,647 arrivals, ‌followed by visitors from Germany, Britain, Iran and Poland. 

Average ‌overnight spending per visitor declined 1.3% year-on-year to $723 in the third quarter. For the first nine months, it fell 9.6% to $778. 

Ersoy said average visitor stays continued to exceed expectations, but warned ‌of risks to the sector in the final quarter, including a possible escalation of ⁠the Iran ⁠war, as well as an increase in drone attacks on cities amid the Russia-Ukraine war. 

In 2025, revenues increased by 6.8% from the previous year to a record $65.2 billion, according to official data. Before the Iran war began, the government's target for this year was $68 billion. 

Lower revenues could add to Türkiye's current account deficit, which is already under pressure from soaring energy prices due to the fallout from the Iran war. 

The war has hurt demand for travel to Türkiye's historic sites and Mediterranean beaches.