SAN FRANCISCO, US: With the release of a new video app called Clips, Apple Inc. is inching one step closer to fully engaging in the messaging world, where its huge base of iPhone users could help it compete with Snap Inc’s Snapchat and Facebook Inc’s Messenger.
Clips, which will hit Apple’s App Store in April, lets customers take videos and add animated captions and titles, complete with colorful emoji symbols. The app also makes it possible to stitch together multiple video clips and add speech bubbles and filters.
The functions closely resemble those that drive Snap’s wildly popular Stories feature. With Stories, Snap users string together photos and videos, embellish them and then post them to their feeds.
Apple’s new Clips lets users post their video to Instagram, Facebook, YouTube, Vimeo and more. But if users post them to Apple’s own Messages app, Apple will recommend whom to share it with based on which friends are in the videos and whom the user frequently contacts — the kind of predictive social features Facebook excels at.
Apple has a huge number of users for Messages, the flagship app for short notes that is built into the iPhone’s iOS 10 software. Apple does not say how many people use the app, but it does say that there more than 1 billion iOS devices on the market and that 79 percent of them run iOS 10.
Apple also says that Messages is the most commonly used app on iOS devices, giving the company potentially up to 800 million users for its latest messaging platform. Snap, by contrast, has 161 million daily active users. While Apple’s Clips competitor will technically be a separate app from Messages, it will be tied closely to it for the ability share Clips videos with other Apple users.
Facebook has more than 1 billion users for both Messenger, which was split off from the main Facebook service in 2014, and for WhatsApp, which it acquired for $19 billion the same year.
Apple has been steadily matching the features of Facebook’s Messenger. But Apple is also walking a fine line with other messaging players, cooperating with them often as it competes with them. For example, it has opened up the iPhone’s dialer app, long closed off to developers, so that iPhone users could place and receive Skype and WhatsApp calls through the device’s native interface.
Alphabet Inc’s Google and Microsoft Corp. have been scrambling to get into the game, too. Google has more than a half dozen messaging apps, including Allo, its latest. Microsoft has tried to integrate chat into its Skype app, and Microsoft-owned LinkedIn is a popular tool for business notes.
But tech giants obsess over messaging because it is where users are headed, according to analyst firm Gartner. Between 2015 and 2016, the percentage of US and UK smartphone owners who used social media apps dropped from 85 percent to 83 percent while messaging apps jumped from 68 percent to 71 percent, a trend Gartner expects will continue.
Apple drives further into Facebook, Snap territory with video app
Apple drives further into Facebook, Snap territory with video app
Saudi EXIM Bank targets African markets with 4 new MoUs
RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent.
Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea’s Ministry of Planning and International Cooperation, the Saudi Press Agency reported.
The deals were finalized on the sidelines of the African Development Bank Group’s annual meetings, held in Côte d’Ivoire from May 26 to 30.
The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent.
Al-Khalb said the bank’s participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets.
The SPA report added: “He stated that the memoranda of understanding are an extension of the bank’s efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.”
He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries.
The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea.
The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products.
Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea’s Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies.
Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.
Asia’s first Saudi sukuk ETF launched in Hong Kong
RIYADH: Hong Kong has launched Asia’s first exchange-traded fund tracking Saudi sovereign sukuk, marking a major development in financial cooperation between East Asia and the Middle East.
The Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange, follows the iBoxx Tadawul Government & Agencies Sukuk Index. It includes both riyal- and US dollar-denominated sukuk issued by the Saudi government and related agencies.
The ETF is traded under stock codes 3478 for the Hong Kong dollar counter and 9478 for the US dollar counter. It has been approved by the Securities and Futures Commission of Hong Kong. It offers quarterly US dollar distributions, with fees capped at 0.35 percent and an expected annual tracking difference of around -2 percent.
The launch coincided with the opening of the Capital Markets Forum, a two-day event hosted by Saudi Tadawul Group and Hong Kong Exchanges and Clearing Ltd., aimed at boosting cross-border investment.
This year’s forum, held under the theme “Powering Connections,” focuses on strengthening economic and capital market ties between the Middle East and East Asia.
The ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser.
Speaking at the forum, Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the CMF is becoming “a leading global platform for collaboration and dialogue on the future of capital markets and economic transformation.”
“We aim to strengthen ties with both local and international investors and to reinforce the Saudi capital market’s position as a leading global hub, serving as a bridge between capital markets in the East and West,” Al-Rumaih said.
Bonnie Y. Chan, CEO of Hong Kong Exchanges and Clearing Ltd, said that the partnership with Saudi Tadawul Group underscores the strong ties between the two exchanges.
“This second edition of the forum will serve as a dynamic platform to connect our broad base of investors and issuers, while encouraging deeper dialogue and collaboration among the capital-raising hubs of Mainland China, Hong Kong, and the Middle East,” Chan said.
The forum featured a series of keynote speeches and panel discussions focused on global economic trends, investment strategies, financial innovation, and the integration of sustainability into financial markets.
As part of the event, the Corporate Access Program enabled direct engagement between investors and senior executives from listed companies and capital market institutions across the region, fostering greater transparency and dialogue.
The launch of the ETF, alongside the Capital Markets Forum, reflects Saudi Arabia’s commitment to elevating its capital markets on the global stage. These efforts align with the Kingdom’s Vision 2030 strategy to enhance financial sector integration and attract foreign investment.
At the same time, Hong Kong continues to strengthen its role as a vital conduit for capital flows between East and West, reinforcing its position as a leading international financial hub.
Qatar’s debt market to surpass $150bn on steady issuance, Fitch says
RIYADH: Qatar’s debt capital market is expected to exceed $150 billion in the medium term, supported by continued momentum in issuance across sovereign, bank, and corporate segments, according to a new analysis.
In its latest report, Fitch Ratings said the Qatari DCM expanded 13 percent year on year in the first four months of 2025, pushing outstanding volume to $131.8 billion.
The analysis noted that sovereign issuers accounted for the majority with 60 percent, while banks and corporates contributed 26 percent and 14 percent, respectively.
The study positions Qatar’s growth within broader Gulf Cooperation Council trends, where the region’s overall DCM surpassed $1 trillion as of November, driven by robust oil revenues. In a February update, Fitch projected that the GCC will continue to rank among the top emerging-market issuers of dollar-denominated debt through 2025.
On Qatar’s DCM growth, Fitch stated: “Sukuk, ESG (environmental, social, and governance), and Qatari riyal market penetration are on an upward trajectory. The potential development of digital government bonds, as part of the Qatar Central Bank’s Central Bank Digital Currency project, can support the market’s depth and sophistication.”
The DCM, which involves the trading of securities like bonds and promissory notes, serves as a key mechanism for raising long-term capital for both businesses and governments.
Qatar ranks as the third-largest DCM source in the GCC, holding a 13 percent regional share by the end of April. However, issuance volume dropped to $9.6 billion in the first four months of the year, a 36 percent decline from the same period in 2024.
The share of sukuk in the DCM rose to 16.9 percent or $22 billion, but sukuk issuance slumped 86 percent year on year. Bond issuance fell 18 percent during the same period.
“Fitch’s base case is that the government is going to refinance upcoming external market debt maturities and tap markets to cover a small budget surplus in 2025 under the assumption of a Brent oil price of $65 per barrel (excluding QIA investment income), while banks and corporates are likely to continue to diversify funding sources,” the report stated.
While 67 percent of outstanding Qatari DCM remains US dollar-denominated, 28 percent is in riyals. In 2024, approximately 90 percent of the sovereign’s bond issuance and all sovereign bond sukuk were riyal-denominated.
The report highlighted that ESG debt is becoming a key dollar funding tool, accounting for almost 30 percent of all dollar DCM issuance in 2024. ESG DCM volume hit $4.1 billion by April, rising 204 percent year on year, with sukuk accounting for 18 percent.
Qatar’s debt-to-GDP ratio is expected to rise to 49 percent in 2025 before falling below 45 percent by 2027 on the back of increased gas output and associated budget surpluses.
Fitch projects the US Federal Reserve will cut interest rates to 4.25 percent by the end of 2025, a trend the Qatar Central Bank is likely to follow.
In a separate February report, the agency forecast Saudi Arabia’s DCM would hit $500 billion by end-2025, spurred by the Kingdom’s Vision 2030 diversification plan.
Saudi Aramco cuts propane, butane prices for June
RIYADH: Saudi Aramco has reduced its official selling prices for propane and butane for June 2025, according to a company statement issued on Thursday.
The price of propane was cut by $10 per tonne to $600, while butane saw a steeper reduction of $20 per tonne, bringing it to $570.
The adjustments reflect shifts in market conditions and follow a downward trend from the previous month.
Propane and butane, both classified as liquefied petroleum gas, are widely used for heating, as vehicle fuel, and in the petrochemical industry. Their differing boiling points make each suitable for distinct industrial and domestic applications.
Aramco’s LPG prices are considered key benchmarks for supply contracts from the Middle East to the Asia-Pacific region.
The global LPG market is undergoing a significant shift as steep tariffs on US imports prompt Chinese buyers to replace American cargoes with supplies from the Middle East.
Meanwhile, US shipments are being redirected to Europe and other parts of Asia.
This realignment is expected to put downward pressure on prices and demand for shale gas byproducts, posing financial challenges for both US shale producers and Chinese petrochemical companies. At the same time, it is likely to drive increased interest in alternative feedstocks such as naphtha.
Middle Eastern suppliers are emerging as key beneficiaries, filling the gap left by reduced US exports to China. In addition, opportunistic buyers in Asian markets like Japan and India are capitalizing on the price drops to secure more favorable deals.
Saudi Arabia holds many ‘promising investment opportunities’ for Chinese investors, says finance minister
RIYADH: Saudi Arabia offers “many promising investment opportunities” for Chinese investors across infrastructure, tourism, and industry, said Finance Minister Mohammed Al-Jadaan during a high-level meeting.
Speaking at the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee, he highlighted opportunities, including “partnerships between the Saudi public sector and Chinese companies.”
The remarks come as Saudi Arabia and China continue to deepen economic ties, with China remaining the Kingdom’s top trading partner. In the first quarter, Saudi exports to China reached SR44.91 billion ($11.97 billion), while imports totaled SR59.33 billion — underscoring both nations’ focus on strategic cooperation under Vision 2030 and the Belt and Road Initiative.
Al-Jadaan emphasized the significance of both countries’ roles in the global economy.
“Saudi Arabia and China have a key role in achieving global economic integration through their effective participation in multilateral platforms,” he said.
Co-chaired by Al-Jadaan and Chinese Minister of Finance Lan Fo’an, the virtual gathering focused on deepening bilateral economic and financial cooperation, as well as enhancing coordination on global financial platforms.
Discussions included areas such as tax policy, capital markets, and banking regulation, as well as infrastructure development and public-private partnerships.
The deepening economic ties between the two countries follow a series of major agreements signed earlier in May during the Saudi-Chinese Business Forum in Beijing.
At the gathering, the Kingdom and China concluded 57 agreements and memoranda of understanding, valued at over SR14 billion ($3.7 billion), covering sectors including agriculture, water, environment, fisheries, and livestock.
Notable initiatives include the planned development of a Smart Food Security City in Saudi Arabia, which will comprise factories, laboratories, and integrated logistics services, as well as the establishment of an agro-industrial zone in Jazan aimed at strengthening supply chains and attracting agriculture-focused industrial investment.
Of the 57 agreements, 26 are dedicated to boosting Saudi exports to China, encompassing products such as dates, vegetables, fruits, and bottled water.
During the virtual meeting, Al-Jadaan called for enhanced financial integration and alignment of economic policies to support mutual prosperity.
“It is essential to continue deepening trade and investment relations, promoting financial integration, and coordinating policies between both nations to foster shared prosperity and sustainable development,” he added.
The minister also emphasized the importance of innovation and collaborative research.
“To create a more inclusive and competitive financial environment, it is essential to explore new and innovative domains, enhance research and development, and deepen public-private sector partnerships,” Al-Jadaan said.
Highlighting the value of multilateral engagement, he noted that such platforms are vital for addressing global development goals.
“Multilateral platforms provide an optimal opportunity for both nations to support emerging economies and achieve important economic goals such as development, poverty reduction, and promoting effective and inclusive dialogue globally,” he said.
Vice Minister of Finance Abdulmuhsen Al-Khalaf, speaking in a session titled “Economic and Financial Multilateral Coordination,” praised the leadership of Saudi Arabia and China within international institutions such as the International Monetary Fund and the World Bank.
He called for forums like the G20 to prioritize cooperative and solution-focused approaches to global economic challenges.
Al-Khalaf also acknowledged the two countries’ roles in debt relief initiatives, including the Debt Service Suspension Initiative and the Common Framework for Debt Treatment.
He urged both sides to continue engaging in global and regional multilateral platforms to strengthen their positions in international financial governance.
