RIYADH: The regulator in Singapore has suspended Bitget, a crypto exchange that got into a fray after promoting the digital currency Army Coin, which is named after the followers of South Korean boy band BTS, Bloomberg reported.
Bitget, the sponsor of Italian soccer team Juventus, describes the army coin as a way to provide lifelong financial support to BTS members, but BTS’ agency Hybe said the coin has nothing to do with BTS and threatened legal action.
Bitget has removed the Singapore Monetary Authority logo from its website and blocked Singapore users from accessing the app and website, according to Bloomberg.
It also said on its website that it was established in 2018 in Singapore and has more than 1.5 million users worldwide.
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 51.32 points to close at 11,956.99.
The total trading turnover of the benchmark index was SR5.44 billion ($1.45 billion), with 56 of the listed stocks advancing and 165 declining.
The Kingdom’s parallel market Nomu also witnessed a drop of 313.85 points to close at 26,405.18.
The MSCI Tadawul Index shed 5.79 points to 1,501.20.
The best-performing stock on the main market was Methanol Chemicals Co., with its share price surging by 7.77 percent to SR18.04.
Other top performers were Al-Baha Investment and Development Co. and Sustained Infrastructure Holding Co., whose share prices increased by 7.41 percent and 6.13 percent to SR0.29 and SR32.05, respectively.
The worst performer of the day was Development Works Food Co., as its share price inched down by 4.90 percent to SR136.
On the announcements front, the Saudi National Bank said that its net profit witnessed a 4 percent year-on-year rise in the first nine months of this year to reach SR15.63 billion.
In a Tadawul statement, the financial institution said that this rise in net profit was driven by an 18.7 percent year-on-year growth in special commission income and a 4.2 percent increase in operating revenue.
The bank added that its net profit in the third quarter reached SR5.36 billion, representing an increase of 7.10 percent compared to the same period of the previous year.
Despite witnessing a rise in profits, the share price of SNB marginally went down by 0.14 percent to SR34.85.
Aldrees Petroleum and Transport Services Co. announced that its net profit in the first nine months of this year witnessed a 17.37 percent year-on-year surge to reach SR244.5 million.
The company attributed this increase in profit to higher sales due to a rise in the number of operating service stations and improved transportation rates.
In the third quarter, Aldrees reported a net profit of SR84.6 million, marking a rise of 25.14 percent compared to the same period in 2023.
Despite this, the share price of of the firm went down by 1.53 percent to SR141.80.
Tamkeen Human Resources Co., which is gearing up for an initial public offering in Saudi Arabia’s main market, has set the final offer price at SR50 per share at the top end of the price range.
According to a statement, the institutional book building process generated an order book of SR55 billion.
Established in 2018 and headquartered in Riyadh, the company offers staffing solutions to businesses and individual clients in the Kingdom.
Saudi Arabia, UAE lead GCC IPO activity with $1.7bn raised in Q3: Markaz
UAE dominated the quarter’s activity, leading the region with $1.1 billion in IPO proceeds
Saudi Arabia followed with $512 million from its IPOs, contributing 31% to the overall regional total
Updated 44 min 4 sec ago
Nirmal Narayanan
RIYADH: Saudi Arabia and the UAE led the initial public offering activity in the Gulf Cooperation Council in the third quarter of the year, raising $1.7 billion, a 6 percent increase from the previous year, an analysis showed.
According to a new report from the Kuwait Financial Center, also known as Markaz, the UAE dominated the quarter’s activity, leading the region with $1.1 billion in IPO proceeds from a single listing, accounting for 69 percent of the total raised across the GCC.
Saudi Arabia followed with $512 million from its IPOs in the third quarter, contributing 31 percent to the overall regional total.
This comes as the GCC region has emerged as a hotspot for IPOs in recent years, fueled by robust economic reforms, diversification efforts away from oil dependence, and growing interest from both regional and international investors. In the first nine months of 2024, GCC issuers raised $5.2 billion from 30 offerings, compared to $6.8 billion from 29 offerings during the same period the previous year.
Saudi Arabia, in particular, has intensified its privatization and diversification initiatives in sectors such as health care, technology, and renewable energy, making its market increasingly attractive.
“Saudi Arabia’s Tadawul (stock exchange) saw a total of $459 million and $53 million listed (in the third quarter) on its main market and Nomu-parallel market, respectively, together constituting 31 percent of the total GCC IPO proceeds. Other exchanges in the GCC have not seen any listings during the quarter,” said Markaz.
The report follows an announcement by Lulu Retail Holdings, which runs one of the Middle East’s biggest hypermarket chains, to float 2.58 billion shares, representing 25 percent of the company’s capital, on the Abu Dhabi Securities Exchange.
Sector allocation
Sector-wise, the energy industry led the way, with Abu Dhabi-based construction company NMDC Energy’s $1.1 billion IPO on the ADX representing 69 percent of the region’s total proceeds for the third quarter.
In Saudi Arabia, the food and beverage sector saw wheat milling company Arabian Mills for Food Products raise $271 million, accounting for 16 percent of the quarter’s proceeds.
Meanwhile, perfume maker Al Majed for Oud, a key player in the consumer cyclical sector, raised $188 million, contributing 11 percent.
The materials sector had a smaller presence, with ASG Plastic Factory Co. raising $8.8 million on Tadawul’s parallel Nomu market.
The commercial and professional services sector witnessed three IPOs, including First Avenue Real Estate Development Co., Altharwah Albashariyyah Co., and Al Ashghal Almoysra Co., which collectively raised $44.4 million.
In May, a report from PwC projected that IPOs in the Middle East are expected to maintain momentum in 2024, with the Saudi Exchange emerging as a dominant force in the GCC equity market.
That same month, Mohammed Al-Rumaih, CEO of the Saudi bourse, said that the introduction of market-making and the launch of single stock options have enhanced Tadawul’s appeal to international investors.
Saudi Arabia hosts key meetings aimed at improving aviation sector
Kingdom has approved a strategy to develop its civil aviation industry and create a favorable investment environment
Updated 22 October 2024
Arab News
JEDDAH: Saudi Arabia is hosting two important international aviation meetings to improve air traffic management, further establishing its role in the global air travel sector.
Starting on Oct. 20, the Saudi Air Navigation Services Co. is conducting the 13th meeting of the International Civil Aviation Organization Middle East Communications, Navigation, and Surveillance Sub-Group, alongside the 10th meeting of ICAO’s Air Traffic Management Working Group in Jeddah.
This is the first time both meetings are held simultaneously, with sessions running until Oct. 23, the Saudi Press Agency reported.
The Kingdom has approved a strategy to develop its civil aviation industry and create a favorable investment environment. The initiative seeks to position Saudi Arabia as a leading player in the Middle East aviation sector, enhance its contribution to the gross domestic product, and support the goals of Vision 2030.
The strategy focuses on transforming the Kingdom into a logistical hub connecting three continents and facilitating air transport and freight.
Around 80 participants from 18 countries attended the meetings, including representatives from the International Air Transport Association, ICAO, and PCCW Global, with oversight from Saudi Arabia’s General Authority of Civil Aviation.
The inaugural meeting of the Flight and Flow Information for a Collaborative Environment working group is taking place under the Secretariat General of the Gulf Cooperation Council, to discuss developments and practical solutions in the aviation sector.
The meetings also coincide with International Air Traffic Controllers Day, which recognizes the crucial role of air traffic controllers in maintaining safe airspace.
Riyadh’s King Khalid Airport tops performance rankings in September: GACA
Jeddah’s King Abdulaziz International Airport followed closely and received a compliance rate of 73%
Dammam’s King Fahd International Airport maintained its top spot in the second category
Updated 22 October 2024
MIGUEL HADCHITY
RIYADH: Saudi Arabia’s King Khalid International Airport in Riyadh secured the top spot among the Kingdom’s airports for September, achieving an 82 percent compliance rate, official data showed.
According to the General Authority of Civil Aviation, the Riyadh air base, which serves over 15 million passengers annually, outperformed others in its category, which includes the Kingdom’s largest international airports.
In the same category, Jeddah’s King Abdulaziz International Airport followed closely and received a compliance rate of 73 percent.
The aviation body assesses the operational performance of airports based on 11 standards tracking passenger experience, including check-in, security, passport and customs control, alongside assistance for individuals with limited mobility and delays.
This reflects GACA’s commitment to transparency and continuous efforts to enhance the quality of services provided to passengers, contributing to an improved travel experience across the Kingdom’s airports.
Dammam’s King Fahd International Airport maintained its top spot in the second category, serving between 5 million and 15 million passengers annually, achieving a 91 percent compliance rate in September, as noted in the GACA report.
Madinah’s Prince Mohammad bin Abdulaziz International Airport also maintained its rating of 91 percent.
In the third category for international terminals with an annual passenger count between 2 and 5 million, King Abdullah bin Abdulaziz Airport in Jazan shared the lead spot with Abha International Airport at a 100 percent commitment rate.
Five airports received a 100 percent compliance rate in September in the fourth category of the international air base, receiving less than 2 million passengers annually.
The five air stations include Al-Ahsa Airport, Najran International Airport, Prince Naif Bin Abdulaziz International Airport in Al-Qassi, as well as Hail International Airport, and Taif International Airport.
Following closely in the same category were Al-Jouf International Airport and AlUla International Airport both receiving a 91 percent compliance rate.
Al-Qaisumah International Airport and Prince Abdulmohsin bin Abdulaziz International Airport received an 82 percent rating, while Prince Sultan bin Abdulaziz International Airport in Tabuk received a 45 percent compliance rate.
The fifth category, dedicated to domestic terminals, saw all airports achieving a 100 percent compliance rate during September.
This category encompassed Gurayat Airport, Arar Airport, and Bisha Airport, as well as Turaif Airport, Rafha Airport, and Al-Dawadmi Airport. It also included Wadi Al-Dawasir Airport, King Saud bin Abdulaziz Airport and Sharurah Airport.
The Kingdom has recorded a 17 percent rise in passenger air traffic over the first six months of this year, to 62 million compared to 53 million in the same period in 2023.
Saudi Arabia aims to enhance air connectivity to 250 destinations, serving 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030 through its National Aviation Strategy.
Oracle’s 2nd public cloud region in Riyadh now live, part of $1.5bn investment
Launch is part of a $1.5 billion investment to enhance Saudi Arabia’s digital infrastructure
Initiative is anticipated to significantly contribute to the Kingdom’s AI economy, which is projected to reach $135.2 billion by 2030
Updated 30 min 33 sec ago
Nadin Hassan
RIYADH: Technology firm Oracle Corp. has officially made its second public cloud region in Riyadh available to clients, offering services for application modernization, data analytics, and artificial intelligence innovation.
The launch is part of a $1.5 billion investment to enhance Saudi Arabia’s digital infrastructure.
The Riyadh cloud region will provide the Kingdom’s public and private sector organizations access to Oracle Cloud Infrastructure, allowing them to upgrade applications.
This expansion is part of the firm’s distributed cloud strategy and follows the earlier establishment of a region in Jeddah, as well as previously announced plans for another in NEOM.
Speaking at a launch event in Riyadh, Richard Smith, Oracle’s executive vice president and general manager of EMEA Cloud Infrastructure, revealed the company is carrying out advanced plans for its third data center in Dammam.
In an interview with Arab News, Oracle’s Senior Vice President of Technology Cloud in the Middle East and Africa, Nick Redshaw, highlighted that the increasing usage and demand for virtual services have continued to grow.
As a result, the existing infrastructure in Jeddah wasn’t sufficient, leading to the need for a second public cloud.
“We’d always anticipated the three regions. There was a shift. It was originally NEOM was the second region, Riyadh came on live online sooner. The third region is still planned to be NEOM at the moment, probably toward the end of this year, early next year,” Redshaw said.
Redshaw highlighted that in addition to these regions, the company had introduced a sovereign capability in collaboration with stc, which is important for government clients who face stricter regulatory requirements.
“That’s supporting Vision 2030 and the growth that we’re anticipating, but we still see material momentum in this market,” he said.
The initiative is anticipated to significantly contribute to the Kingdom’s AI economy, which is projected to reach $135.2 billion by 2030.
Riyadh is the second of Oracle’s cloud regions in Saudi Arabia. AN Photo
As the country accelerates its digital transformation efforts, Oracle has identified key industries that are increasingly adopting cloud technologies, underscoring the nation’s potential for exponential growth in this area.
“I think it’s every industry where we see growth. In the oil and gas is a very major contributor to the Saudi economy, but banking, insurance, retail, manufacturing, clearly, tourism and sport is a very material growth area for the Kingdom,” Redshaw said.
He continued: “Every single one of them is taking advantage of digital transformation, and many born on the cloud environments as well, and I think the piece that spans all of them, that everybody is trying to take advantage of now is, how do you use AI to really deliver business value or citizen value,”
Oracle’s cloud solutions are helping industries across Saudi Arabia, including the public sector, harness the full potential of AI and cloud technology, paving the way for the Kingdom’s digital future.
“The market demand here is very strong. When I look across the Middle East, Africa region, Saudi is the biggest and fastest growing market that we see, and that momentum has continued to expand, and we anticipate that continuing as well,” Redshaw said.
Oracle’s cloud infrastructure is paving the way for significant opportunities for startups and small and medium-sized enterprises in Saudi Arabia, with the potential to drive both business growth and employment opportunities.
Redshaw highlighted the flexibility and scalability of their cloud solutions, which are key to supporting the growth of emerging businesses in the Kingdom.
“We have a fintech startup model as well that we’re running, and it’s an opportunity for people to try things, test them, see what works, and then as they mature and they want to grow, they’ve got the flexibility and the capability for elasticity to start and then grow big,” he said.
Beyond the technical capabilities of cloud infrastructure, the company is also focused on developing the local talent ecosystem, which is crucial for supporting rapid growth, particularly in startups.
In December 2023, Oracle launched the Mostaqbali program to train 50,000 Saudi nationals in artificial intelligence with Future Work, which is supervised by the Kingdom’s Ministry of Human Resources and Social Development.
“Mostaqbali where it’s not just the technical capability, it’s how do you build the ecosystem of skills, investing in training people so they understand how to take advantage of the technology, particularly true in startups where you need to scale and scale up very rapidly, which is another part of the investment we continue to make in the game,” Redshaw said.
