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Saudi Arabia’s Hassana Investment buys 4.99 pct in Jahez International

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Hassana Investment Company, an investment arm of Saudi Arabian government agency the General Organization of Social Insurance, has acquired a 4.99 percent stake in Jahez International for Information Systems Technology, Al Arabiya television reported on Thursday.

Jahez International plans to list on the parallel market called Nomu and the offering period will start on Dec. 23 and end Dec. 26, the television channel added. It did not did not disclose the value of the deal.

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The Saudi Capital Market Authority on Wednesday approved 18 percent of the company shares for an initial public offering.

On Monday, Saudi Aramco said it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co.

Gulf oil producers are looking at sales of stakes in energy assets and raising cash through long-term leases, capitalizing on a rebound in crude prices to attract foreign investors.

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IATA chief voices concerns over Airbus-Qatar jet order row

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The head of the International Air Transport Association (IATA) waded into a high-profile dispute between Airbus and Qatar Airways on Tuesday, saying the plane maker’s decision to cancel a jetliner contract was a new and “worrying” development.

IATA Director General Willie Walsh, who ran airlines group IAG before taking the helm of the industry’s trade body, said he and other airline industry chiefs hoped to understand what lay behind the dispute and told reporters it was important for relations between airlines and suppliers to return to normal.

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Last Friday, Airbus cancelled an order of 50 A321neo aircraft from Qatar Airways in an escalating dispute over Doha grounding the plane maker’s bigger A350.

“We confirm that we have terminated the contract for 50 A321s with Qatar Airways, in accordance with our rights,” an Airbus spokesman told AFP following a Bloomberg report on the decision.

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Saudi Arabia and Iraq to sign MoU on linking power grids

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Saudi Arabia and Iraq are going to sign a memorandum of understanding to link the power grids of the two countries, the Saudi energy ministry announced on Twitter on Tuesday.

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Kuwait approves Credit Bank capital hike by $933 mln to $10.9 bln

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The Government of Kuwait has agreed with a parliamentary committee on increasing the capital of Kuwait Credit Bank by 300 million dinars ($993.31 million) to 3.3 billion dinars ($10.9 billion), the finance minister, Abdulwahab Mohammed al-Rushaid, said on Tuesday.

The government has also given the go-ahead to reschedule 500 million dinars ($1.65 billion) in bonds owed by the bank to the Kuwait Fund for Development, the minister said.

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The parliamentary proposal had aimed to increase the capital of the Credit Bank by 750 million dinars in order to finance housing units for Kuwaiti citizens.

The state-run Kuwait Credit Bank currently provides interest-free loans to eligible citizens to build, buy or renovate housing but it has been suffering from a lack of liquidity due to the increase of housing requests.

Spending is to fall 4.8 percent to 21.9 billion dinars, with capital expenditure accounting for 13.2 percent of that sum, according to a Bloomberg report.

Kuwait will also not transfer 10 percent of the total revenue to the Future Generations Fund, or sovereign wealth fund, under a 2020 law barring such transfers in deficit years, reported Bloomberg.

However, according to a Reuters poll, of 25 economists “all six economies in the Gulf Cooperation Council would grow faster this year than was expected three months ago.”

Saudi Arabia was predicted to top the list with growth of 5.7 percent, followed by Kuwait and the UAE with 5.3 percent and 4.8 percent respectively, according to the same Reuters report.

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