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  • Saudi-backed fund hit as UAE oil storage Spac runs into trouble

    A Saudi Arabia-backed investment fund is liquidating the holding company of a United Arab Emirates oil storage company that has been plagued by financial reporting issues since going public in New York. Brooge Energy Limited listed its shares on Nasdaq in 2019 through a merger with a special acquisition company that gave it a market valuation of more than $1bn. The operator of oil storage facilities in the emirate of Fujairah had the backing of powerful Middle East investors including Sheikh Mohammed bin Khalifa bin Zayed Al Nahyan, the son of the previous president of the UAE, and claimed in its prospectus to have signed big contracts with unnamed international trading companies.

  • Saudi fintech Spare raises $3 million to fuel expansion

    Spare, the pioneering open banking services provider, today announced the close of a $3 million funding round led by Vision Ventures with participation from Wa'ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors. Spare was established by Dalal Alrayes and Saurabh Shah. It operates in Saudi Arabia, Kuwait, and Bahrain and focuses on providing cutting-edge Open Banking solutions for businesses. Open Banking will unlock the innovations in financial institutions in the region and make the availability of financial solutions and services much easier and faster than ever before. "We carefully select our investments in technology startups. Spare stands out as a unique combination of outstanding team experience with a huge market opportunity in the region. We are excited to back such teams to build the next cycle of innovation in fintech infrastructure services such as Open Banking," remarked Kais Al-Essa, Founding Partner and CEO at Vision Ventures.

  • Spain to buy up to 10% in Telefonica following Saudi entrance

    The Spanish government will acquire a stake of up to 10% in Telefonica through the state holding company SEPI in a counterbalance to the acquisition of a large stake in the telecoms giant by Saudi Arabia's STC. "The presence of a key public shareholder will reinforce the company's ownership stability," the Budget Ministry said in a statement on Tuesday. SEPI said it would complete the acquisition of shares while minimising the impact on the share price but would not elaborate. It is yet to hire a financial advisor.

  • Igniting a New Era in Global Health: Hevolution Foundation Announces Its Inaugural Global Healthspan Summit to Accelerate Scientific Progress for a Rapidly Aging World

    "At this Summit, we are not just talking; we are triggering action. We are bringing together the best global minds to catalyze a global movement that will propel and redefine healthspan science," said Dr. Mehmood Khan, Hevolution Foundation Chief Executive Officer. "We're at a critical juncture where global collaboration is not just an option; it's an imperative." Additionally, over 100 distinguished speakers from more than 10 countries, including experts from across Saudi Arabia, Egypt, Germany, the Netherlands, Singapore, Spain, Switzerland, the UK, and the US, will discuss one of the most urgent issues of our time – healthy human healthspan.

  • Israeli airlines suspends use of Saudi Arabia, Oman airspace for South Asian flights

    Israel's national airline, El Al Israel Airlines, has opted to avoid using the airspace of Saudi Arabia and Oman for its South Asian flights due to "security concerns," Israeli media reported on Monday. The decision has resulted in an extension of the flight duration from Tel Aviv to Bangkok, the capital of Thailand, now taking 11.5 hours instead of the previous 8.5 hours. In February, the Israeli administration announced the opening of Oman's airspace to Israeli airlines, following a similar move by Saudi Arabia.

  • STC reportedly drops plan to up stake in Spain’s Telefonica to 9.9%

    Saudi telecoms group STC is seeking to keep its current 4.9% stake in Spain's Telefonica and no longer plans to convert the 5% it holds in derivatives into voting shares, El Economista newspaper reported on Monday, citing people familiar with the operation.

    Telefonica and STC declined to comment on the report. The Spanish government also had no immediate comment.

    In September, Saudi Arabia's largest telecoms operator amassed a 9.9% stake worth 2.1 billion euros ($2.23 billion) in a move to become Telefonica's top shareholder, though it added it did not intend to acquire control or a majority stake.

  • Saudi Aramco oil spare capacity at 3 mln barrels per day – CEO

    Saudi oil giant Aramco's (2223.SE) Chief Executive Amin Nasser said on Tuesday he saw global demand for oil at 103 million barrels a day (bpd) in the second half of this year while the company's spare capacity is now at 3 million bpd. Saudi Aramco (2223.SE) is able to ramp up oil production capacity "in a couple of weeks" if needed as global demand continues to rise, Nasser said at the Energy Intelligence Forum in London.

  • Saudi Arabia to Use More Fiscal Space to Support Strong Growth

    The government estimates that 2023 spending will be up by 32% yoy, 13% above budgeted levels. Spending will be broadly flat in 2024, before trending higher again in 2025-2026. These numbers are well in excess of previous medium-term projections in the 2023 budget that envisioned annual surpluses – 2025 spending will be 15% higher than previously planned.

  • Saudi Arabia to Use More Fiscal Space to Support Strong Growth

    The government estimates that 2023 spending will be up by 32% yoy, 13% above budgeted levels. Spending will be broadly flat in 2024, before trending higher again in 2025-2026. These numbers are well in excess of previous medium-term projections in the 2023 budget that envisioned annual surpluses – 2025 spending will be 15% higher than previously planned.

  • US-China ‘tech war’: AI sparks first battle in Middle East

    The US has restricted exports of some computer chips to the Middle East, to stop AI-enabling chips from getting to China. But there's no information on which countries are affected, or how chips would get to China.