Air Arabia reports upbeat numbers despite continuing COVID-19 impact | Aviation – Gulf News
Air Arabia has reported a profitable first-half for 2021 despite the continued impact of COVID-19 on the aviation industry. This is the third consecutive profitable quarter it has managed to since the pandemic hit the industry.
Air Arabia reported a net profit of Dh44 million for the period, an increase of 126 per cent compared to the corresponding year. The airline also posted a turnover of Dh1 billion, a 5 per cent increase from same time last year.
During the end of second quarter, Air Arabia registered a net profit of Dh10 million. The turnover for the second quarter increased by 313 per cent as recovery continued and registered Dh496 million, compared to Dh120 million in the corresponding period last year.
“Air Arabia’s ability to post a profitable first-half 2021, is a direct result of the cost control measures adopted by the management team and supported by the gradual resumption of operations witnessed in the first half,” said Sheikh Abdullah Bin Mohamed Al Thani, Chairman. “While flights resumption compared to pre-pandemic are still subject to many restrictions, the second quarter of 2021 witnessed gradual improvement in comparison to same quarter last year, which was heavily impacted by the subsequent cancellation of scheduled flight operations.”
During the first-half, Air Arabia managed to also expand its route network by launching new flights from its hubs in the UAE and Egypt. The carrier also partnered with Etihad Guest, the loyalty programme of Etihad Airways to allow members of both schemes to benefit from reciprocal points and miles transfers.
In July, Air Arabia Group signed an agreement with the Armenian National Interests Fund (ANIF) to launch Armenia’s new national airline.
Monday 9 August 2021
#AbuDhabi to allow foreigners to fully own professional companies
Abu Dhabi to allow foreigners to fully own professional companies
Abu Dhabi's Department of Economic Development is introducing a professional licence that will allow foreigners full ownership of businesses related to 604 activities as the emirate seeks to attract more investors and boost its economy.
The professional activities include: accounting, training, consultancy, beauty centres, computer and internet network companies, Added said.
The licence is easy to set up or adjust, which in turn will streamline business practice across the emirate of Abu Dhabi, Rashid Al Blooshi, undersecretary of Added, said.
Abu Dhabi has introduced several initiatives to improve the ease of doing business and its global competitiveness as it prepares for its next 50 years of economic growth.
Abu Dhabi's Department of Economic Development is introducing a professional licence that will allow foreigners full ownership of businesses related to 604 activities as the emirate seeks to attract more investors and boost its economy.
The professional activities include: accounting, training, consultancy, beauty centres, computer and internet network companies, Added said.
The licence is easy to set up or adjust, which in turn will streamline business practice across the emirate of Abu Dhabi, Rashid Al Blooshi, undersecretary of Added, said.
Abu Dhabi has introduced several initiatives to improve the ease of doing business and its global competitiveness as it prepares for its next 50 years of economic growth.
Oil slides to 3-week low on China's virus curbs, strong dollar | Reuters
Oil slides to 3-week low on China's virus curbs, strong dollar | Reuters
Oil prices fell over 2% to a three-week low on Monday, extending last week's steep losses on the back of a firmer U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
A United Nations panel's dire warning on climate change added to the gloomy mood after fires in Greece razed homes and forests and parts of Europe suffered deadly floods last month. read more
Brent futures fell $1.66, or 2.4%, to settle at $69.04 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $1.80, or 2.6%, to settle at $66.48.
Those were the lowest closes for both benchmarks since July 19. In intraday trade, WTI fell to its lowest level since May.
"Crude prices are declining as a slowdown in Asia disrupts the demand outlook," said Edward Moya, senior market analyst at OANDA, noting "a stronger dollar theme is (also) starting to emerge given the recovery story in the United States and that might be a short-term drag for crude prices."
Oil prices fell over 2% to a three-week low on Monday, extending last week's steep losses on the back of a firmer U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
A United Nations panel's dire warning on climate change added to the gloomy mood after fires in Greece razed homes and forests and parts of Europe suffered deadly floods last month. read more
Brent futures fell $1.66, or 2.4%, to settle at $69.04 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $1.80, or 2.6%, to settle at $66.48.
Those were the lowest closes for both benchmarks since July 19. In intraday trade, WTI fell to its lowest level since May.
"Crude prices are declining as a slowdown in Asia disrupts the demand outlook," said Edward Moya, senior market analyst at OANDA, noting "a stronger dollar theme is (also) starting to emerge given the recovery story in the United States and that might be a short-term drag for crude prices."
#Saudi Aramco says eyeing big percentage share of hydrogen market | Reuters
Saudi Aramco says eyeing big percentage share of hydrogen market | Reuters
Saudi Aramco (2222.SE) is looking for off-take agreements for hydrogen in its key markets to expand its output and sees strong potential for growth, CEO Amin Nasser said on Monday.
"We are looking to capture a big percentage of that market, we have an advantage," Nasser told an analysts' briefing.
Countries across Europe and North America are looking at ways to produce emissions-free hydrogen to help reduce carbon emissions and avert global warming.
Saudi Aramco (2222.SE) is looking for off-take agreements for hydrogen in its key markets to expand its output and sees strong potential for growth, CEO Amin Nasser said on Monday.
"We are looking to capture a big percentage of that market, we have an advantage," Nasser told an analysts' briefing.
Countries across Europe and North America are looking at ways to produce emissions-free hydrogen to help reduce carbon emissions and avert global warming.
MIDEAST STOCKS Most Gulf bourses fall, tracking oil prices; #AbuDhabi gains | Reuters
MIDEAST STOCKS Most Gulf bourses fall, tracking oil prices; Abu Dhabi gains | Reuters
Most major stock markets in the Gulf ended lower on Monday, mirroring falling oil prices, while the Abu Dhabi index was boosted by gains in conglomerate International Holding (IHC).
Brent crude futures had fallen $2.66, or 3.9%, to $68.04 a barrel by 1212 GMT, on a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
"Equities in the region were impacted by the oil price retreat globally and COVID uncertainties returning as a priority," said Daniel Takieddine, senior market analyst at FXPrimus.
In Abu Dhabi, the index (.ADI) advanced 1%, hitting a record, with International Holding jumping 3.3% following a surge in its first-half net profit.
IHC reported net profit of 4.36 billion dirhams ($1.19 billion), up from 814 million year earlier.
The firm's market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi's most valuable listed company, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake. read more
Among other gainers, Abu Dhabi National Insurance Co (ADNIC.AD) leapt 6%, as the insurer reported a rise in second-quarter net.
Saudi Arabia's benchmark index (.TASI) eased 0.2%, hit by a 2.3% fall in Saudi Basic Industries Corp (2010.SE) and a 1.5% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE), ending eight sessions of gains.
The Qatari benchmark (.QSI) lost 0.1%, with Qatar International Islamic Bank (QIIB.QA) and Qatar Islamic Bank (QISB.QA), losing 1.2% and 0.3%, respectively.
Dubai's main share index (.DFMGI) was flat, as gains in financial shares were offset by declines in property stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, led by a 1.7% increase in top lender Commercial International Bank (COMI.CA).
Elsewhere, Ezz Steel (ESRS.CA) finished 0.5%, after it turned to profit in the first-half.
** Kuwait was closed for a public holiday.
Most major stock markets in the Gulf ended lower on Monday, mirroring falling oil prices, while the Abu Dhabi index was boosted by gains in conglomerate International Holding (IHC).
Brent crude futures had fallen $2.66, or 3.9%, to $68.04 a barrel by 1212 GMT, on a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
"Equities in the region were impacted by the oil price retreat globally and COVID uncertainties returning as a priority," said Daniel Takieddine, senior market analyst at FXPrimus.
In Abu Dhabi, the index (.ADI) advanced 1%, hitting a record, with International Holding jumping 3.3% following a surge in its first-half net profit.
IHC reported net profit of 4.36 billion dirhams ($1.19 billion), up from 814 million year earlier.
The firm's market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi's most valuable listed company, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake. read more
Among other gainers, Abu Dhabi National Insurance Co (ADNIC.AD) leapt 6%, as the insurer reported a rise in second-quarter net.
Saudi Arabia's benchmark index (.TASI) eased 0.2%, hit by a 2.3% fall in Saudi Basic Industries Corp (2010.SE) and a 1.5% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE), ending eight sessions of gains.
The Qatari benchmark (.QSI) lost 0.1%, with Qatar International Islamic Bank (QIIB.QA) and Qatar Islamic Bank (QISB.QA), losing 1.2% and 0.3%, respectively.
Dubai's main share index (.DFMGI) was flat, as gains in financial shares were offset by declines in property stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, led by a 1.7% increase in top lender Commercial International Bank (COMI.CA).
Elsewhere, Ezz Steel (ESRS.CA) finished 0.5%, after it turned to profit in the first-half.
** Kuwait was closed for a public holiday.
Aramco’s Giant Chemicals Deal Starts to Show Signs of Paying Off - Bloomberg
Aramco’s Giant Chemicals Deal Starts to Show Signs of Paying Off - Bloomberg
Saudi Aramco’s decision to buy chemicals maker Sabic, which led its debt levels to burst through a self-imposed borrowing target, is now showing signs of paying off as prices for plastics, paint and packaging soar.
Last year’s $69 billion acquisition of a stake in Saudi Basic Industries Corp., as the chemicals maker is formally known, has helped drive a turnaround in Aramco’s business of converting oil into plastics and other products. The downstream unit reported earnings before interest and taxes of $4.6 billion in the second quarter, up from a $344 million loss in the same period of 2020. Aramco also benefited from having Sabic fully incorporated into its own results, whereas a year earlier it only included 15 days of Sabic’s performance.
Sabic, the world’s biggest chemicals maker by market value, last week reported its highest quarterly net income in almost a decade as the economic recovery from the coronavirus pandemic boosted demand for its products. Aramco is currently ahead of schedule in its plans to get $3 billion to $4 billion in cost synergies from integrating Sabic by 2025, Chief Executive Officer Amin Nasser said Sunday in a call with reporters.
Saudi Aramco’s decision to buy chemicals maker Sabic, which led its debt levels to burst through a self-imposed borrowing target, is now showing signs of paying off as prices for plastics, paint and packaging soar.
Last year’s $69 billion acquisition of a stake in Saudi Basic Industries Corp., as the chemicals maker is formally known, has helped drive a turnaround in Aramco’s business of converting oil into plastics and other products. The downstream unit reported earnings before interest and taxes of $4.6 billion in the second quarter, up from a $344 million loss in the same period of 2020. Aramco also benefited from having Sabic fully incorporated into its own results, whereas a year earlier it only included 15 days of Sabic’s performance.
Sabic, the world’s biggest chemicals maker by market value, last week reported its highest quarterly net income in almost a decade as the economic recovery from the coronavirus pandemic boosted demand for its products. Aramco is currently ahead of schedule in its plans to get $3 billion to $4 billion in cost synergies from integrating Sabic by 2025, Chief Executive Officer Amin Nasser said Sunday in a call with reporters.
#SaudiArabia's Budget Deficit Narrows in Second Quarter on Oil, Taxes - Bloomberg
Saudi Arabia's Budget Deficit Narrows in Second Quarter on Oil, Taxes - Bloomberg
Saudi Arabia’s budget deficit narrowed to 4.6 billion riyals ($1.2 billion) in the second quarter, boosted by higher oil prices and surge in tax revenue.
The world’s largest crude exporter saw oil revenue rise 38% in the period from April to June compared to the same period last year, while non-oil revenue tripled, reaching 116 billion riyals, according to a finance ministry statement. That was largely driven by increased tax revenue after the government tripled value-added tax to 15% last July-- and the comparison with a low base during last year’s lock-down. Spending remained restrained, at around 253 billion riyals.
Higher oil prices are giving Saudi Arabia’s public finances a boost after last year’s crisis sent its budget deficit soaring to nearly 300 billion riyals. Officials aim to slash that figure to 141 billion riyals in 2021, targeting a deficit of around 5% of gross domestic product. But so far they’re set to significantly beat that goal, accumulating a deficit of just 12 billion riyals in the first half of the year as they keep spending under their target -- with capital expenditures down 36% in the first half compared to the same period last year.
“We expect the deficit will slide to 62 billion riyals for the full year,” said Mazen Al-Sudairi, head of research at Al Rajhi Capital, adding that the gap would be “supported by oil revenue that benefited from the market recovery.”
Saudi Arabia’s budget deficit narrowed to 4.6 billion riyals ($1.2 billion) in the second quarter, boosted by higher oil prices and surge in tax revenue.
The world’s largest crude exporter saw oil revenue rise 38% in the period from April to June compared to the same period last year, while non-oil revenue tripled, reaching 116 billion riyals, according to a finance ministry statement. That was largely driven by increased tax revenue after the government tripled value-added tax to 15% last July-- and the comparison with a low base during last year’s lock-down. Spending remained restrained, at around 253 billion riyals.
Higher oil prices are giving Saudi Arabia’s public finances a boost after last year’s crisis sent its budget deficit soaring to nearly 300 billion riyals. Officials aim to slash that figure to 141 billion riyals in 2021, targeting a deficit of around 5% of gross domestic product. But so far they’re set to significantly beat that goal, accumulating a deficit of just 12 billion riyals in the first half of the year as they keep spending under their target -- with capital expenditures down 36% in the first half compared to the same period last year.
“We expect the deficit will slide to 62 billion riyals for the full year,” said Mazen Al-Sudairi, head of research at Al Rajhi Capital, adding that the gap would be “supported by oil revenue that benefited from the market recovery.”
Saudi Aramco scouting for more deals to offer to investors | Reuters
Saudi Aramco scouting for more deals to offer to investors | Reuters
Saudi Aramco (2222.SE) is scouting for other potential deals to offer to investors and unlock capital, Chief Executive Amin Nasser said on Monday after the oil giant in June closed a $12.4 billion deal for its crude pipeline network.
"We are looking at the potential for other deals that we are currently in negotiation (about)," Nasser said on a call with analysts.
Aramco had reached out to banks to pitch for an advisory role to help finance the sale of a significant minority stake in its gas pipelines, three sources told Reuters in June. The gas pipeline stake sale will be a "copy paste" of the oil pipeline deal, one of the sources said. Aramco declined comment. read more
Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through the sale of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors. read more
Nasser also told the briefing there were opportunities for the company in the hydrogen market. He said Aramco was looking for offtake agreements with potential buyers before it can expand its output in hydrogen, but added he sees strong potential for growth and exports.
"We are looking to capture a big percentage of that market, we have an advantage," Nasser told the analysts' briefing.
An offtake agreement occurs between a producer and a buyer to purchase or sell portions of the producer's upcoming output.
Countries across Europe and North America are looking at ways to produce emissions-free hydrogen to help reduce carbon emissions and avert global warming.
Abu Dhabi National Oil Co (ADNOC) in partnership with Fertiglobe this month sold its first cargo of blue ammonia to Itochu Corp (8001.T) in Japan, for use in fertiliser production, it said on Aug. 3.
Saudi Aramco (2222.SE) is scouting for other potential deals to offer to investors and unlock capital, Chief Executive Amin Nasser said on Monday after the oil giant in June closed a $12.4 billion deal for its crude pipeline network.
"We are looking at the potential for other deals that we are currently in negotiation (about)," Nasser said on a call with analysts.
Aramco had reached out to banks to pitch for an advisory role to help finance the sale of a significant minority stake in its gas pipelines, three sources told Reuters in June. The gas pipeline stake sale will be a "copy paste" of the oil pipeline deal, one of the sources said. Aramco declined comment. read more
Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through the sale of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors. read more
Nasser also told the briefing there were opportunities for the company in the hydrogen market. He said Aramco was looking for offtake agreements with potential buyers before it can expand its output in hydrogen, but added he sees strong potential for growth and exports.
"We are looking to capture a big percentage of that market, we have an advantage," Nasser told the analysts' briefing.
An offtake agreement occurs between a producer and a buyer to purchase or sell portions of the producer's upcoming output.
Countries across Europe and North America are looking at ways to produce emissions-free hydrogen to help reduce carbon emissions and avert global warming.
Abu Dhabi National Oil Co (ADNOC) in partnership with Fertiglobe this month sold its first cargo of blue ammonia to Itochu Corp (8001.T) in Japan, for use in fertiliser production, it said on Aug. 3.
Oil slides near 3% on China virus curbs and strong dollar | Reuters
Oil slides near 3% on China virus curbs and strong dollar | Reuters
Oil prices fell about 3% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
A United Nations panel's dire warning on climate change added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month.
Brent futures fell $1.84, or 2.6%, to $68.86 a barrel by 11:22 a.m. EDT (1522 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.88, or 2.8%, to $66.40.
That put both benchmarks down about 10% over the past 10 sessions.
Oil prices fell about 3% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
A United Nations panel's dire warning on climate change added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month.
Brent futures fell $1.84, or 2.6%, to $68.86 a barrel by 11:22 a.m. EDT (1522 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.88, or 2.8%, to $66.40.
That put both benchmarks down about 10% over the past 10 sessions.
Oil slides 4% on China virus curbs and strong dollar | Reuters
Oil slides 4% on China virus curbs and strong dollar | Reuters
Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
A United Nations panel's dire warning on climate change also added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month. read more
Brent crude futures fell by $2.66, or 3.9%, to $68.04 a barrel by 1212 GMT after a 6% slump last week for their biggest weekly loss in four months.
U.S. West Texas Intermediate (WTI) crude futures fell $2.67, or 4.07%, to $65.61 after plunging by nearly 7% last week. On Monday the contract fell as low as $65.15, its lowest since May.
"Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.
Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
A United Nations panel's dire warning on climate change also added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month. read more
Brent crude futures fell by $2.66, or 3.9%, to $68.04 a barrel by 1212 GMT after a 6% slump last week for their biggest weekly loss in four months.
U.S. West Texas Intermediate (WTI) crude futures fell $2.67, or 4.07%, to $65.61 after plunging by nearly 7% last week. On Monday the contract fell as low as $65.15, its lowest since May.
"Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.
How sustainable are sovereign wealth funds? | Reuters
How sustainable are sovereign wealth funds? | Reuters
Risks don’t come much longer term than climate change, so you might expect sovereign wealth funds to be all over it, as investment giants with decades in their sights.
Yet the world’s biggest SWFs are making only patchy progress in adapting investment plans to account for environmental, social and governance factors, according to data on energy investments, an ESG analysis of the equity holdings of some of the funds, plus a survey of the players.
Such data provide snapshots into the complex and often opaque world of sovereign funds, which collectively hold nearly $8 trillion in assets.
The industry has invested $7.2 billion in renewable energy since 2015, for example, less than a third of the amount poured into oil and gas, data from the International Forum of Sovereign Wealth Funds (IFSWF) showed.
The Antipodean funds, which publicly disclose their investments, scored highly in the ESG analysis of major corporate holdings. New Zealand also said it planned to cut the emissions intensity of its overall portfolio by 40% by 2025, referring to a measure of emissions proportional to revenue.
Risks don’t come much longer term than climate change, so you might expect sovereign wealth funds to be all over it, as investment giants with decades in their sights.
Yet the world’s biggest SWFs are making only patchy progress in adapting investment plans to account for environmental, social and governance factors, according to data on energy investments, an ESG analysis of the equity holdings of some of the funds, plus a survey of the players.
Such data provide snapshots into the complex and often opaque world of sovereign funds, which collectively hold nearly $8 trillion in assets.
The industry has invested $7.2 billion in renewable energy since 2015, for example, less than a third of the amount poured into oil and gas, data from the International Forum of Sovereign Wealth Funds (IFSWF) showed.
The Antipodean funds, which publicly disclose their investments, scored highly in the ESG analysis of major corporate holdings. New Zealand also said it planned to cut the emissions intensity of its overall portfolio by 40% by 2025, referring to a measure of emissions proportional to revenue.
Riyadh Tops #SaudiArabia’s Residential Market Boom: Knight Frank - Bloomberg
Riyadh Tops Saudi Arabia’s Residential Market Boom: Knight Frank - Bloomberg
Saudi Arabia’s residential market continued on a path of sustained growth in the second quarter, with apartment values in the capital Riyadh accelerating at the fastest pace in at least 2017, according to Knight Frank.
The government’s various initiatives are contributing to an “acceleration in home ownership rates across the kingdom,” Faisal Durrani, head of Middle East research at Knight Frank, wrote in a note. Apartment values in Riyadh grew 7.6% year on year in the second quarter, according to the report.
More from Knight Frank:
Saudi Arabia’s residential market continued on a path of sustained growth in the second quarter, with apartment values in the capital Riyadh accelerating at the fastest pace in at least 2017, according to Knight Frank.
The government’s various initiatives are contributing to an “acceleration in home ownership rates across the kingdom,” Faisal Durrani, head of Middle East research at Knight Frank, wrote in a note. Apartment values in Riyadh grew 7.6% year on year in the second quarter, according to the report.
More from Knight Frank:
- Number of residential transactions in Riyadh are up 77% and in Jeddah up 44%
- Office market, with the exception of Riyadh, rental rates continue to ebb as demand remains muted
- Knight Frank expects total office stock in Riyadh and Jeddah to reach 5.3m sqm and 1.8m sqm, respectively, by the end of 2023
- Headline lease rates in prime shopping malls across the country fell between 1% and 5% over the last 18 months
SoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment - Bloomberg
SoftBank Joins Two Gulf Wealth Funds for Debut Turkey Investment - Bloomberg
Trendyol, a Turkish e-commerce company backed by Alibaba Group Holding Ltd., raised $1.5 billion in its latest financing round that included SoftBank Group Corp. and two Gulf wealth funds.
The capital raise, co-led by SoftBank’s Vision Fund 2 and General Atlantic, vaulted the Istanbul-based firm to a $16.5 billion valuation, according to an emailed statement from the company. The announcement confirmed a Bloomberg News report in July on Trendyol’s plans.
Qatar Investment Authority, Abu Dhabi sovereign fund ADQ and Princeville Capital also joined the round. It marked SoftBank’s first investment in Turkey.
“The funding proceeds will support Trendyol’s growth both within Turkey and internationally,” said Demet Mutlu, the company’s founder and chief executive officer. “In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalization of Turkish SMEs.”
Trendyol, a Turkish e-commerce company backed by Alibaba Group Holding Ltd., raised $1.5 billion in its latest financing round that included SoftBank Group Corp. and two Gulf wealth funds.
The capital raise, co-led by SoftBank’s Vision Fund 2 and General Atlantic, vaulted the Istanbul-based firm to a $16.5 billion valuation, according to an emailed statement from the company. The announcement confirmed a Bloomberg News report in July on Trendyol’s plans.
Qatar Investment Authority, Abu Dhabi sovereign fund ADQ and Princeville Capital also joined the round. It marked SoftBank’s first investment in Turkey.
“The funding proceeds will support Trendyol’s growth both within Turkey and internationally,” said Demet Mutlu, the company’s founder and chief executive officer. “In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalization of Turkish SMEs.”
#Dubai's non-oil business conditions improve; firms get back to hiring | ZAWYA MENA Edition
Dubai's non-oil business conditions improve; firms get back to hiring | ZAWYA MENA Edition
Dubai's non-oil private sector economy expanded in July, thanks to an increased consumer spending that led to the joint-fastest rise in output since July 2020, a business survey showed.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services rose from 51.0 in June to 53.2 in July, to indicate improvement in non-oil private sector business conditions.
Travel and tourism firms saw the most marked improvement in output growth since June, with wholesale and retail and construction also recording faster expansions.
Though business conditions remained subdued, firms recruited at the quickest rate in more than 18 months. While some companies raised their output charges due to higher costs, a greater number lowered their charges in spite of rising input prices due to global raw material shortages.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services rose from 51.0 in June to 53.2 in July, to indicate improvement in non-oil private sector business conditions.
Travel and tourism firms saw the most marked improvement in output growth since June, with wholesale and retail and construction also recording faster expansions.
Though business conditions remained subdued, firms recruited at the quickest rate in more than 18 months. While some companies raised their output charges due to higher costs, a greater number lowered their charges in spite of rising input prices due to global raw material shortages.
#SaudiArabia's economy grew 1.5% in Q2, first expansion since pandemic | Nasdaq
Saudi Arabia's economy grew 1.5% in Q2, first expansion since pandemic | Nasdaq
Saudi Arabia's economy grew 1.5% in the second quarter, year-on-year, the first expansion since the pandemic, fuelled by a 10.1% growth in the non-oil sector, according to flash government estimates on Monday.
Seasonally-adjusted real gross domestic product (GDP) grew 1.1% in the second quarter compared to the first quarter, the General Authority for Statistics in Saudi Arabia said in a statement.
The International Monetary Fund expects Saudi Arabia's economy to grow by 2.4% this year, after the kingdom's economy contracted 4.1% in 2020 due to the twin shock of the COVID-19 pandemic and lower oil prices.
"The annual growth, particularly for real non-oil GDP, reflects the low base from last year with the pandemic," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Saudi Arabia's economy grew 1.5% in the second quarter, year-on-year, the first expansion since the pandemic, fuelled by a 10.1% growth in the non-oil sector, according to flash government estimates on Monday.
Seasonally-adjusted real gross domestic product (GDP) grew 1.1% in the second quarter compared to the first quarter, the General Authority for Statistics in Saudi Arabia said in a statement.
The International Monetary Fund expects Saudi Arabia's economy to grow by 2.4% this year, after the kingdom's economy contracted 4.1% in 2020 due to the twin shock of the COVID-19 pandemic and lower oil prices.
"The annual growth, particularly for real non-oil GDP, reflects the low base from last year with the pandemic," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
Oil drops on China COVID-19 curbs, dollar strength | Reuters
Oil drops on China COVID-19 curbs, dollar strength | Reuters
Oil prices fell more than 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand.
Brent crude futures slid by $1.52, or 2.2%, to $69.17 a barrel by 0657 GMT, after having slumped 6% last week, their biggest weekly loss in four months.
U.S. West Texas Intermediate (WTI) crude futures fell $1.64, or 2.4%, to $66.64 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months.
"Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.
Oil prices fell more than 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand.
Brent crude futures slid by $1.52, or 2.2%, to $69.17 a barrel by 0657 GMT, after having slumped 6% last week, their biggest weekly loss in four months.
U.S. West Texas Intermediate (WTI) crude futures fell $1.64, or 2.4%, to $66.64 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months.
"Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.
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