Crypto Moves — Bitcoin, Ether up; Binance sells NFT tickets for Italian soccer club Lazio – Arab News
RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, up 0.06 percent to $23,779 as of 1:18 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $1,703, up 1.15 percent, according to data from Coindesk.
Lazio fans buy NFT tickets from Binance
Binance, the world’s largest crypto exchange, announced it’s launching sales of non-fungible token, or NFT, tickets for the matches of the Italian football club ‘S.S. Lazio’ during the upcoming season in the Italian Serie A championship.
Serie A is a professional league competition for football clubs located at the top of the Italian football league system.
Buyers will use the NFTs to visit the legendary Stadio Olimpico, Rome’s largest sports facility and watch the home games of their favorite team, Bitcoin.com reported.
The ticket owners will also be able to benefit from many discounts, including 10 percent on any product sold in the Lazio store and 20 percent on the tickets for the club’s matches in Europa League, the annual competition organized by the Union of European Football Associations.
Besides the discounts, supporters who purchase the digital tickets will also have the opportunity to win fan tokens and gain access to a number of exclusive events, according to Bitcoin.com.
The digital asset exchange said that NFT tickets would help solve some of the known issues in the traditional ticket distribution system, where non-fungible tokens allow avoiding ticket duplication, preventing fraud and issues of loss or damage.
RIYADH: Saudi United Wire Factories Co., known as Aslak, has seen its profits surge 40 percent to SR42 million ($11.2 million) in the first half of 2022.
This was an increase against SR30 million from the prior-year period, the steel wire producer said in a bourse statement.
The company attributed the rise in net profit to growth in sales volume and higher profit margins during the period.
Its revenues for the period reached SR507 million, an increase of 14 percent compared with the prior year.
Established in 1990, Aslak is a business unit of National Metal Manufacturing and Casting Co. or Maadaniyah.
In a separate announcement, Aslak said it will pay cash dividends of SR1 per share to its shareholders for the first half of 2022.
DUBAI: The Dubai Electricity and Water Authority has developed several artificial intelligence-based innovations to improve the efficiency of operations, and monitor cyberattacks, leaks, and faults, the Emirates News Agency (WAM) reported.
The innovations aim to boost Dubai’s competitiveness, support DEWA’s efforts to reduce carbon dioxide emissions, and keep it ahead of major European and US utilities in several indicators.
According to WAM, water network losses in 2021 will be 5.3 percent, compared to 15 percent in North America, making it one of the lowest rates in the world.
DEWA managing director and CEO Saeed Mohammed Al-Tayer said the authority was working to reshape the concept of a utility through Digital DEWA to become the world’s first digital utility company with autonomous systems for renewable energy and storage, while also expanding the use of AI and digital services.
These efforts contributed to Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum’s Dubai 10X initiative.
“We seek to achieve the objectives of the UAE Water Security Strategy 2036,” Al-Tayer said. “We continue developing proactive solutions for the challenges of the next 50 years to make the UAE the world’s leading nation by its centennial in 2071. This is by using our advanced smart grid and the latest Fourth Industrial Revolution technologies, as well as effective governance practices to raise efficiency and develop unique experiences that make Dubai a global model for clean energy, water, and green economy.
“The state-of-the-art infrastructure of DEWA, adopting innovation and the latest tools for anticipating the future, as well as sound scientific planning, have helped it keep pace with the growing demand for water in Dubai according to the highest standards of availability, reliability, and efficiency.
“DEWA’s total production capacity has reached 490 million imperial gallons per day of desalinated water, including 63 MIGD using reverse osmosis.
“The full length of water transmission and distribution lines has reached 13,592 kilometers across Dubai by the end of 2021. This helps DEWA maintain its services for more than 3.5 million people who live in Dubai and millions of visitors.”
DEWA offers a high-water usage alert to assist customers under the Smart Response initiative, which sends a text in the event of an unusual increase in water consumption.
RIYADH: The Aramco Entrepreneurship Center, also known as Wa’ed, has already spent $60 million as venture capital investments for Saudi startups this year as the country steadily diversifies its economy, disclosed a top official.
Speaking on the sidelines of the second edition of the Fintech Accelerator Program in Riyadh, Fahad Alidi, the CEO of Aramco Entrepreneurship Center, said that Wa’ed had during the event granted seed funding of SR50,000 ($13,312) each to three fintech startup firms.
Alidi added that the organization had awarded at least SR150 million in venture capital to fintech firms over the past few years.
He further stated that Wa’ed had increased its ticket size from $5 million to $20 million to target later-stage funding rounds to partner with founders from the concept phase to the initial public offering.
According to him, Saudi Arabia’s fintech companies are growing at a very accelerated pace.
These fintech companies continue to innovate. They continue to ride on the ease of regulations. As a result, they make everyone’s life much easier.
Fahad Alidi, CEO of Aramco Entrepreneurship Center
“These fintech companies continue to innovate. They continue to ride on the ease of regulations. As a result, they make my life, your life and everyone’s life much easier,” he said.
During the interview, Alidi said that besides fintech, various other sectors had shown an appetite for considerable growth in the Kingdom.
“There are opportunities in some sectors that we believe should receive more attention. From our end, we have been investing in the Internet of Things. We are very interested in IoT,” Alidi told Arab News.
The official said the organization had awarded at least SR150 million in venture capital to fintech firms over the past few years.
He added: “We hope to see a pick up in sustainability, metaverse and Web 3.0 applications. We also hope to see more attention given to what we call underserved domains.”
Wa’ed is also keen on supporting startups entering the Saudi ecosystem to fuel growth in line with the Vision 2030 blueprint.
“We are with you from your first investment, from ideas throughout your growth journey until your IPO. So, we always present ourselves as your partner from the idea stage to the unicorn or the IPO,” he further added.
RIYADH: Almutlaq Real Estate Investment Co., the real estate subsidiary of the Al Mutlaq Group, has strong confidence in The Red Sea Project as it eyes further collaboration with The Red Sea Development Co., said a top official.
In an exclusive interview with Arab News, Abdullah Almazrou, CEO of AREIC, said that the group’s association with TRSP would benefit the firm and enrich the hospitality sector in Saudi Arabia.
On July 3, AREIC signed a joint venture agreement worth SR1.5 billion ($400 million) with TRSDC. Under the agreement, the two companies will develop the Jumeirah Red Sea, a 159-key luxury resort situated on the Red Sea destination’s hub island, Shoura, currently under construction and expected to open in early 2024.
The strategic partnership also marked the first JV established by TRSDC.
“Our partnership with the Red Sea will not stop at that point. We have a strong belief in expanding more and more. I cannot be specific because our belief in such projects might go beyond expectations,” Almazrou told Arab News.
Almazrou also lauded Crown Prince Mohammed bin Salman for turning the Kingdom into an investment-friendly nation and added that the TRSP was finalized after a thorough analysis.
“We look at opportunities. The vision of our crown prince to select that particular place went through a lot of analysis. As we all know, our country is rich in opportunities, from geographical to the environment, to locations, to the economy and human capabilities,” he further said.
When asked about the timeline to make a profit from the AREIC’s project in TRSP, he said: “For such projects, it will take a certain time because it is not only our project, it is the entire Red Sea Project. So, our belief in the Red Sea management and the decision-making being taken to being considered, we are confident that such a project will benefit us.”
After signing the JV agreement, John Pagano, Group CEO of TRSDC, said that the investment “reinforces the private sector’s alignment with our commitment to regenerative tourism and sustainable development.”
Almazrou talked about the progress of AREIC’s project construction in TRSP and said: “Now they are almost on the final stage of the infrastructure. And definitely, the next will be the building itself. We expect it to be completed by the second half of 2024.”
TRSP, currently in the first phase of development, will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and total retail, dining, and entertainment offering.
The CEO lauded Crown Prince Mohammed bin Salman for turning the Kingdom into an investment-friendly nation and said the TRSP was finalized after a thorough analysis.
During the interview, Almazrou noted that the real estate sector in the Kingdom has been growing very fast in the last two years.
“Huge investments are being made by international developers in the Kingdom. I don’t think these huge investments will be delivered without such strong belief and trust in our economy and future growth,” he added. He further stated that Al Mutlaq Group has a portfolio of around 20 locations around the Kingdom, which includes a retail mall in the South of Riyadh. He noted that Al Mutlaq Group’s operations are diversified in the hospitality, retail, and housing sectors.
Almazrou also added that TRSP is training many Saudi Arabian talents. He made it clear that projects like TRSP are enriching the job opportunities in the Kingdom.
“We have a strong belief in the young Saudi generation who spend time on their education, from within the Kingdom or outside,” he noted.
RIYADH: Executives from Tullow Oil held talks with India’s ONGC Videsh Ltd. in Nairobi this week as the London-based firm seeks a strategic investor for its onshore oil project in Kenya, the company said on Saturday.
A senior official at Kenya’s ministry of petroleum and mines tweeted earlier this week that ministry officials had met the Indian High Commissioner to Kenya along with representatives of ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, and Indian Oil Corporation Limited.
“The meeting was positive and the parties agreed to hold further discussions in the coming weeks,” Africa-focused Tullow said in a tweet about the meeting, adding that the talks had been hosted by the ministry of petroleum and mines.
Africa-focused Tullow said earlier in July it was confident it could make substantial progress to find an investor for its onshore oil project in the East African country in the second half of the year.
India’s Yes Bank to raise $1.1bn via stake sale
India’s Yes Bank said on Friday it will sell up to 10 percent stake to US private equity firms Carlyle Group Inc. and Advent International for $1.1 billion.
Yes Bank will raise the funds through a combination of about $640 million in shares and about $475 million in share warrants, the private lender said in a statement.
Yes Bank will offer 3.69 billion shares to affiliates of Carlyle Group and Advent for 13.78 Indian rupees ($0.1737) apiece.
The company will also issue 2.56 billion share warrants at a price of 14.82 Indian rupees per warrant to both investors.
Earlier this month, Yes Bank said it would seek to raise about $1 billion in this financial year as it exits a reconstruction plan after two years.
The company also selected an asset reconstruction firm belonging to private equity firm JC Flowers as the base bidder for the sale of bad loans worth 480 billion Indian rupees.
Ola and Uber deny report of merger talks
Uber Technologies Inc. and its Indian rival Ola on Friday denied a media report that the ride-hailing firms were in talks for a merger.
An Economic Times report said that Ola CEO Bhavish Aggarwal had met top Uber executives in San Francisco, US, citing two sources.
“That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” Uber said in a statement.
Ola’s Aggarwal tweeted, “Absolute rubbish. We’re very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge.”
(With input from Reuters)
via Inferse.com https://www.inferse.com
July 31, 2022 at 10:57PM