https://arab.news/86drk
RIYADH: Saudi Arabian Mining Co. Ma’aden has successfully extracted lithium from seawater, although not at levels that are commercially viable, and its project remains at the pilot stage, the company's CEO told Reuters on Tuesday.
“We are actually producing lithium from seawater now,” Robert Wilt said.
Wilt, who is also the vice chairman of Manara Minerals, also said that company was not looking at acquiring diamond business De Beers. “We are not looking at De Beers at all,” he said.
RIYADH: Saudi Arabia’s military spending has increased at an annual rate of 4.5 percent since 1960, reaching $75.8 billion in 2024. This accounts for 3.1 percent of global defense spending, according to a senior official.
Speaking at the fourth Global Strategies in Defense and Aerospace Industry Conference in Antalya, Turkiye, Ahmed bin Abdul Aziz Al-Ohali, governor of the General Authority for Military Industries, noted that global military expenditure now totals $2.44 trillion.
Al-Ohali emphasized that Saudi Arabia has earmarked around $78 billion for the military sector in its 2025 budget. This allocation represents 21 percent of the total government spending and 7.19 percent of the country’s gross domestic product.
The governor reiterated that the work of GAMI is aligned with Saudi Vision 2030, which seeks to build a prosperous, diversified, and sustainable economy by reducing dependence on oil revenues and fostering growth in industry and innovation.
“In the presence of His Excellency Prof. Haluk Gorgun, chairman of the Defense Industries Authority of Turkiye, and leaders of Turkish military industry companies, I discussed Saudi Arabia’s ongoing transformation toward a more diversified and innovation-driven economy,” Al-Ohali stated.
He further added: “I also emphasized the promising investment opportunities within Saudi Arabia’s military industries sector and the strategic partnerships between our two countries, with the goal of localizing over 50 percent of military spending by 2030.”
The governor underscored GAMI’s commitment to developing a sustainable military industries sector that not only strengthens military readiness but also makes a significant contribution to the national economy.
To achieve its localization goals, the authority has introduced several initiatives designed to attract both foreign and domestic investments in the defense sector.
Al-Ohali highlighted that GAMI has rolled out a range of incentives to encourage investment and expand military industries, helping companies meet localization targets.
“A total of 74 supply chain opportunities have been created within the military industries sector, with 30 priority opportunities identified, representing about 80 percent of future expenditures on supply chains,” he noted.
The authority is also offering support and facilitation to small and medium-sized enterprises specializing in military industries, both domestically and internationally.
“The aim is to establish a resilient and robust military industrial base that will not only bolster national security but also contribute significantly to the Kingdom’s economic diversification,” Al-Ohali added.
In November of last year, Al-Ohali mentioned at the Local Content Forum that Saudi Arabia had localized 19.35 percent of its military spending, a significant increase from just 4 percent in 2018. The Kingdom plans to exceed 50 percent by 2030.
He also pointed out that the number of licensed entities in the military industries sector had risen to 296 by the third quarter of 2024.
Saudi Arabia continues to solidify its position as a key player in the global defense sector, with strategic partnerships and industrial development playing a pivotal role in achieving the goals outlined in Vision 2030.
JEDDAH: Saudi Arabia has launched the second round of its subscription-based savings product, Sah, for 2025, offering a competitive return of 4.94 percent for February.
Issued by the Ministry of Finance and organized by the National Debt Management Center, the Sah bonds are the Kingdom’s first savings product designed specifically for individuals.
Structured within the local bond program and denominated in Saudi riyals, Sah offers attractive returns to promote financial stability and growth among citizens.
The product aligns with the Financial Sector Development Program under Saudi Vision 2030, which aims to raise the savings rate among residents from 6 percent to the international benchmark of 10 percent by the end of the decade.
The Shariah-compliant, government-backed sukuk began at 10:00 a.m. Saudi time on Feb. 2 and will remain open until 3:00 p.m. on Feb. 4. Redemption amounts are expected to be paid within a year, as announced by the NDMC on X.
Sah offers fee-free, low-risk returns and is available through the digital platforms of various approved financial institutions. The bonds are issued monthly based on the issuance schedule, with a one-year savings period, fixed returns, and profits paid out at the bond’s maturity.
The minimum subscription amount is SR1,000 ($266), corresponding to the value of one bond, while the maximum total issuance per user during the program period is SR200,000. Returns are paid monthly per the issuance calendar.
The savings period lasts one year with a fixed return, and accrued profits are disbursed at the bond’s maturity. Future returns will be influenced by market conditions on a month-to-month basis.
The product is available to Saudi nationals aged 18 and older, who must open an account with either SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al-Rajhi Capital.
Last month, NDMC announced the closure of the year’s first issuance with a total amount allocated of SR3.724 billion. It was divided into four tranches, with the first valued at SR1.255 billion to mature in 2029 and the second worth SR1.405 billion, maturing in 2032. The third tranche totaled SR1.036 billion to mature in 2036, while the fourth amounted to SR28 million and matures in 2039.
The initial 2025 issuance concluded on Jan. 7, offering a competitive return of 4.95 percent over its three-day subscription period.
RIYADH: Saudi Arabia’s stc Group has emerged as the largest listed telecom operator in the Middle East and North Africa, with a market capitalization of $57.7 billion as of Jan. 28, according to a Forbes analysis.
The ranking places stc ahead of UAE’s e&, the Kingdom’s Etihad Etisalat, also known as Mobily, Qatar’s Ooredoo Group, and UAE’s Emirates Integrated Telecommunications Co., which round out the top five telecom firms in the region by market value.
The combined capitalization of these five companies stood at $132 billion, representing 84.7 percent of the total market value of the 16 publicly listed telecom operators in the region.
stc’s share price rose 2 percent year on year to SR43.3 ($11.6) as of Jan. 28. On Feb. 2, the stock gained 0.34 percent to trade at SR43.65 as of 12:30 p.m. Saudi time. The company posted a net profit of SR11.23 billion in the first nine months of 2024, marking a 2 percent increase from the same period a year earlier, according to Saudi Exchange data.
The group’s financial arm, STC Bank, recently secured a non-objection certificate from the Saudi Central Bank to commence operations, becoming the first licensed digital financial institution in Saudi Arabia. The approval aligns with the regulator’s push for digital transformation and enhanced competition in the banking sector while ensuring financial stability.
Forbes said that stc’s Saudi mobile subscriber base grew 7.9 percent year on year in the first nine months of 2024, reaching 27.6 million, while fixed-line subscribers rose 2.3 percent to 5.7 million. In contrast, stc Kuwait saw its mobile subscriber base decline 4.2 percent to 2.3 million by the end of the third quarter.
Saudi Arabia’s Public Investment Fund holds a 62 percent stake in stc Group.
Among regional rivals, e& holds the second-largest market capitalization at $41.1 billion, while Mobily ranks third at $12 billion. Mobily’s stock price climbed 14.5 percent year on year to SR58.4 as of Jan. 28, with net profit surging 43 percent to SR2.12 billion for the first nine months of 2024. The company’s subscriber base also expanded 1.5 percent to 11.7 million.
Ooredoo Group ranks fourth with an $11.4 billion market capitalization, followed by Emirates Integrated Telecommunications at $9.8 billion.
RIYADH: Oman’s trade surplus rose 2 percent year on year by the end of November, reaching 7.14 billion Omani rials ($18.5 billion), up from 6.99 billion rials in the same period of 2023.
The increase, driven largely by a surge in oil and gas exports, saw total merchandise exports grow 7.7 percent year on year to 22.23 billion rials, while imports rose 10.6 percent to 15.09 billion rials, according to preliminary data from the National Center for Statistics and Information.
Oil and gas exports surged 19.7 percent to 14.99 billion rials, compared to 12.53 billion rials in the same period of 2023.
Crude oil exports rose 2.5 percent to 9.13 billion rials, while refined oil exports saw a sharp increase of 174.9 percent to 3.57 billion rials. Liquefied natural gas exports, however, declined slightly by 1.1 percent to 2.30 billion rials.
The UAE was Oman’s top trade partner in non-oil exports, with trade reaching 935 million rials, an 8.1 percent increase from November 2023.
The UAE also remained the leading destination for re-exports from Oman at 526 million rials and was the top exporter to Oman, supplying 3.60 billion rials worth of goods.
Saudi Arabia ranked second in non-oil exports from Oman, totaling 764 million rials, followed by South Korea with 611 million rials.
Iran was the second-largest re-export destination at 335 million rials, followed by Kuwait at 110 million rials.
Among exporters to Oman, China ranked second with 1.62 billion rials, followed by Kuwait at 1.49 billion rials.
Oman’s trade surplus is part of a regional trend as the Gulf Cooperation Council continues to play a significant role in global trade.
The latest data shows that the GCC achieved a total trade volume of $1.5 trillion, securing its position as the world’s sixth-largest trader and accounting for 3.4 percent of global trade in 2023.
Oman’s non-oil merchandise exports declined by 16.6 percent to 5.64 billion rials in November, down from 6.77 billion rials a year earlier. Mineral products remained the largest category within non-oil exports at 1.62 billion rials, despite a 35.2 percent drop.
Base metals and related products fell 1.1 percent to 1.20 billion rials, while plastics and rubber products grew 10.1 percent to 896 million rials.
Exports of chemical industry products dropped 22 percent to 725 million rials, and live animals and animal products declined 12.3 percent to 320 million rials.
Re-exports from Oman grew 18.3 percent to 1.59 billion rials. Transport equipment re-exports rose 2.1 percent to 385 million rials, while electrical machinery and equipment fell 4.1 percent to 346 million rials.
Re-exported food, beverages, and liquids increased by 30.2 percent to 168 million Omani rials, and mineral product re-exports climbed 43.1 percent to 119 million Omani rials. However, re-exports of live animals and animal products declined 13.3 percent to 89 million rials.
On the import side, mineral products accounted for the largest share, totaling 4.21 billion rials, up 9.5 percent.
Imports of electrical machinery and equipment grew 26 percent to 2.61 billion rials, while base metals and related products declined 1.2 percent to 1.45 billion rials.
Chemical industry imports rose 2.7 percent to 1.40 billion rials, and transport equipment imports increased by 13.1 percent to 1.35 billion rials. Other imported products totaled 4.07 billion rials.
Oman’s crude oil exports totaled approximately 308.42 million barrels by the end of December, with an average price per barrel of $81.2.
Oil exports accounted for 84.9 percent of the country’s total oil production, which stood at 363.29 million barrels for the year.
However, total oil exports saw a slight decline of 0.6 percent compared to December 2023, when Oman exported 310.33 million barrels.
This decrease aligned with a 5.1 percent drop in overall oil production, which fell from 382.77 million barrels in the previous year.
RIYADH: Saudi Arabia’s independent digital investment platform Derayah Financial Co. has set the price range for its initial public offering at SR27 ($7.20) to SR30 per share, valuing the company at up to SR7.49 billion.
The institutional book-building period will run from Feb. 2— 9, with the final offer price determined thereafter, the company said in a statement.
The offering, comprising 49.95 million shares — equivalent to 20 percent of the company’s issued share capital — is expected to raise between SR1.35 billion and SR1.50 billion.
Derayah Financial’s planned IPO aligns with Saudi Arabia’s broader push to develop its fintech sector, which has seen significant growth in recent years.
The Financial Sector Development Program aims to boost fintech’s economic contribution, enhance financial inclusion, and drive innovation in digital financial services.
The IPO consists of a partial sale by existing shareholders, with the proceeds distributed among them. The Public Investment Fund-backed company said it would not receive any funds from the offering.
The shares will be listed on the Saudi Exchange following regulatory approvals. According to the release, current shareholders will retain an 80 percent stake in the company post-listing, with a 24-month lock-up period applying to at least 60 percent of the stock held by major stakeholders, including executives and board members.
The company said the offering is open to institutional investors, including qualified foreign institutions, investment funds, and Gulf Cooperation Council-based investors.
It added that up to 10 percent of the offering, or 4.94 million shares, will be allocated to individual investors, with the remainder reserved for institutional buyers. If retail demand is strong, the institutional allocation could be reduced to 90 percent of the total offering.
Retail subscription is scheduled to open on Feb. 20 and close on Feb. 22, with final share allocation set for Feb. 27, the release added.
Derayah Financial is among the leading independent firms in brokerage revenues and holds the third-largest market share in Saudi Arabia’s digital investment sector, with assets under management totaling SR15.1 billion as of June 30.
Saudi Arabia has seen a surge in IPO activity in recent years, leading the GCC region by raising $4.1 billion across 42 offerings, according to a report from the Kuwait Financial Center, also known as Markaz.
The report also said that IPO proceeds in the GCC increased by 23 percent compared to 2023, reaching a total of $13.2 billion across 53 public offerings last year.
