RIYADH: Bitcoin, the leading cryptocurrency, traded higher on Monday, rising by 2.77 percent to $47,212.97 at 4:17 p.m. Riyadh time.
Ether, the second most-traded cryptocurrency, traded at $3,279.89, up 3.70 percent, according to data from Coindesk.
Cryptocurrency market cap crossed $2 trillion for the first time since mid-May as Bitcoin led the rally, rising to $48,048 on early Monday, the highest since May 17.
Ether and Cardano also joined the world’s largest cryptocurrency, increasing in value by 11 percent and 53 percent in the past seven days, respectively, according to CoinMarketCap data.
A new survey published on Monday showed that Ether was the most popular cryptocurrency in Singapore.
The survey involved more than 4,000 people, 67 percent of the respondents had cryptocurrency in their wallet, and two-thirds of crypto holders increased their holdings of digital assets during the pandemic.
The survey, conducted by crypto exchange Gemini, finance platform Seedly, and information provider CoinMarketCap, also showed that crypto investors own 78 percent of Ether compared to 69 percent who own Bitcoin, while Cardano clinched the third spot with 40 percent.
People between the ages of 18 and 24 also said that more than half of their investments are in cryptocurrencies. While 34 percent of those without cryptocurrency said they plan to enter the market within the next 12 months.
The most interesting aspect of crypto for all respondents was decentralized finance, an inflation hedge, and non-fungible tokens.
In another important development, Argentina President Alberto Fernandez said he is open to adopting cryptocurrency as a legal currency.
He said: “There is a great deal of discussion about the value and use of cryptocurrencies not only in Argentina but also around the world.”
He admitted that despite his limited knowledge of cryptocurrency, this issue should be approached carefully.
The administration of US President Joe Biden is reportedly planning to nominate Rustin Behnam to lead the regulator.
The regulator is charged with supervising derivatives market activity including cryptocurrency derivatives. Behnam has also spoken positively about the use of blockchain technology in financial markets and previously called for an “open mind” on regulation in the fintech space.
Watford Football Club players wore the dogecoin meme-inspired cryptocurrency logo on their shirtsleeves as the football team returned to the Premier League on Saturday.
It was part of the club’s sponsorship deal with cryptocurrency betting platform Stake.com. The deal is worth $970,000, according to a report by The Athletic.
Talks between Saudi Aramco and India’s Reliance Industries have hit a critical stage with a deal anticipated shortly.
Saudi Aramco is to acquire a stake of about 20 percent in Reliance Industries’ oil refining and chemicals business for around $20 billion to $25 billion in Aramco’s shares, Bloomberg News reported on Monday.
Talks started in 2019 and were revived recently after the deal was delayed due to the pandemic.
In late June, Reliance’s chairman Mukesh Ambani said that he hoped this venture would formalise its partnership with Aramco and that its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as an independent director.
Reliance shares were up 2.3% at 2,194.15 rupees. Shares of Mukesh Ambani-owned Reliance Industries Limited surged more than 2% higher to 2,197 rupees per share on the Bombay Stock Exchange.
Aramco did not immediately respond to a Reuters request for comment, while Reliance declined to comment.
DUBAI: Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday quoting unnamed sources.
Potential bidders including North American private equity and infrastructure funds, as well as state-backed funds in China and South Korea have been approached by Aramco through its advisers before a formal sale process kicks off in the next few weeks, Reuters said.
The deal size may include $3.5 billion of equity and the remainder will be funded by bank debt, one of the anonymous sources said, while another source said the transaction size could top $20 billion.
“The gas deal is about the long-term view of gas utilization and consumption in Saudi Arabia,” said one source familiar with the deal, explaining why the gas deal may generate higher proceeds.
According to Reuters, the companies tapped include the ones who took part in the stake sale process for Abu Dhabi National Oil Co.’s gas pipelines, which was bought by a consortium of investors including Global Infrastructure Partners (GIP), Brookfield, Singapore sovereign wealth fund GIC and European gas infrastructure owner and operator SNAM.
Aramco did not immediately respond to a Reuters request for comment, while JPMorgan and Goldman declined to comment. Brookfield and SNAM declined to comment. GIP did not immediately respond to a request for comment.
Aramco, similar to Abu Dhabi National Oil Co. (ADNOC), used a lease and lease-back agreement to sell a 49 percent stake of newly formed Aramco Oil Pipelines Co. to the buyer and rights to 25 years of tariff payments for oil carried on its pipelines.
RIYADH: Mohammed Al-Shorafa has been appointed as chairman of Etihad Aviation Group, the Abu Dhabi media office said on Sunda
The moves comes after a resolution by the crown prince of Abu Dhabi and deputy supreme commander of the UAE armed forces and chairman of the Abu Dhabi executive council, Sheikh Mohamed bin Zayed Al-Nahyan.
Al-Shorafa is a member of the executive council and chairman of the Abu Dhabi Department of Economic Development.
He also holds senior roles in several major organisations in Abu Dhabi, where he heads the Abu Dhabi Investment Office and is a board member of the Strategic Partnership Council of the Department of Health, according to the Abu Dhabi Global Market Financial Centre.
Al-Shorafa holds a Master in Business Administration from London Business School and has completed several programmes in leading institutes, such as MIT Sloan, Citibank Global Asset Management and Harvard Business School.
The move by the crown prince also includes the appointment of Elena Sorlini as a member of Etihad’s board of directors.
Other board members of the UAE flag carrier include Hisham Khalid Malak, Masood Mohammad Mahmood, Jasim Husain Thabet, Mansour Mohamed Al-Mulla and Jacob Kalkman, the media office said.
DUBAI: Residential property prices in Dubai accelerated in July, with villas recording the highest gains in six years, according to the latest ValuStrat Price Index (VPI) published this week.
According to the report, villas, which represent 13 percent of the UAE emirate’s residential market, saw a 3.1 percent increase in VPI in July, compared to the month before.
Apartments only edged 0.8 percent higher, the report showed.
Overall, Dubai’s VPI, which is a valuation-based index, recorded a growth of 1.8 percent.
These figures put the annual average per square foot of a residential property in Dubai at 1,012 dirhams this year, compared to 894 dirhams in 2020.
The week-long Eid holidays affected sales in July, where the volume was 41.7 percent less than in June. Ready sales fell by 50 percent, while off-plan contract registrations were down by 30 percent.
Most of the sales were from Emaar-developed properties at 20.4 percent, the report showed, with other top performing developers being Sobha and Nakheel.
The VPI monitors 13 villa locations and 21 apartment areas in Dubai, and all of them have seen capital values stabilizing or improving in July – a movement which has not been seen in six years.
RIYADH: The Burgerizzr burger chain’s initial public offering (IPO) was oversubscribed by 500 percent on the first day, according to the financial advisor in charge of the share sale Emirates NBD Capital KSA.
It added the price range for the offering will be between SAR 150 and SAR 165 per share at the start of the book-building process.
“The final price for the shares will be determined on completion of the book-building process,” the company said in a statement on Tadawul.
Burgerizzr said in its prospectus it plans to sell 725,000 of its shares, representing 29 percent of its capital, in the parallel market Nomu, according to Argaam data.
The IPO for the eligible groups began on Aug.15, 2021, and will end on Aug. 23, 2021, the prospectus said.
Burgerizzr was co-founded in 2009 by Mohammad Al Ruwaigh and has grown from one beef and chicken burger restaurant to 65 outlets throughout Saudi Arabia.
The chain targets 100 restaurants by the end of 2020 and 200 by 2025.