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“Bateel expands culinary offerings with new Bateel Bakery launch”

RIYADH: Bateel International has launched a new bakery which will feature food freshly prepared each day on the premises. The inaugural Bateel Bakery outlet has opened in Waitrose Khalifa City Community Centre, Abu Dhabi, with the first Dubai outlet set to launch this summer in DIFC’s Index Tower. According to a press release, every item on the menu – from single-origin coffees to organic breads, pastries, salads and sandwiches – is freshly prepared each day by the in-house team of bakers, chefs and baristas.

“2 Fintech Firms Receive Open Banking Certifications from Saudi Central Bank”

RIYADH: Saudi Arabia is fostering personalized financial products and services tailored to customer needs with the Kingdom’s monetary authority, granting open banking certifications to two fintech companies.  The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency.  This brings the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45. 

Oil market finds relief amidst concerns over rate hikes

RIYADH: Oil steadied on Thursday as a potential pause in US interest rate hikes and the passing of a crucial vote on the US debt ceiling bill were offset by a report of rising inventories in the world’s biggest oil consumer. US Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the US House of Representatives passed a bill suspending the government’s debt ceiling, improving the chance of averting a disastrous default.

Saudi fintech firm raises $3.2m in seed funding

RIYADH: EdfaPay, a Saudi-based fintech startup that helps companies use their smartphones for payment, has raised $3.2 million in a seed funding round. The funding round was led by Sanabil 500 MENA, Nufud Wealth International, Atmiid Investment, Basmah Commercial Investment, and a group of local and international angel investors. EdfaPay aims to utilize the capital to strengthen its operations in the Kingdom and expand to Pakistan and South American countries.

PIF acquires 30% stake in top grocery chain in Saudi Arabia

  RIYADH: In a bid to expand its existing portfolio and strengthen the private sector, Saudi Arabia’s sovereign wealth fund has inked a deal to invest in Tamimi Markets Co., one of the leading grocery chains in the Kingdom.  According to the agreement, the Public Investment Fund will become a shareholder with 30 percent ownership of Tamimi Markets by way of a capital increase and subscription of new shares. 

Big inflows in US money market funds due to debt ceiling caution

BENGALURU: US money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country’s debt ceiling, according to Reuters. According to Refinitiv Lipper data, US money market funds received a net $39.9 billion of inflows, the biggest week of net buying in four weeks.

Dubai’s April Inflation Drops to 3.27%, Lowest in 13 Months

RIYADH: Dubai’s inflation slowed to its lowest level in 13 months in April to reach 3.27 percent, pulled back by decelerating transportation and food prices, the latest data from the emirate’s statistics authority showed.      This comes as Dubai’s Consumer Price Index dropped to its lowest level since February 2022, when inflation reached 2.65 percent.    The slowdown of price levels aligns with inflation trends across the Gulf Cooperation Council region, as well as that of the world.  

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