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Saudi start-up wins Visa award for digital finance

RIYADH: A Riyadh start-up has won top prize in a Visa-sponsored competition that seeks to improve digital shopping. Amwal Tech, which was set up last year, came top in the Saudi heat of the Visa Everywhere Initiative, taking a SR150,000 ($40,000) prize for its all-in-one encrypted transaction and identity app that processes payments quickly and safely. Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000, and also won a separate “social impact award” with a SR50,000 prize. Monak, a “digital lifestyle” company, came third and won SR50,000.
Business

Bank of China to launch in Riyadh in 2021, confirms official

RIYADH: In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq. It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.
Business

Saudi Arabia’s NDMC Concludes $667m Sukuk Issuance in June

RIYADH: Saudi Arabia’s National Debt Management Center announced the closure of the riyal-denominated sukuk program issuance for June with the total bid amount received at SR2.5 billion ($667 million).    The total amount allocated was SR7.43 billion with the sukuk issuance divided into tranches — the first has a size of SR622 million maturing in 2030. The second tranche was valued at SR1.84 billion million maturing in 2035, the NDMC said in a statement   Also called an Islamic bond, sukuk is a debt product issued according to Shariah or Islamic laws.    
Business

Paris Event Showcases Gulf Business: The French Connection

PARIS: A landmark two-day business event showcasing opportunities for commercial partnerships between France and the Gulf states begins in Paris on Tuesday. Vision Golfe is a new platform promoting business cooperation in high-growth potential markets in both private and public sectors, such as trade, sports, culture, energy and the environment. Key economic players, government ministers, small business managers, start-ups and senior executives will have the opportunity to meet and exchange views.
Business

George Soros hands over control of his empire to younger son: WSJ

NEW YORK: Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.
Business

Saudi Arabia and UK Collaborate at London Forum to Celebrate Achievements and Discuss Future Vision

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration. The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.
Business

Qatar’s Q1 budget surplus exceeds expectations at $5.4bn

RIYADH: Qatar registered more than two-thirds of its expected 2023 budget surplus in the first three months of the year thanks to a large inflow of oil and gas revenues, the country’s Finance Ministry has revealed. According to Qatar’s state news agency, the country’s trade balance was 19.7 billion Qatari riyals ($5.4 billion) in the black for the first quarter of the year, the equivalent of 68 percent of its anticipated budget surplus for 2023.
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Iran’s Raisi Criticized by Son of Ousted Shah | TOME

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PARIS: Iran’s former president Ebrahim Raisi, who died in a helicopter crash, is not worthy of condolences due to the rights abuses he is accused of overseeing, the son of the late Iranian shah said Monday. US-based Reza Pahlavi, whose father Mohammad Reza Pahlavi was ousted in the 1979 Islamic revolution and died in exile in 1980, warned the death of Raisi would not affect the policies of the Islamic republic at home or abroad.

Iran announces mourning period for President Raisi | TOME

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President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian were killed in a helicopter crash in poor weather.

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Iran’s Raisi Criticized by Son of Ousted Shah | TOME

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PARIS: Iran’s former president Ebrahim Raisi, who died in a helicopter crash, is not worthy of condolences due to the rights abuses he is accused of overseeing, the son of the late Iranian shah said Monday. US-based Reza Pahlavi, whose father Mohammad Reza Pahlavi was ousted in the 1979 Islamic revolution and died in exile in 1980, warned the death of Raisi would not affect the policies of the Islamic republic at home or abroad.

Iran announces mourning period for President Raisi | TOME

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President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian were killed in a helicopter crash in poor weather.

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Cambodia launches $36.6bn building drive, China and Japan vie for spoils

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Cambodian Prime Minister Hun Manet has unveiled a 174-project master plan that has attracted bids by rival powers.

Olympic Athletes’ Financial Hurdles | TOME

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Full-time training, travel to compete, medical and most other costs for these athletes are out of pocket.

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