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PIF’s Jada to Boost Saudi Arabia’s Startup Scene

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.
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Michael Jordan selling majority stake in Charlotte Hornets NBA team.

NEW YORK: Basketball legend Michael Jordan has agreed to sell his majority stake in the NBA’s Charlotte Hornets to an investment consortium, the team announced Friday. The buyer group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice. The group also includes musicians J. Cole and Eric Church, said a press release from Hornets Sports & Entertainment that did not disclose financial terms.
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“DP World ILT20 Season 1: A Popular Choice for Cricket Fans”

Dubai: The inaugural edition of the UAE’s DP World ILT20 cricket league made great waves around the world as the Gulf Giants lifted the glittering trophy in the Feb. 12 final at the Dubai International Stadium. The tournament decider was played in front of a packed stadium as the James Vince-led Giants made history by becoming the first-ever champions of the UAE’s T20 league.
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

Saudi-US Trade Surges by 39% in 2022: Report

RIYADH: Oil and fertilizer exports helped Saudi Arabia record a 39 percent surge in trade with the US in 2022, demonstrating strengthening ties between the two nations.   According to a report by the US-Saudi Business Council, the total trade value reached SR130 billion ($34.7 billion), fueled by both an uptick in Saudi oil exports and a record-breaking non-oil trade. Notably, non-oil exports from Saudi Arabia to the US in 2022 touched SR10.1 billion, marking a 10 percent increase from the previous year.
Business

Arab-China Connection Strengthened by Riyadh Event, Industry Leaders Say

RIYADH: Participants of the 10th Arab-China Conference that concluded in Riyadh on Monday are optimistic that the evolving economic landscape of Saudi Arabia and Chinese expertise will help drive a huge transformation in the Kingdom and the wider Middle East. Rupert Hoogewerf, a researcher who founded the Huron Report, was one of the many key business personalities present at the two-day event.
Business

Oil Prices Head for Second Weekly Loss on Demand Concerns

SINGAPORE: Oil prices looked set to post their second straight weekly loss as they continued to fall on Friday over demand concerns and skepticism that the US and Iran could strike a nuclear deal, according to Reuters. Brent crude futures dropped 35 cents, or 0.5 percent, to $75.61 a barrel by 7:04 a.m. Saudi time, while the US West Texas Intermediate crude futures eased 35 cents, or 0.5 percent, to $70.94.
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