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Lucid Group aims to raise $3bn, with Saudi PIF as main investor.

RIYADH: Lucid Group plans to raise $3 billion through a stock offering, 66 percent of which will come from Saudi Arabia’s Public Investment Fund.  The California-based EV maker said Ayar Third Investment Co., which is its majority stockholder and an affiliate of the PIF, has agreed to buy as much as 265.7 million shares in a private placement for an estimated $1.8 billion,  It said the remainder will be raised from a public offering of 173.5 million shares of common stock.  
Business

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. 
sport

Djokovic on Nadal’s retirement: “Part of me will go with him”

PARIS: Novak Djokovic admitted Saturday that when career-long rival Rafael Nadal retires next year “part of me will be leaving too.” Djokovic shares the all-time men’s record of 22 Grand Slam titles with Nadal but can break that tie by winning the French Open for a third time. Nadal, the 14-time champion in Paris, is sitting out Roland Garros with a hip injury. With his 37th birthday fast approaching, the Spaniard has admitted that 2024 will likely be his final year on tour.
Business

“CMA to List 24+ Firms on Saudi Stock Market by 2023”

RIYADH: Saudi Arabia has more than 24 initial public offerings lined up for 2023 as it seeks to create boost the economy and create financing channels for emerging sectors. A report issued by the Capital Market Authority on Sunday said the Kingdom intends to boost its market’s appeal to foreign investors and increase their ownership as a percentage of the total market value of free float shares to reach 16.5 percent by the end of 2023.
Business

TASI up 66.80 points with healthcare stocks leading at closing bell

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 66.80 points, or 0.59 percent, to close at 11,344.40 on Thursday as 132 of the 224 stocks rose, while 72 closed down. The top-performing index of the Saudi Stock Exchange was the Pharma, Biotech & Life Science Index, which soared 6.6 percent, followed by the insurance and transportation sectors, which rose 2 percent and 1.14 percent, respectively. While the parallel market Nomu rose 0.15 percent to close at 20,832.55, the MSCI Tadawul Index edged up 0.60 percent to close at 1,526.51.
Business

US Debt Ceiling Hopes Boost Global Stocks to Monthly Highs

LONDON/SINGAPORE: Global shares hit a one-month high on Friday as markets reflected increased hopes of a US debt ceiling deal that could avoid a potentially calamitous default, according to Reuters. Europe’s STOXX 600 was up 0.7 percent, while e-mini futures for the S&P 500 rose 0.2 percent, following a 0.9 percent gain for the benchmark Wall Street index overnight. MSCI’s broadest index of global shares was up 0.2 percent, hitting its strongest level since mid-April and on course for its biggest weekly gain since late March.
News

Bed Bath & Beyond files for US bankruptcy

One of the original big box retailers, it has had years of dismal sales and losses and said it will close all stores.
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