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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

“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. 
Business

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.
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. 
Business

Mirfa 2 RO Plant in UAE Secures $620m for Financial Closure

RIYADH: Abu-Dhabi-based Mirfa 2 water desalination project has secured funding of 2.3 billion dirhams ($620 million), achieving financial closure of what will become the UAE’s third-largest reverse osmosis plant.  Abu Dhabi National Energy Co., or TAQA, announced the financial closure alongside French low-carbon services company ENGIE and Emirates Water and Electricity Co. in a bourse filing. 
sport

WBC Celebrates 60th Anniversary with Emphasis on Boxing Diversity

The boxing world is celebrating as the World Boxing Council (WBC) proudly enjoys its Diamond Anniversary; 60 years of promoting the “sweet science” of boxing, shaping the sport’s landscape and awarding its champions with its famous green and gold belts. Since its inception in 1963, the WBC has been an instrumental force in boxing, fostering sporting excellence, advocating for fighters’ rights and inspiring millions of fans worldwide.
sport

Tunisia leads Arab teams in 2023 FIFA U-20 World Cup knock-out stages

There will be an Arab team in the knockout stages of the 2023 FIFA U-20 World Cup, but Tunisia made it through by the narrowest of margins and will take on Brazil in the second round on Wednesday. At the end of the group stage, the North Africans were the fourth of the four best third-placed teams to go through, edging out France courtesy of a slightly better goal difference after both finished on three points. It shouldn’t have been so tense. Earlier on Sunday, Tunisia were heading for a 0-0 draw against Uruguay in Group E that would have been enough.
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15 Years Covering Violent Crackdowns on Protests: Unhinged Police Overreaction | TOME

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When police attacked student protesters, a lone trash can was the only damaged property I saw around City College of New York.

The post I’ve Covered Violent Crackdowns on Protests for 15 Years. This Police Overreaction Was Unhinged. appeared first on The Intercept.

US pressures Israel on Gaza aid as truce talks continue

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Top US diplomat says efforts to deliver humanitarian aid to Gaza must be accelerated and sustained as famine looms.

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US Pro-Palestinian University Protests: TOME

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Pro-Palestinian protests have erupted at university campuses across the US.

Blinken to Push Netanyahu on Gaza Aid During Israel Trip

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AMMAN: US Secretary of State Antony Blinken said on Tuesday he would discuss with Prime Minister Benjamin Netanyahu measures that Israel still needs to take to increase the flow of aid into Gaza during his planned talks in the country on Wednesday. Blinken arrived in Israel on Tuesday to also push for a much awaited ceasefire between Israeli forces and Hamas militants in Gaza. Ahead of his arrival in Israel, Blinken spoke to reporters at a warehouse of the Jordan Hashemite Charity Organization where aid shipments from US-based charities are gathered.

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Microsoft to invest $1.7 billion in AI and cloud infrastructure in Indonesia

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Microsoft CEO Satya Nadella says investment will help Southeast Asia's biggest economy thrive in 'new era'.

IMF to release $1.1bn loan to Pakistan after key meeting

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Pakistan seeks another long-term IMF programme to support its ailing economy but experts say focus must be on reforms.

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