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Saudi Arabia raised €1.5 billion ($1.82bn) through the sale of euro-denominated bonds, its second deal in two months as the kingdom continues to diversify its funding base and take advantage of low interest rates.
The Arab world s biggest economy raised €1bn through three-year notes maturing in 2024, with a negative return of -0.06 per cent, and €500 million through nine-year notes, offering a return of less than 1 per cent, the kingdom’s National Debt Management Centre (NDMC) said in a statement through the Saudi Press Agency on Thursday.
The issuance – the largest with a negative yield outside the European Union – was more than three times oversubscribed with total orders topping €5bn, minister of finance and acting minister of economy, Mohammed Al-Jadaan, said in a separate statement to the state news agency.
Tarabut s platform provides open banking services and rated as high growth prospect Open Banking is built around using consumer driven data to provide for a wider basket of financial services delivered digitally. Image Credit: Supplied
Dubai: This is already turning out to be a good year for UAE and Gulf based tech startups.
Tarabut Gateway, the fintech specialisng in open banking services, has secured $13 million in new funds – making it the largest fintech seed round in MENA history . Tarabut Gateway, with offices in Abu Dhabi and Dubai as well as in London and Manama, will expand both its team geographic reach with the support of the new cash in hand. The plan is to hire 40 additional team members by the end of this year.
NUR-SULTAN. KAZINFORM – The Agency for Financial Market Regulation and Development together with the Government of Kazakhstan will map out the Concept of Financial Sector Development for 2030, head of the agency Madina Abylkassymova revealed Tuesday, Kazinform correspondent reports.
Abu Dhabi, United Arab Emirates – XX February, 2020: Tarabut Gateway, the
region’s first and largest Open Banking platform, has secured $13million – making it the largest FinTech seed round in MENA history. Tarabut Gateway, which has offices in Abu Dhabi, Dubai, London and Manama, reported that the funding will support it in scaling its team and expanding regionally.
The announcement follows Tarabut Gateway’s recent expansion into the UAE in October 2020. The business reveals that it will use the funding for further geographic growth and the development of its current product offerings.
CEO and founder of Tarabut Gateway, Abdulla Almoayed, said: “
Saudi insurance sector poised for increased M&A activity in 2021: analysts
19/02/2021 Argaam Special Share
by Parag Deulgaonkar
Saudi Arabia’s insurance market is set to witness consolidation, with mergers and acquisitions (M&As) gaining pace during the year, according to analysts.
“We expect continued M&As in the insurance sector. However, given the pandemic is still ongoing, we consider that some potential M&A activity could take more time to complete,” Panagiotis Toskas, Associate Director – Insurance, Fitch Ratings, told
Argaam.
In January, the Saudi Central Bank (SAMA) reiterated the need for insurance companies to look at M&A deals since the sector is a key driver of the Kingdom’s economy and a pillar of the Financial Sector Development Program.