Latest news with #CleofeMaceda
Zawya
3 days ago
- Business
- Zawya
Saudi IT Group MIS fully divests investment in US AI firm Anthropic
Saudi Arabia-listed Al Moammar Information Systems (MIS) has divested 100% of its investment in American artificial intelligence (AI) firm Anthropic for $9.33 million. The transaction generated $4.26 million in profit for MIS that will be reflected in the second-quarter 2025 financial results, the company confirmed on Tuesday. MIS earlier said it would establish an investment portfolio in global AI companies, as part of its strategy to enhance revenue streams. It initially allocated SAR 40 million for the purpose through self-financing. Last year, MIS invested $5 million in Anthropic as part of a Series D funding round. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
4 days ago
- Business
- Zawya
Saudi feed company Naf seeks $8.1mln from IPO
Saudi Arabia's Naf Company for Feed for Industry (Naf), an animal fodder producer, is looking to raise SAR 30.4 million ($8.1 million) from its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) Parallel Market, Nomu. The company, whose core business involves the manufacturing and sale of various feed products for livestock and poultry, has set its IPO price at SAR 76 per share. The offering comprises 400,000 ordinary shares, representing a 20% stake. All the 400,000 offer shares will be allocated to qualified investors. Minimum subscription is set at 10 shares and maximum at 90,000 shares. The offering will run for five days, from June 22, 2025 to June 26, 2025. Naf has appointed TeamOne Company as the financial advisor for the offering. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
12-06-2025
- Business
- Zawya
Dubai-listed IFA hotel unit to hike capital to settle $56.5mln debt
The hospitality arm of Dubai-listed International Financial Advisors (IFA) Holding Company is set to increase its capital to settle more than KWD 17.3 million ($56.5 million) in debts. The hotel and resort unit's parent company, IFA Holding, confirmed on Wednesday that it has given preliminary approval to an offer to settle the borrowings through a capital increase. The capital hike proposal received the approval from IFA Holding's board of directors on June 11. The settlement is conditional upon the hotel firm completing the required procedures. Listed on the Kuwait Stock Exchange, IFA Hotels' core business is focused on the development, management and marketing of hotels and resorts. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
10-06-2025
- Business
- Zawya
Saudi banks' assets surged to $1.4trln in April 2025
Saudi Arabia's commercial banking sector continued to demonstrate strong growth, with aggregate assets rising by 7.4% in April 2025 compared to a year earlier. Total assets of lenders stood at SAR 5.3 trillion ($ 1.4 trillion) during the month, marking a robust increase from SAR 4.9 trillion in the same period in 2024, according to the latest figures from the Saudi Central Bank (SAMA). Rising claims on the private sector and the government were the main drivers for the growth, highlighting the banking sector's expanding role in supporting economic activity. Over the past several years, the banking sector's assets expanded consistently, rising from SAR 4.03 trillion in 2020 to SAR 5.17 trillion at the end of 2024, recording a growth exceeding 28%. Claims on the private sector totalled around SAR 3 trillion during the first three months of the year, making it the largest contributor to asset growth. Claims on the government also grew substantially, reaching SAR 612 billion in the same period. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
05-06-2025
- Business
- Zawya
Dubai's EIGHTClouds secures $20mln to support expansion
Dubai-based EIGHTClouds, a boutique alternative investment firm, has secured $20 million in fresh capital, as it plans to expand its business in the region, with a focus on the UAE, Saudi Arabia and other key markets. The funds were raised in just 11 months, ahead of the 24-month target, due to strong interest from investors. The proceeds are now being deployed across a series of strategic acquisitions, with several investments already completed and others in progress, the firm said. The company did not identify the investors in its latest fundraising. EIGHTClouds invests in various sectors across the region, and is now set to embark on a new series of sector-focused investment initiatives to further tap into the consumer sector, with initial focus on scalable F&B concepts, hospitality models and experience-led brands. (Writing by Cleofe Maceda; editing by Seban Scaria)
