Latest news with #SaudiArabia-based
Yahoo
6 days ago
- Business
- Yahoo
Saudi Arabia's tiqmo and MoneyGram partner to power cross-border money movement
MoneyGram has teamed up with Saudi Arabia-based financial app tiqmo to enable international money transfers, according to a press release by Zawya. Through this collaboration, tiqmo users in Saudi Arabia can now access MoneyGram's global network to send funds to over 200 countries and territories. The partnership provides tiqmo customers with the ability to reach more than five billion digital endpoints and over 480,000 MoneyGram locations worldwide, the press release said. Users will have options to send and receive money in over 120 currencies. The service is expected to be particularly useful for customers sending money to countries such as India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia, and Nepal. The new service is now operational and available to all tiqmo users in Saudi Arabia. tiqmo managing director Abdulaziz Al Ajlan said: 'We believe that our partnership with MoneyGram will strengthen tiqmo's portfolio of international financial services and connect our customers with a payment brand known around the world. 'In line with Vision 2030 and the Kingdom's digital transformation objectives and in pursuit of our goal to redefine digital financial services, we are delighted to welcome MoneyGram into our world-class digital payments ecosystem for the MENA financial services and marketplace.' MoneyGram Middle East, South Asia & Asia Pacific head Ahmed Aly stated: 'This partnership reflects MoneyGram's leadership in enabling digital cross-border payments and advancing financial inclusion across the region. 'By expanding our digital network through this collaboration with tiqmo- one of the Kingdom's most innovative and fast-growing wallets- we are reinforcing our role as a key enabler of remittance innovation and supporting Saudi Arabia's Vision 2030 towards a more inclusive and digital empowered financial ecosystem.' tiqmo's services include bank account transfers, digital wallet transfers, cash pick-up, bill payments, and mobile top-ups. Since its launch in 2024, tiqmo has been serving regions across the Middle East and North Africa (MENA) and is licensed by the Saudi Central Bank. Last month, MoneyGram unveiled MoneyGram Ramps, an API that facilitates cash-to-crypto and crypto-to-cash services through a single integration. "Saudi Arabia's tiqmo and MoneyGram partner to power cross-border money movement " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
06-06-2025
- Business
- Reuters
Nasdaq-bound Hotel101 eyes expansion into Latin America, Oceania, CEO says
SINGAPORE, June 6 (Reuters) - Hotel101 Global, a unit of Philippine-listed real estate company DoubleDragon ( opens new tab, is looking to expand into Latin America and Oceania in addition to growing its presence in existing regions including Asia, its CEO Hannah Yulo-Luccini told Reuters on Friday. Last month, Hotel101 entered into a partnership with Saudi Arabia-based Horizon Group to build 10,000 rooms or 20 hotels across the Kingdom, marking its fourth destination outside of the Philippines and after Japan, Spain and the U.S. CONTEXT Hotel101 is due to list on Nasdaq following a merger with a Nasdaq-listed special purpose acquisition company JVSPAC Acquisition Corp (JVSA.O), opens new tab that puts Hotel101 equity value at $2.3 billion. Both companies on Monday had obtained regulatory nod to proceed. JVSPAC is a publicly listed shell that raises funds to merge with a private entity. WHY IS IT IMPORTANT Upon listing, the combined company will operate as Hotel101 and will become the first Philippine-owned company to be listed and traded on Nasdaq, which the CEO says will help it with its international expansion. DETAILS Singapore-headquartered Hotel101 builds and operates hotels with standardized, 21 square metre rooms that it sells individually to investors. Its asset-light business model generates revenue first from room sales and then from the recurring income from day-to-day hotel operations. KEY QUOTES: "This whole process of becoming a Nasdaq-listed company has really allowed us to really have that global credibility as we expand the brand to 25 countries in the near term," Yulo-Luccini said. "Other than the Saudi JV, we're actually working on five more hotel JVs."
Yahoo
05-06-2025
- Business
- Yahoo
Joby Aviation stock keeps rising on news that it will ‘explore opportunities' to supply flying taxis to Saudi Arabia
Shares in Joby Aviation (NYSE: JOBY) jumped yesterday after the air taxi company announced a potential deal with the Saudi Arabia-based Abdul Latif Jameel. The deal could lead to Joby supplying up to 200 of its eVTOL aircraft. Here's what to know about the potential and its effect on Joby's stock price. The household auto fleet is a money pit Why AI Is Making 1:1 Meetings Irrelevant Where are the wildfires in Canada? Maps pinpoint the location of fires and air-quality threats from smoke Joby Aviation, better known as Joby, is a Santa Cruz, California-headquartered aviation company that is developing a fleet of electric vertical takeoff and landing (eVTOL) vehicles—in other words, flying taxis. Joby was founded in 2009 and went public on the New York Stock Exchange in 2021 via a special purpose acquisition company, or SPAC. Prior to its NYSE debut, Joby was named one of Fast Company's Most Innovative Companies for 2021. While the company is developing flying taxi vehicles, one of its primary aims is to become a service—an Uber of the skies, so to speak. Because of its relatively small market cap of around $6.7 billion and interesting futuristic product (a flying rideshare service), Joby's stock is somewhat popular with investors who lean more toward dabbling in meme stocks and small-cap stocks that have potential to see sky-high returns if their products eventually take off (no pun intended). Joby says it currently has 'strategic partnerships' with Toyota, Delta, and Uber, and it employs more than 1,700 engineers. For its Q1 2025, which ended March 31, Joby reported a net loss of $82.4 million. Yesterday, Joby Aviation announced a potential deal with Abdul Latif Jameel, a business based in Saudi Arabia. Potential is the key word here. That's because the two companies didn't actually agree to sell anything to or buy anything from one another. Instead, they signed a Memorandum of Understanding (MoU). This MoU will see the companies 'explore opportunities to establish a distribution agreement in Saudi Arabia for Joby's electric aircraft,' according to Joby. That potential distribution agreement may see Joby deliver up to 200 air taxis and other related services valued at up to $1 billion to Abdul Latif Jameel 'over the coming years.' Joby has positioned the potential deal as a win-win for both American and Saudi Arabian business interests. 'This collaboration is about bringing America's leadership in electric air mobility to the world,' Joby Aviation CEO JoeBen Bevirt said in a statement announcing the deal. Given that Joby has recently been worth about $6 billion in total, it's no wonder the company's stock jumped yesterday after it announced it was exploring a single deal worth up to $1 billion. By the close of the market yesterday, JOBY stock had risen over 7% to $8.03 per share. In premarket trading this morning, as of the time of this writing, JOBY stock is up another 2%. However, while JOBY stock has been flying high over the past two days, it's important to put the stock's past performance into perspective. Despite JOBY's stock price surge in the last 24 hours, the company's stock was still down year-to-date by 1.23% as of yesterday's close. At the same time, when you look at the last 12 months, JOBY shares have had a significant return. Since last June, the stock has risen nearly 65%. Where the stock goes from here is anyone's guess. However, the company has had some exciting advances in recent years. In February 2024, Joby announced that it plans to launch an air taxi service in Dubai by 2026, and in October 2024, Joby showed off one of its air taxis to much fanfare in New York's Grand Central Station. The company said that an air taxi could carry up to 1,000 pounds of payload/people, had a range of 100 miles, and could reach speeds up to 200 mph. This post originally appeared at to get the Fast Company newsletter:
Bloomberg
04-06-2025
- Business
- Bloomberg
Saudi IPO Draws $32 Billion In Orders After Dividend Reversal
Saudi Arabia-based Specialized Medical Co. attracted about 121 billion riyals ($32 billion) in orders for its initial public offering, following a reset of its institutional order book after the company clawed back recently paid dividends. The hospital operator's offering was nearly 65 times oversubscribed, it said in a statement. That's the lowest subscription multiple among recent IPOs in the kingdom.
Fast Company
04-06-2025
- Business
- Fast Company
Joby Aviation stock keeps rising on news that it will ‘explore opportunities' to supply flying taxis to Saudi Arabia
Shares in Joby Aviation, Inc. (NYSE: JOBY) jumped yesterday after the air taxi company announced a potential deal with the Saudi Arabia-based Abdul Latif Jameel. The deal could lead to Joby supplying up to 200 of its eVTOL aircraft. Here's what to know about the potential and its effect on Joby's stock price. What is Joby? Joby Aviation, better known as Joby, is a Santa Cruz-headquartered aviation company that is developing a fleet of electric vertical takeoff and landing (eVTOL) vehicles—in other words, flying taxis. Joby was founded in 2009 and went public on the New York Stock Exchange in 2021 via a special purpose acquisition company, or SPAC. Prior to its NYSE debut, Joby was named one of Fast Company 's Most Innovative Companies for 2021. While the company is developing flying taxi vehicles, one of its primary aims is to become a service—an Uber of the skies, so to speak. Because of its relatively small market cap of around $6.7 billion and interesting futuristic product (a flying rideshare service!), Joby's stock is somewhat popular with investors who lean more toward dabbling in meme stocks and small-cap stocks that have potential to see sky-high returns if their products eventually take off (no pun intended). Joby says it currently has 'strategic partnerships' with Toyota, Delta, and Uber, and it employs more than 1,700 engineers. For its Q1 2025, which ended March 31, Joby reported a net loss of $82.4 million. What deal did Joby announce yesterday? Yesterday, Job Aviation announced a potential deal with Abdul Latif Jameel, a business based in Saudi Arabia. Potential is the key word here. That's because the two companies didn't actually agree to sell anything to or buy anything from one another. Instead, they signed a Memorandum of Understanding (MoU). This MoU will see the companies 'explore opportunities to establish a distribution agreement in Saudi Arabia for Joby's electric aircraft,' according to Joby. That potential distribution agreement may see Joby deliver up to 200 air taxis and other related services valued at up to $1 billion to Abdul Latif Jameel 'over the coming years.' Joby has positioned the potential deal as a win-win for both American and Saudi Arabian business interests. 'This collaboration is about bringing America's leadership in electric air mobility to the world,' Joby Aviation CEO JoeBen Bevirt said in a statement announcing the deal. Joby stock rises on the news Given that Joby has recently been worth about $6 billion in total, it's no wonder the company's stock jumped yesterday after it announced it was exploring a single deal worth up to $1 billion. By the close of the market yesterday, JOBY stock had risen over 7% to $8.03 per share. In premarket trading this morning, as of the time of this writing, JOBY stock is up another 2%. However, while JOBY stock has been flying high over the past two days, it's important to put the stock's past performance into perspective. Despite JOBY's stock price surge in the last 24 hours, the company's stock was still down year-to-date by 1.23% as of yesterday's close. At the same time, when you look at the last 12 months, JOBY shares have had a significant return. Since last June, the stock has risen nearly 65%. Where the stock goes from here is anyone's guess. However, the company has had some exciting advances in recent years. In February 2024, Joby announced that it plans to launch an air taxi service in Dubai by 2026, and in October 2024, Joby showed off one of its air taxis to much fanfare in New York's Grand Central Station. The company said that air taxi could carry up to 1,000 pounds of payload/people, had a range of 100 miles, and could reach speeds up to 200 mph.
