{"id":88296,"date":"2024-07-31T00:00:00","date_gmt":"2024-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/31\/regional-fintech-giant-mnt-halan-looks-to-enter-saudi-after-closing-turkey-acquisition\/"},"modified":"2024-07-31T00:00:00","modified_gmt":"2024-07-31T00:00:00","slug":"regional-fintech-giant-mnt-halan-looks-to-enter-saudi-after-closing-turkey-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/31\/regional-fintech-giant-mnt-halan-looks-to-enter-saudi-after-closing-turkey-acquisition\/","title":{"rendered":"Regional fintech giant MNT-Halan looks to enter Saudi after closing Turkey acquisition"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>Two stories are particularly worthy of your attention this morning: Saudi consumers are confident in the economy and their personal financial circumstances \u2014 far more so than the global average \u2014 but are a bit less secure about their own jobs, according to a recent survey. Plus: Western capitals are casting increasingly watchful eyes at our warming ties with Beijing. <\/p>\n

^^ We have these stories and more in this morning\u2019s news well, below.<\/p>\n

BUT FIRST- Egyptian fintech giant <\/strong>MNT-Halan wants to expand to Saudi Arabia and the <\/strong>UAE<\/strong>, among other markets, EnterpriseAM Egypt<\/a> quotes founder and CEO Mounir Nakhla as saying. The company\u2019s expansion will see it acquiring businesses in new markets, Nakhla said. MNT-Halan raised a blockbuster<\/a> USD 157.7 mn funding round and has acquired 100% of Turkish consumer finance outfit Tam Finans<\/a>.<\/p>\n

AND- Saudi and South Korean businesses signed 10 agreements at a business forum<\/strong> that kicked off yesterday<\/a> in Seoul, according to a post on X<\/a> by the Federation of Saudi Chambers. The announcement was short on details, saying only that the agreements were in sectors including construction, healthcare technology, renewable energy, food, and cosmetics.<\/p>\n

<\/a> PLUS- Armenia has appointed its first-ever ambassador to Saudi Arabia<\/strong>, Armenpress<\/a> reports, citing an announcement from the Armenian president\u2019s office. Karen Grigorian, who is currently her country\u2019s ambassador to the UAE, will represent Armenia in both the Kingdom and the UAE. Saudi and Armenia formally established diplomatic ties in November 2023.<\/p>\n

DATA POINT-<\/p>\n

<\/a> Egyptian real estate giant Talaat Moustafa Group (TMG) has hit SAR 3.3 bn in sales at its <\/strong>Banan<\/a><\/strong> project in Riyadh since its launch in May<\/strong>, according to Al<\/a>Eqtisadiah<\/a>. The SAR 31.4 bn project, located in Al Fursan, spans 10 mn sq km and is expected to house 120k residents. Apartments in the project range from 53 to 176 sqm, with price points from SAR 260.4k to SAR 1.025 mn. <\/p>\n

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PSAs- <\/p>\n

#1- <\/strong>Fashion designers have until Saturday, 10 August to register for the Saudi Heritage <\/strong>Revival Competition<\/strong> and a chance to train at Dar Al Hanouf fashion house in Jeddah<\/strong>, according to the state news agency (SPA)<\/a>. The competition, launched by the Fashion Commission in collaboration with the Saudi 100 Brands<\/a> program, is themed around sustainable fashion and celebrating national cultural heritage. <\/p>\n

#2- You now need certification from the Saudi Authority for Intellectual Property (SAIP) <\/strong>before receiving an IP agent license<\/strong>, after the authority ratified new regulations for licensing, it said in a post on X<\/a>. Those seeking to manage IP portfolios or assist clients with matters related to IP law (such as patents, trademarks, copyrights, and trade secrets) must apply for this license, with a few exceptions. SAIP grants exceptions to individuals who have at least five years of experience reviewing IP-related claims, according to its website<\/a>. <\/p>\n

Registration is now open for testing to receive a license, with the deadline to register set <\/strong>for Monday, 5 August.<\/strong> The test will be held on 5 September, SAIP said in a separate post<\/a>. Registration will open for a second test this year from 7-14 October, with the test scheduled on 14 November. You can register here<\/a>. <\/p>\n

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#3- The Saudi Accreditation Center has granted halal accreditation certificates to two <\/strong>organizations in Brazil and Australia<\/strong> following an inspection of their facilities, according to SPA<\/a>. The move is meant to facilitate products\u2019 entry into the Saudi market. <\/p>\n

<\/a> #4- Some 3.2k Kia Tellurides are being recalled due to a defect in their powertrains<\/strong> that could cause vehicles to move set in \u201cpark,\u201d state news agency SPA reported<\/a>. The Ministry of Commerce is recalling all models from 2020 to 2024. <\/p>\n

#5- Dependents of expats can now seek temporary work in the health and education <\/strong>sectors<\/strong> through the Ajeer platform<\/a>, reports Okaz<\/a>. <\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

For the first time in weeks, there\u2019s more business news occupying front pages in the <\/strong>foreign press than politics<\/strong>, as Microsoft and Samsung kicked off 2Q earning season for Big Tech yesterday, fueling another market sell-off amid continued concerns about the commercial viability of AI.<\/p>\n

BUT FIRST- Israel attacked a southern suburb in Beirut yesterday<\/strong>, claiming it killed a senior Hezbollah advisor. Israeli officials said no other attacks are planned for the time being, Bloomberg<\/a> reports. The attack came in retaliation to a strike on the Golan Heights that killed 12 children and teenagers and for which Israel blamed Hezbollah. Three Lebanese civilians died in the Israeli attack, including two children, according to Reuters<\/a>. <\/p>\n

IN TECH NEWS- <\/strong><\/p>\n

<\/a> #1- Investors continued to sell Big Tech, with Nvidia down 7% yesterday <\/strong>ahead of the sector\u2019s earnings this week. The tech-heavy Nasdaq ended the day 1.3% down, while S&P 500 fell 0.5%. (FT<\/a>) <\/p>\n

#2- Microsoft\u2019s Azure cloud service saw a <\/strong>slowdown in growth<\/a><\/strong> in 4Q 2023-2024<\/strong>, while capital spending hit USD 19 bn, with the tech giant saying the figure will increase in the new fiscal year. Microsoft\u2019s shares were down<\/a> 4% in extended trading following the results, which fueled already persistent concerns among investors about the excessive capital expenditure in AI and the lack of a fast pay-off. <\/p>\n

#3- Samsung saw its bottom line increase six-fold on the back of a rebound in <\/strong>semiconductor prices <\/strong>and as earnings recovered from a low base, according to its earnings release (pdf)<\/a>. <\/p>\n

#4- Intel plans to slash thousands of jobs<\/strong> in a cost reduction drive possibly as early as this week, as it continues to face subdued demand for its computer chips amid the AI boom. (Bloomberg<\/a>)<\/p>\n

AND IN OTHER BUSINESS NEWS- Standard Chartered announced plans for a USD 1.5 bn <\/strong>share buyback program<\/strong> \u2014 its biggest ever \u2014 as it lifted its income outlook on strong growth in Asia. (Reuters<\/a>)<\/p>\n

LATER THIS WEEK- Opec+ is expected to reaffirm its commitment to cutting production <\/strong>when it meets tomorrow<\/strong>, Reuters<\/a> reports. <\/p>\n

AND- US Vice President Kamala Harris is set to announce her running mate as early as <\/strong>next Monday<\/strong> before a multi-state battleground tour later next week. (Reuters<\/a>)<\/p>\n

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OLYMPICS-<\/p>\n

Today should see the postponed men\u2019s triathlon finally happen<\/strong> \u2014 weather permitting (thunderstorms are expected in the evening) \u2014 after being delayed from the previous day due to poor water quality levels in the Seine. Also watch out for: Nadal and Alcaraz\u2019s tennis doubles quarterfinal<\/strong> against the US\u2019 Austin Krajicek and Rajeev Ram; 100m swimming freestyle<\/strong> finals for men and women; and artistic gymnastics<\/strong> finals. <\/p>\n

Highlights from yesterday:<\/strong> Simone Biles<\/strong> clinched her fifth gold medal<\/strong> in the women\u2019s team event; and Andy Murray<\/strong> and his double\u2019s partner Dan Evans<\/strong> made it to the quarterfinals. <\/p>\n

The medal standings now at the Paris Olympics:<\/strong><\/p>\n