Latest news with #AbdulazizAlSaud
Yahoo
6 days ago
- Business
- Yahoo
VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing
VivoPower International (VVPR), a Nasdaq-listed energy company, said on Wednesday it has entered into agreement for a $121 million private share placement to fund its pivot to digital asset treasury focusing on XRP XRP, the fourth largest cryptocurrency by market capitalization. The fundraising was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, chairman of Eleventh Holding Company, investing $100 million, a spokesperson to the company told CoinDesk. The company intends to sell 20 million ordinary shares priced at $6.05 per share, according to a Wednesday SEC filing. Adam Traidman, a former executive of SBI Ripple Asia, is joining the company as chairman of the board of advisors, according to the press release. Ripple is an enterprise-focused blockchain service provider closely related to the XRP Ledger. VivoPower shares surged as much as 26% on the news before giving back some of the gains. Recently, they were up over 11%, trading around $6.75. The move aligns with a growing trend of public firms raising money to purchase and add digital assets to their treasuries, a playbook popularized by Michael Saylor's Strategy (MSTR) that has become the largest corporate holder of bitcoin BTC. While BTC has been the most sought-after asset among these firms, recent newcomers like DeFi Development and SharpLink Gaming directed their focus to Solana's SOL SOL and Ethereum's ether ETH, respectively. VivoPower, founded in 2014, said it aims to be the first publicly traded company with a crypto treasury strategy centered around XRP. It also shared plans to spin off its legacy business. "After reviewing a number of listed vehicles seeking to embrace a digital asset treasury model, we selected VivoPower given its strategic focus on XRP and its objective to contribute to building out of the XRPL ecosystem," Prince bin Turki Abdulaziz Al Saud said in a statement in the press release and SEC filing. "We have been investors in the digital asset sector for a decade and have been long-term holders of XRP."UPDATE (22:08 UTC): Adds SEC filing. Adds that lead investor Saudi royal is the chairman of Eleventh Holding Company, per SEC filing and press release. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News18
26-05-2025
- Business
- News18
Saudi Arabia To Lift Decades-Old Alcohol Ban Ahead Of 2034 FIFA World Cup
Last Updated: The sales of wine, beer, and cider will be limited to 600 licensed locations across the country, including five-star hotels, luxury resorts, and expat-friendly compounds. In a historic move, the Kingdom of Saudi Arabia is planning to lift 73-year-old ban and allow the controlled sale and consumption of alcohol in 2026. The change is part of the country's preparations for hosting international events, including the Expo 2030 and the FIFA World Cup 2034. Saudi authorities believe allowing alcohol at certain tourist sites would help the country compete with the UAE and Bahrain, where alcohol is allowed at some tourist hotspots. As per the media reports, the sales of wine, beer, and cider will be limited to 600 licensed locations across the country, including five-star hotels, luxury resorts, and expat-friendly compounds like Neom, Sindalah Island, and the Red Sea Project. What Drinks Would Be Allowed? advetisement Permitted locations will be able to serve wine, beer and cider. However, this allowance does not extend to stronger alcoholic drinks, such as spirits. Drinks and liquor with more than 20% alcohol content will remain banned, according to a report by the UK-based Metro, which quoted local Saudi media. The government will not allow alcohol in homes, shops or public places. Personal alcohol production will also remain banned. Additionally, only licensed venues and trained staff will be allowed to serve alcohol. The sale of alcohol will follow fixed procedures, the reports said. Decision Will End 73-Year-Old Ban The alcohol policy is part of Vision 2030. The move will in effect bring to an end Saudi Arabia's 73-year ban on the sale and consumption of alcohol. The Kingdom aims to expand tourism, entertainment and hospitality with its more-inclusive national plan. Officials believe the change will help create jobs and bring in foreign investment. As per the reports, Saudi Arabia was founded in 1932 under Abdulaziz Al Saud with a legal system based on Wahhabi Islam. It followed Sharia law and alcohol was always forbidden, but the actual enforcement and legal ban on alcohol was enforced in 1952. Saudi Arabia, once an ultra-conservative country, is giving up its traditional image and ushering in a new era of openness and modernity under the leadership of Crown Prince Mohammed bin Salman. The country has eased some limitations on women's rights, allowing them to drive, go to athletic events and concerts with men. In 2018, it abolished a ban on cinema and screened 'Black Panther', which marked the historic return of film to the kingdom. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! First Published: May 26, 2025, 16:21 IST
India Today
26-05-2025
- Business
- India Today
Saudi Arabia to lift alcohol ban ahead of World Cup 2034
Saudi Arabia, once an ultra-conservative country, is planning to legalise alcohol use at 600 tourist spots ahead of hosting the 2034 World Cup football, according to reports. The country has already taken a liberal turn under Crown Prince Mohammed bin Salman and allowed women to drive, reopened cinemas and hosted music concerts. But allowing alcohol, beer, wine and cider by a Muslim country would be quite a radical Arabia will allow the sale of wine, beer, and cider at licensed locations, including five-star hotels, luxury resorts, and expat-friendly compounds at 600 tourist sites, according to a report in The US authorities believe allowing alcohol at certain tourist sites would help the country compete with the UAE and Bahrain, where alcohol is allowed at some tourist hotspots. Drinks and liquor with more than 20% alcohol content will remain banned, according to a report by the UK-based Metro, which quoted local Saudi Saudi Arabia is allowing soft alcohol with an eye on tourism, the general ban on booze in public, homes, and shops will remain, according to The Sun TO END 73-YEAR-OLD ALCOHOL BAN?The move to allow beer and wine ahead of the 2034 World Cup will in effect bring to an end Saudi Arabia's 73-year ban on the sale and consumption of alcohol, said The UK's Arabia was founded in 1932 under Abdulaziz Al Saud with a legal system based on Wahhabi Islam, a strict interpretation of Sunni followed Sharia law and alcohol was always forbidden, but the actual state-level enforcement and legal ban on alcohol sales and consumption was formalised in ALCOHOL STORE OPENED IN RIYADH IN 2024The store is in Riyadh's Diplomatic Quarter. It caters exclusively to non-Muslim diplomats and currently stocks liquor, wine, and a limited selection of just two types of beer, according to a report by the Associated is restricted to customers with valid diplomatic entry, mobile phones must be sealed in pouches. Purchases are managed through a mobile app that operates on an allotment system, according to a diplomat familiar with the had been available only through diplomatic mail or on the black GIVING LIBERAL TURN TO SAUDI ARABIASaudi Arabia, under the leadership of Mohammed bin Salman (MBS), is writing a story of transformation, giving up its traditional image and ushering in a new era of openness and modernity. One of the reasons is to diversify its oil money-based economy to country has loosened limitations on women's rights, allowing them to drive, go to athletic events and concerts with men, and apply for passports without the consent of a male 2018, it abolished a ban on cinema and screened 'Black Panther', which marked the historic return of film to the kingdom. Saudi Arabia intends to open more than 300 cinemas by Reel
Qatar Tribune
26-05-2025
- Politics
- Qatar Tribune
Qatar participates in GCC 44th anniversary celebration
QNA Riyadh Qatar participated in the GCC General Secretariat ceremony, marking the Council's 44th anniversary. The ceremony was honoured and sponsored by Governor of Riyadh Region HRH Prince Faisal bin Bandar bin Abdulaziz Al Saud; Minister of State and Member of the Council of Ministers HRH Prince Turki bin Mohammed bin Fahd bin Abdulaziz Al Saud; Minister of Information and Culture and Minister of State for Youth Affairs of Kuwait Abdulrahman Baddah Al Mutairi, whose country holds the current GCC Supreme Council presidency; and Secretary-General of the GCC Jasem Mohamed Al Budaiwi. Qatar was represented at the ceremony by Ambassador of Qatar to Saudi Arabia HE Bandar bin Mohammed Al Attiyah.
Asharq Al-Awsat
23-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Welcomes Growing Int'l Support for Upcoming ‘Two-State Solution' Conference
The Saudi government welcomed on Tuesday the growing international support for the upcoming international conference on the peaceful resolution of the Palestinian cause and the implementation of the two-state solution, which will be co-chaired by Saudi Arabia and France. Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chaired the cabinet meeting that was held in Jeddah. The cabinet also stressed the urgent need for a ceasefire in Gaza and the delivery of humanitarian aid. The ministers reviewed Saudi Arabia's latest talks and consultations with brotherly and friendly countries on regional and international developments, prospects for cooperation, and ways to strengthen ties across various sectors. They reiterated the Kingdom's active role in supporting international security and stability, as well as its efforts to alleviate humanitarian suffering. The Cabinet reviewed the Kingdom's comprehensive economic, cultural, and social development efforts, along with completed plans and programs aimed at advancing national progress and benefiting citizens. It discussed steps to balance Riyadh's real estate sector, underlining the government's commitment to addressing rising land prices and rents in the capital in recent years. The Cabinet highlighted the new Arabian oil and natural gas discoveries in Eastern Region and the Empty Quarter, saying they represent a substantial boost to the Kingdom's economic standing and boost its capacity to meet long-term local and global energy demands. The Cabinet also noted the Kingdom's high rankings in international indicators, saying it is confirmation of the state's strong support for all sectors, driving them toward greater competitiveness and global leadership. Furthermore, the Cabinet lauded the awards and medals earned by government entities and Saudi students at the Geneva International Exhibition of Inventions 2025, which align with the Kingdom's aspirations for innovation and a prosperous future. It commended the second Human Capability Initiative Conference held in Riyadh, which featured over 100 launches, agreements, and memoranda of understanding aimed at fostering international cooperation and advancing the Vision 2030 goals on human capital development.
