Latest news with #SaudiArabia-based
Yahoo
2 days ago
- Business
- Yahoo
Saudi Prince bets big on XRP after meeting Trump
Saudi Prince bets big on XRP after meeting Trump originally appeared on TheStreet. XRP, the world's fourth-largest cryptocurrency which President Donald Trump announced will be a part of the U.S. digital assets stockpile, has found a major supporter in Saudi Arabia. VivoPower International (Nasdaq: VVPR), a sustainable energy solutions company, has raised $121 million in private capital led by Saudi Arabia's Prince Abdulaziz bin Turki Abdulaziz Al Saud. Former Ripple board member Adam Traidman is also an investor who will also chair the company's board of advisors. The energy company will use these funds to acquire XRP to add to its corporate treasury, the company said on May 28. It entered into subscription agreements with the investors to sell 20 million shares at $6.05 per share. The VVPR stock was quoted at $4.9 at the time of writing, up 15% since the last day's close. Prince Abdulaziz bin Turki Abdulaziz Al Saud, chairman of Saudi Arabia-based Eleventh Holding Company, led the investment in VivoPower. The energy company said it is possibly the world's first public company to launch an XRP-focused crypto treasury strategy. Prince Abdulaziz bin Turki Abdulaziz Al Saud said it was meeting Trump during his recent visit to Saudi Arabia that convinced him that it was an appropriate time to roll out crypto assets and blockchain technology in the country. He added that his company has been holding XRP for a long time and decided to select VivoPower due to its "strategic focus on XRP." "We are honored to be leading this capital raising for a company that will be the first in the world executing on an XRP-focused treasury strategy," he continued. 'We are incredibly privileged to have His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia leading this transformational capital raising and are also pleased to welcome other digital asset industry investors joining in this round," VivoPower's executive chairman Kevin Chin said. In other news, Coinbase (Nasdaq: COIN), the largest crypto exchange in the U.S., announced that it will enable 24x7 trading for XRP and SOL futures beginning June 13. However, no positive news could lead to an uptick in XRP's price. XRP has been on a decline over the last seven days. As per Kraken, it was exchanging hands at $2.19 at press time, down 7.75% over a week. Saudi Prince bets big on XRP after meeting Trump first appeared on TheStreet on May 30, 2025 This story was originally reported by TheStreet on May 30, 2025, where it first appeared. 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
Yahoo
2 days ago
- Business
- Yahoo
International Chauffeur Service Webus Plans $300M Raise for XRP Strategic Reserve
Webus International, a China-based provider of customizable car and touring services for travelers worldwide, said it plans to raise as much as $300 million through non-equity financing to establish an XRP XRP reserve supporting its global chauffeur payment network. The reserve is part of a broader push to integrate XRP's cross-border settlement capabilities into Webus's ecosystem, including on-chain booking records and a Web3-based loyalty program, the company said. The initiative aims to streamline international payments while preserving equity value by relying on loans, credit lines and shareholder guarantees rather than issuing new shares, CEO Nan Zheng said in the statement. The announcement follows Saudi Arabia-based VivoPower International's plans to build a $121 million XRP treasury, indicative of growing interest from companies in the fourth-largest token by market cap. The financing plan is non-binding and subject to final agreements and due diligence. Webus added it was renewing a partnership with Tongcheng Travel Holdings, one of China's largest online travel agencies, to extend their 'Wetour x Tongcheng' charter lines — stating they would aim to use the XRP Ledger to settle cross-border rides and driver payouts. Sign in to access your portfolio
Morocco World
2 days ago
- Science
- Morocco World
IDC Deputy Applauds Morocco's Efforts at CIO, a Vital Platform for Climate Change Solutions
Beni Mellal — The second edition of the International Congress on Oases and Date Palm in Morocco represents a critical gathering for addressing climate change challenges in agriculture, according to a senior official from the Saudi International Dates Council. Fawaz Alghaidani, Deputy Executive Director of the International Dates Council (IDC), pointed to the significance of bringing together international experts in Morocco to tackle mounting environmental pressures on date palm cultivation. 'This subject is very important for all of us. We have challenges, we have climate change also going on,' Alghaidani said in an interview with Morocco World News (MWN) on the sidelines of the congress. 'So we are getting here with more experts and more concentration on the challenges that we have on climate change,' he noted. The Saudi Arabia-based official described how the event serves as an essential forum for knowledge exchange among the IDC's 15 member countries. He argued that such gatherings enable countries to share expertise and develop collaborative solutions for agricultural development. 'We are here together to overcome the challenges that we actually face in our globe,' Alghaidani said, expressing particular gratitude for Morocco's role in hosting the international gathering. Alghaidani spoke of the IDC's core mission of fostering international cooperation. As he put it, the Council works directly with governments and international bodies to pool knowledge and resources in addressing agricultural challenges. 'Our goals for the International Date Council are actually to work together with other organizations, with the government, with international governments, or international organizations,' he explained. Read also: New Farming Method Saves Bees While Boosting Income in Morocco's Oases The deputy executive director described how the collaborative approach benefits countries seeking agricultural development while managing climate impacts. Speaking of the congress' significance as a platform that adopts a knowledge-sharing model, allowing countries to access expertise they might otherwise lack. 'They all get together to study and to have more experts and to exchange knowledge between countries,' Alghaidani added, noting that it helps those looking to develop their lands and face climate change. He commended the event organizers and recalled the importance of holding such international conferences as essential platforms for advancing sustainable agriculture practices in the face of global environmental challenges. The International Congress on Oases and Date Palm brought together agricultural experts, researchers, and policymakers to address the future of oases and date palm cultivation amid changing climate conditions. Read also: Morocco's ANDZOA Chief Calls for Urgent Action to Protect Argan, Oases Ecosystems
Malaysia Sun
4 days ago
- Business
- Malaysia Sun
MoU on clean energy infrastructure investment inked in Malaysia
Xinhua 28 May 2025, 16:15 GMT+10 KUALA LUMPUR, May 28 (Xinhua) -- Malaysian Investment Development Authority (MIDA) has inked a memorandum of understanding (MoU) with Saudi Arabia-based water desalination company ACWA Power to facilitate strategic investment projects in clean energy infrastructure across Malaysia with an estimated investment value of 10 billion U.S. dollars. MIDA said in a statement on Tuesday that the investment is targeting 12.5 gigawatt (GW) of capacity by 2040. The partnership focuses on advancing renewable energy, green hydrogen, and advanced water solutions, aligning with both Malaysia's National Energy Transition Roadmap and Saudi Arabia's Vision 2030's climate leadership objectives. Malaysia's Minister of Investment, Trade and Industry Tengku Zafrul said the collaboration supports the objectives of the country's New Industrial Master Plan 2030 and National Energy Transition Roadmap, as Malaysia charts its way to achieving energy security and energy transition, especially for its industries, as well as the country's net-zero goal by 2050. Marco Arcelli, chief executive officer of ACWA Power, said this strategic agreement represents a significant milestone in the firm's expansion in Southeast Asia and reflects its commitment to supporting Malaysia and the broader ASEAN region's energy transition towards a sustainable and low-carbon future.
Bloomberg
5 days ago
- Business
- Bloomberg
Saudi Arabia-Based REDA Hazard Control Is Said to Explore Sale
Saudi Arabia-based REDA Hazard Control has been exploring strategic options including a full sale, according to people familiar with the matter, offering a rare opportunity for investors to buy into a privately held firm in the kingdom. The fire safety and equipment company has been working with Moelis & Co. on the potential transaction, the people said, asking not to be identified as the talks are private. It has approached prospective buyers — including both regional and international private equity firms, the people said.
