Day: March 13, 2022

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Bybit Powers Art in the Metaverse with Art Dubai 2022’s Inaugural Digital Section

DUBAI, United Arab Emirates – Media OutReach – 13 March 2022 – Bybit, the world’s fastest growing cryptocurrency exchange, is pleased to support the digital art chapter of Art Dubai 2022 at Madinat Jumeirah, Dubai. After a three-year break, the global platform for artistic expressions from the Middle East and Global South goes beyond the realms of physical art to empower creatives in the digital dimension in its 15th edition, its most ambitious and extensive to date.b1

Bybit is delighted to welcome Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum into the Bybit universe for our inaugural participation as Lead Partner of Art Dubai 2022 on March 9, 2022

Bybit is the Lead Partner of Art Dubai Digital, a new section of the iconic art fair to bridge between the rapidly-developing crypto-sphere and the international art market.

Bybit and Art Dubai meet at the intersection of digital art forms and human creativity amidst the paradigm shift of our times. Artists and creatives are no strangers to digital innovations and the blurring of boundaries between visions and realities, with roots in digital artistry going back to the 1980s. The global pandemic has accelerated the building of new worlds and the coming together of new artistic communities in the digital space.

The new Art Dubai Digital section brings to life art forms transcending conventional constraints. Showcasing 17 presentations from both traditional galleries and digitally native ones, the digital section gives a voice to emerging artists and market participants, many of whom are first-timers at an international art fair.

Art lovers looking to experience the art or support an artist can join the fair through the Bybit NFT Marketplace, now offering 15 artworks from the participating galleries of Art Dubai.

Art Dubai 2022 also presents Bybit Talks, a new addition to facilitate dialogues between the crypto space and the art world to make crypto, web3 digital practices and NFTs concepts and opportunities more accessible to the public.

Bybit’s presence at Art Dubai 2022 includes a limited run of NFTs at the booth featuring artists and art collectives MIRL (Made in Real Life), Song Ting, Viia Yeon, Maruchef, Hyuck, S.R Innovation Lab, Oscar Oiwa, Yeo Huang Joo, Saule Dyussenbina, Ziyang Wu, Yasuo Nomura, Kevin Heisner and SIM_Moby.

The timely drive for digital art highlights the zeitgeist of a post-pandemic world of mixed realities. The Bybit NFT Marketplace provides an integrated one-stop destination for artists, creators and collectors, to create, and sell or trade on the Ethereum ERC-721 standard through their spot accounts — providing the tools of digital ownership to collectors of all knowledge and skill levels.

“Art Dubai’s admirable work in elevating talent to the global stage, particularly with artists from underrepresented regions, echoes Bybit’s endeavor to democratize next level trading for the broader public. NFTs are one of the new tools to reinvent and rewire the art market, and a new generation of artists and art patrons are drawn to a new parallel world that rewards authenticity and the imaginative minds,” said Igneus Terrenus, Head of Communications at Bybit.

“There are two important legs in the projects. We have galleries from the physical world and galleries that only exist in the metaverse. And to complement these and help understand what they’re going to be showcasing, we have one of the most exciting educational programs today, among them is Bybit Talks by Bybit, the sponsor of the digital section, and the Global Art Forum,” said Pablo del Val, Artistic Director of Art Dubai at the opening address.

“In the last two years, the 3D world lost approximately half a dimension. At the same time, new multiple dimensions have been discovered online. We are now extensions of our devices and this changes everything. It’s the kind of paradigm shift that civilization sees every few 100 years. We’ve been going through these changes arguably for the last 30 years and now in a more and more accelerated manner, evidenced in the mainstreaming of crypto, blockchain technologies and NFTs over just the last year. In the two and a half dimension, digital artifacts and crypto economies are as real or unreal as anything else. And there’s such rapid growth in digital platforms, it’s often difficult to keep track even for seasoned insiders. So the Bybit talks will explore the unknown past and the possible futures of NFT, how our ideas and experiences of media buy change with decentralized institutions, and what kind of values beyond merely the monetary is at stake with these new technologies,” remarked Shumon Basar, Commissioner, Global Art Forum.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is the proud partner of Formula One racing team Oracle Red Bull Racing, esports teams like NAVI, Alliance, Astralis, and Virtus.pro; German soccer club Borussia Dortmund and Japanese soccer club Avispa Fukuoka.

For more information please visit: https://www.bybit.com/

For updates, please follow Bybit’s social media platforms on

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About Art Dubai

Founded in 2007, Art Dubai is the premier platform to see and buy modern and contemporary art from the Global South. Featuring Contemporary, Modern and Digital gallery sections, annual artist commissions and year-round collector and education programmes, Art Dubai champions art and artists from across the Global South, providing a relevant and increasingly important alternative to mainstream, largely Western-led narratives.

Art Dubai is held in partnership with A.R.M. Holding. The fair is sponsored by leading Swiss wealth management group, Julius Baer. The Dubai Culture & Arts Authority (Dubai Culture) is the fair’s strategic partner. Bybit is the lead partner of Art Dubai Digital.

Contact:

press@bybit.com

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Saudi Advanced Industries Company announces the recommendation of the Board of Directors to distribute cash dividends to shareholders for the year 2021

Saudi Advanced Industries Company announces the recommendation of the Board of Directors to distribute cash dividends to shareholders for the year 2021.

The eligibility for dividends will be for the shareholders owning the shares at the end of the second trading day following the day of the company’s annual general assembly, which will be announced later.

Distribution date will be announced later.

We would like to draw the attention of non-resident foreign investors to the fact that cash dividends that are transferred through the resident financial intermediary, and when transferred or credited to his account, are subject to a 5% withholding tax in accordance with the provisions of Article (68) of the tax system and Article (63) of its executive regulations.

The distribution will be, God willing, through direct transfer to bank accounts linked to the shareholders’ investment portfolios. The company calls on all valued shareholders to update their data with the banks in which their accounts are held to ensure that their due profits in the future are deposited directly into their accounts.

Source: Saudi Exchange

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Musharaka Capital Company Announces a Material Development to Musharaka REIT Fund

Musharaka Capital Company, as the fund manager of Musharaka REIT Fund, announces its intention to acquire a new property in Riyadh, KSA Verdun Tower as per to the binding agreement signed with the property owner. The new property is a multi-tenants offices and commercial building. The acquisition price was decided after obtaining official valuation reports from two independent real estate valuators

Description of the Event - Country: KSA

- City: Riyadh

- Tower Name: Verdun

- Location: Olaya Neighborhood, Prince Mohammed bin Abdulaziz, and King Fahd Streets intersection.

- Sector: Offices and Commercial

- Land area: Sqm 3,212

- Built-up Area: Sqm 25,591

- Rental Area: Sqm 16,700

- Occupancy Rate: 100%

- Net Annual Rate of Return: 7.4%.

- Acquisition price: SAR 235,000,000 (Real estate tax and Commission are excluded)

- Tenancy term: Multi.

- No. of Tenants: 33 tenants

- Tenants Distribution: 59% or the property revenue is generated by four tenants (Major Companies)

- Guarantee: 5-year Promissory notes for the Retail shops.

Musharaka expects to complete the required administrative and legal procedures related to property title deed transfer within 90 days post the announcement date. The fund manager will use a sharia compliant bank facility to finance the planned acquisition.

Musharaka Capital expects the acquisition to have positive impact on the fund starting from the third quarter of 2022. Where the fund’s portfolio will become more diversified geographically through investing in Riyadh and in a growing offices sub-sector. Along with improvements of the fund’s earnings and liquidity.

Source: Saudi Exchange

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Saudi Advanced Industries Company announces the resignation of its CEO

Saudi Advanced Industries Company announces that its board of directors accepted on 10/08/1443 corresponding to 13/03/2022 the resignation of Eng. Saeed bin Abdullah Almoeather from the position of CEO of the company, due to his own circumstances.

The Board of Directors expressed its thanks and appreciation to His Excellency Eng. Saeed bin Abdullah Al- Company for his distinguished role and efforts during his tenure with the company, wishing him continued success in his personal and professional life.

Source: Saudi Exchange

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Alkhabeer Capital, Fund Manager of Alkhabeer Growth and Income Traded Fund, Announces the Commencement of the Initial Public Offering of the Fund

Alkhabeer Capital, Fund Manager of Alkhabeer Growth and Income Traded Fund ("the Fund”), announces that the initial public offering of Alkhabeer Growth and Income Traded Fund has commenced, starting on Sunday, 10 Shaaban 1443, corresponding to 13 March 2022, with a subscription period of 15 Business days, ending on Thursday, 28 Shaaban 1443, corresponding to 31 March 2022.

Alkhabeer Growth and Income Traded Fund is a Sharia compliant closed-ended public equity investment fund, established in accordance with the applicable laws and regulations of the Kingdom of Saudi Arabia and regulated by the Capital Market Authority (CMA).

The Fund’s investment objective is to increase the Fund’s Net Asset Value by boosting the performance of the Fund’s investments in the long term and generating current income to investors from the dividend distributions of the companies in which the Fund invests, in addition to part of the capital appreciation resulting from the growth of market value of the securities invested in. This is achieved by investing in a diversified portfolio of global equities, public and private equities, initial public offerings of companies, private placements, cash, and cash equivalents.

Interested investors, including Saudi citizens, residents in Saudi Arabia, citizens of the GCC, and other investors permitted to hold listed equities in the Saudi Exchange (Tadawul) can subscribe to Alkhabeer Growth and Income Traded Fund at the offer price of SAR 10 per unit through the subscription channels of the receiving banks, which are Aljazira Capital, Al Rajhi Bank, the Saudi National Bank and Riyad Bank. Subscription is also available for clients of other banks through the subscription system available on the Fund Manager's website, Alkhabeer Capital, as the minimum subscription amount is set at SAR 1,000 (100 units).

For more information and to view a copy of the Fund's Terms and Conditions, please visit the Fund Manager's website, Alkhabeer Capital.

Source: Saudi Exchange

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Saudi Stock Exchange Main Index Ends Trading Lower at 12,605 Points

Riyadh-- Saudi Stock Exchange's main index ended trading lower here today, losing 78.76 points to close at 12,605.40 points.

The total value of the trading reported was SAR 8 billion, while the toll of shares traded was 209 million, divided into over 340,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 148.67 points, to close at 24,640.69 points, with a valuation of SAR 98 million and an overall tally of more than 1,170,000 stocks traded and divided into as many as 4,344 deals.

Source: Saudi Press Agency

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