CAIRO: Facebook announced on Monday that it is bringing Marketplace to the Middle East for the first time, by launching the service in Egypt, Algeria and Morocco “over the next few weeks”.
Marketplace is a destination on Facebook that allows users to buy and sell items directly through the site.
The feature will be available in the three north African countries in English and Arabic on desktop and for iOS and Android mobile users, the social network said.
The Middle East region has witnessed a surge in online spending in recent years.
According to a press release by Facebook, Arabs’ online spending has risen from $2.7 billion to $7.3 billion just over the last two years.
Launched in the US in October 2016, Facebook Marketplace is currently available in 52 countries and has more than 550 million users worldwide.
Facebook brings Marketplace to Middle East, to open first platform in Egypt
Facebook brings Marketplace to Middle East, to open first platform in Egypt
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
