PIF’s Noon launches Ramadan drive to help poor families

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Updated 19 April 2021
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PIF’s Noon launches Ramadan drive to help poor families

  • The project runs until May 12

RIYADH: Noon, an online platform backed by Saudi Arabia’s Public Investment Fund (PIF) and Dubai businessman Mohamed Alabbar, have teamed up with a charity to let online shoppers donate food to needy families during Ramadan.

Noon Daily, which is Noon.com’s grocery website, will partner with Bunyan Women’s Charitable Association for the initiative. 

The project runs until May 12.

Kaushik Mukherjee, senior vice president of customer experience and seller operations at Noon, said: “We’re proud to work with Bunyan to help our customers and team more easily contribute to people in need. Noon Daily will pack and ship Ramadan donation bundles purchased by customers and our own employees to Bunyan throughout the holy month. Thousands of families and frontline workers across the country will benefit from the food parcels distributed by the charity, and we couldn’t be happier to provide a service that helps bridge the donation process between customers and the community.”

Bunyan Women’s Charitable Association was established in 2011 with the aim of improving the physical and social conditions of poor families by assisting them through significant charity initiatives.

Noon was launched in the UAE and Saudi Arabia in Dec. 2017, and in Egypt in Feb. 2019. 

With an initial investment of $1 billion and working from headquarters in Riyadh, Noon said in 2016 that it aimed to expand online sales in the region from 2 percent of the total retail market ($3 billion) to 15 percent ($70 billion) within a decade.


Stc Group issues US dollar-denominated sukuk with a total value of $2bn

Updated 09 January 2026
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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.