Saudi Arabia and the United Arab Emirates are hoping a shared digital currency can cut remittance costs between the two countries.
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Saudi Arabia Hedges Majority of 4.9% Stake in Tesla as Wall Street Expects Musk to Forecast a Q1 2019 Loss
Saudi Arabia has reportedly slashed its exposure to Tesla. Part of the SEC’s complaint against Tesla and Elon Musk last year was related to Musk’s claims that Saudi Arabia was backing him in taking the company private. The SEC fined Tesla and Musk separately for $ 20 million each in the debacle. According to the Financial Times, the Saudi Public Investment Fund made a move on January 17th to hedge its investments against expected damage to TSLA stock. They retain their 4.9% holdings in TSLA, but they will not actually lose any money if things go south for TSLA. The arrangement
UAE, Saudi Arabia Launch Cryptocurrency Pilot for Cross-Border Payments
By CCN.com: UAE and Saudi Arabia — two countries that have the world’s second-largest combined sovereign wealth funds — have launched their pilot cryptocurrency. According to UAE’s official news agency, Emirates News Agency, the Saudi-Emirati cryptocurrency is one of the seven initiatives that will be implemented in both countries. Saudi-Emirati Cryptocurrency Restricted to Banks Only Formed in
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Ripple Price Watch: Currency Jumps Ten Cents Following News from Saudi Arabia
Ripple is trading for about 31 cents at press time. This is roughly ten cents higher than where it was just a few days ago. The currency is doing unusually well and invites comparisons with Dogecoin in how high it’s risen over the past week.
One big piece of news stemming from the Ripple space is the currency’s new partnership with Saudi Arabia’s first establish bank, the National Commercial Bank. The institution has now become the latest establishment to join Ripple Net, the currency’s enterprise blockchain network.