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25 April 11:44 AM

Banking & Insurance

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1 hour ago CMA approves Al Sagr Cooperative’s capital raise
Riyadh – Mubasher: The Capital Market Authority (CMA)greenlighted the request of Al Sagr Cooperative Insurance Company to increase its capital by way of a rights issue. The listed firm plans to raise its capital by SAR 160 million to SAR 300 …
Corporate Actions
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24 April 11:35 AM Alinma Bank’s EGM nods for 25% capital hike
Riyadh – Mubasher: The shareholders of Alinma Bank greenlighted the board’s proposal to increase the capital by SAR 5 billion from the retained earnings by way of granting one share for every four shares. The lender’s extraordinary general meeting …
Banking and Finance
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21 April 04:39 PM Amlak International renews SAR 864.5m loan deal with Saudi Investment Bank
Riyadh – Mubasher: Amlak International Finance Company has renewed the SAR 864.50 million one-year credit facility agreement with the Saudi Investment Bank (SAIB). The Sharia-compliant loan will be used to facilitate the company's business and …
Banking and Finance
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18 April 07:53 PM Al Etihad Cooperative obtains regulatory nod for SAR 50m capital hike
Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Al Etihad Cooperative Insurance Company's request to increase its capital from SAR 450 million to SAR 500 million through 5 million bonus shares. The company will carry out the …
Management Decisions
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18 April 11:54 AM Saudi Enaya submits capital hike request to CMA
Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company submitted an application file to the Capital Market Authority (CMA) on 17 April 2024 to increase its capital to SAR 380 million. The insurance firm plans to raise its capital by offering …
Corporate Actions
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17 April 04:07 PM National Building renews SAR 85m loan deal with Alinma Bank
Riyadh – Mubasher: National Building and Marketing Company has extended a Sharia-aligned bank facilities agreement with Alinma Bank as signed on 16 April 2024. The revolving loan is valued at SAR 85 million and holds a nine-month tenor, according …
Companies Investments
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power
16 April 03:45 PM ACWA Power obtains loan from Bank of China to finance Uzbekistan solar project
Riyadh – Mubasher: ACWA Power Company received an equity bridge loan from the Bank of China at a value of $80 million to finance its Tashkent 200MW Solar PV and 500MWh BESS in Uzbekistan. The equity bridge loan consists of two tranches, 50% in RMB …
Banking and Finance
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16 April 02:31 PM Ladun Investment’s board nods for SAR 573m loan from Al Rajhi Bank
Riyadh – Mubasher: Ladun Investment Company’s board approved signing a SAR 573 million credit facility agreement with Al Rajhi Bank. The loan will be used to finance the company and its subsidiary Built Industrial, according to a bourse filing. …
Banking and Finance
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15 April 05:50 PM 2P Prefect Presentation unveils SAR 80m bank facility with SAB
Riyadh – Mubasher: Prefect Presentation for Commercial Services (2P Prefect Presentation) announced the increase and renewal of a Sharia-compliant bank facility with Saudi Awwal Bank (SAB) as per the agreement signed on 15 April 2024. The funding …
Companies Investments
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15 April 12:13 PM Al Etihad Cooperative’s board proposes dividends for 2023
Riyadh – Mubasher: The board of Al Etihad Cooperative Insurance Company has recommended the distribution of SAR 27 million in cash dividends for 2023. The proposed dividends are equivalent to SAR 0.60 per share to be distributed to 45 million …
Banking and Finance
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14 April 06:43 PM Tawuniya’s board recommends SAR 150m dividends for 2023
Riyadh – Mubasher: The Company for Cooperative Insurance’s (Tawuniya) board members suggested, in their 8 April 2024 meeting, a cash dividend payout worth SAR 1 per share for 2023. Subject to all relevant approvals, the 2023 cash dividends would …
Board of Directors
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14 April 03:22 PM Saudi GIG’s board proposes SAR 1.5/shr dividend for 2023
Riyadh – Mubasher: The board of Gulf Insurance Group (GIG) recommended, in its 4 April 2024 meeting, the distribution of SAR 1.50 per share as a cash dividend for 2023. Upon the shareholders’ approval, the company would pay out a total of SAR …
Cash Dividends
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9 April 04:04 PM Saudi Arabia leads Forbes list of “Most Valuable Banks”
Mubasher: Forbes Middle East has revealed its ‘30 Most Valuable Banks’ ranking, with Saudi Arabia leading the list via 10 entries at an aggregated market value of $279.50 billion. As of 23 February 2024, the 30 banks had a combined value of …
Banking and Finance
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7 April 01:12 PM Gulf banks could benefit from macroeconomic shift in Turkiye – Fitch Ratings
Mubasher: Potential macroeconomic changes in Turkiye are set to benefit subsidiaries of GCC-based banks in the country. A disinflation in Turkiye is set to cut GCC banks’ net losses and the decelerated devaluation of the lira is expected to reduce …
Banking and Finance
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4 April 11:45 AM Riyad Bank starts assessing potential IPO of Riyad Capital
Riyadh – Mubasher: Riyad Bank’s board decided to start the assessment and preparation of a possible Initial Public Offering (IPO) and listing of its subsidiary, Riyad Capital, on the Main Market of the Saudi Exchange. The bank announced that it …
Initial Public Offerings
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3 April 04:33 PM Nama Chemicals’ unit secures facility deal
Riyadh – Mubasher: Jubail Chemical Industries Company (JANA), a subsidiary of Nama Chemicals Company penned a short-term Murabaha facility agreement with Saudi Export-Import Bank. JANA obtained SAR 35 million from the lender, on 3 April 2024, to …
Companies Investments
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3 April 12:40 PM FAB partners with Microsoft to boost financial services globally
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) and Microsoft teamed up to develop new AI-based banking capabilities and bolster financial services, according to a press release. The two entities will partner to launch an AI Innovation Hub that …
Companies Investments
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1 April 06:10 PM Emaar The Economic City extends SAR 1bn loan duration with PIF
Riyadh – Mubasher: Emaar The Economic City has rescheduled, on 1 April 2024, a facility agreement offered by the Public Investment Fund (PIF) to be extended from 18 months to 21 months. The loan is worth up to SAR 1 billion and was originally …
Management Decisions
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1 April 12:33 PM Emirates NBD Capital leads Lenovo's debut facility in Middle East
Dubai – Mubasher: Emirates NBD Capital, the investment banking arm of Emirates NBD, has arranged a $500 million syndicated revolving credit facility (RCF) for Lenovo Group Limited. The facility marks Lenovo's first entry into the Middle East …
Global Economy
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28 March 05:42 PM Yamama Cement obtains SAR 800m financing from Alinma Bank
Riyadh – Mubasher: Yamama Cement Company has received Sharia-aligned banking facilities over three tranches from Alinma Bank at a total value of SAR 800 million. The largest long-term funding is worth SAR 500 million and holds a duration of 10 …
Banking and Finance
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27 March 02:36 PM Quara Finance posts 6% YoY profit increase in 2023
Riyadh – Mubasher: Quara Finance Company reported a 5.80% year-on-year (YoY) growth in net profit to SAR 53.78 million in 2023 from SAR 50.83 million. Revenues increased by 10.44% YoY to SAR 187.61 million last year from SAR 169.87 million, …
Banking and Finance
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27 March 12:44 PM Saudi Re’s net profit leaps 64% YoY in 2023
Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) recorded a 63.61% year-on-year (YoY) jump in net profit after Zakat attributable to shareholders of SAR 124.42 million in 2023 from SAR 76.05 million. Insurance revenues declined by 10.02% …
Financial Results
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27 March 12:30 PM CMA greenlights Alinma Bank’s capital raise
Riyadh – Mubasher: The Capital Market Authority (CMA) approved the capital hike of Alinma Bank to SAR 25 billion from SAR 20 billion by granting one bonus share for every four owned shares. The lender will capitalise SAR 5 billion from the …
Corporate Actions
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25 March 04:35 PM SAIB obtains CMA’s nod for SAR 2.5bn capital raise
Riyadh – Mubasher: The Capital Market Authority (CMA) approved the capital hike of the Saudi Investment Bank (SAIB) by granting one bonus share for every four owned shares. SAIB will transfer SAR 2.50 billion from the statutory reserve account to …
Banking and Finance
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24 March 04:57 PM Saudi Re appoints Al Jabr as Acting CEO
Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) has named Ahmed Ali Al Jabr as its Acting CEO, effective on 1 April 2024. The board members greenlighted the appointments on 15 March 2024, while the insurance authority granted its approval …
Banking and Finance