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23 April 11:39 AM

Gulf news

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15 minutes ago Riyadh to host World Economic Forum Special Meeting on Global Collaboration
Riyadh – Mubasher: The World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development is set to take place in Riyadh on 28 and 29 April 2024. Held under the patronage of Crown Prince Mohammed bin Salman, the …
Event
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1 hour ago MEPCO rolls out agreement with global tech firm
Riyadh – Mubasher: Middle East Paper Company (MEPCO) inked an engineering and supply contract with J.M. Voith SE & Co. KG Company on 22 April 2024. The deal covers the manufacturing, supplying, and supervising the installation of the main machine …
Companies Investments
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1 hour ago Sharjah Islamic Bank records rise in Q1-24 profits to owners
Abu Dhabi – Mubasher: The net profits attributable to the owners of Sharjah Islamic Bank hit AED 259.65 million in the first quarter (Q1) of 2024, an annual growth from AED 233.06 million. Total operating income jumped to AED 504.74 million in …
Banking and Finance
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2 hours ago Spinneys unveils price range for IPO on DFM, expansion plans
UAE – Mubasher: Spinneys 1961 Holding set the price range for its initial public offering (IPO) on the Dubai Financial Market (DFM) between AED 1.42 and AED 1.53 per Share. The IPO will imply a market cap at the time of listing of between nearly …
Initial Public Offerings
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22 April 06:10 PM Egypt, Fujairah discuss building oil products free zone
Cairo – Mubasher: The Egyptian government is in talks with the UAE’s Emirate of Fujairah and Brooge Petroleum and Gas Investment Company (BPGIC) to sign a preliminary agreement for building a free zone for production, storage, and trade of oil and …
Global Economy
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22 April 04:35 PM National Forum for SMEs to kick off tomorrow in Dubai
UAE – Mubasher: The National Forum for Small and Medium Enterprises - Government Procurement is set to launch in Dubai on Tuesday, 23 April 2024. The forum will be attended by more than 80 federal entities, national companies, and many owners of …
Companies Investments
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22 April 04:06 PM UAE stock markets close lower on Monday
UAE – Mubasher: The main index DFMGI of Dubai Financial Market (DFM) declined by 6.90 points (0.16%) on Monday, closing at 4,167.66 points. A total of 203.73 million shares were exchanged at a turnover of AED 383.90 million. National International …
Trading Activities
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22 April 03:57 PM TASI edges lower over 9 pts on Monday; NomuC dips 1.3%
Riyadh – Mubasher: The main market’s All Share Index (TASI) of the Saudi Exchange (Tadawul) declined by 9.29 points (0.07%) to 12,508.93 points at the end of Sunday’s session. A total of 518.78 million shares were traded at a turnover worth SAR …
Trading Activities
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22 April 03:34 PM Aramco eyes equity acquisition in Chinese Hengli’s petrochemical firm
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) is currently in talks with China-based Hengli Group for a potential acquisition of a 10% stake in its controlled subsidiary Hengli Petrochemical Company. The equity acquisition is still subject …
Mergers and Acquisitions
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22 April 03:27 PM NMC wins SAR 381m contract for medical services
Riyadh – Mubasher: National Medical Care Company (NMC) has won a SAR 380.92 million contract with Prince Sultan Military Medical City. Under the agreement, NMC will provide services to long-term care patients, according to a bourse filing. The …
Companies Investments
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22 April 02:38 PM British Airways resumes flights to Abu Dhabi
UAE – Mubasher: British Airways has recommenced flights to Zayed International Airport in Abu Dhabi. The route has been paused for four years, according to the Emirates News Agency (WAM). Elena Sorlini, Managing Director and CEO at Abu Dhabi …
Companies Investments
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22 April 12:52 PM Fitness Time anchors expansion plans via new centre in Al Taif
Riyadh – Mubasher: Leejam Sports Company (Fitness Time) inaugurated a new centre for ladies in Al Taif on 21 April 2024, according to a bourse filing. Located in Wadi Waj Road, Al Qamariah district, the new centre will include advanced facilities …
Companies Investments
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22 April 12:39 PM Egypt-based Waffarha raises funding round from Saudi venture
Cairo – Mubasher: Egypt's premier group-buying website and mobile app Waffarha has secured a Seed funding round from Saudi Value Makers Studio (VMS), according to a press release. The investment aligns with the platform’s expansion plans into the …
Companies Investments
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22 April 12:15 PM ROSHN Group inks MoU with Cisco for IoT technology
Riyadh – Mubasher: ROSHN Group, the real estate development arm of Saudi Arabia’s Public Investment Fund (PIF) has signed a memorandum of understanding (MoU) with US-based technology giant Cisco for use of Internet-of-Things (IoT) in building …
Real estate
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22 April 12:10 PM Fitness Prime anchors expansion plans via unit in Saudi Arabia
Cairo – Mubasher: The ordinary general meeting (OGM) of Fitness Prime Health Clubs agreed to raise the issued and paid-up capital to EGP 82.15 million from EGP 66.25 million. The EGP 15.90 million increase will be granted from the company’s net …
Companies Investments
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22 April 11:47 AM ADCB’s brand value hits AED 10.5bn in 2023
Abu Dhabi – Mubasher: The value of Abu Dhabi Commercial Bank’s (ADCB) brand grew 8.70% year-on-year (YoY) to AED 10.50 billion in 2023. The bank ranked 109th in the 2024 Banking 500 report from Brand Finance, moving up four places from last year, …
Ratings
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22 April 11:38 AM Empower connects Al Wasl Tower to its district cooling network
Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) has connected Al Wasl Skyscraper to the company’s district cooling network, according to a press release. The first phase of the process has already started, while the second …
Companies Investments
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22 April 10:54 AM NMC’s board proposes SAR 90m dividends for 2023
Riyadh – Mubasher: The board of directors of National Medical Care Company (NMC) has recommended the distribution of SAR 89.70 million in cash dividends for 2023. The proposed dividends amount to SAR 2 per share to be paid to 44.85 million …
Cash Dividends
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22 April 10:41 AM PIF, stc to form region’s largest telecom tower company
Riyadh – Mubasher: The Public Investment Fund (PIF) inked a sale and purchase agreement (SPA) with Saudi Telecom Company (stc), on 21 April 2024, for a stake acquisition in TAWAL.  The Saudi fund unveiled plans to own 51% shareholding in TAWAL, …
Companies Investments
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21 April 04:54 PM Tadawul closes Sunday’s session in green zone
Riyadh – Mubasher: The main market’s All Share Index (TASI) of the Saudi Exchange (Tadawul) rose by 15.87 points (0.13%) to 12,518.22 points at the end of Sunday’s session. A total of 316.89 million shares were traded at a turnover worth SAR 6.39 …
Trading Activities
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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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21 April 04:28 PM Nayifat’s CEO resigns; Al Mufarrej succeeds
Riyadh – Mubasher: Bandar bin Mohammed Al Baiz resigned from his position as the Managing Director and the CEO of Nayifat Finance Company, effective on 25 April 2024. Al Baiz submitted his resignation, on 21 April, due to personal circumstances, …
Corporate Actions
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21 April 03:53 PM Emirates Islamic debuts $500m financing facility
Dubai – Mubasher: Emirates Islamic Bank has concluded its debut $500 million syndicated financing facility, according to a recent press release. The three-year term facility is the first of its kind raised by a Shariah-compliant financial …
Companies Investments
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21 April 02:57 PM Herfy’s CEO Bader resigns
Riyadh – Mubasher: Herfy Food Services Company accepted the resignation of Sam Mohamed Bader from his position as its CEO due to personal reasons. Bader submitted his resignation on 19 April and became effective on 21 April 2024, according to a …
Corporate Actions
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21 April 02:27 PM Volar Aerospace, UAE’s Inovartic cooperate for electric aircraft production
UAE – Mubasher: Volar Aerospace Limited (Volar), Hong-Kong based green air mobility company, signed a memorandum of understanding (MoU) with Abu Dhabi-based Inovartic Investment to cooperate on the commercial use of the RX-series of electric …
Companies Investments