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23 April 03:54 PM

Middle east news

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6 minutes ago Tadawul’s indices see varied performance on Tuesday
Riyadh – Mubasher: The main market’s All Share Index (TASI) of the Saudi Exchange (Tadawul) went down by 24.52 points (0.20%) to 12,484.41 points at the end of Tuesday’s session. A total of 409.65 million shares were traded at a turnover worth SAR …
Trading Activities
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32 minutes ago Acrow Misr’s consolidated profit surges to EGP 344m in 2023
Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork posted a consolidated net profit of EGP 344.36 million in 2023, up from EGP 113.11 million a year earlier. Revenues surged to EGP 2.55 billion last year from EGP 1.57 billion in 2022, …
Financial Results
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33 minutes ago Al Yamamah Steel begins commercial production of Jeddah Pipes factory
Riyadh – Mubasher: Al Yamamah Steel Industries Company highlighted that the first phase of the expansion of the Jeddah Pipes factory started commercial production in April 2024. In a bourse statement, the company noted that the financial impact is …
Companies Investments
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1 hour ago UAE pens MoU with 3 countries for Development Road project
UAE – Mubasher: The UAE has signed a memorandum of understanding (MoU) with Iraq, Qatar, and Türkiye for cooperation on the Development Road project. The project seeks to create a sustainable economy bridging East and West, increase international …
Macroeconomics
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1 hour ago DFM, ADX close Tuesday's session down
UAE – Mubasher: The main index of Dubai Financial Market (DFM) went down by 1.34 points (0.03%) and ended Tuesday’s trading session at 4,166.32 points. DFM’s turnover reached AED 329.12 million through the exchange of 130.73 million shares. Emaar …
Trading Activities
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2 hours ago ADIB becomes 1st bank to offer integrated financial services via Botim app
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) inked a partnership with Astra Tech, becoming the first lender to provide users across the country access to financial services on the Botim Ultra app. ADIB and Botim will join forces to develop …
Companies Investments
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2 hours ago Egypt to receive $400m budget support from UK - Minister
Cairo – Mubasher: Egypt is set to receive budget support of $400 million from the UK over two years, Minister of International Cooperation Rania El-Mashat said in an interview, according to Bloomberg. The North African country is expecting to …
Macroeconomics
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3 hours ago Al Qemam seals deal for information technology services
Riyadh – Mubasher: Al Qemam for Computer Systems Company has signed a SAR 7.33 million agreement with Afaq Saher Contracting Est for information technology services. Under the agreement, Al Qemam will implement information technology systems, …
Companies Investments
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3 hours ago ICON’s consolidated profit records EGP 423m in 2023; dividends proposed
Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) reported a net consolidated profit after tax of EGP 423.59 million in 2023, up from EGP 145.41 million the year before. Revenues surged to EGP 3.62 billion …
Financial Results
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3 hours ago Emaar Properties’ AGM approves high dividends of AED 4.4bn for 2023
Dubai – Mubasher: The annual general meeting (AGM) of Emaar Properties approved a cash dividend of 50 fils per share amounting to AED 4.40 billion ($1.20 billion) for 2023. The cash dividends align with the company's profitability and commitment …
Cash Dividends
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4 hours ago Etihad Airways starts Airbus A380 flights to New York
UAE – Mubasher: Etihad Airways started operating Airbus A380 double-decker aircraft with the first flight arriving at John F. Kennedy International Airport in New York from Abu Dhabi. The addition of the A380 has boosted Etihad's capacity in the …
Companies Investments
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4 hours ago SCZONE pens deal with Chinese company for $297m project
Cairo – Mubasher: The Suez Canal Economic Zone (SCZONE) has entered into an agreement with the Chinese company WU'AN XIN FENG at an investment value of $297 million. The Chinese entity was granted usufruct rights to a land area spanning 750,000 …
Companies Investments
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5 hours 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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5 hours ago Arab Developers eyes EGP 7bn contracted sales in 2024
Cairo – Mubasher: Arab Developers Holding is targeting contracted sales amounting to EGP 7 billion in 2024. The company plans to deliver 2,000 housing units in all of its development projects during this year, according to a bourse disclosure. In …
Companies Investments
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10:44 AM EGX to halt trading on Thursday
Cairo – Mubasher: The Egyptian Exchange (EGX) is set to suspend trading on Thursday, April 25, 2024, in celebration of Sinai Liberation Day. Trading will resume on EGX as of Sunday, April 28, according to an announcement. The EGX’s indices …
Event
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10:37 AM 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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10:12 AM 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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09:46 AM 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 06:24 PM Zahraa Maadi obtains regulatory nod for authorised, issued capital increase
Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved for Zahraa Maadi Investment and Development to raise its authorisied capital by EGP 4 billion from EGP 1 billion. The listed company aims to increase the authorised capital to EGP …
Real estate
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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 05:35 PM CI Capital to distribute dividends for 2023 upon Banque Misr’s proposal
Cairo – Mubasher: The ordinary general meeting (OGM) of CI Capital Holding for Financial Investments resolved the distribution of EGP 216.90 million worth of cash dividends for 2023, unlike the board’s previous recommendation not to pay out cash …
Board of Directors
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22 April 04:58 PM EGX’s indices close Monday in red; turnover surpasses EGP 3bn
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices declined on Monday, with the EGX30 main index shrank by 1.67% to close at 28,144.22 points. The small- and mid-cap EGX70 EWI also dipped by 1.08% at 6,544.86 points. Similarly, the EGX100 EWI …
Trading Activities
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22 April 04:53 PM Elsewedy Electric’s shareholders nod for EGP 30m capital cut, over EGP 1bn dividends
Cairo – Mubasher: The ordinary general meeting (OGM) of Elsewedy Electric Company agreed to disburse EGP 0.50 per share as a cash dividend for 2023. The company will pay out a total amount of EGP 1.06 billion to the eligible equityholders of …
General Assembly
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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