UAE - Mubasher: Mastercard has entered into a partnership with the UAE-based LuLu Group to boost sustainability, innovation, and efficiency in retail payments across the six GCC markets. The partnership, extending across Bahrain, Kuwait, Oman, …
Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has obtained insurer financial strength (IFS) rating of ‘BBB+’ from Fitch Ratings. The company also received a national IFS rating of ‘AA-(sau)’ from the agency, according to a …
Riyadh – Mubasher: The Saudi Paper Manufacturing Company obtained a Sharia facility deal worth SAR 150 million from Emirates NBD on 3 July 2024. In line with its growth strategy and plans, the listed firm will use the loan to back its cash …
Riyadh – Mubasher: ACWA Power Company has signed the financing documents for the 200 megawatts (MW) photovoltaic and 500 MW/hour (MWh) Battery Storage Riverside Tashkent power plant in Tashkent region in Uzbekistan. The project is implemented by …
Riyadh – Mubasher: Elm Company has awarded a SAR 75.90 million health insurance contract for its employees to The Company for Cooperative Insurance. The agreement’s term amount for one year starting from 30 June 2024, according to a bourse filing. …
UAE – Mubasher: Newgen Software, a global provider of low-code digital transformation platforms, has launched generative AI-powered hyper-personalisation platform LumYn in the Middle East. LumYn is tailored for the banking sector and is set to …
Riyadh – Mubasher: First Milling Company (First Mills) penned a financing facility agreement worth SAR 150 million with the Saudi Industrial Development Fund (SIDF) on 25 June 2024. The facility deal will support the company’s working capital and …
Mubasher: Emirates NBD and Jarir Marketing Company (Jarir Bookstores) inked a cooperation agreement to enhance the customer experience by offering exclusive services and benefits to their clients. The joint deal aligns with the two entities’ …
Cairo – Mubasher: Egypt-based fintech company Connect Money has closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures. The new funding will support Connect Money's plans to introduce five new business verticals in …
Dubai – Mubasher: Mashreq Bank has extended its partnership with Oracle Financial Services to back its growth plans worldwide, according to a press release. The lender will replace its core systems with Oracle solutions to streamline and enhance …
Riyadh – Mubasher: Gulf Insurance Group (GIG) announced the distribution of SAR 78.75 million, or SAR 1.50 per share, in cash dividends for 2023 on 30 June 2024. The shareholders eligible are those who own shares at the end of 29 May, according to …
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has entered into a strategic collaboration with DIFC Innovation Hub to fast-track fintech adoption in the region. The UAE’s DIFC Innovation Hub is home to more than 700 growth-stage tech firms …
Dubai – Mubasher: The listed Commercial Bank of Dubai (CBD) has teamed up with Emirates Development Bank (EDB) through a strategic partnership to enhance and facilitate international trade services, according to a press release. The collaboration …
Cairo – Mubasher: The National Bank of Egypt (NBE) has announced, on 19 June 2024, the successful signing of a $1 billion senior unsecured syndicated term loan facility in which several regional and global financial institutions participated. The …
Riyadh – Mubasher: Sure Global Tech Company obtained a SAR 45 million loan, on 12 June 2024, from Banque Saudi Fransi, according to a bourse disclosure. The sharia-compliant deal, which holds a tenor for one year, is secured by a promissory note …
Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance Company has renewed a contract with Saudi Basic Industries Corporation (SABIC). Under the agreement, Bupa Arabia provides health insurance for SABIC’s employees and their families for one …
Mubasher: The US Federal Reserve (Fed) left interest rates unchanged, signalling it will not pull back until seeing sustained progress lowering inflation from multi-decade highs. The Federal Open Market Committee (FOMC) has maintained the target …
UAE- Mubasher: Emirates NBD has partnered with Citi to introduce a new USD cross-border clearing service in the Middle East. Emirates NBD will be the first bank to utilise Citi’s 24/7 USD Clearing service, offering round-the-clock cross-border …
Riyadh – Mubasher: ROSHN Group, a real estate developer owned by the Saudi Public Investment Fund (PIF), has signed memorandum of understanding (MoU) with Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank. Under the MoUs, which were …
Riyadh – Mubasher: Islamic Development Bank (IsDB) has co-signed a $150 million financing agreement for the construction of Rogun hydroelectric power station in Tajikistan. Investing in the Tajik project reflects IsDB’s commitment towards …
Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the …
Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has announced the pricing of its inaugural GBP 650 million sterling-denominated bond under its Euro medium-term note programme. The issuance is oversubscribed by more than 600%, …
Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA), Vision International Investment Company (Vision Invest), and Gulf Investment Corporation (GIC) closed the financing arrangements for the Juranah Independent Strategic Water Reservoir …
Riyadh - Mubasher: Pan Gulf Marketing Company obtained a SAR 70 million loan from Saudi Awwal Bank (SAB) on 29 May 2024, according to a bourse disclosure. The facility deal, which is valid for one year, is secured by a promissory note and a …
Riyadh – Mubasher: The Insurance Authority (AI) greenlighted, on 2 June, the request of Salama Cooperative Insurance Company to increase its capital by offering rights issues worth SAR 100 million. The company’s new capital will stand at SAR 300 …
