Top News

Lower net income was attributed to the group's higher precautionary provisions

04:40 PM Al Baraka Banking Group achieves 8% lower net income in 2020

Mubasher: The total net income of the Bahrain-based Al Baraka Banking Group (ABG) declined by 8% to $166 million in 2020, compared to $180 million in 2019. Lower net income was attributed to the group's higher precautionary provisions allocated to …

Financial Results

03:51 PM Airline industry to remain cash negative in 2021 - IATA

The airline industry is forecast to continue witnessing negative cash flow in 2021 due to COVID-19.

Global Reports

02:59 PM EU leaders meet to accelerate vaccine production, rollout

European Union leaders will meet to try to accelerate the production and rollout of COVID-19 vaccines in a race against the emergence of new variants.

Global Reports

The kingdom’s trade exchange with the four GCC states was SAR 98.1 billion ($26.15 billion) in 2020.

01:38 PM Saudi trade exchange with 4 Gulf countries falls 6.1% in 2020

Riyadh – Mubasher: Saudi Arabia’s trade exchange with the UAE, Bahrain, Kuwait, and Oman slid by 6.06% in 2020 when compared to a year earlier. The kingdom’s trade exchange with the four GCC states was SAR 98.1 billion ($26.15 billion) in 2020, …

Macroeconomics

The GCC insurers could face key risks relating to volatility of earnings

12:51 PM S&P Global ratings on GCC insurance market expected to remain stable in 2021

Mubasher: S&P Global predicted its ratings on the GCC insurance market to remain stable in 2021, attributed to strong capital buffers, despite the coronavirus (COVID-19) economic repercussions and uncertainty. A relatively large number of the GCC …

Ratings

BFC Group’s products include BFC Forex and BFC Payments

24 February 03:52 PM New Finablr owners in merger talks with Bahrain's BFC Group Holdings

UAE - Mubasher: A consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners is holding an advanced discussion over a potential merger with Bahrain's BFC Group Holdings to form a regional fintech with licences to operate in more than 30 …

Companies Investments

The facility has been leased to Michelin North America

23 February 02:42 PM GFH acquires mission-critical distribution facility in Chicago for $135m

UAE - Mubasher: GFH Financial Group has acquired a mission-critical distribution facility in Chicago in Illinois in exchange for $135 million, according to a press release on Tuesday. Since November 2015, the facility has been leased to Michelin …

Companies Investments

23 February 02:38 PM HSBC annual profit beats estimates

HSBC reported full-year earnings for 2020 that exceeded expectations and announced a dividend payout for the first time since the Covid-19 pandemic.

Global Reports

The new investment will accelerate Ageras’ expansion into existing growth markets.

23 February 10:02 AM Investcorp’s portfolio company Ageras raises $73 million in new capital

Mubasher: Leading European technology investor, Investcorp Technology Partners, said its portfolio company, Ageras Group, has raised $73 million from Lugard Road Capital, the US-based alternative asset manager. The new investment will accelerate …

Companies Investments

22 February 05:20 PM Dozens of Boeing 777 jets grounded after Denver incident

Mubasher: Airlines in the US, South Korea, and Japan have grounded dozens of Boeing 777 airplanes after a United Airlines plane suffered engine failure.

Global Reports

Investcorp will continue KSMC's expansion across the US

22 February 10:37 AM Investcorp acquires majority of US-based KSM Consulting

Mubasher: One of the affiliates of Investcorp has acquired the majority of KSM Consulting, a US data analytics, technology, and digital transformation firm, from Renovus Capital Partners. Under the terms of the transaction which have not been …

Mergers and Acquisitions

The basic and diluted losses per share stood at 1.43 cents last year

21 February 09:59 AM Ithmaar Holding sees $42m net losses in 2020

Mubasher: The consolidated financial results of the Bahrain-based Ithmaar Holding has registered $41.719 million in net losses attributable to the equity holders in 2020, versus $669,000 net profits in 2019. The net losses are attributed to the …

Financial Results

18 February 03:17 PM Airbus announces EUR 1.133bn losses in 2020

Airbus announced consolidated net losses of EUR 1.133 billion in 2020, compared to EUR 1.362 billion in 2019.

Global Reports

The Middle East and Africa witnessed the highest level in percentage terms

18 February 01:35 PM Middle East insurance M&A defies COVID-19-driven dip in 2020; expected to surge in 2021

Mubasher: The insurance sector across the world has registered 407 completed merger and acquisition (M&A) deals in 2020, lower than 419 in 2019. This record was mentioned by finding opportunity in adversity, the latest edition of global law firm …

Global Economy

18 February 12:37 PM Barclays sees 38% lower annual earnings, resumes dividend payouts

Barclays logged a profit of £1.53 billion ($2.11 billion) in 2020, down by 38% from 2019.

Global Reports

18 February 11:41 AM Credit Suisse moves to fourth-quarter loss

Credit Suisse turned to a better-than-expected loss in last year’s fourth quarter (Q4), driven by higher provisions for legal disputes.

Global Reports

Saudi Arabia was the top GCC buyer of US Treasury bonds with $134.4 billion in December 2020.

17 February 02:34 PM GCC holdings of US Treasuries fall 16.5% in December

Mubasher: Investments of the GCC states in US Treasury bills and bonds decreased by 16.5% or $45.9 billion year-on-year (YoY) during December 2020. Total investments of Gulf countries in US Treasury bills and bonds amounted to $231.414 billion in …

Macroeconomics

17 February 02:08 PM Ford targets all-electric car lineup in Europe by 2030

Ford Motor Co will invest $1 billion in converting its vehicle production facility in Cologne, Germany.

Global Reports

17 February 01:49 PM Maersk to launch world's first carbon-neutral liner vessel in 2023

Maersk will accelerate plans to decarbonise sea-borne container shipping by putting the world’s first carbon-neutral vessel into operation in 2023.

Global Reports

The kingdom’s decision will apply only to contracts offered by the government.

16 February 12:16 PM KSA to cease contracting with foreign firms without regional HQ from 2024

Riyadh – Mubasher: Saudi Arabia will no longer sign contracts with foreign companies that do not have a regional headquarters in the kingdom after 2023, Reuters reported citing the Saudi Press Agency (SPA). The policy, which comes into effect on 1 …

Global Economy

The board agreed to extinguish treasury shares of 94.339m shares

16 February 11:26 AM GFH's board terminates market making/liquidity providing agreement

Mubasher: The board of GFH Financial Group has decided to terminate the market making/liquidity providing agreement, according to the company's disclosure to the Dubai Financial Market (DFM). The board also agreed to extinguish treasury shares …

Management Decisions

The basic and diluted EPS stood at 1.35 cents in 2020

16 February 10:30 AM GFH records 32% lower profits in 2020

Mubasher: The net profits attributable to the shareholders of GFH Financial Group slid by 31.7% to $45.1 million in 2020, compared to $66.033 million in 2019. Lower net profits are driven by lower contribution from business lines due to the …

Financial Results

15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020

Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …

Banking and Finance

The rating captures STC’s commitment to adopt the best responsible and sustainable business practices.

14 February 03:17 PM STC ranked first in GCC on Dow Jones Sustainability Index

Riyadh – Mubasher: Saudi Telecom Company (stc) headed all telecom companies in the GCC region in terms of sustainability as per the Dow Jones Sustainability Index (DJSI). The company also ranked the second amongst all companies operating in Saudi …

Companies Investments