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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 …
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 …
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 …
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 …
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 …
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 …
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 $66.033 million in 2019. Lower net profits are driven by lower contribution from business lines due to the …
The rating captures STC’s commitment to adopt the best responsible and sustainable business practices.
14 February 03:17 PM STC ranked first in GCC on Dow Jones Sustainability Index
Riyadh – Mubasher: Saudi Telecom Company (stc) headed all telecom companies in the GCC region in terms of sustainability as per the Dow Jones Sustainability Index (DJSI). The company also ranked the second amongst all companies operating in Saudi …
The bank's total assets rose by 11% in 2020
11 February 10:42 AM Al Salam Bank – Bahrain registers 57% lower profits in 2020; dividends proposed
Mubasher: The consolidated financial results of Al Salam Bank – Bahrain reported a 57% drop in net profits attributable to the shareholders to BHD 9.1 million ($ 24.2 million) in 2020 from BHD 21.1 million ($ 56 million) in 2019. The bank's net …
The supercomputer is named after the first oil well discovered in Saudi Arabia.
19 January 01:26 PM Saudi Aramco, STC launch Dammam 7 supercomputer
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and the Saudi Telecom Company (stc) on Tuesday announced launching “Dammam 7”, a new supercomputer and one of the world’s 10 most powerful computers. The supercomputer, which is named …
The acquisition is expected to be complete in the second quarter of 2021
17 January 10:53 AM Bank ABC inks deal to acquire Blom Bank Egypt
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) announced signing an agreement with Lebanon’s Blom Bank to acquire its 99.4% stake in Blom Bank Egypt. The acquisition deal, subject to several conditions and approvals from regulatory …
All physical and non-physical assets and customer accounts are included in the deal
14 January 05:54 PM Bahrain's Bank ABC completes acquisition of Blom Bank Egypt for $480m
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) finalised the acquisition of Blom Bank’s unit in Egypt for $480 million, two banking sources told Reuters on Thursday. All physical and non-physical assets and customer accounts are included …
The project will include 100 residential plots
13 January 11:44 AM Ithmaar Holding partners with Naseej to develop BHD 40m residential project
Mubasher: The Bahrain-based Ithmaar Holding has reached an agreement with Naseej to establish a BHD 40 million residential project in the northern governorate area of Barbar. Spanning over around 150,000 square metres, the project will include 100 …
The settlement is expected to have a positive impact on the company's financial statements
10 January 11:41 AM Saudi Amiantit settles loans worth SAR 107m with Saudi, Bahraini banks
Riyadh – Mubasher: The Saudi Arabian Amiantit Company announced the full settlement of its loans with Samba Financial Group, Bank Aljazira, Gulf International Bank, Al Baraka Islamic Bank (Bahrain), and Arab Banking Corporation (Bahrain). The …
The short term margin trading was recently added to the DFM
4 January 04:42 PM DFM licenses BH Mubasher as first short term margin trading provider
Dubai – Mubasher: The Dubai Financial Market (DFM) has granted BH Mubasher Financial Services a license to become the first short term margin trading provider on the market. The short term margin trading was recently added to the DFM, as part of …
Sukuk maturities are predicted to be at $115.7 billion over the next five years.
30 December 2020 02:58 PM GCC governments could see $157.1bn in fixed income maturities in 5 yrs
Riyadh – Mubasher: GCC governments are expected to see $157.1 billion in fixed income maturities over the next five years (2021-2025) whereas corporate maturities stand at $164.3 billion, Kamco Invest said in a report on Wednesday. A majority of …
Roebuck has managed assets with total investments of over £1.4bn
27 December 2020 09:48 AM GFH acquires Roebuck Asset Management in UK
Mubasher: GFH Financial Group has acquired a majority stake in the UK-based Roebuck Asset Management, specialised in managing logistics real estate assets and commercial spaces. With the acquisition of Roebuck, GFH is enabled to expand its …
The two warehouses have access to over four million people across south eastern Spain
21 December 2020 04:08 PM GFH acquires Amazon designated warehouses at $77m
Mubasher: GFH Financial Group has acquired high quality and income yielding logistics warehouses, located in south eastern Spain and leased on a long-term basis to Amazon Road Transport, at a value of around $77 million. The two warehouses were …
The company is able to conduct transactions using the SLB facility
21 December 2020 10:24 AM BH Mubasher obtains license as securities lending, borrowing agent
Dubai – Mubasher: BH Mubasher Financial Services has received a license as a securities lending and borrowing agent from the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM). Through the license, the company is able to …
Ithmaar Holding has appointed KPMG Bahrain as a financial advisor
14 December 2020 03:52 PM Ithmaar Holding hires financial, legal advisors for BBK's acquisition plan
Mubasher: Ithmaar Holding, the parent of Ithmaar Bank, has appointed KPMG Bahrain as a financial advisor and Hassan Al Radhi and associates as legal advisors as part of the plans of Bahrain and Kuwait Bank (BBK) to acquire the bank's operations in …
The global CRO market is growing at approximately 10% per annum.
14 December 2020 11:59 AM Investcorp takes over Denmark-based Sanos Group
Mubasher: Investcorp has acquired Denmark-based Sanos Group, a leading provider of specialised clinical trial services to the global pharmaceutical and biotechnology industry. Sanos is a global Contract Research Organisation (CRO) providing …
The Danube hypermarket is expected to open in the fourth quarter of 2021.
9 December 2020 09:46 AM BinDawood’s Danube to open first international branch in Bahrain
Riyadh – Mubasher: Danube Company for Foodstuffs and Commodities, a 99%-owned subsidiary of Saudi Arabia's BinDawood Holding, has signed a lease agreement with a leading integrated real estate development company in Bahrain to open a Danube …
The sale transaction is expected to close in the first quarter of 2021.
8 December 2020 02:00 PM Investcorp sells Avira to NortonLifeLock for $360m
Mubasher: Investcorp has entered into a definitive agreement to sell Avira to NortonLifeLock, a global leader in consumer Cyber Safety, for about $360 million. The transaction is expected to close in the first quarter (Q1) of 2021, subject to …
GFH will take the lead in the management of the universit
8 December 2020 09:43 AM GFH acquires international university in Bahrain for $100m
Mubasher: GFH Financial Group has acquired AMA International University-Bahrain (AMAIUB) in exchange for $100 million to increase the Group's regional investments in the educational sector. GFH will take the lead in the management of the …
Aramco has set the January OSP of its Arab light crude oil to the US at plus $0.55 a barrel over ASCI.
6 December 2020 01:59 PM Saudi Aramco raises official January crude price to Asia
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has increased the January price for its Arab light crude to Asia to $0.30 a barrel over Oman/Dubai crude, up $0.80 from December, Reuters said on Sunday citing a company document. The …