Management Decisions

The decision was part of ADCB's objective to focus its operations on the local market

03:20 PM ADCB to exit operations in China

Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) will exit its operations in China, as the China Banking and Insurance Regulatory Commission (CBIRC) has approved the closure of the bank's branch in Shanghai. The decision was part of ADCB's …

Banking and Finance

Givanakis will assume his new position in April 2021

01:21 PM ADGM appoints new CEO for Financial Services Regulatory Authority

UAE - Mubasher: Abu Dhabi Global Market (ADGM) has named Emmanuel Givanakis the CEO of ADGM’s Financial Services Regulatory Authority (FSRA), succeeding Richard Teng who will step down at the end March 2021. Givanakis, who is currently the Senior …

Management Decisions

The company is coordinating with consulting firms

09:37 AM Arabtec Holding denies appointing consultant for debt restructuring

Dubai – Mubasher: Arabtec Holding has denied the appointment of a consultant to restructure its debts, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday. The company referred that it is coordinating with …

Management Decisions

CMA has nodded to Al Bareeq Holding's listing on DFM

27 September 04:37 PM CMA approves Al Bareeq Holding's listing on DFM

Mubasher: Kuwait's Capital Market Authority (CMA) has nodded to Al Bareeq Holding's request to be listed on the Dubai Financial Market (DFM). The company should be committed to the regulations of securities activities and their amendments, …

Management Decisions

The company has not mentioned the reasons for the resignation

27 September 10:33 AM Kuwait Holding, Masader Al Ofoq resign from IFA's board

Mubasher: International Financial Advisors (IFA) has announced the resignation of Kuwait Holding Company and Masader Al Ofoq General Trading and Contracting Company from the company's board membership. The company has not mentioned the reasons for …

Board of Directors

The bonds have interest rates of 4.7%

24 September 10:36 AM DP World Limited nods to periodic coupon distribution

Dubai – Mubasher: DP World Limited has approved a periodic coupon distribution for the issued notes worth $500 million, according to the company's disclosure to Nasdaq Dubai. Due in 2049, the notes have interest rates of 4.7%. The company will pay …

Photo Archive

23 September 04:52 PM Saudi Arabia, Dubai resume flights

Dubai – Mubasher: Saudi and Emirati air carriers resumed scheduled flights coinciding with celebrations of the 90th Saudi national holiday. According to a statement by Dubai Airports, Saudia has on Sunday resumed five daily flights between Dubai …

Management Decisions

The new appointment shall be effective as of 11 October 2020

21 September 09:08 AM GO names new CEO

Riyadh – Mubasher: The board of Etihad Atheeb Telecommunication Company (GO) approved to name Yahya Bin Saleh Bin Mohsen Al Mansour as the company’s new CEO succeeding Fahad Bin Abdul Rahman Al Bawardi. The new appointment shall be effective as of …

Management Decisions

The package is applicable to the existing 17,500 member companies

20 September 01:07 PM DMCC extends Business Support Package

UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) has extended its ‘Business Support Package’ to 20 October 2020, according to a press release on Sunday. Launched in March, the package is the DMCC's largest commercial support aiming to help …

Management Decisions

The company also appointed Ahmad Julfar as the managing director

20 September 11:14 AM du appoints new acting CEO

Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) has named Fahad Al Hassawi as a new acting CEO of the company, according to the company's disclosure to the Dubai Financial Market (DFM) on Sunday. Al Hassawi has assumed the …

Management Decisions

The new CEO will join Waha Capital from the Abu Dhabi Investment Council

20 September 11:01 AM Waha Capital names new CEO

Abu Dhabi – Mubasher: Waha Capital, Abu Dhabi-based leading investment company, has appointed Ahmed Khalifa Al Mehairi as a new CEO of the company. Al Mehairi will assume his position at Waha Capital on 18 October 2020 in succession to Amr Al …

Management Decisions

The two MoUs were extended for three months until 7 December 2020

20 September 09:47 AM National Building extends two MoUs on coronavirus-related delays

Riyadh – Mubasher: The National Building and Marketing Company has extended a memorandum of understanding (MoU) to acquire the entire capital of Al-Kharj Union Company for Metal Casting at an initial sum of SAR 20 million. It further renewed …

Mergers and Acquisitions

SIIG owns 50% of Petrochem

20 September 09:10 AM Petrochem, SIIG in early talks for potential merger

Riyadh – Mubasher: The board of the National Petrochemical Company (Petrochem) approved to begin initial talks with the Saudi Industrial Investment Group (SIIG) to study the economic feasibility of merging the two companies. No agreement has been …

Management Decisions

The company will pay KWD 6m as a settlement for the entire value of the loan

17 September 09:40 AM IFA agrees on settling KWD 25m loan

Mubasher: International Financial Advisors (IFA) has reached an agreement with a bank to settle a loan valued at KWD 24.98 million ($81.9 million), excluding the interest rate due on 30 May 2019. The company, listed on Boursa Kuwait and the Dubai …

Banking and Finance

SPIMACO will manufacture some of the unit's products in its plant in Al Qassim

17 September 09:30 AM SPIMACO announces optional liquidation of under-construction unit

Riyadh - Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) said its partners in Al Watan Arabia for Pharmaceutical Products, a fully-owned limited liability subsidiary, approved the optional liquidation of the …

Management Decisions

ADNOC's decision will be applied to all its four ADNOC crude grades

16 September 02:12 PM ADNOC to reduce crude oil supplies 25% in November

UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) will cut its crude oil supplies for term buyers by 25% in November as part of its commitment to OPEC+ agreement to reduce oil production, Reuters reported. ADNOC's decision will be …

Management Decisions

Photo Archive

14 September 11:33 AM Speed Medical board approves Masr Labs acquisition

Cairo – Mubasher: The board of Speed Medical Company has approved acquiring the shares of Masr Labs for EGP 10 million. According to the company’s statement to the Egyptian Exchange (EGX) on Monday, EGP 1 million of the deal’s value will be paid …

Board of Directors

Photo Archive

14 September 09:53 AM Savola Group buys back 341.7K shares for SAR 16.5m

Riyadh – Mubasher: Savola Group completed on 13 September the buy-back of the intended number of its shares specified for the purpose of the Employees’ Long-Term Incentive Program (LTIP). The group bought 341,675 shares for SAR 16.508 million as …

Management Decisions

The capital will be raised to SAR 900 million from SAR 750 million

14 September 09:30 AM Dallah Healthcare EGM greenlights SAR 150m capital hike

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Dallah Healthcare Company (DHC) approved the board’s recommendation to raise the company’s capital through the issuance of bonus shares. Accordingly, the capital will be increased by …

Management Decisions

Photo Archive

14 September 09:09 AM Aslak says creditor objection period ended, capital cut comes into effect

Riyadh – Mubasher: United Wire Factories Company (Aslak) said that the creditor objection period to reduce the company’s capital by 20% has expired on 13 September 2020 and that no objection was received from the creditors during that period. …

Management Decisions

The last day for the trading of the company's shares will be on 14 December

13 September 04:51 PM CMA agrees on Gulf Cement's withdrawal from Boursa Kuwait

Mubasher: Gulf Cement Co., dually listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), has obtained approval from the Capital Markets Authority (CMA) in Kuwait to withdraw from Boursa Kuwait. The last day for the trading of the …

Management Decisions

The company's decision will be effective 1 October

13 September 12:19 PM Al Ramz names new CEO for unit

Dubai – Mubasher: Al Ramz Corporation Investment and Development has appointed Karim Schoeib as a new CEO for its 99% owned subsidiary, Al Ramz Capital. The company's decision will be effective 1 October 2020, according to the company's disclosure …

Management Decisions

stc and Vodafone Group agreed to keep the dialogue open

13 September 09:28 AM stc says no deal reached on Vodafone Egypt $2.4bn stake

Riyadh – Mubasher: Saudi Telecom Company (stc) said that the tenure of the non-binding agreement previously signed with Vodafone Group to take over a 55% stake in Vodafone Egypt has ended without reaching an agreement to conclude the transaction …

Management Decisions

The authority decided to delist the company from the bourse

10 September 04:06 PM CMA delists Ithmaar Holding from Boursa Kuwait

Mubasher: The Capital Markets Authority (CMA) has decided to delist Ithmaar Holding from Boursa Kuwait, according to the company's disclosure to Boursa Kuwait on Thursday. During a meeting held on Wednesday, 9 September, the CMA has rejected …

Management Decisions

The Sukuk issuance amount will be determined as per market conditions and SEC’s requirements

9 September 10:24 AM SEC to hold calls with investors ahead of potential Sukuk issuance

Riyadh – Mubasher: Saudi Electricity Company (SEC) will begin holding calls with fixed-income investors in preparation for potential issuance of US dollar-denominated fixed-rate RegS Senior Unsecured International Green Sukuk. The issuance amount …

Sukuk and Islamic Finance