Management Decisions

Palm Hills’ vice chairman Timothy Collins resigns

17 July 06:00 PM Palm Hills’ vice chairman resigns

Cairo – Mubasher: Palm Hills Developments (PHD) on Tuesday said its vice chairman Timothy Collins has resigned his post. "I am leaving the Board of PHD as a result of having to manage various competing investments. Having spent a few years with …

Management Decisions

Abraaj’s $990m sub-Saharan Africa fund mulls hiring new manager

17 July 02:15 PM Abraaj’s $990m sub-Saharan Africa fund mulls hiring new manager

Mubasher: Investors in the Abraaj Group’s African subsidiary, Abraaj Africa Fund III, are weighing up appointing new manager that may constitute a new hurdle ahead the sale process for the embattled firm’s asset management unit. “Investors in the …

Management Decisions

Saudi Arabia to issue bankruptcy law by late August

16 July 01:19 PM Saudi Arabia to issue bankruptcy law by late August

Riyadh – Mubasher: Saudi Arabia’s new bankruptcy law is expected to go into effect in late August, officials have said. The law is forecast to attract more local and international investments, especially in the private sector, as well as …

Law

NBK is also looking to boost its banking activities through starting providing wealth management services

16 July 11:37 AM NBK eyes boosting footprint in Saudi Arabia – CEO

Mubasher: The National Bank of Kuwait (NBK) is working on expanding in Saudi Arabia over the coming period after obtaining two licences to inaugurate branches in Riyadh and Eastern Province, CEO Isam Al Sager has said. Kuwait's largest commercial …

Corporate Actions

Emaar Properties aims to raise around $700 million through selling its hotel portfolio

16 July 10:28 AM Emaar Properties to sell AED 5bn assets

Dubai – Mubasher: Emaar Properties began signing contracts with several interest parties to sell assets at a combined value of AED 5.14 billion ($1.4 billion), sources said. The UAE-based real estate developer is looking to sell hotels, clinics, …

Management Decisions

The new CEO will work on preparing the company for future challenges

15 July 04:34 PM Emaar Malls names new CEO

Dubai – Mubasher: Emaar Malls has appointed Patrick Bousquet-Chavanne as new CEO, effective next August. The new CEO will work on preparing the company for future challenges and increasing customers’ confidence in it, according to a filing to the …

Management Decisions

The capital hike will be implemented by distributing a 1-for-7 basis bonus shares

11 July 05:14 PM Saudi CMA OKs eXtra’s capital hike via bonus shares

Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved United Electronics Company's (eXtra) request to raise capital to SAR 500 million, from SAR 420 million, through the issuance of bonus shares. The capital hike will be …

Management Decisions

Saudi CMA awards 2 licences to fintech startups

11 July 01:50 PM Saudi CMA awards 2 licences to fintech startups

Riyadh – Mubasher: The Saudi Capital Market (CMA) has handed the first two financial technology (fintech) licences to Riyadh-based startups Scopeer and Manafa Capital. The two companies will offer crowd-funding investment services on a trial basis …

Companies Investments

SAMA’s nod is conditional upon completing other regulatory authorities’ approvals

11 July 10:28 AM Saudi SAMA OKs Enaya’s capital hike via right shares

Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company (Enaya) on Wednesday announced obtaining Saudi Arabian Monetary Authority’s (SAMA) approval to raise its capital to SAR 300 million, from SAR 100 million through the issuance of right …

Management Decisions

This hotel is the first that will be managed by H Hospitality Collection in the kingdom

9 July 11:03 AM Jabal Omar Development picks H Hospitality to manage 5-star hotel in Makkah

Riyadh – Mubasher: Jabal Omar Development on Monday announced hiring H Hospitality Collection to manage and operate a five-star hotel in Makkah. This hotel is the first that will be managed by H Hospitality Collection in the kingdom, the Saudi …

Management Decisions

The capital cut will be undertaken to offset accumulated losses

9 July 10:45 AM Gulf Franchising nods to capital cut to offset losses

Mubasher: Gulf Franchising Holding on Monday announced that its shareholders had approved shrinking the capital by KWD 2.3 million to about KWD 949,880 from KWD 3.25 million during an ordinary general meeting (OGM) held the previous day. The …

Management Decisions

Saudi is the biggest export market for Egypt’s agricultural products.

8 July 04:49 PM Saudi Arabia tightens import procedures of Egypt’s agricultural products

Cairo – Mubasher: Saudi Arabia has announced that it will toughen import procedures of agricultural products from Egypt during this period. The Egyptian agricultural exports to the kingdom must be free of residues of pesticide and heavy metals, …

Management Decisions

Tadawul adds Saudi Cable, several REITS to main index

8 July 03:13 PM Tadawul adds Saudi Cable, several REITS to main index

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Sunday has announced adding Saudi Cable Co.’s shares to the main Tadawul All Share Index (TASI) on the capital goods sector. Some of the real estate funds were also added to the benchmark …

Trading Activities

DFM implements 1st repo transactions Sunday

8 July 02:56 PM DFM implements 1st repo transactions Sunday

Dubai – Mubasher: The Dubai Financial Market (DFM) on Sunday said that it has recently settled its first repurchase (repo) transactions, involving 6 million shares of Gulf Navigation, in addition to 45 million stocks of Drake and Scull …

Companies Investments

This exit deal led to generating a profit of $4.6 million

8 July 12:49 PM Inovest exits $4.6m real estate investment in Saudi Arabia

Mubasher: Bahrain-based Inovest on Sunday announced that it had sold its entire stake in a real estate investment in Saudi Arabia. This exit deal led to generating a profit of $4.6 million that will be included in the company’s financial results …

Management Decisions

Kuwait’s Sanad acquires Albanian firm for $4.8m

8 July 11:35 AM Kuwait’s Sanad acquires Albanian firm for $4.8m

Mubasher: Sanad Holding on Sunday announced its acquisition of an Albanian real estate firm for KWD 1.45 million ($4.79 million) through one of its subsidiaries. The acquired firm, whose name has not been disclosed, owns various properties and …

Management Decisions

The bill will outline the legal and functional framework of the EGP 200 bn fund

5 July 03:01 PM Egypt’s State Council OKs state’s EGP 200bn sovereign fund bill

Cairo – Mubasher: Egypt's State Council has approved a bill to launch the first Egyptian sovereign wealth fund that will manage the state-run assets. The bill will outline the legal and functional framework of the EGP 200 billion ($11.34 billion) …

Companies Investments

The firm’s capital will increase to SAR 300 million

5 July 09:27 AM Thob Al-Aseel OGM nods to capital hike via bonus shares

Riyadh – Mubasher: Saudi Arabia-based Thob Al-Aseel Company on Thursday said that the ordinary general meeting (OGM) had approved a 100% capital increase by distributing bonus shares during a meeting held the previous day. The firm’s capital will …

Board of Directors

DSI appoints Raug as new CFO

5 July 09:05 AM DSI appoints Raug as new CFO

Dubai – Mubasher: Drake & Scull International (DSI) on Thursday announced the appointment of a new chief financial officer (CFO) effective 5 July. DSI has appointed PG Raut as its new CFO, replacing Feras Khalthoum who will "transition to assume a …

Management Decisions

Barclays appointed for Turkish drugmaker sale after Abraaj deal fails

5 July 08:51 AM Barclays appointed for Turkish drugmaker sale after Abraaj deal fails

Dubai – Mubasher: Turkish drugmaker Sanovel Ilac Sanayi ve Ticaret has appointed Barclays to arrange its sale after a deal with the Abraaj Group went south. The drugmaker's owners, Turkish businessmen Ahmet and Zafer Toksoz, are now considering …

Management Decisions

Jiyad Holding Co has submitted a new request to Kuwait’s CMA

4 July 11:21 AM Kuwait’s Jiyad mulls listing shares on DFM

Mubasher: Jiyad Holding Co has submitted a new request to Kuwait’s Capital Markets Authority (CMA) to obtain an approval of listing its shares on the Dubai Financial Market (DFM), according to a bourse statement on Wednesday. In May, well-informed …

Corporate Actions

The board authorised the executive administration to complete regulatory procedures

4 July 10:18 AM Union Properties to issue AED 500m sukuk

Dubai – Mubasher: The UAE-based Union Properties’ (UPP) on Wednesday announced that the board of directors had approved an AED 500 million sukuk issuance during a meeting held the previous day. The board authorised the executive administration to …

Sukuk and Islamic Finance

Sultan may issue convertible bonds valued at a maximum of KWD 15 million

3 July 03:19 PM Sultan Center to consider KWD 25m capital hike late July

Mubasher: Sultan Center Food on Tuesday announced that the extraordinary general meeting (EGM) has been rescheduled to Wednesday, 18 July, due to lack of quorum during a meeting held the previous day. The shareholders will discuss increasing the …

General Assembly

Nadhmi al-Nasr will replace Kleinfeld at Neom

3 July 10:48 AM Saudi Arabia appoints Neom CEO adviser to Crown Prince

Riyadh – Mubasher: Saudi Arabia has named Klaus Kleinfeld, the former chief executive officer of German industrial conglomerate Siemens and US aluminum producer Alcoa, as an adviser to Crown Prince Mohammed bin Salman. Kleinfeld is to start his …

Management Decisions

The Gulf's largest dairy firm last reported a 4.88% growth in its profits to SAR 344m in Q1-18

2 July 03:56 PM Higher costs push up prices of Almarai’s dairy products

Riyadh – Mubasher: Saudi food producer Almarai Co has announced raising prices of some dairy products, on the back of higher costs. The labour, fodder imports, transportation, and energy led to increasing the prices, according to Almarai’s …

Management Decisions