Management Decisions

The projects involve the implementation of 16 crossings and intersections
21 March 03:12 PM Saudi Arabia to implement SAR 1.9bn transportation projects in Al Ahsa
Riyadh – Mubasher: The Saudi Ministry of Transport on Thursday announced that it is currently implementing 12 road projects in Al Ahsa governorate at SAR 1.9 billion in investments and with a 607-kilometre length, the vice minister for roads said. …
The export agreement is to start from 1 March until 31 December 2019
21 March 10:58 AM Qassim Cement inks export deal for Kuwait
Riyadh – Mubasher: Qassim Cement Co on Thursday announced signing a contract with Kuwait’s Al-Arada for Building Materials Co. to export 120,000 tonnes of cement. The export agreement is to start from 1 March until 31 December 2019, according to a …
General assembly elected board members for a three-year term
20 March 09:09 PM Acico’s general assembly OKs cash dividends, elects new board
Mubasher: Acico Industries’ general assembly on Wednesday approved a proposal for the distribution 5% of its capital in cash dividends for the year 2018. The company’s shareholders consented to the distribution of another 5% of its capital in …
The four projects are part of Saudi Vision 2030
19 March 04:10 PM King Salman launches SAR 86bn projects
Riyadh – Mubasher: Saudi Arabia’s King Salman bin Abdulaziz Al Saud on Tuesday has launched four projects with a combined value of SAR 86 billion. The investments involve establishing King Salman’s park, Riyadh green project, the sportive lane, …
The firm’s capital will increase by 20% to SAR 600 million
19 March 10:37 AM Aldrees OKs SAR 1/shr dividends for 2018, capital hike
Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company on Tuesday announced that its shareholders had approved distributing cash dividends for the full fiscal year 2018 and raising capital via bonus shares issue during …
The Saudi telecom operator will fund the spectrum’s fees from its operating flows and existing reserves.
18 March 10:30 AM Zain acquires new spectrum at SAR 624m
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) announced acquiring 100 MegaHertZ (MHZ) of the additional spectrum in the 3.5 gigahertz (GHz) spectrum for 15 years at a value of SAR 624 million. The spectrum will be …
The projects include establishing roads at a value of AED 478 million
18 March 09:14 AM UAE implements AED 543m projects in two emirates
Abu Dhabi – Mubasher: The UAE’s Ministry of Infrastructure Development is currently implementing AED 543 million projects in the emirates of Fujairah and Sharjah, the ministry’s undersecretary said. The projects include establishing roads at a …
The remaining 1.9% stake was transferred to Olayan Saudi Investment Co.
17 March 03:03 PM Crédit Agricole sells 4.9% stake in BSF at EUR 440m
Riyadh – Mubasher: France-based Crédit Agricole Corporate and Investment Bank on Sunday announced selling its 4.9% stake in Banque Saudi Fransi (BSF) at a value of SAR 1.86 billion (EUR 440 million), or SAR 32.50 per share. Under the transaction, …
Qatar Central Bank is investigating alleged plans to devalue its currency
17 March 01:25 PM Qatar bans First Abu Dhabi Bank from adding new customers
Abu Dhabi – Mubasher: Qatar banned the UAE-based First Abu Dhabi Bank (FAB) from adding new customers in Doha amid an ongoing regulatory investigation into potential manipulation of the Qatari riyal. FAB, the UAE’s largest lender, will not be …
Saudi Arabia to increase Islamic tax for some banks
17 March 12:41 PM Saudi Arabia to increase Islamic tax for some banks
Riyadh – Mubasher: Saudi Arabia has finalised new rules for calculating Islamic Tax on banks. The new procedures will lead banks to pay around 10% to 20% of their net profits, Bloomberg News reported on Sunday. “The General Authority of Zakat & …
GTH’s revenues shrank to $2.827 billion last year, against $3.015 billion a year earlier.
17 March 12:16 PM EGX suspends trading on GTH’s stock
Cairo – Mubasher: The Egyptian Exchange (EGX) has suspended trading on Global Telecom Holding’s (GTH) stock as of Sunday, 17 March, until it receives a statement from the company. On Saturday, the Egyptian Tax Authority unveiled it was in talks …
Al Harbi has been named as the CEO, effective on 14 April.
17 March 11:31 AM Viva names Al Harbi as new CEO
Mubasher: Kuwait Telecommunication Co (Viva) announced the appointment of Maziad Nasser Al Harbi as the new CEO of the telecom company, according to a bourse disclosure on Sunday. Viva noted that Al Harbi has been named as the CEO, effective on 14 …
SAFF called on all international federations to take similar measures against beIN Sports
12 March 12:03 PM Asian Football Confederation cancels beIN Sports’ monopoly in Saudi Arabia
Riyadh – Mubasher: The Asian Football Confederation (AFC) has cancelled the exclusive rights held by beIN Sports to air Asian continent matches in Saudi Arabia. Qatar-based beIN Sports’ “illegal broadcasting” and inability to obtain the necessary …
Saudi’s SWCC inks deal to supply desalinated water to NEOM
11 March 04:33 PM Saudi’s SWCC inks deal to supply desalinated water to NEOM
Riyadh – Mubasher: The Saudi Saline Water Conversion Corporation (SWCC) on Monday signed a 36-month agreement with a subsidiary of the Saudi Electricity Company (SEC) to provide the country’s $500 billion project NEOM with desalinated water. The …
Saudi gov’t to carry out SAR 10bn projects in Asir
11 March 01:58 PM Saudi gov’t to carry out SAR 10bn projects in Asir
Riyadh – Mubasher: Saudi Arabia’s governorate of Asir has uncovered plans to implement various infrastructure projects worth several billion dollars over the coming period, the Saudi Press Agency (SPA) reported, citing governor Turki bin Talal bin …
The Qatari firm’s capital reaches QAR 1.86 billion
11 March 01:29 PM Gulf International’s EGM nods to stock split
Mubasher: Gulf International Services (GIS) on Monday announced that its shareholders had approved the split of the share’s nominal value to QAR 1 from QAR 10 during an extraordinary general meeting (EGM). The Qatari firm’s capital reaches QAR …
Jarir Marketing last reported a 10.64% year-on-year increase in profits during the full-year 2018
11 March 09:45 AM Jarir to distribute SAR 282m dividends for Q4-18
Riyadh – Mubasher: Jarir Marketing Company’s board of directors on Monday decided to distribute SAR 282 million cash dividends, or SAR 2.35 per share, for the fourth quarter of 2018. Distributions represent 23.5% of the share’s par value, …
ٍSaudi SPCC renews export licence for 1yr
10 March 07:27 PM ٍSaudi SPCC renews export licence for 1yr
Riyadh – Mubasher: Saudi Arabia’s Southern Province Cement Company (SPCC) has announced renewing the licence of exporting million tonnes of clinker and 500,000 cement tonnes for a one year. SPCC received the renewal from the Ministry of Commerce …
The Kuwaiti lender will also distribute 5% bonus shares or 5-for-100 shares
10 March 12:30 PM Boubyan Bank OKs 8 fils/shr dividends, 5% bonus for 2018
Mubasher: Kuwait-based Boubyan Bank on Sunday said that its shareholders have approved the board of directors’ recommendation to distribute 8 fils per share, or 8% of the share’s capital, as a cash dividend for the full fiscal year 2018. The …
Tabuk Cement last reported a 57.2% year-on-year loss increase during the third quarter of 2018
7 March 10:01 AM Tabuk Cement renews two export licences
Riyadh – Mubasher: Tabuk Cement Co on Wednesday announced renewing cement and clinker export licences. The two licences were renewed for a year, the cement producer said in a statement to the Saudi Stock Exchange (Tadawul). Tabuk Cement last …
Google said the app is not violating any of the firm’s policies.
6 March 02:42 PM Google rejects Congress call to remove Saudi app Absher from store
Riyadh – Mubasher: Google will not pull Saudi Arabia’s ‘Absher’ app from its Google Play app store, Arabian Business reported on Wednesday, citing media reports as saying. The US tech giant told California Congresswoman Jackie Speier’s office that …
The financial impact will appear in earnings statements of the first quarter of 2019.
6 March 11:44 AM Sipchem’s unit resumes plant operation after planned maintenance
Riyadh – Mubasher: Saudi International Petrochemical (Sipchem) on Tuesday announced resuming operation at the plant of International Diol Co after finishing maintenance works. Over the previous period, International Diol Co finished the scheduled …
Nougarou previously held the CEO position at Germany's Unibail-Rodamco Group
5 March 02:16 PM Saudi Arabian Centres names Olivier Nougarou as new CEO
Riyadh – Mubasher: Saudi-based Fawaz Abdulaziz Alhokair on Tuesday announced appointing Olivier Nougarou as CEO of its Arabian Centres malls unit. Nougarou previously held the CEO position at a European real estate company, Unibail-Rodamco Group, …
The capital hike will be through KWD 12.58 million bonus
5 March 12:18 PM Previously-listed Eyas nods to KWD 13m capital hike
Mubasher: Eyas for Higher and Technical Education said that its ordinary general meeting (OGM) has approved the board’s recommendation of increasing the authorised and paid-up capital to KWD 25 million from KWD 12.12 million, Alrai Newspaper …
The shutdown’s financial impact will appear in the financial statement of the first quarter of 2019
5 March 11:41 AM Advanced Petrochemical resumes operation at propylene plant
Riyadh – Mubasher: Saudi Arabia’s Advanced Petrochemical Company on Tuesday announced resuming operation at its propylene plant as of Monday, 4 March. The firm resumed business after finishing “necessary assessment for improvement”, according to a …