Management Decisions

IFC to pump $150m in Egypt’s agriculture sector – Minister

4 hours ago IFC to pump $150m in Egypt’s agriculture sector – Minister

Cairo – Mubasher: The executive board of the International Finance Corporation (IFC), the subsidiary of the World Bank (WB) approved on Friday to invest $150 million in Egypt’s agricultural sector, the Minister of Investment and International …

Corporate Actions

ADFG to invest in Egypt’s educational sector – Minister

01:19 PM ADFG to invest in Egypt’s educational sector – Minister

Cairo – Mubasher: Abu Dhabi Financial Group (ADFG) is interested in investing in Egypt's educational sector during the coming period, Egypt’s Minister of Investment and International Cooperation Sahar Nasr said on Friday during meeting with the …

Corporate Actions

Saudi Arabia Medgulf owed this amount to Medgulf Bahrain

22 September 07:18 PM Medgulf Bahrain reduces debts to SAR 123m

Riyadh – Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance (Medgulf) on Thursday announced a settlement of Medgulf Bahrain debts, amounting to SAR 163.38 million, by SAR 40.59 million. Saudi Arabia Medgulf owed this amount to …

Corporate Actions

Al Tayyar signed a one-year agreement with Saudi Airlines for issuing tickets for Ministry of Education employees

22 September 03:42 PM Al Tayyar invests in hotel development fund, signs with Saudi Airlines

Riyadh – Mubasher: The board of Al Tayyar Travel Group Holding on Thursday agreed on contributing in a special real estate fund for developing medium-sized hotels. The board approved assigning three pieces of land in Jeddah to the fund, the …

Management Decisions

Trading will resume as of Monday, 25 September, according to the MSM’s statement on Thursday

21 September 06:14 PM MSM closes Sunday for new Hijri Year

Mubasher: The Muscat Securities Market (MSM) has announced that Sunday, 14 September, will be a holiday on the occasion of the Hijri New Year. Trading will resume as of Monday, 25 September, according to the MSM’s statement on Thursday. The …

Management Decisions

KSA approved SAR 9bn to access optic wires, broadband – Minister

21 September 10:06 AM KSA nods to SAR 9bn optic wires, broadband access – Minister

Riyadh – Mubasher: Saudi Arabia approved SAR 9 billion for fiber optics and broadband access to all the Kingdom’s regions, Bloomberg on Wednesday reported, citing Abdullah bin Amer Al-Sawahah, the minister of communication and information …

Management Decisions

EGX announced Thursday 21 September an official holiday in celebration of the the Islamic New Year 1439

19 September 10:57 AM EGX announces New Hijri Year holiday

Cairo – Egypt: The Egyptian Exchange (EGX) on Tuesday announced that Thursday 21 September will be an official holiday in celebration of the beginning of the Islamic New Year 1439, according to an official statement. Trading will be resumed on …

Management Decisions

Saudi Arabia plans to reduce the subsidy on gasoline and jet fuel prices during the coming two months, Bloomberg reported on Monday, citing informed sources as saying

18 September 03:40 PM KSA to raise gasoline, jet fuel prices by 80% in 2M – Bloomberg

Riyadh – Mubasher: Saudi Arabia plans to reduce the subsidy on gasoline and jet fuel prices during the coming two months, Bloomberg reported on Monday, citing informed sources as saying. “The government is taking its first step in removing …

Management Decisions

Shumool is 60% owned by Kuwait-listed Mabanee

18 September 12:29 PM Mabanee’s KSA unit appoints new CEO

Kuwait – Mubasher: Mabanee Company announced on Monday the appointment of Ayman Mohamed Al-Mudaifer as CEO of Shumool Holding, a subsidiary of Mabanee in Saudi Arabia. The new CEO appointment is effective Tuesday, 19 September, according to the …

Management Decisions

QIC’s profits retreated 27.4% in the second quarter of 2017 to QAR 203.5 million versus QAR 280.1 in the year-ago period

18 September 12:25 PM QIC closes Abu Dhabi branch

Doha – Mubasher: Qatar Insurance Company (QIC) declared on Monday that its business licence for its branch in Abu Dhabi was not renewed due to the current political situation in the region. “We are sorry to inform you that the company will have to …

Management Decisions

“Ooredoo GDR was admitted to trading on the London Stock Exchange on July 1999”, the statement said

17 September 11:04 AM Ooredoo de-lists GDRs from LSE

Mubasher: Ooredoo announced on Sunday that the de-listing process of its global depository receipts (GDRs) from the London Stock Exchange (LSE) was completed on 31 August 2017, according to a company statement to the Qatar Stock Exchange (QSE). …

Trading Activities

US-based Cargill to pump $150m investments in Egypt – Mink

16 September 06:12 PM US's Cargill to pump $150m investments in Egypt – Mink

Cairo – Mubasher: The US-based Cargill plans to invest about $150 million in Egypt during the coming period, the firm’s regional manager in Egypt Melvin Mink said during a meeting with Sahar Nasr, Egypt’s Minister of Investment and International …

Corporate Actions

Kuwait to reduce oil revenues contribution in GDP to 35% – Al-Sabeeh

14 September 03:14 PM Kuwait to reduce oil revenues contribution in GDP to 35% – Al-Sabeeh

Kuwait – Mubasher: Kuwait plans to reduce oil revenues contribution to its gross domestic product (GDP) to 35% from 60% by the end of the development plan, Kuwaiti Minister of Social Affairs, Labor, and Economic Affairs Hind Al-Sabeeh said. This …

Management Decisions

Safat Global has a capital of KWD 6.68 million

12 September 03:54 PM Safat Global to change company name mid-September

Mubasher: Safat Global Holding Company has changed its name to become Tamkeen Holding Co., according to a bourse statement issued on Tuesday. The change of the company’s name will be effective starting from 14 September 2017. It is noteworthy that …

Corporate Actions

The new board members are all senior executives at ENGIE, Tabreed said in a statement to the Dubai Financial Market (DFM) on Tuesday

12 September 02:25 PM Tabreed shareholders elect new board members

Dubai - Mubasher: The general meeting of National Central Cooling Company (Tabreed) has elected four new board members. The new board members are all senior executives at ENGIE, Tabreed said in a statement to the Dubai Financial Market (DFM) on …

Management Decisions

MNHD added that the board approved the conversion ratio of 1 GDR for every four owned shares, or at 1-for-4 ratio

12 September 02:18 PM MNHD nods to BNY Mellon deal to issue GDRs

Cairo - Mubasher: Madinet Nasr for Housing & Development’s (MNHD) board on Tuesday approved the conversion of 1.5 million shares of its capital to global depositary receipts (GDRs). MNHD signed a deal with the Bank of New York Mellon (BNY Mellon) …

Management Decisions

Medgulf would reduce its capital by 60%

12 September 01:48 PM Medgulf files for capital reduction to CMA

Riyadh – Mubasher: MedGulf Insurance and Reinsurance Cooperative Company (MedGulf) on Tuesday announced that it has submitted a capital reduction file to the Saudi Capital Market Authority (CMA). Any future developments would be announced in time, …

Corporate Actions

The shareholders have disapproved the financial statements of FY16

11 September 04:21 PM Yiaco stock suspended on financials disapproval

Mubasher: Boursa Kuwait on Monday has suspended trading on Yiaco Medical’s stock, following the ordinary general meeting (OGM) on Sunday, until the income statements are approved. The shareholders have disapproved the financial statements of …

Corporate Actions

EGX to witness a new package of procedures and mechanisms of reforms within 6 months

11 September 03:58 PM EGX to see new mechanisms and listings in 6M - Chairman

Cairo – Mubasher: The Egyptian Exchange (EGX) will witness a new package of procedures and mechanisms of reforms to revive the Egyptian market and increase trading volume within six months, in line with listing major firms on the EGX, chairman of …

Management Decisions

EGX suspended trading on 16 stocks for 30 minutes on Monday’s session

11 September 03:45 PM EGX halts trading on 16 stocks for 30 mins

Cairo – Mubasher: The Egyptian Exchange (EGX) suspended trading on 16 stocks for 30 minutes on Monday’s session, as each stock exceeded a 5% rise or drop. By 1:45 pm Cairo time, National Cement’s stock led the rising suspended stocks by 14.7% to …

Management Decisions

The board will elect a new chairman in the next meeting

10 September 06:03 PM DSI chairman resigns

Dubai-Mubasher: Drake & Scull International (DSI) on Sunday announced that chairman and board member Majid Saif Al Ghurair has resigned for personal reasons. The board will elect a new chairman in the next meeting, according to a company statement …

Management Decisions

UP is preparing to unveil additional strategic steps and significant developments

10 September 02:12 PM UP asset reevaluation beneficial on long-term – CEO

Dubai - Mubasher: Union Properties’ (UP) CEO, Ahmed Khouri, has confirmed that the asset revaluation carried out by UP’s new management serves the company’s long-term interests, Al-Khaleej newspaper reported. UP is preparing to unveil additional …

Companies Investments

FAB appointed Fadhel Al Ali as group chief customer experience and digital officer

6 September 10:08 AM FAB amends management structure

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) on Wednesday announced that its group chief risk officer, Abhijit Choudhury, has retired from his position at the bank. FAB has appointed Arif Shaikh as a replacement to Choudhury, the bank said in …

Eyas was scheduled to delist from Boursa Kuwait on 28 September

5 September 04:10 PM Eyas gets ministry approval for amending EGM date

Mubasher: The commerce and industry ministry of Kuwait approved the amendment of Eyas for Higher and Technical Education's extraordinary general meeting (EGM) date to 19 September. The shareholders will discuss cancelling the company's delisting …

Management Decisions

VAT to be applied on KSA entities – Source

30 August 01:50 PM VAT to be applied on KSA entities – Source

Riyadh – Mubasher: The Saudi General Authority for Zakat and Tax (GAZT) allowed entities and companies providing goods and services to register for the value-added tax (VAT), as long as their annual revenues from their online presence exceed SAR …

Management Decisions