Management Decisions

An Air Arabia jet

08:49 AM Air Arabia begins legal proceedings against Abraaj Group founder

Dubai – Mubasher: Air Arabia on Thursday stated it had begun legal proceedings against Abraaj Group founder Arif Naqvi by filing a misdemeanor case in the Sharjah court. This follows claims in the provisional liquidation of Abraaj Holdings and …

Law

The Saudi Capital Market Authority

16 January 06:19 PM Saudi CMA nods to Bait Al Mal Al Khaleeji fund IPO

Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Wednesday approved an initial public offer (IPO) for units in BMK Saudi Freestyle Equity Fund Sharia Compliant. The IPO made by Bait Al Mal Al Khaleeji Company marks the first fund IPO …

Management Decisions

FAB set the sukuk’s guidance price at 130 basis points (bp) over mid-swaps

16 January 09:14 AM FAB to raise $750m via sukuk issue

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) is forecast to raise $750 million via a five-year sukuk issue which is set to be implemented in the coming period, a document by one of the transaction’s arrangers showed. The UAE’s largest lender …

Management Decisions

The GCC nation will use all of its available solutions for facing climate change

15 January 11:56 AM Saudi Arabia mulls building global energy hub – Minister

Riyadh – Mubasher: Saudi Arabia revealed plans to establish a cutting-edge energy hub over the coming period, the kingdom's energy minister said. The GCC nation will use all of its available solutions for facing climate change, Khalid al-Falih …

Management Decisions

The telecommunications and IT sector is attractive for investment

9 January 03:18 PM Saudi Arabia to nationalise 15,000 jobs in telecoms sector

Riyadh – Mubasher: Saudi Arabia has launched a plan to Saudise 15,000 job opportunities in the telecommunications sector over the coming period, two ministers said. The telecommunications and information technology (IT) sector is attractive for …

The GEA will also collaborate with international firms to inject investments in the Saudi recreational sector

9 January 11:57 AM Turki Al-Sheikh, bank officials to consdier recreational investments

Riyadh – Mubasher: Saudi Arabia’s General Entertainment Authority (GEA) is to meet with domestic banks and major companies to discuss the establishment of seven recreational, multi-use facilities, the GEA’s chairman Turki Al-Sheikh said. The …

Management Decisions

Wes was hired at the World Bank in 2000

8 January 10:40 PM World Bank names new director for Egypt, Yemen, Djibouti

Cairo – Mubasher: The World Bank announced on Tuesday the appointment of a new regional director for Egypt, Yemen, and Djibouti. The new official, Marina Wes, is a Dutch banker and an economist, and the former country director the West Bank and …

Banking and Finance

This step is part of the EGX’s plan to restructure indices

3 January 02:22 PM EGX to launch new index in March – Chairman

By: Ahmed Allam Cairo – Mubasher: The Egyptian Exchange (EGX) on Thursday revealed plans to launch a new index and to replace one with another during the next two months, the Egyptian bourse’s chairman said on Thursday. This step is part of the …

Trading Activities

Qatar to impose excise tax on tobacco, energy drinks Tuesday

31 December 2018 03:53 PM Qatar to impose excise tax on tobacco, energy drinks Tuesday

Mubasher: Qatar has said it will start imposing excise tax by 100% on tobacco and energy drinks, starting from Tuesday, 1 January 2019. The GCC nation will also begin to apply excise tax by 50% on soft drinks. The companies who produce or import …

Management Decisions

QSE will resume trading on Wednesday, 2 January

30 December 2018 01:46 PM QSE to suspend trading on New Year’s Day

Mubasher: The Qatar Stock Exchange (QSE) has decided to suspend trading activities on Tuesday, 1 January 2019, on the back celebrating the New Year holiday. The QSE will resume trading on Wednesday, 2 January, it said in a statement released on …

Trading Activities

King Salman unveils new form of Cabinet

28 December 2018 06:53 PM King Salman unveils new form of Cabinet

Riyadh – Mubasher: The Saudi King Salman bin Abdulaziz Al Saud on Thursday issued a decree to make a reshuffle in the nation’s Cabinet, including the Ministry of Foreign Affairs, and the Ministry of Media. King Salman hired Abdulaziz bin Saud bin …

Management Decisions

Turki Al-Sheikh to begin recreational investments in Egypt in January

28 December 2018 05:38 PM Turki Al-Sheikh to begin recreational investments in Egypt in January

Riyadh – Mubasher: The Saudi giant investor, Turki Al-Sheikh has announced that he will start investing in recreation sector in Egypt after being appointed as a new chairman for the General Entertainment Authority (GEA). Al-Sheikh noted also that …

Companies Investments

Egypt to inject EGP 288m for developing Sohag, Qena

28 December 2018 01:04 PM Egypt to inject EGP 288m for developing Sohag, Qena

Cairo – Mubasher: Egypt’s Ministry of Planning, Monitoring, and Administrative Reform has approved pumping EGP 288 million over the coming period to develop Sohag and Qena governorates, the Minister Hala El-Said stated. Development program of …

Management Decisions

Foreign cash and deposits abroad went up 12.1%

27 December 2018 08:06 PM Saudi int’l reserves record SAR 1.9tn in November

Riyadh – Mubasher: Saudi Arabia's foreign reserves increased by 2% year-on-year in November 2018. The kingdom’s international reserves grew to SAR 1.891 trillion ($504.27 billion) by the end of the November, up from SAR 1.854 trillion ($494.4 …

Banking and Finance

The Saudi crown prince said that Saudi Arabia would go ahead with Aramco’s IPO by late 2020 or early 2021.

27 December 2018 03:42 PM Saudi crown prince’s key economic announcements in 2018 – Mubasher Report

Riyadh – Mubasher: Saudi Crown Prince Mohammed bin Salman has made a slew of key economic decisions in 2018. The 2019 Budget Bin Salman previously said that non-oil revenues were expected to increase to SAR 313 billion in the kingdom’s 2019 …

Management Decisions

Noor is currently in negotiations to settle its indebtedness with creditors

27 December 2018 01:04 PM Boursa Kuwait suspends trading on Noor

Mubasher: Trading on the stock of Noor Financial Investment has been suspended based on the company’s request, the stock market of Kuwait announced on Thursday. It is expected for Noor to ask Boursa Kuwait to resume trading on its stock on Monday, …

Stock Evaluations

The Saudi cabinet has recently approved offering tenders for seven wastewater and desalination investments

26 December 2018 10:49 AM Saudi Arabia to set up 6 water projects in 2019

Riyadh – Mubasher: Saudi Arabia on Wednesday revealed plans to tender and award six water projects in 2019. Over 40% of the offers for establishing these projects were submitted by global firms, Bloomberg News reported, citing the National Center …

Management Decisions

Lenders will resume work on Wednesday, 2 January

25 December 2018 05:32 PM Egypt's banks to close Tuesday on New Year's Eve - CBE

Cairo — Egypt: The Egyptian Central Bank (CBE) announced that Tuesday, 1 January will be an official holiday for banks on the occasion of the New Year's Eve. Lenders will resume work on Wednesday, 2 January, the central bank said in a statement on …

Management Decisions

Saudi Arabia to appoint new operator for Jeddah Airport during H2-19

24 December 2018 09:27 AM Saudi Arabia to appoint new operator for Jeddah Airport during H2-19

Riyadh – Mubasher: Saudi Arabia is set to hire a new operator from the private sector for the-state owned Jeddah Airport in the second half of 2019, domestic media sources reported, according to Arabian Business. This decision will not lead to …

Management Decisions

Bin Hassan has already submitted his resignation

24 December 2018 08:51 AM Credit Suisse CEO in Saudi Arabia to resign in 2019

Riyadh – Mubasher: Credit Suisse Group AG on Monday confirmed the resignation of its CEO in Saudi Arabia, Abdulaziz Bin Hassan, and the decision is projected to come into effect in 2019, informed sources said. Bin Hassan has already submitted his …

Management Decisions

The oil-rich kingdom will not increase fuel prices

20 December 2018 01:46 PM Saudi Arabia not to raise fees on expats in 2019

Riyadh – Mubasher: Saudi Arabia does not plan to raise the fees imposed on expatriates during 2019, the finance minister said. The oil-rich kingdom will not increase fuel prices, but it will review oil prices in the next year, Mohammed Al-Jadaan …

Management Decisions

The step is part of the oil-rich kingdom to reduce dependence on government's electricity generation

18 December 2018 03:11 PM Saudis mull power plant privatisation with over SAR 60bn revenues

Riyadh – Mubasher: Saudi Arabia is weighing up privatising power plants over the coming period in a bid to slash state-funded electricity projects, according to a local daily newspaper. The step is part of the oil-rich kingdom to reduce …

Companies Investments

Qatar announces next Tuesday official holiday to celebrate National Day

16 December 2018 07:52 PM Qatar says next Tuesday official holiday to celebrate National Day

Mubasher: Qatari Amiri Diwan on Sunday has stated that the coming Tuesday, 18 December will be an official holiday for workers on the back of celebrating the National Day. All employees will resume their work on Wednesday, 19 December, according …

Management Decisions

Bayan lounge will be allocated only for business class and first class passengers, according to the firm

16 December 2018 06:33 PM Kuwait Airways opens new lounge for business class, 1st class passengers

Mubasher: Kuwait Airways Corporation on Sunday has announced inaugurating Bayan lounge at T4 building. Bayan lounge will be allocated only for business class and first class passengers, according to the firm. The Kuwaiti carrier is also interested …

Management Decisions

Around $500 million of the aid will be allocated for supporting the Tunisian budget

16 December 2018 03:21 PM Saudi Arabia pledges $830m aid to support Tunisia

Mubasher: Saudi Arabia has pledged to provide an $830 million aid to Tunisia over the coming period, prime minister Youssef Chahed told Reuters during a conference. Around $500 million of the aid will be allocated for supporting the Tunisian …

Banking and Finance