Management Decisions

Saudi Arabia aims to raise the number of pilgrims and Umrah performers

25 September 04:43 PM King Salman attends opening of Haramain high-speed rail line

Riyadh – Mubasher: Saudi Arabia’s King Salman bin Abdulaziz Al Saud arrived at Jeddah station to attend the inauguration of Haramain Express high-speed rail line. The train’s commercial operation will start on Thursday, 4 October. The …

Companies Investments

Teoder started his career in the Middle East in 2006

25 September 02:09 PM Swiss Belhotel names manager for Bahraini unit

Mubasher: Swiss-Belhotel International has named Teodor Ardeleanu as the hotel manager for the soon-to-be-open Swiss-Belresidences Juffair based in Bahrain. Teoder is believed to get a hang of exceptional leadership skills on the back of his more …

Management Decisions

The issue value will be specified based on the market conditions

25 September 11:37 AM SABIC’s unit mulls Eurobond issue

Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Tuesday has said that its subsidiary SABIC Capital II B.V. is planning to issue dollar-denominated Eurobonds that will be unsecured by assets. The issue value will be specified …

Management Decisions

Aramco will inaugurate Fadhili oil field during 2019.

24 September 01:13 PM Aramco to raise Khurais field output to 1.5m bpd in November – CEO

Riyadh – Mubasher: Saudi Arabian Oil Co, known internationally as Saudi Aramco, has announced plans to raise Khurais oil field’s production in the coming two months, CEO and president Amin H. Nasser said. Khurais’ output will increase to 1.5 …

Management Decisions

Lower production compliance to continue until end-2018 - Minister

24 September 12:38 PM Supply cut compliance to continue until end-2018 - Minister

Riyadh – Mubasher: The Organization of the Petroleum Exporting Countries’ (OPEC) members and allies, including Russia, are on the verge of reaching a 100% compliance to the production levels which all parties previously agreed to, Saudi Arabian …

Management Decisions

Saeed will replace Chris O’Donnell

23 September 03:04 PM Emaar Development names new CEO

Dubai – Mubasher: Emaar Development has announced the appointment of Bader Saeed Hareb as the company’s new CEO. Saeed will replace Chris O’Donnell, who has assumed the position in November 2017, according to a company statement released on …

Management Decisions

The implementation of nationalisation in Saudi Arabia is expected to contribute to reducing the GCC nation's unemployment rate.

20 September 05:31 PM Saudi Shura Council to discuss boosting private sector Saudisation Monday

Riyadh – Mubasher: Saudi Arabia's Shura Council, a top advisory council to the government, will discuss on Monday, 24 September increasing Saudisation in the private healthcare sector during the coming period. The implementation of nationalisation …

Management Decisions

EGX has started trading on Thursday, 20 September with the new tick size

20 September 11:08 AM EGX implements new tick size for stocks Thursday

Cairo – Mubasher: The Egyptian Exchange (EGX) has started trading on Thursday, 20 September with the new tick size. On Sunday, the Financial Regulatory Authority (FRA) approved three proposals submitted by the board of the EGX to boost trading and …

Management Decisions

Dividends will be paid on 28.5 million units, SAR 0.1375 per unit.

20 September 10:42 AM Taleem REIT Fund to distribute SAR 4m dividends

Riyadh – Mubasher: Saudi Fransi Capital on Thursday announced that Taleem REIT Fund had approved to distribute a cash dividend of SAR 3.9 million for the unitholders for the period starting from July until 19 September. Dividends will be paid on …

Management Decisions

Al Shamekh resigned for personal reasons

20 September 10:11 AM Aslak appoints new CEO

Riyadh – Mubasher: Saudi Arabia-based United Wire Factories Company’s (Aslak) board of directors appointed Nabil Al Amir as a new CEO, effective as of 16 October to replace Abdul Karim Abdullah Al Shamekh. Al Shamekh resigned for personal reasons, …

Management Decisions

Burgan Bank’s Core Equity Tier 1 Ratio

19 September 05:45 PM Burgan Bank launches rights issue to raise up to KWD 62.55m

Mubasher: Burgan Bank has commenced its capital rights offering process on Wednesday, 19 September, to increase up to KWD 62.55 million of additional capital, according to an official statement. The subscription period for raising Burgan Bank’s …

Corporate Actions

Tadawul to halt trading due to National Day on Sunday

19 September 04:18 PM Tadawul to suspend Sunday trades for National Day

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) has announced that it will suspend trading activities on Sunday 23 September on the occasion of celebrating the country's National Day. Tadawul will resume trading on Monday, 24 September that …

Management Decisions

Qatar named Mansoor Al Mahmoud as the CEO of the Qatar Investment Authority

19 September 03:36 PM Qatar names Mansoor Al Mahmoud CEO of QIA

Mubasher: Qatari emir Tamim bin Hamad Al Thani issued royal decree no. 65 of 2018, appointing Mansoor bin Ebrahim Al Mahmoud as the CEO of the Qatar Investment Authority (QIA), one of the world's 10 largest sovereign wealth funds. The decision is …

The EGX will commence trading as of Thursday, 20 September with the new tick size

19 September 12:09 PM EGX upgrades tick size for stocks Thursday

Cairo – Mubasher: The Egyptian Exchange (EGX) will commence trading as of Thursday, 20 September with the new tick size. On Sunday, the Financial Regulatory Authority (FRA) has approved three proposals submitted by the board of the EGX to boost …

Markets Regulations

eXtra’s EGM OKS capital hike via bonus shares

19 September 10:15 AM eXtra’s EGM OKS capital hike via bonus shares

Riyadh – Mubasher: United Electronics Company's (eXtra) extraordinary general meeting (EGM) has approved raising capital by 19.05% via bonus shares to SAR 500 million, from SAR 420 million. eXtra’s shares will reach 50 million, up from 42 million …

Management Decisions

Aramco to pump over $133bn in gas drilling, oil business in next 10yrs

18 September 02:29 PM Aramco to pump over $133bn in gas drilling, oil business in next 10yrs

Riyadh – Mubasher: Saudi Aramco has revealed plans to invest more than SAR 500 billion ($133 billion) in gas drilling and oil business during the coming 10 years, a top Aramco official has said. Speaking at the first graduation ceremony for Saudi …

Management Decisions

EGX introduces new tick size next Thursday

16 September 04:08 PM EGX introduces new tick size next Thursday

Cairo – Mubasher: The Financial Regulatory Authority (FRA) has approved three proposals submitted by the board of the Egyptian Exchange (EGX) to boost trading and liquidity. The proposals include the amendment of the tick size to become EGP 0.0001 …

Management Decisions

The capital hike aims to provide more liquidity for the firm to add a new production line

16 September 03:00 PM Egypt Aluminum's board proposes capital hike via bonus shares

Cairo – Mubasher: Egypt Aluminum’ board of directors has proposed raising issued and paid-up capital to EGP 1.65 billion, from EGP 1.1 billion through distributing 1-for-4 bonus shares. The bonus shares will be deducted from profits of the fiscal …

Management Decisions

Abu Dhabi-listed Julphar has announced plans to carry out merger and acquisition deals in the third quarter of 2018

16 September 11:42 AM SFDA suspends drug imports from Julphar

Abu Dhabi – Mubasher: The Saudi Food and Drug Authority (SFDA) has temporarily stopped importing from Gulf Pharmaceutical Industries (Julphar). The state-run authority said that its decision came on the back of lack of adherence to good drug …

Management Decisions

Shareholders authorised the board of directors to implement the share buyback decision

16 September 10:37 AM SHUAA Capital OKs share buyback, AED 0.2/shr dividends for H1

Dubai – Mubasher: SHUAA Capital on Thursday announced that its shareholders had approved a share buyback to be sold again over the coming period during the general assembly meeting held on Thursday. Shareholders authorised the board of directors …

Management Decisions

The oil-rich kingdom hasn't set a timeframe for applying the new procedure

13 September 12:23 PM Saudi Arabia to adopt plain packaging for tobacco products

Riyadh – Mubasher: Saudi Arabia has told the World Trade Organisation (WTO) that it will adopt plain packaging of cigarettes in the coming period. The oil-rich kingdom hasn't set a timeframe for applying the new procedure, however, it will be the …

Management Decisions

Raising the capital will be through issuing 32.75 million ordinary

13 September 11:55 AM UPAC approves 25% capital hike via ordinary shares

Mubasher: United Projects Company for Aviation Services (UPAC) announced that its board members approved on Wednesday to raise the issued and paid-up capital by 25%. UPAC will increase its capital by KWD 3.275 million to KWD 16.450 million from …

Corporate Actions

The GCC nation has hired former solicitor general Ted Olson as a lobbyist to campaign against the NOPEC act

13 September 10:41 AM Saudi Arabia appoints US law firm to campaign against NOPEC bill

Riyadh – Mubasher: The Saudi Arabian embassy in the US has announced signing an agreement with Olson’s law firm, Gibson, Dunn & Crutcher, develop a proposal opposing the “No Oil Producing and Exporting Cartels Act” legislation. The GCC nation has …

Management Decisions

The financial impact of raising the capital will be registered in Q3 financials

12 September 12:44 PM Arzan’s UAE subsidiary raises capital by $6.8m

Mubasher: Arzan Financial Group for Financing and Investment announced that its fully owned subsidiary, the Dubai-based Arzan Capital Holding, has increased its capital by KWD 2.07 million ($6.8 million). The capital hike resulted in a decline in …

Corporate Actions

This project will contribute to providing job opportunities and raising the kingdom's economic growth

12 September 11:30 AM Saudi Arabia to inaugurate Haramain railway soon – Minister

Riyadh – Mubasher: Saudi Arabia will finish Haramain railway project which links Jeddah, Makkah, and Medinah soon after it reached to final phases of pilot testing, Transport Minister Nabeel bin Mohammed Al-Amoudi said. This project will …

Companies Investments