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The network will be equipped with 400G interfaces from Juniper
11 May 03:46 PM Telecom Egypt taps Juniper Networks for network capacity expansion
Cairo – Mubasher: Telecom Egypt has chosen Juniper Networks to design and deploy a network capacity expansion and upgrade across its national infrastructure, serving a customer base of 9.8 million for fixed line services, 6.9 million for broadband …
The total loan is secured by a promissory note
10 May 03:08 PM MEPCO renews SAR 226m credit facilities deal with Riyad Bank
Riyadh – Mubasher: Middle East Paper Company (MEPCO) has extended a banking facilities agreement worth SAR 225.9 million with Riyad Bank, according to a bourse filing on Monday. The medium-term facilities total SAR 134.6 million and are valid for …
The new facility is Jarir’s 56th branch in Saudi Arabia
10 May 02:56 PM Jarir inaugurates new showroom
Riyadh – Mubasher: Jarir Marketing Company (Jarir Bookstores) has opened a new Showroom in South Aziziyah district Makkah, according to a bourse disclosure on Monday. The 4,073-square-metre establishment has a total investment cost of SAR 28 …
The company aims to achieve EGP 23.5 million in net profits in FY20/21
10 May 12:21 PM Misr Hotels plans EGP 70m investments in FY21/22
Cairo – Mubasher: The board of directors of Misr Hotels approved the planned budget for fiscal year (FY) 2021/2022. The company aims to achieve EGP 23.5 million in net profits in the coming fiscal year, compared to projected losses of EGP 188.25 …
Egypt has become a regional hub for foreign investments in the energy sector
9 May 03:46 PM Apache Egypt investments exceed $20bn – David Chi
Cairo – Mubasher: The US-based oil and gas producer Apache has invested more than $20 billion in Egypt, the Regional Vice President and General Manager, David Chi, said. The North African nation has a leading position in the oil and gas sector …
ADNOC Drilling owns and operates 96 rigs
9 May 02:00 PM ADNOC invites banks to bookrunner roles for drilling unit IPO
UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has invited investment banks to help arrange the initial public offering (IPO) of ADNOC Drilling through their bookrunner roles, sources told Reuters. One of the sources referred that …
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9 May 01:42 PM Masdar, Finland’s Taaleri Energia to develop solar plant in Greece
UAE – Mubasher: The Abu Dhabi-based Masdar has partnered with Taaleri Energia, a Finland-based wind and solar developer and fund manager, to develop a 65-megawatt (MW) solar photovoltaic (PV) project in Greece. The project will be managed by the …
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9 May 01:33 PM Shuaa Capital sells 20% stake in MIPCO to Japanese investor
Dubai – Mubasher: Shuaa Capital has sold its 20% equity stake in Mirfa International Power and Water Company (MIPCO) to Sojitz Corporation (Sojitz), a leading Japanese group. Established in 2014 in Abu Dhabi, MIPCO was the 10th project in the …
The transaction will enable Firefly to expand its operations in the Middle East
9 May 12:35 PM IHC's unit acquires stake in US-based digital media platform
UAE - Mubasher: Multiply Marketing Consultancy (MMC), a wholly-owned subsidiary of International Holdings Company (IHC), has acquired a minority stake in the US-based Firefly, a street-level digital media platform connecting audiences with dynamic …
The data centre will deploy Fourth Industrial Revolution technologies
9 May 12:02 PM Moro Hub, Huawei to build largest solar power data centre in Middle East, Africa
UAE - Mubasher: Moro Hub, a subsidiary of Digital DEWA, has inked an agreement with Huawei to establish the first phase of the largest solar-powered Uptime TIER III-Certified Data Centre in the Middle East and Africa at the Mohammed bin Rashid Al …
The bond issuance was six times over subscribed
9 May 10:46 AM Etisalat completes EUR 1bn bond issuance
Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has completed the issuance of seven and 12-year bonds valued at EUR 1 billion under its established Euro Medium Term Note (EMTN) Programme worth $10 billion. The euro-dominated …
The transaction was fully financed from Almarai’s operating cash flows
9 May 10:28 AM Almarai’s subsidiary concludes SAR 150m equity acquisition
Riyadh – Mubasher: Western Bakeries Company, a subsidiary of Almarai Company, has completed the acquisition of an additional 15% stake owned by Olayan Financing Company in Modern Food Industry. The total value of the acquisition stands at SAR 150 …
SDAIA was represented by its innovative arm the National Center for Artificial Intelligence
5 May 03:39 PM SDAIA, IQVIA to support AI solutions in health sector
Riyadh – Mubasher: The Saudi Data and Artificial Intelligence Authority (SDAIA) has signed a memorandum of joint cooperation with IQVIA to provide artificial intelligence (AI) solutions in Saudi Arabia’s health sector. The two sides will be …
The 15 service stations are owned by First Mazaya Company
5 May 02:31 PM ADNOC Distribution receives approval to acquire 15 stations in Saudi Arabia
Mubasher: Saudi Arabia's General Authority for Competition has issued a no-objection certificate for Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) to acquire 15 service stations in the Eastern Province in Saudi Arabia. The …
Altibbi targets serving 500,000 ladies by the end of 2021
5 May 02:10 PM Altibbi launches first Arabic app to support mothers among $8.5m investments
Cairo – Mubasher: Altibbi has launched the first Arabic application supporting mothers through pregnancy and maternity journey. The app works to connect mothers in the MENA region with an array of pregnancy and child health services, depending on …
The selected startups will be awarded pilot projects with Aldar
5 May 01:48 PM Aldar selects three global PropTech startups for Scale Up accelerator programme
Abu Dhabi – Mubasher: Aldar Properties has selected three PropTech startups from three different countries as part of the inaugural Aldar Scale Up accelerator programme, which aims to support international businesses with the latest cutting-edge …
DIFC, DFSA, and MFTA have founded DIFC Innovation Panel
5 May 01:09 PM DIFC partners with MENA FinTech Association to develop future of finance
UAE - Mubasher: Dubai International Financial Centre (DIFC) has inked an agreement with the MENA FinTech Association (MFTA), a non-profit and member-based organisation with 46 cross border FinTech bridges, to create an innovation forum and foster …
The vehicles will be delivered within 25 working days
5 May 10:19 AM Saudi Cable buys SAR 200m assets
Riyadh – Mubasher: Saudi Cable Company purchased new cars from Al Nawasi Gulf Trading Company for SAR 200 million, according to a bourse disclosure on Wednesday. The value of the assets will be paid through annual instalments over five years, with …
The prices offered fall within the average price range of the initial potential investor
4 May 02:49 PM ADCB receives additional preliminary offers for stake in Alexandria Medical Services
Mubasher: Abu Dhabi Commercial Bank (ADCB) has received two additional preliminary non-binding offers from potential investors to acquire the bank's 51.54% stake in Alexandria Medical Services - Alexandria New Medical Center. The additional …
Etisalat has hired banks to arrange an investor call for euro bond issuance
4 May 01:14 PM Etisalat hires banks for planned dual-tranche euro bond issuance
Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has hired banks to arrange an investor call for a planned euro-denominated bond issuance of seven and 12 years, Reuters reported. The hired banks comprise BNP Paribas, First Abu …
The company plans EGP 493.22 million in investments in the coming fiscal year
4 May 12:43 PM Egypt Aluminum targets EGP 138m profit in FY21/22
Cairo – Mubasher: The ordinary general meeting (OGM) of Egypt Aluminum approved the planned budget for fiscal year (FY) 2021/2022. The company targets EGP 138.39 million in net profits and EGP 493.22 million in investments in the coming fiscal …
The financing comprises a five-year revolving credit facility
4 May 12:08 PM du signs AED 3.769bn financing agreements
Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) has inked long-term financing agreements valued at AED 3.769 billion with a group of banks. The financing comprises a five-year revolving credit facility worth AED 1.981 billion …
Fifth Wall is the world's largest venture capital company specialising in property technology
3 May 01:26 PM Aldar invests in Fifth Wall's European property technology fund
Abu Dhabi – Mubasher: Aldar Properties has partnered with Fifth Wall, the largest property technology venture capital firm in the world, to invest in the European Real Estate Technology Fund. The real estate developer is the first limited partner …
The non-profit hospital project is located in Makkah
3 May 11:01 AM Riyad Bank signs MoU for Saudi Arabia’s first non-profit hospital
Riyadh – Mubasher: Riyad Bank penned a memorandum of understanding (MoU) with Bab Al Khair to establish the first non-profit hospital in Saudi Arabia, according to a press release. The medical facility is located in Makkah and is currently …
The insurance product will be sold through Tawuniya
3 May 10:23 AM Tawuniya to offer COVID-related product for Saudi travellers
Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) received on 3 May the Saudi Capital Market’s (SAMA) final approval to provide Saudis travelling from the Kingdom with a product covering COVID-19 risks. The product will be sold …