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GB Auto will look for new representations of PC brands in Iraq
26 February 01:18 PM GB Auto no longer represents Hyundai in Iraq
Cairo – Mubasher: Ghabbour Auto (GB Auto) will no longer represent Hyundai in its passenger car’s (PC) division in Iraq as the South Korean auto manufacturer changes its policy to a multi-distributor model strategy in the Arab country. “Such …
Group production rose 5% during 2019.
12 February 11:11 AM Dana Gas' net profit hits $157m in 2019 initial financials
Abu Dhabi – Mubasher: Dana Gas logged a net profit of $157 million (AED 575 million) for the full year ended 31 December 2019, against a loss worth $186 million (AED 682 million) in 2018, the preliminary unaudited financials showed on Wednesday.  …
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30 January 01:46 PM Aramco lowers propane, butane prices for February
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has set propane price for February delivery at $505 per tonne, Reuters reported. The prices for next month are less than the $565 per tonne price set for January shipments. Aramco’s …
Burgan Bank expects the deal to improve the quality of its assets
28 January 09:51 AM Burgan Bank gets approval for selling stake in Bank of Baghdad
Mubasher: The Central Bank of Iraq (CBI) has approved the sale of Burgan Bank’s 51.8% stake in Bank of Baghdad to United Gulf Holding Company (UGH), a sister company of the Kuwait-based bank and another subsidiary of the Kuwait Projects Holding …
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22 January 01:10 PM Aramco agrees LNG sale to S-Oil
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has reportedly sold a liquefied natural gas (LNG) cargo to South Korea’s S-Oil Corporation, through its trading arm Aramco Trading Company. The cargo was sold at around $4.40-$4.60 …
The transaction may have a one-time negative impact on the net income
5 January 10:15 AM Burgan Bank exits entire stake in Bank of Baghdad
Mubasher: Burgan Bank has sold its full stake in Bank of Baghdad, representing 51.8%, to its sister company, United Gulf Holding company. The deal reinforces Burgan Bank’s strategy to improve returns on risks for the bank’s shareholders, according …
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1 January 03:38 PM Astra Group discloses updates on steel factory in Iraq
Riyadh – Mubasher: Astra Industrial Group said that its investment in a joint project with Al Tanmiya for Steel in Iraq resulted in accumulated losses of more than 100% of the capital, which stood at SAR 172.5 million. The project’s accumulated …
Aramco set the January price for butane at $590 per ton
31 December 2019 04:39 PM Saudi Aramco raises propane prices for January 2020
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has set the price for January propane shipments at $565 per ton, up from $440 in December. Meanwhile, Aramco set the January price for butane at $590 per ton, compared with $455 in …
Dana Gas received $121m dividends in 2019 from the KRI
24 December 2019 00:41 PM Dana Gas receives one-off $42m dividend from Pearl Petroleum
Abu Dhabi – Mubasher: Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), has received a one-off $42 million (AED 154 million) dividend payment from Pearl Petroleum Company Limited in the Kurdistan Region of Iraq (KRI). Distributed as a …
Credit Agricole is still developing SMEs portfolio and getting some resources
18 December 2019 02:09 PM Antoine Paliard talks fintech innovation, startup contests – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Credit Agricole has chosen Infini Systems, an India-based startup, as the winner of the Fintech Hackathon 2019 during the RiseUp Summit, held in Cairo from 5 to 7 December. A total of 30 teams …
Mohamed Okasha, Managing Director of Fawry
15 December 2019 03:18 PM Interview: Fawry will use blockchain technology – Mohamed Okasha
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Fawry has been in the Egyptian market for over a decade, and recently listed on the Egyptian Exchange (EGX). During this time, the leading e-payment network proved itself as an “enabler”, said …
The confirmation came in a statement to Boursa Kuwait
3 December 2019 10:26 AM Humaidi still committed to offer Ream Real Estate takeover
Mubasher: Abdullah Mohammed al Humaidi announced that he is committed to put forward an obligatory proposal to purchase all of Ream Real Estate Co’s shares by 1 March 2020 at most. The confirmation came in al Humaidi’s statement to Boursa Kuwait. …
28 November 2019 05:38 PM DAMAC Chairman’s private firm acquires Italy’s brand icon Roberto Cavalli
Dubai – Mubasher: Hussain Sajwani, the chairman of the Dubai-based DAMAC Properties has sealed a takeover deal of the Italian fashion group Roberto Cavalli SpA.
The Annual Audit Plan for 2020 was approved
20 November 2019 00:05 PM Dana Gas comments on Egypt, UAE, Kurdistan's operations
Abu Dhabi – Mubasher: The status of Dana Gas’ operations in the UAE, Egypt, and the Kurdistan Region of Iraq have seen a tangible improvement in the collection of outstanding receivables in Egypt as well as Kurdistan Region of Iraq. The firm’s …
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10 November 2019 10:30 AM Dana Gas’s collections rise 16.7% in 9M
Abu Dhabi - Mubasher: Dana Gas announced that its collections have increased by 16.7% year-on-year (YoY) to AED 844 million ($230 million) during the first nine months of 2019. Collections from Dana Gas Egypt were $105 million during the …
The deal comes along with Kingdom Holding’s expansion strategy
24 October 2019 00:21 PM Kingdom Holding unit pens MoU to buy Alhokair’s stake in Trade Center
Riyadh – Mubasher: Kingdom Investment and Development Company, a subsidiary of Kingdom Holding Company, has signed a binding memorandum of understanding (MoU) with Fawaz Abdulaziz Alhokair Company to purchase its 100% stake in Trade Center Company …
Revenues are expected to remain down in Q3-19
8 October 2019 04:37 PM Al Jazira Capital: Saudi petrochemical sector seen up MoM, down YoY in Q3
Riyadh – Mubasher: Al Jazira Capital predicted the net income of the Saudi petrochemical sector to improve by 9% during the third quarter of 2019, compared to the second quarter of the same year. The research company ascribed the increase in …
Advanced Petrochemical evaluated the final effects of the decline in supplies
29 September 2019 11:25 AM Feedstock supplies reach normal levels - Advanced Petrochemical
Riyadh – Mubasher: The feedstock supplies of Advanced Petrochemical Company have reached 100% of their normal levels on Thursday, 26 September. On 18 September, the company said that its feedstock supplies shortage fell to 20% from 40% following …
Petrochem has suffered a 40% curtailment of feedstock supplies
29 September 2019 11:16 AM Petrochem’s feedstock supplies restored to normal levels
Riyadh – Mubasher: The National Petrochemical Company (Petrochem) said that its feedstock supplies gradually improved and reached 100% of their regular levels on Thursday, 26 September. Petrochem has suffered a 40% curtailment of feedstock …
Tasnee’s net profits after zakat and tax fell by 25% in Q2-19
26 September 2019 04:00 PM Tasnee feedstock supplies’ resume to normal levels
Riyadh – Mubasher: The National Industrialization Company (Tasnee) said that its feedstock supplies have reached their regular levels on Thursday, 26 September. Following attacks on Aramco’s oil facilities earlier in September, Tasnee announced …
The feedstock shortage has not resulted in any material financial impact
26 September 2019 10:26 AM SABIC says feedstock supplies return to normal
Riyadh – Mubasher: The Saudi Basic Industries Corp. (SABIC) announced that its feedstock supplies gradually improved to reach their regular levels on Thursday, 26 September. Following Aramco’s attacks on its oil facilities on 14 September, SABIC …
Petro Rabigh had a 20% curtailment in feedstock supplies of ethane gas
24 September 2019 10:46 AM Petro Rabigh’s feedstock supplies restored
Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) announced that the feedstock supplies have reached their normal levels. The shortage has not affected the lenders’ reliability test, Petro Rabigh said in a filing to the …
Sipchem is still working on evaluating the final effects
19 September 2019 09:54 AM Sipchem says supplies curtailment shrink to 20%
Riyadh – Mubasher: Sahara International Petrochemical Co (Sipchem) announced that the shortage seen in the supplies from Saudi Aramco has been showing improvement. Curtailment dropped from 40% to approximately 20%, with the expectation to reach …
SAFCO’s feedstock supplieso the company’s plants reached normal levels
18 September 2019 00:29 PM SAFCO’s feedstock supplies reach normal levels
Riyadh – Mubasher: The Saudi Arabian Fertilizer Company (SAFCO) announced that the feedstock supplies to the company’s plants have reached normal levels as of Wednesday, 18 September 2019. Following the evaluation of the final effects, no …
Tasnee will continue working on evaluating the financial effects
18 September 2019 00:28 PM Tasnee’s feedstock supplies curtailment drops to 25%
Riyadh - Mubasher: The National Industrialization Company (Tasnee) said that the shortage in its feedstock supply from Saudi Aramco improved as it went down to 25% approximately from 41%. The company’s feedstock supply is expected to reach normal …