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28 June 02:15 PM DIFC initiates 1st Open Finance Lab in region; listed banks participate
UAE – Mubasher: Dubai International Financial Centre (DIFC) has launched the first Open Finance Lab in the region on Tuesday, 28 June this year, according to a press release. The initiative is a six-month programme in which four banks and a …
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26 June 07:15 PM Tadawul to launch Single Stock Futures in July; 10 listed firms chosen
Riyadh – Mubasher: The Saudi Exchange (Tadawul) will launch Single Stock Futures (SSFs) contracts on 4 July this year to enable the expansion of its Derivatives Market and products. The first tranche of the SSFs will be based on 10 listed …
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16 June 07:08 PM Kuwait’s Al Arabia Real Estate exits EG Bank for over $10m
Mubasher: Kuwaiti firm Al Arabia Real Estate Company has sold its stake in the Egyptian Gulf Bank (EG Bank) for $10.17 million. Kuwait Barraries Trading Company has purchased the Boursa Kuwait-listed company’s equity in EG Bank, equivalent to …
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13 June 09:43 AM DFM launches new equity futures on stocks of DEWA, GFH
Dubai – Mubasher: Dubai Financial Market Company (DFM) has introduced new equity futures contracts on individual stocks of Dubai Electricity and Water Authority (DEWA) and GFH Financial Group. This step is in line with the DFM's strategy to …
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12 June 09:46 AM Fitch affirms GFH's 'B' long, short-term IDR; outlook stable
Mubasher: Fitch Ratings has affirmed the long and short-term issuer default rating (IDR) of GFH Financial Group at 'B', with a stable outlook for the long-term IDR. The global rating agency also affirmed the 'B'/'RR4' senior unsecured long-term …
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8 June 07:00 PM EFG Hermes closes advisory on Ali Alghanim’s $323m private placement
Cairo – Mubasher: The Investment Banking Division of Egyptian Financial Group Hermes Holding (EFG Hermes) has completed advisory on Ali Alghanim and Sons Automotive Company’s $323 million private placement ahead of the initial public offering …
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7 June 10:30 AM National Industries appoints new Chairman
Mubasher: National Industries Group Holding, listed on the Dubai Financial Market (DFM) and Boursa Kuwait, has appointed Saad Mohammed Al Saad as the company's Chairman. The company has also named Sulaiman Hamad Al Dalali as Vice Chairman, …
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6 June 10:47 AM National International Holding appoints new Chairman
Mubasher: National International Holding Company has appointed Abdulwahab Al Wazzan as the company's new Chairman. The company has also named Basim Al Othman as Vice Chairman, according to a bourse filing on Monday. It is noteworthy to mention …
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2 June 12:26 PM Moody's affirms 'Ba2' rating of Gulf Insurance's unit in Egypt; outlook negative
Cairo - Mubasher: Moody's Investors Service (Moody's) has affirmed the insurance financial strength rating (IFSR) of GIG Insurance - Egypt (GIG Egypt), a subsidiary of Kuwait-based Gulf Insurance Group (GIG), at 'Ba2' and changed the outlook to …
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1 June 10:41 AM Middle East-based telecom companies, Huawei jointly launch IntelligentRAN in region
Mubasher: Saudi Telecom Company (stc), Mobile Telecommunications Company (Zain), the telecoms pillar of e& in the UAE, Emirates Integrated Telecommunications Company (du), and Huawei have jointly launched IntelligentRAN in the Middle East. Through …
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1 June 10:08 AM Agility's EGM nods to capital raise
Mubasher: The extraordinary general meeting (EGM) of Agility Public Warehousing has approved to raise the company's authorised capital to KWD 250 million from KWD 350 million. The shareholders have also agreed on increasing the company's issued …
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26 May 04:33 PM Bahraini Lamar acquires Kuwaiti Mawared’s stake in Egypt-based Mena
Cairo – Mubasher: Bahrain-based Lamar Holding has increased its stake in Mena for Touristic and Real Estate Investment Company (Mena) to 16.49% from 10.87%. The energy investment company purchased 13.60 million shares in Mena from Kuwait’s Mawared …
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24 May 05:25 PM Kuwait’s KMEFIC acquires majority stake in Egypt’s Global Invest Securities
Mubasher: Kuwait and Middle East Financial Investment (KMEFIC) has acquired 75% equity in Egypt’s Global Invest Securities Company. KMEFIC acquired the Egyptian firm in exchange for approximately EGP 7 million, according to a recent bourse …
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17 May 12:00 PM GFH raises stake in GB Corp for $2m
Mubasher: GFH Financial Group has raised its stake in the investment company GB Corp to 62.91% from 50.41% through strategic swaps worth $1.7 million. The transaction will have a positive impact on GFH's financials, according to a bourse filing on …
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15 May 04:51 PM GFH's profits up 18.5% in Q1-22
Mubasher: The net profits attributable to the shareholders of GFH Financial Group totalled $19.11 million in the first quarter (Q1) of 2022, an annual growth of 18.50% from $16.12 million. Total income edged up by 0.47% to $90.81 million in the …
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9 May 01:21 PM GFH acquires stake in US-based SQ Company
Mubasher: GFH Financial Group has signed an agreement to acquire a majority stake in the US-headquartered SQ Company, an asset and property manager that focuses on student housing. Through this acquisition, GFH will add 180 real estate …
25 April 07:12 PM DAMAC’s parent company unveils $100m plans to enter metaverse
UAE - Mubasher: UAE-based DAMAC Group, the parent company of the listed Damac Properties Dubai Copmany, has announced plans to launch its digital products including virtual homes, property, and jewellery in the metaverse world. The group intends …
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24 April 03:22 PM GFH to start trading on ADX next month
Mubasher: GFH Financial Group will begin the cross-listing of its shares on Abu Dhabi Securities Exchange (ADX) in May 2022 upon the final regulatory approvals, the group announced on Sunday. The listing on ADX will be GFH’s fourth regional …
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13 April 11:16 AM GFH's unit sells Tesco Distribution Centre for $135m
Mubasher: The UK-based Roebuck Asset Management, a subsidiary of GFH Financial Group, has sold a Tesco Distribution Centre in exchange for $135 million. Spanning over 540,000 square feet, the asset was established by Tesco in 2010 and has had …
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5 April 02:23 PM GFH appoints new Chairman, Vice Chairman
Mubasher: GFH Financial Group has appointed Ghazi Al Hajeri as the group's Chairman effective 4 April 2022 and Edris Al Rafi as Vice Chairman. Al Hajeri, who has occupied the position of Vice Chairman since July 2021, has succeeded Jassim Al …
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4 April 02:00 PM GFH approves shares cross-listing on Tadawul, ADX
Mubasher: The shareholders of GFH Financial Group gave the green light for cross-listing the entity’s shares on the Saudi Exchange (Tadawul) as well as Abu Dhabi Securities Exchange (ADX). During the ordinary and extraordinary general meeting …
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3 April 04:19 PM GFH's shareholders approve $60m dividends, bonus for 2021
Mubasher: The ordinary general meeting (OGM) of GFH Financial Group has agreed on a dividend distribution of $60 million for 2021. The dividends include cash profits for all ordinary shares of 4.57% of the nominal value, equivalent to $45 …
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28 March 09:28 AM GFH's unit issues $900m green Sukuk
Mubasher: Infracorp, the infrastructure and sustainability arm of GFH Financial Group, has issued a $900 million green Sukuk listed on London Stock Exchange. The first green Sukuk issued by a Bahraini entity reflects Infracorp’s objective to boost …
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27 March 03:27 PM Agility's unit inks $215m deal to acquire stake in HG Storage International
Mubasher: Tristar Transport, a subsidiary of Agility Public Warehousing, has reached a $215 million (KWD 65 million) agreement to acquire China-based HNA Group's 51% stake in HG Storage International Limited. HG Storage International is a joint …
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27 March 02:50 PM Agility's net profits hike 2,251% in 2021
Mubasher: The net profits attributable to the equity holders of Agility Public Warehousing surged by 2,250.9% to KWD 977.42 million in 2021, compared to KWD 41.57 million in the previous year. The company generated revenues of KWD 486.15 million …