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The segment brings the total length of the 2Africa cable system to over 45,000 km
28 September 03:47 PM 2Africa consortium extends subsea cable system to Arabian Gulf, India, Pakistan
Mubasher: The 2Africa consortium, comprised of China Mobile International, Facebook, MTN GlobalConnect, Orange, Saudi Telecom Company (stc), Telecom Egypt, Vodafone, and WIOCC, announced that a new segment has been added to the 2Africa subsea …
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13 September 04:54 PM NBK issues $1bn Senior Unsecured notes; first of kind across CEEMEA
Mubasher: The National Bank of Kuwait (NBK) has issued bonds worth $1 billion, marking the first callable structure for senior unsecured notes, fixed to floating, across the Central and Eastern Europe Middle East and Africa (CEEMEA) region. Final …
Saudi Arabia set Arab Light OSP to Northwest Europe at a discount of $1.70/barrel
4 August 03:14 PM Aramco raises September crude official selling prices for Asia
Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has increased the September official selling prices (OSPs) for its Arab light crude to $3 per barrel above the Oman/Dubai average for Asia, Reuters reported on Wednesday. The Kingdom has …
Aramco confirms that these claims are completely false
2 August 10:44 AM Aramco denies mining Bitcoin
Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has refuted the news reporting that it would embark on Bitcoin mining activities, according to a press release on Monday. “Aramco confirms that these claims are completely false and …
Tadawul remained the MENA region’s top listing venue in Q1-21
17 June 11:27 AM Saudi Arabia continues to lead MENA’s IPO market – EY
Mubasher: Saudi Arabia witnessed the most active initial public offering (IPO) transactions across the MENA region, topping the regional listing venue in the first quarter (Q1) of 2021, a recent report by Ernst & Young (EY) unveiled. The Saudi …
Tabuk will hold the marketing authorisation for the COVID-19 vaccine
13 June 01:11 PM Astra Industrial’s unit partners with Moderna to commercialise vaccine
Riyadh – Mubasher: Astra Industrial Group said its subsidiary Tabuk Pharmaceutical Manufacturing Company has signed a contract with Moderna to commercialise the latter’s COVID-19 vaccine and future variant-specific booster candidates in Saudi …
Al Sulaiti has occupied several roles in Ooredoo since 2004
20 May 11:23 AM Ooredoo appoints new CEOs in Oman, Algeria
Mubasher: National Mobile Telecommunications Company (Ooredoo) has appointed Noor Al Sulaiti as CEO of Ooredoo Oman and Bassam Yousef Al Ibrahim as CEO of Ooredoo Algeria. With over 17-year experience in the telecom industry, Al Sulaiti is the …
Seera will be the exclusive partner of Klook in the Kingdom
17 May 03:57 PM Seera, Klook to boost digital transformation of tourism sector
Riyadh – Mubasher: Seera Group has entered into a strategic partnership with travel and leisure booking platform Klook to enhance the digital transformation and growth of Saudi Arabia’s tourism sector, according to a press release on Monday. Seera …
The new investment will accelerate Ageras’ expansion into existing growth markets.
23 February 10:02 AM Investcorp’s portfolio company Ageras raises $73 million in new capital
Mubasher: Leading European technology investor, Investcorp Technology Partners, said its portfolio company, Ageras Group, has raised $73 million from Lugard Road Capital, the US-based alternative asset manager. The new investment will accelerate …
The rating captures STC’s commitment to adopt the best responsible and sustainable business practices.
14 February 03:17 PM STC ranked first in GCC on Dow Jones Sustainability Index
Riyadh – Mubasher: Saudi Telecom Company (stc) headed all telecom companies in the GCC region in terms of sustainability as per the Dow Jones Sustainability Index (DJSI). The company also ranked the second amongst all companies operating in Saudi …
EFG Hermes came in second ranking on the ADX
19 January 04:47 PM EFG Hermes tops brokerage firms in Egypt, Kuwait, Dubai, Kenya
Cairo – Mubasher: EFG Hermes Securities Brokerage topped brokerage firms in Egypt, Kuwait, Dubai, and Kenya during 2020 and came in the second position in Abu Dhabi and Nigeria and the third place in Oman. The brokerage firm kept its leading …
The supercomputer is named after the first oil well discovered in Saudi Arabia.
19 January 01:26 PM Saudi Aramco, STC launch Dammam 7 supercomputer
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and the Saudi Telecom Company (stc) on Tuesday announced launching “Dammam 7”, a new supercomputer and one of the world’s 10 most powerful computers. The supercomputer, which is named …
Sukuk maturities are predicted to be at $115.7 billion over the next five years.
30 December 2020 02:58 PM GCC governments could see $157.1bn in fixed income maturities in 5 yrs
Riyadh – Mubasher: GCC governments are expected to see $157.1 billion in fixed income maturities over the next five years (2021-2025) whereas corporate maturities stand at $164.3 billion, Kamco Invest said in a report on Wednesday. A majority of …
The global CRO market is growing at approximately 10% per annum.
14 December 2020 11:59 AM Investcorp takes over Denmark-based Sanos Group
Mubasher: Investcorp has acquired Denmark-based Sanos Group, a leading provider of specialised clinical trial services to the global pharmaceutical and biotechnology industry. Sanos is a global Contract Research Organisation (CRO) providing …
The sale transaction is expected to close in the first quarter of 2021.
8 December 2020 02:00 PM Investcorp sells Avira to NortonLifeLock for $360m
Mubasher: Investcorp has entered into a definitive agreement to sell Avira to NortonLifeLock, a global leader in consumer Cyber Safety, for about $360 million. The transaction is expected to close in the first quarter (Q1) of 2021, subject to …
Aramco has set the January OSP of its Arab light crude oil to the US at plus $0.55 a barrel over ASCI.
6 December 2020 01:59 PM Saudi Aramco raises official January crude price to Asia
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has increased the January price for its Arab light crude to Asia to $0.30 a barrel over Oman/Dubai crude, up $0.80 from December, Reuters said on Sunday citing a company document. The …
The transaction is expected to close in the third quarter of 2021.
2 December 2020 03:42 PM Legal Advisors, Baker McKenzie advise on gig’s acquisition of AXA's Mideast business for $474.8m
Riyadh – Mubasher: Legal Advisors, Abdulaziz Alajlan & Partners alongside Baker McKenzie have advised Gulf Insurance Group (gig) on the acquisition of AXA’s insurance operations in the Gulf region for a value of $474.75 million. Under the terms of …
Kuwait's Gulf Insurance will acquire 100% of AXA Gulf
30 November 2020 01:45 PM Kuwait's Gulf Insurance to acquire AXA's operations in Gulf for $475m
Mubasher: Gulf Insurance Group (GIG) will acquire French insurer AXA Group's operations in the Gulf region and the share of Yusuf Bin Ahmed Kanoo (YBA Kanoo) in AXA Gulf for $474.75 million. Under the agreement, Kuwait's Gulf Insurance will …
ABAX was acquired by Investcorp in 2017.
16 November 2020 00:08 PM Investcorp's ABAX takes over Nordic-based Automile
Mubasher: Investcorp announced that its portfolio company ABAX, the leading telematics solutions provider in the Nordics, has acquired Automile, a Nordic-based provider of telematics and internet of things (IoT) services. The transaction …
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15 November 2020 03:54 PM Investcorp invests in FreshToHome
Mubasher: Investcorp has invested in FreshToHome, one of the world’s largest fully integrated online brands in fresh fish and meat, as a part of a $121 million funding round alongside other prominent investors. Investcorp has been evaluating …
The lender’s total assets reached $26.91 billion by end of September 2020.
10 November 2020 00:13 PM Al Baraka Banking Group maintains profit levels at $132m in 9M
Mubasher: The Bahrain-based Al Baraka Banking Group (ABG) achieved a total net income of $132 million during the first nine months of 2020, which is the same level of profits achieved during the last-year period. The group allocated 204% higher …
The group's income from operations declined to OMR 939,000
8 November 2020 00:27 PM Oman & Emirates Investment's losses deepen in 9M
Mubasher: Oman & Emirates Investment Holding Company (OEIHC) has logged net losses attributable to the owners of the parent of OMR 1.78 million ($4.62 million) during the first nine months of 2020, compared to OMR 319,212 ($825.91 million) in the …
The company's revenues decreased by 1.81%
5 November 2020 01:32 PM Omantel's net profits down 12% in 9M
Mubasher: Oman Telecommunications (Omantel) reported an 11.95% decline in its net profits attributable to the shareholders to OMR 46.4 million ($120.13 million) during the first nine months of 2020 from OMR 52.7 million ($136.44 million) in the …
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3 November 2020 02:20 PM Muscat Gases posts 26.6% lower profit in 9M
Mubasher: The Muscat Gases Company (MGC), listed on the Muscat Stock Exchange (MSM), witnessed a decrease in its profits during the first nine months of 2020 by 26.6% year-on-year (YoY). The company’s preliminary financial results showed that it …
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25 October 2020 01:21 PM FAB is region's safest bank in 2020 - Global Finance
UAE – Mubasher: Global Finance has announced its 29th annual ranking of the World’s 50 Safest Banks for this year. The UAE's First Abu Dhabi Bank (FAB) secured the first spot regionally and the 32nd spot globally in Global Finance' ranking, …