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07 March 09:20 AM

Gulf news

Agreement was signed during a virtual event
4 March 05:03 PM ADNOC, GS Energy to cooperate in growing Abu Dhabi’s hydrogen economy
UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) on Wednesday signed an agreement with South Koreas’ GS Energy to explore opportunities to grow Abu Dhabi’s hydrogen economy and enhance the emirate’s fuel export position, Emirates News Agency …
Macroeconomics
SPARK is expected to contribute $6 billion to the Saudi GDP
4 March 04:32 PM SPARK, AMCO pen deal to build new facility with SAR 260m investment
Riyadh – Mubasher: King Salman Energy Park (SPARK) and AMCO signed an agreement for the establishment of a facility for producing wellheads, pumps, coating, pipe drilling, and oilfield maintenance services. The investment value of the facility is …
Macroeconomics
The decision is pending the approval of the bank’s shareholders
4 March 02:30 PM ADIB's board proposes cash dividends for 2020
Abu Dhabi – Mubasher: The board of directors of Abu Dhabi Islamic Bank (ADIB) recommended a cash dividend of 20.58 fils per share, representing 46.6% of net profits for 2020. The decision is pending the approval of the bank’s shareholders on 4 …
Banking and Finance
Abu Dhabi Securities Exchange (ADX)
4 March 02:21 PM UAE stocks close Thursday in red
Mubasher: Stock markets in the UAE closed Thursday’s trading session in decline, due to losses by blue-chip stocks. The main index of the Dubai Financial Market (DFM) finished lower by 0.79% at 2,569.32 points. Traded volumes amounted to 152.82 …
Trading Activities
Net annual profit in 2020 amounted to SAR 26.27 million
4 March 02:05 PM Bazeem profits rise 27% in 2020; plans 17.5% dividends
Riyadh – Mubasher: Baazeem Trading Company reported SAR 26.27 million in annual net profit after zakat and tax last year, recording an increase of 27.35% compared with the previous year. The growth in net profit in 2020 was driven by revenue …
Cash Dividends
Net profit reached SAR 609 million in 2020
4 March 01:57 PM Southern Province Cement posts 31.5% growth in annual profit
Riyadh – Mubasher: Southern Province Cement Company reported a 31.53% increase in net profit after zakat and tax last year, as shown by the company’s annual financial results on Wednesday. Net profit reached SAR 609 million in 2020, compared with …
Financial Results
The company registered SAR 90.17 million in net profit last year
4 March 01:48 PM Bawan reports 238.6% rise in 2020 profits
Riyadh – Mubasher: Bawan Company reported a 238.57% rise in its net profit in 2020, as shown by the company’s annual financial results. The firm registered SAR 90.17 million in net profit after Zakat and tax last year, compared with SAR 26.63 …
Financial Results
Dividends will be distributed at SAR 0.40 per share
4 March 01:40 PM ANB board recommends SAR 600m dividends
Riyadh – Mubasher: The board of Arab National Bank (ANB) has recommended the distribution of SAR 600 million in cash dividends to shareholders for the fiscal year 2020. The proposed dividends will be distributed at SAR 0.40 per share after Zakat, …
Cash Dividends
The five-year Sukuk was offered through a private placement in 2016
4 March 12:12 PM Sipchem plans early redemption of SAR 1bn Sukuk
Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) on Thursday announced the proposed early redemption of its SAR 1 billion Sukuk in full at face value. The Sukuk was offered through a private placement in 2016 for an amount …
Sukuk and Islamic Finance
Photo Archive
4 March 11:46 AM Jadwa REIT buys Boulevard Riyadh for SAR 320m
Riyadh – Mubasher: Jadwa REIT Saudi Fund has signed an agreement to purchase Boulevard Riyadh, a retail and offices complex, in a SAR 320 million deal, Jadwa Investment Company disclosed to the Saudi Stock Exchange (Tadawul). Boulevard Riyadh has …
Companies Investments
Photo Archive
4 March 11:33 AM Monshaat launches SME Bank to boost sector growth, fill financing gap
Riyadh – Mubasher: Saudi Arabia’s General Authority for Small and Medium Enterprises (Monshaat) launched the Small and Medium Enterprises (SMEs) Bank to increase funding for the SME sector and fill the financing gap. The aim is to strengthen …
Sector Reports
The board of directors recommended a cash dividend at SAR 0.5 per share
4 March 11:28 AM Alandalus Property's profit sinks 78% in 2020; dividends proposed
Riyadh – Mubasher: Alandalus Property Company achieved net profit after Zakat and tax of SAR 14.34 million in 2020, sliding by 77.88% year-on-year (YoY) from SAR 64.8 million. The profit drop was mainly due to lower revenue from retail and …
Cash Dividends
The merger deal is expected to close in the second quarter of 2021
4 March 11:14 AM Anghami to be first Arab tech startup to list on Nasdaq
Mubasher: Anghami is set to become the first Arab technology company to list on Nasdaq New York by merging with Vistas Media Acquisition, a special purpose acquisition company (SPAC). The merger deal, which is expected to close in the second …
Companies Investments
Revenues declined to SAR 278.72 million last year
4 March 10:40 AM Amlak International's profit surges 41% in 2020
Riyadh – Mubasher: Amlak International for Real Estate Finance Co. logged SAR 98.9 million in net profits after Zakat and taxes in 2020, up by 41.27% year-on-year (YoY) from SAR 70 million. The profit growth was ascribed to lower financing cost …
Financial Results
Photo Credit: Emirates News Agency (WAM)
3 March 05:39 PM ADNOC to erase destination restrictions for all crude oil grades
Mubasher: Abu Dhabi National Oil Company (ADNOC) is set to remove all destination restrictions for all its crude oil grades ahead of launching its Murban futures contract, Reuters reported on Wednesday. ADNOC has signed initial agreements with …
Macroeconomics
The rate of output growth slowed on a monthly basis
3 March 04:48 PM UAE’s PMI declines in February signaling modest growth: IHS Markit
Mubasher: The headline seasonally adjusted UAE Purchasing Managers' Index (PMI) declined last month, indicating a slower and marginal improvement in business conditions, according to a report by IHS Markit published on Wednesday. The index, which …
Macroeconomics
The fund seeks to acquire a new Riyadh-based real estate asset.
3 March 04:42 PM Jadwa REIT Saudi Fund seeks to raise assets by SAR 370m
Riyadh – Mubasher: Jadwa Investment Company, manager of Jadwa REIT Saudi Fund, said the fund’s board approved a suggested change in the fund’s total asset value. The fund seeks to acquire a new Riyadh-based real estate asset, subject to the …
Mergers and Acquisitions
Selina Bieber, Senior Regional Director for MENA Region, GoDaddy
3 March 04:40 PM GoDaddy to participate in SHE CAN 2021
Cairo – Mubasher: GoDaddy Inc. announced that it will be participating in SHE CAN 2021, an event that will be held on March 5, in honour of International Women’s Day. The participation is derived from the alignment of both entities’ visions, which …
Event
The company’s board has proposed 25% of the share’s nominal value in H2-20 dividends.
3 March 04:30 PM Southern Province Cement proposes SAR 2.5/shr dividend for H2-20
Riyadh – Mubasher: Southern Province Cement Company is considering a cash dividend distribution of SAR 350 million to shareholders for the second half (H2) of 2020. The company’s board has proposed SAR 2.5 per share or 25% of the share’s nominal …
Cash Dividends
The step comes to support the company’s financial position.
3 March 04:12 PM Saudi Al Alamiya plans no dividends for 2020
Riyadh – Mubasher: The board of directors of Al Alamiya for Cooperative Insurance Company recommended not to distribute cash dividends for fiscal year (FY) 2020. The step comes to support the company’s financial position, according to a stock …
Board of Directors
Saudi Advanced Industries Co. was the top gainer with 10%.
3 March 04:01 PM TASI grows 0.67% at Wednesday’s close
Riyadh – Mubasher: The Tadawul All Share Index (TASI) ended Wednesday’s trading session on a positive note, rising by 0.67% to 9,310.28 points. The trading values were SAR 14.8 billion today while the trading volume stood at 531.196 million …
Trading Activities
Photo Archive
3 March 03:43 PM Hyundai Heavy, Saudi Aramco cooperate on hydrogen project
Riyadh – Mubasher: Hyundai Heavy Industries Holdings (HHIH) has signed a deal with the Saudi Arabian Oil Company (Saudi Aramco) to cooperate on a hydrogen project, according to local media reports in South Korea. Under the deal, Hyundai Oilbank, …
Companies Investments
Photo Archive
3 March 02:39 PM Saudi Arabia to provide Covid-19 vaccines in community pharmacies for free
Riyadh – Mubasher: The Saudi Ministry of Health will provide the coronavirus (Covid-19) vaccines in community pharmacies free of charge inside the kingdom, the Minister of Health, Tawfiq Al-Rabiah, told Al Arabiya TV on Wednesday. The Saudi Food …
Photo Archive
3 March 01:49 PM S&P launches ratings for Saudi local currency debt
Riyadh – Mubasher: S&P Global Ratings said it is providing GCC National Scale Ratings for entities in Saudi Arabia issuing local currency debt, Reuters reported on Wednesday. Over the past few years, Saudi Arabia, the GCC region’s largest economy, …
Bonds
Cash withdrawals from ATMs shrank by 17.4% or SAR 10.98 billion annually in January 2021.
3 March 01:26 PM Consumer spending in Saudi Arabia at SAR 89.24bn in January
Riyadh – Mubasher: Consumer spending in Saudi Arabia was down by 2.4% or SAR 2.24 billion in January 2021 when compared to the year-ago month. Total consumer spending in the kingdom reached SAR 89.24 billion in January 2021, down from SAR 91.47 …
Macroeconomics