Gulf news

The recommended dividends exceed 2016 dividends
18 February 06:17 PM Total 109 UAE-based firms register AED 68bn net profit in 12M
By: Bedour Al Raee Abu Dhabi – Mubasher: A number of 109 companies listed on the UAE’s stock markets reported a 55.23% increase in their net profit during 2017, registering AED 68 billion, compared to AED 55.23 billion in 2016, Mubasher’s data …
Imports recorded AED 115.5 billion
18 February 05:10 PM Abu Dhabi’s non-oil trade hits AED 160bn in 2017
Abu Dhabi – Mubasher: Abu Dhabi’s non-oil trade registered about AED 159.9 billion during the full-year 2017, including AED 13.2 billion in December, according to a report released by the Statistics Centre of Abu Dhabi (SCAD). Over the course of …
Net profits stood at QAR 11.8 million ($3.24 million) in Q4-17
18 February 05:02 PM QISI's profit falls 11.8% in Q4-17
Mubasher: Qatar Islamic Insurance Company (QISI) on Sunday posted an 11.8% year-on-year drop in its profits for the fourth quarter of 2017. Net profits stood at QAR 11.8 million ($3.24 million) in Q4-17, compared to QAR 13.38 million ($3.68 …
QETF will track the 20-stock Qatar Index in terms of the market capitalization and liquidity.
18 February 04:46 PM QSE to list QETF on 22 February
Mubasher: The first exchange traded fund will be listed on the Qatar Stock Exchange (QSE) next Thursday, 22 February 2018, sources familiar with the matter said on Sunday.  The Qatar Exchange Traded Fund (QETF) is a subsidiary of Doha Bank in …
UNEC will build the mall under an AED 4.2 billion contract
18 February 04:32 PM Nakheel inks AED 4.2bn contract for Deira Mall
Dubai – Mubasher: Nakheel has signed a contract with United Engineering Construction (UNEC) for the construction of the AED 6.1 billion Deira Mall, the UAE-based developer announced on Sunday.   UNEC will build the mall under an AED 4.2 billion …
TASI’s trading volume stood at 163.27 million shares on Sunday
18 February 04:19 PM TASI, Nomu fall at Sunday’s close
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closed Sunday in the red after its main Tadawul All Share Index (TASI) slipped 2.03 points, or 0.03%, to 7,508.44 points. TASI’s trading volume stood at 163.27 million shares on Sunday, against …
QNB’s 97.12% stake in QNB AlAhli will decline to 95% after the sale.
18 February 04:10 PM CI Capital advises QNB on selling 2.1% stake of its Egypt's unit
Mubasher: Qatar National Bank (QNB) on Sunday announced that it has hired CI Capital to advise them on selling approximately a 2.1% stake in its Egyptian unit, Qatar National Bank AlAhli (QNB AlAhli) in order to comply with the Egyptian Exchnage's …
Cepsa recorded an output of 35.4 million barrels of oil in 2016
18 February 04:08 PM ADNOC awards 20% stake in offshore concession to Spain’s Cepsa
Dubai – Mubasher: The Abu Dhabi National Oil Company (ADNOC) has signed a new 40-year deal with Spain's Cepsa for a 20% stake in the concession of Umm Lulu and Satah Al Razboot, or SARB, fields, the state-owned company announced on Sunday. Under …
The group’s premiums value registered a growth of 42.9% in FY17
18 February 03:42 PM Gulf Insurance FY17 profits decline 14%; dividends proposed
Mubasher: Gulf Insurance Group reported a drop of 14.3% in profits during fiscal year 2017 compared to the previous fiscal year. Earnings decreased to KWD 10.3 million ($34.5 million) in FY16 from KWD 12 million ($40.2 million) in FY16, according …
The banks sector added 0.19%
18 February 03:12 PM Telecommunication, banks boost ADX Sunday
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index rose 5.06 points, or 0.11%, to close at 4,582.48 points on Sunday. The ADX’s trading volume shrank to 52.58 million shares in the first session of the week from 52.74 …
The first contract is valued at KWD 11.9 million
18 February 03:02 PM HEISCO inks KWD 21m deals for KOC
Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) has signed two contracts worth KWD 20.65 million ($69.1 million) with the main contractor for executing a new building for Kuwait Oil Company (KOC). The first contract is valued at …
Working hours will resume on Tuesday, 27 February
18 February 02:53 PM Kuwait announces National, Liberation Days holiday
Mubasher: The Civil Service Commission (CSC) of Kuwait announced that Sunday and Monday, 25 and 26 February 2018, will be an official holiday in the country on the occasion of the National and Liberation days. On these two days, ministries, …
The real estate sector went down 1.64%
18 February 02:52 PM DFMGI marks 3 month-low Sunday
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 38.4 points, or 1.15%, to close at 3,292.05 points on Sunday, which is its lowest level in more than three months. The DFM’s trading volume shrank to 160.88 …
EKH’s standalone profits shrank to $21.4 million in FY17
18 February 02:40 PM EKH profits leap to $138m in FY17 on higher revenues
Cairo – Mubasher: Egypt Kuwait Holding (EKH) achieved a surge of 92.7% in profits during fiscal year 2017 compared to the previous year. EKH’s consolidated earnings soared to $138.18 million in FY17 from $71.7 million in FY16, according to a …
The general index rose 51.72 points, or 0.57%, to 9,079.43 points.
18 February 02:15 PM QSE ends Sunday higher amid thin liquidity
Mubasher: The Qatar stock exchange (QSE) ended Sunday’s trading in the green, encouraged by the growth of all sectors, amid thin liquidity. The general index rose 51.72 points, or 0.57%, to 9,079.43 points. The QSE’s liquidity slid 40.9 to QAR …
GFH Group announced the resignation of Al Seddiqi in November
18 February 02:06 PM GFH Group’s managing director withdraws his resignation
Dubai – Mubasher: GFH Group - the Dubai-, Bahrain-, and Kuwait-listed firm, stated on Sunday that group’s board member Jassim Mohammed Al Seddiqi has withdrawn his resignation, according to a filing to the Dubai Financial Market (DFM). In …
Futures trading on the ADI would attract more foreign investors
18 February 01:51 PM Nasdaq Dubai welcomes launch of futures trading on ADI
Abu Dhabi – Mubasher: Nasdaq Dubai on Sunday welcomed the launch of futures trading on the Abu Dhabi Securities Exchange’s (ADX) general index. Futures trading on the ADX’s general index would attract more foreign investors to Abu Dhabi’s capital …
Ithmaar was the most active stock on which 11.15 million shares were exchanged
18 February 01:40 PM Boursa Kuwait indices decline at Sunday’s close
Mubasher: The indices of Boursa Kuwait closed Sunday’s trading session with a massive drop; the main price index retreated 43.3 points, or 0.64%, to 6,720.97 points. Similarly, both the weighted and Kuwait-15 indices levelled down 0.76% and 0.72%, …
China is the largest foreign holder of US government debt
18 February 01:29 PM KSA's US Treasury holdings hit $147.4bn in December
Riyadh – Mubasher: Saudi Arabia raised its holdings of the US Treasuries by 43.4% year-on-year or $44.6 billion in December 2017. The kingdom’s holdings of the US’ bonds and treasury bills (T-bills) amounted to $147.4 billion during the last month …
The firm attributed the fourth-quarter losses to a decline in gross written premiums
18 February 01:09 PM SABB Takaful turns to loss in Q4
Riyadh – Mubasher: SABB Takaful on Sunday said that it turned to loss during the fourth quarter of 2017, against posting profits in the same period the year before. The Saudi Sharia-compliant insurer's losses amounted to SAR 11.45 million in …
Mabanee’s ownership in this project stands at 65%
18 February 12:59 PM Mabanee Co inks deal to build commercial complex in UAE
Mubasher: Mabanee Co has signed an agreement with Sharjah Investment & Development Authority in the UAE to build a commercial complex on a land space of 65,000 square metres. Mabanee’s ownership in this project stands at 65%, while the Development …
The flying taxi would take the shortest route to a given destination
18 February 12:54 PM Uber to launch flying taxi in Dubai, Los Angeles by 2020
Dubai – Mubasher: Uber plans to partner with NASA to launch the flying taxi in Dubai, Dallas, and Los Angeles by 2020, the US-based transportation network company revealed on Sunday. The flying taxi would take the shortest route to a given …
The firm’s losses reached SAR 2.9 million during Q4-17
18 February 12:50 PM Solidarity Takaful incurs SAR 2.9m loss in Q4
Riyadh – Mubasher: Solidarity Saudi Takaful on Sunday turned to losses in the fourth quarter of 2017, against achieving profits in the corresponding period in the prior year. The firm’s losses reached SAR 2.9 million during Q4-17, against SAR 16.5 …
Net profits reached SAR 2.66 million during Q4-17
18 February 12:35 PM Al Sagr Insurance’s profit drops 71% in Q4 on higher net claims
Riyadh – Mubasher: Saudi Arabia-based Al Sagr Cooperative Insurance on Sunday stated that its net profits retreated 71.3% in the fourth quarter of 2017, compared to the year-ago period. Al Sagr Insurance’s net profits amounted to SAR 2.66 million …
RoundMenu operates in many countries in the Arab world
18 February 12:15 PM Careem acquires food delivery, reservation website
Dubai – Mubasher: Careem, a ride-hailing company in the Middle East, has closed a deal to acquire RoundMenu, a food delivery and reservation website, the UAE-based transportation company stated on Sunday.  Uber’s rival in the region announced that …