Gulf news

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01:29 AM KSA general reserve reaches SAR 642bn by March-end – SAMA
Riyadh – Mubasher: The Saudi general reserve reached SAR 641.8 billion by the end of March, decreasing 29.2% year-on-year, according to the Saudi Arabia Monetary Authority (SAMA). Government reserve shed 0.01% month-on-month from SAR 641.78 …
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01:08 AM ADNOC to cut Asia crude supply in June
Abu Dhabi – Mubasher: Abu Dhabi National Oil Co (Adnoc) has notified Asian buyers that it will reduce June's supply the three grades of Murban, upper Zakum, and Das by 10%, according to Reuters. Adnoc had cut May's supplies of Murban and Das by …
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12:50 AM KSA to raise $200bn from privitisation - Official
Riyadh – Mubasher: Saudi government expects collecting around $200 billion in the next several years by selling stakes in state enterprises in fields of healthcare to airports, vice economy minister said. Mohammed al-Tuwaijri added to Reuters on …
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12:24 AM KSA achieves faster steps in cutting costs – Official
Riyadh – Mubasher: Saudi government is making progress better than expected in cutting costs, which is the main reason for a stronger budget so far, vice economy minister said. Mohammed al-Tuwaijri added to Reuters that that government's plans to …
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28 April 11:11 PM SAMA assets record lowest level since August 2011
Riyadh – Mubasher: The assets of the Saudi Arabian Monetary Agency (SAMA) decreased 12.2% year-on-year in March 2017. SAMA’s assets reached SAR 1.971 trillion compared to SAR 2.245 trillion in March 2016, according to the authority's monthly …
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28 April 08:30 PM US oil rigs rise for 15 week in row
Mubasher: The number of US oil-rig count has increased last week, according to data revealed by Baker Hughes on Friday. Oil rigs added nine to reach 697 rigs, up from 572 rigs last week. Brent crude futures grew 0.31% to the level of $51.98 per …
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28 April 02:18 PM MubasherTrade sets Orascom Construction PT at AED 6.5/shr
Cairo – Mubasher: MubasherTrade Research set its price target (PT) for Orascom Construction Ltd at AED 6.5/shr, with a "Hold" recommendation. The research firm commented on the company's financial performance, saying that the firm turned to …
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28 April 02:05 PM Tadawul gains, Nomu loses in week
Riyadh – Mubasher: The main index of the Saudi Stock Exchange (Tadawul) went up 0.68% or 46.74 points to reach 6,945.74 points in the week ended 27 April compared to 6,899.9 points last week. The market’s turnover increased 4% to SAR 15.366 …
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28 April 11:14 AM Oil prices rise on Friday
Mubasher: Crude oil prices went up on Friday, but it tends to record weekly losses for the second week in a row. Oil prices were supported by OPEC Secretary-General Mohammad Barkindo, who said on Thursday that the oil market was moving towards a …
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27 April 06:59 PM MSM in green amid lower liquidity
Mubasher: The benchmark index of Muscat Securities Market (MSM) edged up by 0.93% or 51.01 points week-on-week to reach 5,525.43 points by the week ended on 27 April. The market’s trading value shrank by 48.75% to OMR 12.15 million from 23.71 …
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27 April 05:21 PM Jabal Omar, Albilad securities ink MoU on Thursday
Riyadh – Mubasher: Jabal Omar Development signed a memorandum of understanding (MoU) with AlBilad Securities and Investment Co. to sell 93 housing units in the second phase of Jabal Omar project. The deal will last for four months starting from …
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27 April 05:14 PM Qatar to fix gasoline prices in May
Doha – Mubasher: The Qatari Ministry of Energy and Industry announced that gasoline prices will be stable in May, compared to April’s prices of diesel and super and premium gasoline. The price of a litre of diesel in May will be QAR 1.6, while the …
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27 April 05:03 PM Qatari banks’ profits rise 4% in Q1 - Report
By: Mohamed Farouk Doha – Mubasher: Financial data of banks listed on the Qatar Stock Exchange (QSE) showed an increase of 4.1% in profits for the first quarter of 2017, compared to the same period of 2016. Nine banks achieved a combined profit of …
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27 April 04:50 PM Shuaa shrinks stake in Bahraini bank
Mubasher: Shuaa Capital has reduced its stake in Bahrain-based Khaleeji Commercial Bank to stand at 13.9%, according to a bourse statement issue don Thursday. The bank has executed two selling transactions on Shuaa’s stake, with a total of about …
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27 April 04:50 PM DFM drops 1.5% in week; blue chips weigh
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Thursday, 27 April, in the red, pressured by its leading sectors, particularly real estate and investment. The DFMGI shed 1.53% or 53.11 points to reach …
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27 April 04:42 PM Kayan turns profitable in Q1-17
Riyadh – Mubasher: Saudi Kayan Petrochemical turned profitable in the first quarter of 2017. The company posted profits of SAR 265.46 million in Q1-17, against losses of SAR 195 million in the year-ago period. Profits were attributable to …
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27 April 04:41 PM ACIG hires SKFH to manage merger with Malath
Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) appointed Saudi Kuwaiti Finance House (SKFH) as a financial advisor to manage its merger with Malath Cooperative Insurance and Reinsurance. In March, the boards of the two Saudi-listed …
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27 April 04:33 PM Buruj to discuss FY16 dividends on 22 May
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Buruj Cooperative Insurance Co will meet on 22 May to discuss the dividends distribution for 2016. The company would distribute dividends of SAR 0.50 per share, totalling SAR 12.5 …
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27 April 04:27 PM BHB falls in week amid lower liquidity
Mubasher: The main index of Bahrain Bourse (BHB) edged down 0.17% or 2.27 points week-on-week to reach 1,332.16 points by the week ended on 27 April. The tourism segment led decliners this week with a fall of 3.64%, dragged by Banader Hotels which …
(Photo Credit: Muscat Daily newspaper)
27 April 04:18 PM Rotana to open 9 hotels in Oman by 2020
Mubasher: Rotana for hotel management plans to open nine hotels in Oman by 2020, adding more than 1,600 rooms to its existing inventory of 400 rooms, according to Muscat Daily. The agreement for a 250-room hotel was signed between Golden Group …
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27 April 03:57 PM QSE falls in week amid higher liquidity
Mubasher: The main index of the Qatar Stock Exchange (QSE) lost 1.48% or 151.75 points to reach 10,089.86 points in the week ended 27 April from 10,241.61 points in the previous week. The market’s turnover increased by 18.63% to total QAR 1.15 …
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27 April 03:47 PM Aramco awards contracts worth SAR 78m to Arabian Pipes
Riyadh - Mubasher: Arabian Pipes Company won several contracts to supply Saudi Aramco with electric resistance welding (ERW) pipes at a value of SAR 78 million. The supply of the pipes will start in the fourth quarter of 2017 and Q1-18 from Riyadh …
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27 April 03:43 PM Nomu returns to losses on Thursday
Riyadh - Mubasher: The main index (NOMU) of the Nomu-Parallel Market fell 0.91% or 43.58 points to close at 4,740.49 points on Thursday. Traded value jumped to SAR 8.56 million on Thursday compared to SAR 3 billion on Wednesday, while traded …
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27 April 03:38 PM Banque Saudi Fransi to start H2-16 dividends payout 4 May
Riyadh - Mubasher: Banque Saudi Fransi will start the distribution of cash dividends for the second half of 2016 on 4 May. The company will distribute dividends at SAR 0.50 per share or 5% of the par value, totalling SAR 601.11 million, according …
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27 April 03:33 PM Al Khaleej Takaful Q1 profits drop to QAR 14m
Doha – Mubasher: Al Khaleej Takaful Group on Thursday reported a slight year-on-year decline in its profits by 2.1% for the first quarter of 2017. Profits stood at QAR 13.87 million ($3.81 million) in Q1-17, compared to QAR 14.17 million ($3.89 …