Gulf news

The bank stated that it will hold the responsible for this incident accountable
23 November 06:44 PM SAMA penalises Saudi BSF; bank responds with planned recoveries
Riyadh – Mubasher: Saudi Arabian Monetary Authority (SAMA) imposed financial penalties due to the irregularities in the bank’s employee's incentive programme, according to Reuters. “SAMA found that the bank committed violations related to …
Some detainees have started to transfer funds from personal accounts to government-controlled accounts
23 November 06:39 PM Detained Saudi officials, princes to pay for freedom
Riyadh - Mubasher: Saudi Arabian authorities are about to start conducting settlements with princes and businessmen suspected of corruption and who were arrested about a month ago, according to a Bloomberg report. The settlements will entail …
Production began on Wednesday, 22 November
23 November 06:04 PM Al Sorayai begins calcium carbonate production
Riyadh – Mubasher: Al Sorayai Trading and Industrial Group on Thursday announced commencing actual production at its calcium carbonate plant. Production began on Wednesday, 22 November, the Saudi company said in a bourse filing, highlighting that …
The survey revealed that the UAE supports SMEs
23 November 06:02 PM About 55% of UAE residents prefer self-employment – Bayt.com
Dubai – Mubasher: A survey made by Bayt.com in collaboration with YouGov under the name of “Entrepreneurship in Middle East and North Africa (MENA)” found that around 55% of the UAE’s residents prefer to be self-employed. Meanwhile, around 78% of …
Almarai opens SAR 1.2b production plant in Al Kharj
23 November 05:53 PM Almarai opens SAR 1.2b production plant in Al Kharj
Riyadh- Mubasher: Saudi Arabia's Almarai said on Thursday that it began the opening and commercial operation of its new Central Production Plant (CPP3) manufacturing facilities in Al Kharj with investments of SAR 1.2 billion. The CPP successfully …
Algerian CB approves QGIRC's 20% shareholding of Trust Bank
23 November 05:30 PM Algerian CB approves QGIRC's 20% shareholding of Trust Bank
Mubasher: Qatar General Insurance and Reinsurance Company (QGIRC) said that the Algerian Central Bank approved the company’s 20% shareholding in the capital of Trust Bank Algeria. QGIRC has a slew of investment projects in Algeria than Trust Bank. …
The GIC is equally owned by the governments of the six member states of the GCC
23 November 05:16 PM Kuwait’s GIC credit backed by solid capital adequacy – Moody’s
Mubasher: The Gulf Investment Corporation's (GIC) credit profile is endorsed by solid capital adequacy and liquidity positions, Moody's Investors Service said in a report on Thursday. The GIC’s credit profile is backed by the company’s highly …
SABB acquires HSBC’s stake in SABB Takaful
23 November 05:11 PM SABB acquires HSBC’s stakes in SABB Takaful
Riyadh – Mubasher: The Saudi British Bank (SABB) on Thursday announced acquiring HSBC combined stakes in SABB Takaful after obtaining SABB ordinary general meeting (OGM), and the regulatory approvals'. After completing the transaction, SABB will …
The operating profit from this order is estimated at 3% of the purchase order’s value
23 November 05:04 PM Gulf Cable receives $19.39m deal from Hyundai Heavy Industries
Mubasher: Gulf Cable and Electrical Industries has received a purchase order worth $19.39 million (KWD 5.9 million) from Hyundai Heavy Industries, the world's largest shipbuilding company that is headquartered in South Korea. The operating profit …
The MoU targets promoting Islamic capital markets products and solutions
23 November 04:57 PM Nasdaq Dubai to help launch Kenya's sukuk sector
Dubai – Mubasher: Nasdaq Dubai and the Nairobi Securities Exchange (NSE) on Thursday signed a memorandum of understanding (MoU) to create a Sukuk sector in Kenya. While no sukuk has been issued in the East Africa, the Kenyan government expressed …
The average sale price is 37.025 per share
23 November 04:45 PM ABK chairman sells 3.6m shrs in Aayan Leasing
Mubasher: The chairman of Al Ahli Bank of Kuwait (ABK), Talal Behbehani, who is a board member in Aayan Leasing and Investment has sold 3.6 million of Aayan’s shares during the trading session on Thursday. Boursa Kuwait on Thursday said that the …
The purchase transaction had a price ranging from 250 fils to 300 fils per share
23 November 04:28 PM Al Safat buys stake in Shuaiba Industrial
Mubasher: Boursa Kuwait announced that Al Safat Holding has purchased 400,000 of Shuaiba Industrial’s shares on Tuesday, 21 November. The purchase transaction had a price ranging from 250 fils to 300 fils per share, according to a bourse statement …
TASI surges 56 pts, Nomu falls 5 pts at Thursday’s close
23 November 04:08 PM TASI adds 56 pts, Nomu slips at Thursday’s close
Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) closed Thursday up after its benchmark Tadawul All Share Index (TASI) went up 0.82% or 55.8 points, reaching 6,878.2 points. TASI saw trading of 155.7 million shares, through 81,200 …
First Abu Dhabi Bank (FAB) tumbled 0.5%
23 November 04:04 PM ADX hits 6 week-low
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index lost 1.24% or 53.87 points to 4,287.07 points in week, recording its sixth successive weekly decline. Blue chips headed the market’s losers during the week, led by …
The MoU aims at exploring new opportunities in the Egyptian market and the GCC states
23 November 03:52 PM UAE’s NPCC, Egypt’s Petrojet ink exploration deal
Abu Dhabi – Mubasher: National Petroleum Construction Company (NPCC), a part of Senaat Abu Dhabi, has signed a memorandum of understanding (MoU) with Egyptian company Petrojet with the aim of exploring new opportunities in the Egyptian market and …
TAQA is a state-owned company
23 November 03:45 PM TAQA mulls obtaining up to $1.3bn loans
Abu Dhabi – Mubasher: Abu Dhabi National Energy (TAQA) is in negotiations with local banks to obtain credit facilities valued at $1.3 billion, sources told Reuters. The state-owned TAQA seeks to obtain loans for refinance a maturing debt after the …
Dubai Islamic Bank gained 0.66%
23 November 03:40 PM DFM ends week near-stable after Emaar Development listing
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index inched down 0.02% to 3,460.93 points in week amid thin trading after the listing of Emaar Development’s stock. Heavy-weighted stocks saw selective buying, especially Dubai …
Four sectors drag down QSE, closes in red
23 November 03:31 PM Four sectors drag down QSE, closes in red
Mubasher: The Qatar Stock Exchange (QSE) extended its losses, ending Thursday’s trades in the red on the drop of four sectors with market losses of QAR 2.4 billion. The general index decreased 0.72% or 55.93 points to 7,742.46 points. By the end …
Italy’s debt has reached 130% of its GDP
23 November 03:18 PM 6 Eurozone members risk EU budget issues in 2018
Mubasher: The European Commission forecast that six Eurozone countries’ budgets may break the standard European Union (EU) deficit standards in 2018. Accordingly, the European Commission issued a warning to governments to remain within the …
Construction sector in the GCC surged 30% in 2017, a new study by MENA Research Partners (MRP) showed
23 November 03:15 PM GCC construction sector jumps 30% in 2017
Mubasher: Construction sector in the GCC surged 30% in 2017, a new study by MENA Research Partners (MRP) showed. The sector's undergoing projects amounted to $2.6 trillion, representing 160% of the GCC’s total growth domestic product (GDP), MRP’s …
Qatar expects 50% increase in gas consumption in 20 yrs
23 November 03:12 PM Qatar expects 50% increase in gas consumption in 20 yrs
Mubasher: Qatar's Energy and Industry Minister Mohammed Saleh Al Sada forecast that world’s natural gas consumption will see a 2% increase per year, rising to 50% in the coming two decades. Natural gas will become the world’s key source of clean …
Masdar owns 35% of the wind farm
23 November 03:12 PM UAE’s Masdar opens 3rd clean energy project in UK
Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar) inaugurated Dudgeon plant, which is its third wind farm in the United Kingdom, bringing the combined capacity of the three plants to 1 gigawatt (GW).  Located 32 kilometres off the …
Liquidity shrank by 19% to KWD 57.15 million in week
23 November 03:05 PM Boursa Kuwait declines in week amid lower liquidity
By: Mohamad Farouk Mubasher: The benchmark index of Boursa Kuwait retreated 1.11% or 70 points to reach 6,239.37 points by the week ended on 23 November compared to 6,309.31 points by the week ended on 16 November. The weighted index declined by …
c’s employment hits 17-yr high in November
23 November 02:54 PM Euro zone’s employment hits 17-yr high in November
Mubasher: Employment in the euro zone soared in November, registering its highest level in 17 years, according to the data of Purchasing Managers’ Index, IHS Markit Flash Eurozone PMI. Eurozone PMI Composite Output Index hit 57.5 points in …
SABB Takaful’s stock sees four deals of SAR 118m
23 November 02:27 PM SABB Takaful’s stock sees SAR 118m deals
Riyadh – Mubasher: Four private transactions were executed on Thursday on SABB Takaful’s stock on the Saudi Stock Exchange (Tadawul) totaled SAR 117.79 million.  The transactions saw trading of 11.05 million shares, at SAR 10.66 per share, …