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28 January 02:41 PM

Middle east news

Photo Archive
36 minutes ago Saudi NEOM in talks over cloud computing deal
Riyadh – Mubasher: Saudi Arabia's NEOM is in discussions with local and international companies to choose a lead partner for its first cloud computing deal that will lay the foundation for hi-tech services in its flagship $500 billion business …
Macroeconomics
Global FDI collapsed in 2020 and fell by 42% to an estimated $859 billion.
1 hour ago Net FDI inflows in Saudi Arabia rise to $4.7bn in 2020 - UNCTAD
Riyadh – Mubasher: The Saudi economy brought higher net foreign direct investment (FDI) during 2020 despite the coronavirus pandemic-induced challenges and the slowdown in the global economy. According to initial estimates from the United Nations …
Macroeconomics
The kingdom’s ports handled a total of 7.3 million containers in 2020.
2 hours ago Saudi ports record 4.36% hike in containers in 2020
Riyadh – Mubasher: Saudi ports, which are supervised by the Saudi Ports Authority (Mawani), achieved a 4.36% annual growth in container handling operations last year. The kingdom’s ports handled a total of 7.3 million containers in 2020, according …
Macroeconomics
Regional debt issuances are expected to remain robust in 2021.
3 hours ago GCC debt issuance exceeds $100bn in 2020
Mubasher: GCC debt issuance was strong in 2020, crossing $100 billion on a continued need for budget financing, the National Bank of Kuwait (NBK) said in its latest economic update. The fourth quarter (Q4) of 2020 saw the issuance of about $15 …
Macroeconomics
The acquisition expands Agthia Group’s portfolio within consumer products.
3 hours ago Agthia takes over Kuwait’s Al Faysal Bakery and Sweets
Abu Dhabi – Mubasher: Agthia Group has successfully completed the acquisition of 100% share capital of Al Faysal Bakery and Sweets, one of Kuwait’s leading industrial bakeries. The acquisition bolsters Agthia Group’s regional footprint and expands …
Mergers and Acquisitions
GACO reported an increase in annual net losses by around 90% to SAR 16.65 million in 2019.
4 hours ago GACO’s EGM cancels 2019 dividends
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Gassim Investment Holding Company (GACO) approved not to distribute dividends for fiscal year (FY) 2019, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday. …
Cash Dividends
Underwriting income of the insurer came in at AED 919.46 million last year.
4 hours ago Dubai Insurance profits down 27% in 2020; dividends proposed
Dubai – Mubasher: The net profits of Dubai Insurance Company decreased by 27.3% on a yearly basis in 2020 to reach AED 55 million. This is compared to profits of AED 75.64 million during 2019, according to a bourse filing on Thursday.   …
Board of Directors
The delegation will be effective until the CEO position is filled.
5 hours ago BCI appoints temporary CEO
Riyadh – Mubasher: The board of directors of Basic Chemical Industries Company (BCI) has delegated the company's board member, Abdul Latif Azmy Abdel-Latif Abdel-Hadi, to carry out the CEO duties temporarily. The delegation will be effective until …
Board of Directors
The NCB-Samba merger will create a regional powerhouse with SAR 837 billion ($223 billion) in assets.
09:27 AM Saudi competition authority approves NCB-Samba merger
Riyadh – Mubasher: The Saudi General Authority for Competition (GAC) expressed its no objection to finalise the economic concentration process between the National Commercial Bank (NCB) and Samba Financial Group, according to the authority’s …
Corporate Actions
NCLE has fulfilled all conditions and obtained necessary approvals to complete the deal.
09:11 AM NCLE acquires Refan Company for Operation for SAR 946K
Riyadh – Mubasher: The National Company for Learning and Education (NCLE) said it has fulfilled all conditions and obtained necessary approvals to buy 100% of the share capital of Refan Company for Operation and Maintenance Limited, a related …
Companies Investments
Photo Archive
08:53 AM Arabian Centres receives SAR 350.3m in full dues from related party
Riyadh – Mubasher: Arabian Centres Company’s (ACC) board approved the full receipt of all dues from FAS Holding Company for Hotels, a related party, totalling SAR 350.3 million as of 30 September 2020. The dues were paid mainly through an in-kind …
Board of Directors
The project will feature 350 commercial, administrative, and medical units
27 January 05:54 PM UC Developments plans EGP 5bn projects in New Capital, New Alamein in 2021
By: Abdullah Bedeir Cairo – Mubasher: UC Developments is planning to invest EGP 700 million in a new project in the New Administrative Capital, the CEO Sameh Awad revealed. Spanning over an area of 3,000 square metres, the project will feature 350 …
Real estate
The market’s turnover reached EGP 1.76 billion
27 January 05:27 PM EGX ends Wednesday in green; market cap gains EGP 5.2bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Wednesday’s trading session in the green territory after the main EGX30 index rose by 0.45% to 11,578 points. The heavyweight Commercial International Bank - Egypt (CIB) increased by 0.43% to …
Trading Activities
Accumulated losses of Hadisolb reached EGP 8.5 billion on 30 June 2020
27 January 05:15 PM Hadisolb's stock plunges 40% since liquidation announcement
By: Heba El-Kordy  Cairo – Mubasher: The stock of the Egyptian Iron and Steel (Hadisolb) lost about 40.2% since the announcement of its liquidation decision on 13 January. At the end Wednesday’s trading session, Hadisolb’s fell by 5.51% to EGP …
Trading Activities
The transaction is expected to complete in the first half (H1) of 2021.
27 January 04:52 PM PIF, Cosco Shipping Ports buy stake in RSGT for SAR 556.5m
Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) and COSCO SHIPPING Ports Limited (CSPL) signed separate sale and purchase agreements (SPA) to acquire Saudi Industrial Services Company’s (SISCO) 21.2% direct equity stake in its …
Companies Investments
The company generated EGP 7.04 million in revenue
27 January 04:38 PM Misr Hotels swings to loss in H1-20/21
Cairo – Mubasher: Misr Hotels turned to net losses of EGP 106.46 million in the first half (H1) of fiscal year 2020/2021, against net profits of EGP 117.05 million in the year-ago period, the unaudited financial results. The company generated EGP …
Financial Results
Subsidies are paid in a lump sum after deducting 15% of the total amount
27 January 04:19 PM Egypt pays EGP 10.3bn in overdue export subsidies
Cairo – Mubasher: Egypt has paid a total of EGP 10.3 billion in overdue export subsidies to 1,069 companies under the immediate disbursement of export subsidies initiative, according to a cabinet statement on Wednesday. Subsidies are paid in a …
Macroeconomics
Revenue for the October-December period of 2020 inched down by 0.9% annually.
27 January 04:11 PM Savola Group profits tumble 67% in Q4; dividends proposed
Riyadh – Mubasher: Savola Group’s fourth-quarter net profits totalled SAR 44.7 million, down by 67.4% on a year-on-year (YoY) basis. The decrease in Savola’s quarterly profit is attributed to lower gross profit due to slightly lower sales and …
Financial Results
Baazeem Trading Co. topped the green zone with 7.66% on Wednesday.
27 January 03:54 PM TASI levels down on Wednesday; NomuC rises
Riyadh – Mubasher: The Tadawul All Share Index (TASI) closed down by 0.07% on Wednesday to stand at the level of 8,784.12 points. The market’s turnover reached SAR 5.17 billion and the trading volume amounted to 142.287 million shares. The energy …
Trading Activities
The light rail transit is developed by AVIC international and China Railway Group
27 January 03:28 PM Egypt approves deal with French firm to operate electric train project
Cairo – Mubasher: Egypt’s cabinet allowed the National Authority for Tunnels (NAT) to enter into agreement with France’s RATP Dev for the management, operation, and maintenance of Egypt’s electric train project. The light rail transit, being …
Macroeconomics
The bank registered a total income of AED 2.1 billion in 2020.
27 January 03:22 PM Emirates Islamic moves to loss in 2020
Dubai – Mubasher: Emirates Islamic Bank turned to a net loss of AED 482 million in 2020, impacted by the lower rates, a drop in non-funded income due to the slowdown in the economy, and an increase in impairment allowances. The bank registered a …
Financial Results
(Photo Credit - https://globalfintechseries.com/)
27 January 02:24 PM Quara Finance to provide advanced fintech solutions for consumers, SMEs
Riyadh – Mubasher: Quara Finance, a leading Saudi company providing Sharia-compliant financial services, has named Ehab bin Mahmoud Hassoubah as its new CEO. Hassoubah will lead on Quara Finance’s new business strategy aimed at further developing …
Companies Investments
The country signed an agreement to get 50,00 doses of the vaccine
27 January 02:13 PM Egypt expects AstraZeneca COVID-19 vaccine shipment in February
Cairo – Mubasher: Egypt is expected to receive a shipment of the AstraZeneca coronavirus (COVID-19) vaccine in February, the Minister of Health and Population, Hala Zayed, said. The country signed an agreement to get 50,00 doses of the vaccine …
The third phase will include 15 stations at a length of 17.7 kilometres
27 January 01:43 PM Egypt builds Cairo Metro Line III at EGP 97bn cost
Cairo – Mubasher: The Egyptian Minister of Transport, Kamel El-Wazir, announced that the third phase of Cairo Metro Line III at a length of 17.7 kilometres (km) has reached a completion rate of 49%. The total cost of the third phase, which will …
Macroeconomics
Manufacturing activities fell by 15.6% annually in November.
27 January 01:29 PM Industrial production in KSA down 10% in November
Riyadh – Mubasher: The Saudi industrial production index (IPI) dropped by 10% on a yearly basis in November 2020 as production in mining and quarrying activity went down by 9%, as shown by official data. Saudi Arabia lowered its oil production …
Macroeconomics