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21 September 05:15 AM

Middle east news

The investment marks progress on Fawry’s efforts to build partnerships with high-potential tech companies
20 September 05:57 PM Fawry acquires minority stake in Brimore for EGP 15.7m
Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments has acquired a minority stake in Brimore as part of the social commerce platform's upcoming Series A funding round.  The investment value amounts to EGP 15.7 million, Fawry …
Mergers and Acquisitions
The market's turnover stood at EGP 1.93 billion
20 September 05:36 PM EGX loses EGP 10.8bn in market cap at Monday's close
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Monday's trading session on a negative note pressured by local selloffs.  The main EGX30 index fell by 1.64% to end at 10,710 points, while the small- and mid-cap EGX70 EWI declined by 2.71% to …
Trading Activities
Minister of Supply and Internal Trade, Ali El-Moselhy
20 September 05:09 PM Holding Company for Food Industries to build four factories at EGP 7bn cost
Cairo – Mubasher: The Egyptian Minister of Supply and Internal Trade, Ali El-Moselhy, has inaugurated the food development and safety centre affiliated to the Holding Company for Food Industries in Qaha City.  The centre, developed over 3,600 …
Companies Investments
Photo Archive
20 September 05:02 PM ACIG receives regulatory nod for capital hike
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) approved for Allied Cooperative Insurance Group (ACIG) to increase its capital through rights issue shares. The company aims to raise the capital by SAR 150 million, according to a …
Corporate Actions
Minister of Trade and Industry, Nevine Gamea
20 September 04:53 PM Egypt's food, agricultural exports hit $4.58bn in eight months
Cairo – Mubasher: Egypt's exports of food industries and agricultural crops increased by 13.6% to $4.585 billion in the first eight months of the fiscal year (FY) 2020/2021, compared to $4.035 billion in the year-ago period, the Middle East News …
Macroeconomics
Photo Archive
20 September 04:47 PM National Building secures SAR 100m from Riyad Bank
Riyadh – Mubasher: National Building and Marketing Company has signed a Sharia-compliant credit facility agreement worth SAR 100 million with Riyad Bank. The loan duration is three months starting 20 September 2021, according to a bourse …
Banking and Finance
The project features recreational, social, and wellness amenities
20 September 04:41 PM Deyaar appoints contractors to build AED 750m skyscraper
UAE - Mubasher: Deyaar Development has appointed Gulf Asia Contracting, the construction vertical of RP Group, as a contractor to develop an AED 750 million skyscraper, Regalia, in Business Bay. Set to be completed in 2024, the 70-storey luxury …
Companies Investments
The company's sales of PVC and liquid caustic soda amounted to EGP 1.9 billion
20 September 04:32 PM Egyptian Petrochemicals studies doubling annual capacity to 200k tonnes
Cairo – Mubasher: Egyptian Petrochemicals Company has started implementing the first phase of a project to raise the annual output capacity of polyvinyl chloride (PVC) to 100,000 tonnes from 80,000.  Studies are being conducted to implement the …
Companies Investments
Photo Archive
20 September 04:30 PM Obeikan Glass to pay SAR 1/shr dividend – SAIC
Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) said the board of its associate Obeikan Glass Company approved distributing SAR 1 per share as a cash dividend for the year 2021, according to a bourse filing on Monday. SAIC did not …
Board of Directors
Photo Archive
20 September 04:18 PM Saudi Arabia announces 63 new COVID-19 cases
Riyadh – Mubasher: Saudi Arabia registered 63 more COVID-19 infections on Monday. The Ministry of Health reported 71 new recoveries and six additional fatalities. The new figures brought the total number of cases in the kingdom to 546,612 since …
Sector Reports
ASORC injected more than EGP 1.3 billion worth of investments in FY20/21
20 September 04:10 PM Egypt starts pilot operation of $450m gasoline production complex in Assiut
Cairo – Mubasher: Egypt has started the pilot operation of a high-octane gasoline production complex at Assiut Refinery at an investment cost of $450 million, Minister of Petroleum and Mineral Resources Tarek El-Molla said.  Work is underway for …
Macroeconomics
The construction of the 70-floor tower is set to begin in 2022
20 September 04:03 PM Italy's Cavalli collaborates with Damac to launch $545m luxurious tower
UAE - Mubasher: Italian fashion house Cavalli has partnered with DAMAC Properties to develop a $545 million luxurious skyscraper in Dubai, Damac Founder, Hussain Sajwani, announced as cited by Reuters. To be located in Dubai Marina, the …
Companies Investments
Photo Archive
20 September 03:52 PM TASI falls on Monday; NomuC rises
Riyadh – Mubasher: The Tadawul All Share Index (TASI) of the Saudi Exchange (Tadawul) closed Monday lower by 69.51 points (0.61%) at 11,328.33 points. The trading value amounted to SAR 6.36 billion after exchanging 183.13 million shares, compared …
Trading Activities
Photo Archive
20 September 03:25 PM GCC asset managers expect more inflows amid growing ESG, Islamic investments – Moody’s
Mubasher: The asset management segment across the Gulf region is expected to witness increased inflows over the coming 12 months in line with the growing demand for Islamic and environmental, social, and governance (ESG)-compliant investments, …
Sector Reports
Egypt's ongoing development cooperation portfolio with the World Bank amounts to $5.8 billion
20 September 03:25 PM Egypt, World Bank explore means to enhance investment in human capital
Cairo – Mubasher: The Minister of International Cooperation, Rania El-Mashat, met with Keiko Miwa, World Bank’s Regional Director for Human Development, in the presence of  Marina Wes, the World Bank Group’s Country Director for Egypt, Yemen, and …
Macroeconomics
The study is based on a survey conducted to SMB owners and their customers
20 September 03:13 PM 88% of SMBs in UAE optimistic about business future - study
UAE - Mubasher: A total of 88% of small and micro businesses (SMBs) in the UAE have expressed their optimism about the future of their business, including 64% who are very optimistic. Around 49% of SMBs in the UAE referred to the importance of …
Macroeconomics
The third Annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous
20 September 03:10 PM Net assets of 41 Egyptian insurers amount to EGP 153bn
Cairo – Mubasher: Egypt's insurance industry has shown resilience against the repercussions of the COVID-19 pandemic as insurance companies were able to pay compensation claims via various payment methods, the Chairman of the Financial Regulatory …
Macroeconomics
20 September 02:47 PM Pfizer COVID-19 vaccine is safe for 5-11 years old kids
Global Reports
The UAE registered 409 recovered cases
20 September 02:09 PM UAE records 313 COVID-19 cases
UAE - Mubasher: The UAE Ministry of Health announced on Monday 313 coronavirus (COVID-19) cases to raise the total number of cases to 733,003. The ministry conducted 277,935 COVID-19 tests to detect further cases. The UAE registered 409 recovered …
20 September 01:44 PM Carousell aims to grow business, considers IPO
Goods and Metals
The company is building a university hospital at Nahda University
20 September 01:41 PM Taaleem reveals latest updates on investment plans
Cairo – Mubasher: Taaleem Management Services revealed the latest updates of its future investment plans.  The higher education management company responded to the Egyptian Exchange's (EGX) inquiry on the published interview with the company's …
Companies Investments
20 September 01:33 PM Shell to produce sustainable jet fuel at scale by 2025
Shell plans to produce low-carbon jet fuel at scale by 2025 to contribute to cutting carbon emissions.
Oil and Energy
The historic site will be developed into MENA's first integrated innovation zone
20 September 01:15 PM Egypt's sovereign fund, Bidayat ink MoU to study Bab El-Azab development project
Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) and Bidayat signed a memorandum of understanding (MoU) to study the development of Bab El-Azab area of the Salah El-Din Citadel in Old Cairo into the first integrated innovation zone in the MENA …
Macroeconomics
The direct deal was implemented on 147.553 million shares
20 September 12:34 PM DFM announces AED 184m direct deal on Damac
Dubai – Mubasher: Dubai Financial Market (DFM) has recorded an AED 184.441 million direct deal executed on the shares of DAMAC Properties. The direct deal was implemented on 147.553 million shares at a price of AED 1.25 per share, according to a …
Companies Investments
Photo Archive
20 September 12:28 PM Sheeni’s board recommends capital raise, stock split
Cairo – Mubasher: The board of the General Company for Ceramic and Porcelain Products (Sheeni) proposed increasing the authorised capital to EGP 350 million from EGP 150 million. The board also recommended raising the issued and paid-up capital to …
Corporate Actions