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30 March 08:17 AM

Middle east news

A fee of EGP 3 is charged on each ATM transaction
29 March 06:13 PM Pensioners to be exempt from ATM fees for 6M – Source
Cairo – Mubasher: The Central Bank of Egypt (CBE) will pay ATM withdrawal fees for pensioners for a period of six months on behalf of the Ministry of Social Solidarity, an official source told the Middle East News Agency (MENA). A total of 6 …
Central Banks
The company is studying several investment opportunities
29 March 05:28 PM B Investments Holdings uses EGP 275m of subscription proceeds
Cairo – Mubasher: B Investments Holdings announced that a total of EGP 275 million of its capital raise subscription proceeds amounting to EGP 458.27 million has been used. The amount has been used to increase the capital of Ebtikar for Financial …
Companies Investments
The board proposed a cash dividend distribution of EGP 64 million
29 March 05:03 PM B Investments Holdings posts 11% profit drop in 2019; dividends proposed
Cairo – Mubasher: The consolidated financial statements of B Investments Holdings showed an 11% year-on-year (YoY) drop in its net profits during 2019. The company’s net profits fell to EGP 173.7 million last year from EGP 194.48 million in 2018, …
Financial Results
The company registered KWD 149,145 worth of earnings in Q4-19
29 March 04:48 PM Kuwait Foundry turns profitable in FY 2019; dividends proposed
Mubasher: Kuwait Foundry Company has turned to a profit of KWD 894,912 ($2.86 million) in the fiscal year (FY) 2019, against a loss of KWD 1.15 million ($3.68 million) in 2018. In the fourth quarter (Q4), the company registered KWD 149,145 worth …
Financial Results
The company added new trading products in Q4-19
29 March 04:39 PM Emirates Refreshments' accumulated losses exceed AED 16m in 2019
Dubai – Mubasher: Emirates Refreshments Company's accumulated losses amounted to AED 16.304 million in 2019, representing 54.35% of its capital, according to a disclosure to the Dubai Financial Market (DFM) on Sunday. To tackle the accumulated …
Financial Results
The market’s turnover reached EGP 390.8 million
29 March 04:35 PM EGX30 ends Sunday down; market cap drops 1.96bn
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday’s trading session on a varied note amid foreign and Arab sales and local purchases. The benchmark EGX30 index fell by 1.54%, ending the session at 9,760 points. On the other hand, the …
Trading Activities
The company's losses stood at KWD 452,523 last year
29 March 04:21 PM Ekttitab Holding posts 12% lower loss in 2019
Mubasher: The net loss of Ekttitab Holding narrowed by 12% on an annual basis during the fiscal year (FY) ended on 31 December 2019. Losses for the period stood at KWD 452,523 last year when compared to KWD 511,506 in 2018, according to a stock …
Financial Results
A total of EGP 24.9 billion has been disbursed so far
29 March 04:17 PM Egypt’s slum development plan estimated at EGP 396.2bn
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing has estimated the cost of slum development plan at EGP 396.2 billion. The plan includes developing unsafe and unplanned areas and markets, according to a document reviewed by …
Real estate
Mopco's OGM approved to pay out cash dividends of EGP 2.5 per share
29 March 04:06 PM Mopco's OGM approves EGP 2.5/shr dividends
Cairo – Mubasher: The shareholders of Misr Fertilizers Production Company (Mopco) have approved to pay out cash dividends of EGP 2.5 per share for the fiscal year (FY) ended on 31 December 2019. During the ordinary general meeting (OGM), the …
Cash Dividends
Sidpic reported net profits of EGP 487 million in 2019
29 March 03:39 PM Sidpec names new chairman
Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) named Mohamed Mohamed Ibrahim as the new chairman and managing director, according to a bourse disclosure on Sunday. It is worth mentioning that during 2019, Sidpic reported net profits of EGP …
Board of Directors
The bank’s OGM approved a capital increase of EGP 309.28 million
29 March 03:23 PM Al Baraka Bank Egypt’s shareholders approve dividends, bonus shares
Cairo – Mubasher: The ordinary general meeting (OGM) of Al Baraka Bank – Egypt approved procedures to distribute dividends for 2019. The bank’s shareholders agreed to distribute 10% of the share capital or EGP 0.70 per share at a total value of …
General Assembly
Warba Capital will be reclassified as a subsidiary of Boubyan
29 March 02:58 PM Boubyan Petrochemical raises stake in Warba Capital to 50.26%
Mubasher: Boubyan Petrochemical Company has acquired an additional 1.39% stake in Warba Capital Holding Company for KWD 76,446. The new purchase will raise Boubyan’s ownership in Warba to 50.26%, according to a bourse filing on Sunday.    …
Mergers and Acquisitions
Shareholders agreed to double the company’s capital
29 March 02:55 PM Egypt Gas approves 2019’s dividends, capital hike
Cairo – Mubasher: The ordinary general meeting (OGM) of Egypt Gas approved a decision to distribute cash dividends of EGP 3 per share for 2019. The company’s shareholders agreed to distribute a total of EGP 72 million divided between the Egyptian …
Cash Dividends
A total of 63.20 million shares were traded through 1,565 transactions
29 March 02:54 PM ADX up on Sunday; market cap records AED 423bn
Abu Dhabi – Mubasher: The main index of Abu Dhabi Securities Exchange (ADX) gains 108.11 points or 2.87% to register 3,878.84 points by the end of Sunday's trading session, unlike its negative performance on Thursday.  A total of 63.20 million …
Stock Evaluations
The market cap value grew by AED 1.81 billion
29 March 02:33 PM DFM closes Sunday's session on positive note
Dubai – Mubasher: The benchmark index of Dubai Financial Market (DFM) rose by 1.28% or 23.16 points to end Sunday's trading session at 1,832.28 points, reversing its downward performance on Thursday. The market cap value grew by AED 1.81 billion …
Trading Activities
The turnover fell by 24.6% on Sunday
29 March 02:33 PM Kuwaiti indices down on Sunday amid thin trade
Mubasher: The indices of Boursa Kuwait closed Sunday’s trading session in decline, with the Premier Market and BK Main 50 falling by 3.4% and 1.9%, respectively, and the Main and the All-Share indices dropping by 1.39% and 2.84%, respectively. The …
Stock Evaluations
Foreign currency derivatives balance jumped to AED 797.2 billion in February
29 March 02:01 PM UAE banks' guarantee letters, credit facilities hit AED 4.5trn in February
UAE – Mubasher: The total cumulative balance of letters of guarantee and credit, liabilities, and other credit facilities at the Central Bank of the UAE (CBUAE) grew by 4.3% month-on-month (MoM) or AED 86 billion in February 2020. The balance …
Macroeconomics
CBE imposed temporary limits on ATM withdrawals and deposits at EGP 5,000
29 March 01:45 PM NBE launches mobile ATMs amid coronavirus fears
Cairo – Mubasher: The National Bank of Egypt (NBE) announced that customers will be able to use mobile ATM vehicles. Mobile ATMs will be spread across different areas in the country in a bid to promote social distancing to curb the spread of the …
Banking and Finance
The bank reported a 7% rise in total assets last year
29 March 01:11 PM Al Baraka Bank South Africa sees 11% higher net income in 2019
Mubasher: The net income of Al Baraka Bank South Africa, a subsidiary of Al Baraka Banking Group, has increased by 11% to ZAR 73 million ($5 million) in 2019 when compared to 2018. The bank reported a 7% rise in total assets to ZAR 7.35 billion ($ …
Financial Results
GB Auto’s net profits dropped to EGP 223.55 million in 2019
29 March 01:01 PM GB Auto’s shareholders retract decision to merge with RGI
Cairo – Mubasher: The extraordinary general meeting (EGM) of Ghabbour Auto (GB Auto) approved a recommendation to retract its decision to merge with RG Investments (RGI). The company’s shareholders also decided to cancel all the effects resulting …
Mergers and Acquisitions
Investors in Boursa Kuwait
29 March 12:41 PM Kuwait’s COVID-19 toll rises to 255
Mubasher: The total number of coronavirus (COVID-19) cases in Kuwait grew to 255 on Sunday after 20 new patients tested positive for the novel disease over the past 24 hours, the country’s health ministry disclosed on its official Twitter page. …
Global Economy
The issuance will be used to finance the country’s budget deficit
29 March 12:27 PM CBE offers EGP 14.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 4 billion and will be offered through …
Treasury Bills
EIPICO’s net profits fell to EGP 671.4 million in 2019
29 March 12:20 PM EIPICO’s shareholders approve EGP 4/shr dividends for 2019
Cairo – Mubasher: The ordinary general meeting (OGM) of the Egyptian International Pharmaceutical Industries (EIPICO) approved procedures to distribute cash dividends for 2019. The company’s shareholders decided to distribute EGP 4 per share as …
General Assembly
Shareholders decided to increase the issued and paid-up capital by 15%
29 March 12:09 PM Faisal Islamic Bank approves dividends for 2019, capital raise
Cairo – Mubasher: The ordinary general meeting (OGM) of Faisal Islamic Bank of Egypt approved the proposed cash dividend distribution for 2019. The bank’s shareholders agreed to distribute $0.08 per share denominated in US dollar after zakat …
General Assembly
S&P has affirmed the long-term sovereign credit rating of Abu Dhabi at 'AA'
29 March 12:03 PM S&P affirms Abu Dhabi's credit rating; stable outlook
Abu Dhabi – Mubasher: S&P Global Rating has affirmed the long-term sovereign credit rating of Abu Dhabi at 'AA' and the short-term foreign and domestic currency rating at  'A-1+', with a stable outlook. S&P Global Rating expected that Abu Dhabi's …
Ratings