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17 June 09:53 AM

Middle east news

The Address Residences Dubai Opera consists of two high-rise towers with serviced apartments
9 minutes ago Abanos wins Emaar’s 5-star Address Residences contract
Dubai – Mubasher: Abanos, a leading interior fit-out and joinery company based in the UAE, has been awarded the contract by Emaar Properties for the anticipated 5-star Address Residences in Downtown, Dubai. The Address Residences Dubai Opera …
Total cash deposits at the central bank stood at AED 84.75 billion in 5M
36 minutes ago UAE interbank fund transfers hit AED 3trn in 5M
UAE – Mubasher: Total transfers implemented at the national banks through the UAE funds transfer system (UAEFTS) increased by 7.6% year-on-year to AED 3.04 trillion during the first five months of 2019, compared to AED 2.82 trillion, data by the …
Banking and Finance
All the construction work of at the new capital's is set for completion in H1-20
1 hour ago Egypt completes 70% of New Administrative Capital’s infrastructure
By: Abdullah Bedeir Cairo – Mubasher: The official spokesman of Egypt’s New Administrative Capital has revealed the completion of around 60% to 70% of facilities and infrastructure works at the first phase of the new capital. The water facilities …
Total local sales and exports retreated to EGP 918.67 million
16 June 07:02 PM Hadisolb’s sales drop 14% in 10M
Cairo – Mubasher: Egyptian Iron and Steel’s (Hadisolb) board of directors announced that the company’s local sales and exports declined by 14.1% year-on-year during the first ten months of fiscal year 2018/2019. Hadisolb’s total local sales and …
Financial Results
16 June 06:44 PM Huawei moves up on BrandZ’s most valuable brands
The Chinese giant holds 19% of global market share
Global Reports
The company aims to offer EGP 350 million to microenterprises by the end of 2019
16 June 05:47 PM Tamweely Microfinance’s board approves EGP 25m capital hike
Cairo – Mubasher: Tamweely Microfinance’s board of directors approved raising the company’s capital by 50% to EGP 75 million from EGP 50 million. The capital hike aims to finance the company’s expansion plans in 2019 and implement the operation …
Companies Investments
The free-of-charge storage period was increased to 30 days
16 June 05:15 PM MAWANI slashes handing charges at King Fahd Industrial Port in Yanbu
Riyadh – Mubasher: Saudi Ports Authority’s (MAWANI) board of directors approved reducing its handling charges and marine service fees for container vessels at King Fahd Industrial Port in Yanbu by 32% to 57.5%, Saudi Press Agency (SPA) reported. …
Millennium MEA is currently operating 4,067 keys in Saudi Arabia
16 June 05:12 PM Millennium MEA confirms exclusive rights to operate Makkah Millennium Hotel
Riyadh – Mubasher: Millennium Hotels and Resorts Middle East and Africa has addressed its guests “with deep regrets” for the inconvenience they might have encountered during their stay at Makkah Millennium Hotel and Towers following the recent …
Corporate Actions
The two-year facility could be extended for one year at Zain’s request
16 June 05:11 PM Saudi Zain inks SAR 2.3bn Islamic credit facility
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) has signed a new Islamic Murabaha facility valued at SAR 2.25 billion to refinance its existing $599.808 million (SAR 2.250 billion) commercial loan with better terms. The …
Companies Investments
Market capitalisation gained about EGP 770 million
16 June 04:52 PM EGX ends Sunday in green on local buying
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday’s trading session with a sideways-to-rising performance.   The benchmark EGX30 index rose by 0.21% to finish the first session of the week at 14,210 points. Likewise, the small- and …
Trading Activities
Azizi Aliyah consists of 346 residences
16 June 04:52 PM Azizi Developments completes Azizi Aliyah’s construction work
UAE – Mubasher: Azizi Developments has finished construction works of its AED 470 million Azizi Aliyah project in Dubai Healthcare City. Launched in October 2016, Azizi Aliyah comprises 16 floors, the UAE-based property developer said in a …
Companies Investments
The projects will have a power-generation capacity of 1.51 GW
16 June 04:51 PM Saudi solar PV projects target $1.5bn investments
Riyadh – Mubasher: The Saudi Arabian General Investment Authority (SAGIA) revealed that tenders for seven solar photovoltaic (PV) projects will be offered by the middle of 2019. These PV projects are expected to attract investments up to a total …
Macroeconomics
The project covers an area of 1.08 million square metres
16 June 04:34 PM Saudi Arabia to establish int’l city for dates
Riyadh – Mubasher: The Saudi Ministry of Environment, Water, and Agriculture (MEWA) has offered a distinguished project represented in building and developing an international city for dates in Madinah Al Munawara. The project spans an area of …
Tadawul registered a decline in turnover to SAR 3 billion
16 June 04:29 PM Tadawul closes Sunday in red; NOMU adds 0.55%
Riyadh – Mubasher: The benchmark Tadawul All Share Index (TASI) of the Saudi Stock Exchange (Tadawul) closed Sunday’s session 0.61% or 54.7 points lower at 8,886.84 points. The banking sector led the decliners with 1.44%, while the …
Trading Activities
The project will serve about 90,000 patients annually
16 June 04:23 PM Japan grants Egypt $18m to support healthcare sector
Cairo – Mubasher: Egypt signed a grant deal worth $18 million with Japan to establish a new building for outpatient clinics of Abu Rish Children’s Hospital. The grant aims to improve medical services provided to children, Egypt’s investment …
Al Ramz Capital will enhance the liquidity of RAK Cement’s shares
16 June 04:15 PM RAK Cement appoints Al Ramz Capital as liquidity provider
Abu Dhabi – Mubasher: Ras Al Khaimah Cement Company (RAK Cement) has appointed Al Ramz Capital, a subsidiary of Al-Ramz Corporation Investment and Development, as a Liquidity Provider. RAK Cement took the decision after receiving the approval of …
Noor achieved an increase of 2.5% in Q1-19 profits
16 June 04:01 PM Noor Financial Investment H1-19 profits may fall 34% – Analyst
By: Mohamed Farouk Mubasher: Noor Financial Investment is expected to register a 34% decline in profits during the first six months of 2019 when compared to the corresponding six months last year, capital market analyst Ahmed Jassim Al Qamr told …
Financial Results
Losses before taxes stood at EGP 16.31 million
16 June 04:00 PM Memphis Pharmaceutical’s losses drop 57% in 11M
Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries reported a 56.6% year-on-year retreat in its losses during the first 11 months of fiscal year 2018/2019, the company’s board of directors said. The pharmaceuticals firm’s losses …
Board of Directors
The new projects are located in several cities including 10th of Ramadan city
16 June 03:35 PM Egypt’s transport ministry set to launch 7 dry ports, logistic areas
By: Abdullah Bedeir Cairo – Mubasher: Egypt’s transport minister Kamel El-Wazir announced that seven out of total nine dry ports and logistic areas are set to be launched in several new cities in the upcoming period. The new projects will be …
Market capitalisation stood at SAR 505.51 billion
16 June 03:34 PM Blue chips push down ADX at Sunday’s close
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended Sunday’s trading session in red territory, pressured by blue-chip stocks. The general index inched down 0.17%, ending the first session of this week at 4,955.26 points. Turnover …
Trading Activities
Oil exports of Saudi Arabia valued at SAR 69.337 billion in April 2019
16 June 03:24 PM Saudi Arabia exports down to SAR 86bn in April – GaStat
Riyadh – Mubasher: The recent report by the Saudi General Authority for Statistics (GaStat) showed that total merchandise exports of the kingdom stood at SAR 86.96 billion during April 2019 compared to SAR 89.65 billion in the same month a year …
Macroeconomics
Chemical or allied industries imports decreased by 22.4%
16 June 03:03 PM Saudi Arabia imports shrink 17% YoY in April – GaStat
Riyadh – Mubasher: Total merchandise imports of Saudi Arabia registered a value of SAR 39.31 billion during April compared to SAR 47.22 billion in the same month in 2018. Imports of the kingdom decreased by 16.8% or SAR 7.91 over that period, …
Macroeconomics
The second phase of the state’s IPO programme will include 6-7 companies
16 June 03:02 PM Egypt’s state-run enterprises to launch IPO contingent on restructuring – Minister
By: Abdullah Bedeir Cairo – Mubasher: Listing government-owned companies on the Egyptian bourse is contingent on the results of restructuring these firms, the country’s public enterprise minister Hisham Tawfik said on Sunday.  The ministry is …
Companies Investments
The telecom segment led ten decliners with 2.03%
16 June 02:49 PM Boursa Kuwait falls on Sunday amid lower liquidity
Mubasher: The All-Share Market index of Boursa Kuwait retreated 0.61% at Sunday’s close, in line with the decline of both the Main and Premier markets with 0.6% and 0.61%, respectively. Boursa Kuwait’s turnover shrank by 46.3% to KWD 22.13 million …
Trading Activities
Amar incurred a loss of nearly KWD 945,210 in FY18
16 June 02:46 PM Amar for Finance’s shareholders reject delisting
Mubasher: The shareholders of Amar for Finance and Leasing declined, during the ordinary general meeting on 13 June, the board’s recommendation to voluntarily withdraw from Boursa Kuwait. The rejection of delisting the company’s shares from Boursa …
General Assembly