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29 minutes ago Egypt closes Sunday with varied performance
Cairo – Mubasher: The indexes of the Egyptian Exchange (EGX) ended Sunday’s trading session with a mixed note after the EGX30 main rose by 0.06% to 16,265.92 points. On the other hand, the EGX50 EWI plummeted by 0.90% to 2,753.14 points. Both …
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48 minutes ago Fromer Honeywell official joins Lenovo as Country Manager for Saudi Arabia
Riyadh – Mubasher: Lenovo has appointed Abdullah Bahanshal as the new Country Manager for Saudi Arabia within Lenovo Infrastructure Solutions Group (ISG). Bahanshal comes to Lenovo ISG from Honeywell, where he worked as the Country Sales Leader …
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50 minutes ago Spinalex posts 152% higher profits in H1-22/23
Cairo – Mubasher: Alexandria Spinning and Weaving Company (Spinalex) witnessed a 152% hike in net profit after tax to EGP 13.55 million during the first half (H1) of fiscal year (FY) 2022/2023, versus EGP 5.37 million in H1-21/22. Revenues stood …
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1 hour ago Tadawul ends Sunday’s trading session in red zone
Riyadh – Mubasher: The benchmark All Share Index (TASI) of the Saudi Exchange (Tadawul) closed Sunday’s trading session lower by 143.21 points (1.34%) at 10,558.58 points. TASI’s turnover amounted to SAR 3.77 billion through the exchange of 213.30 …
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2 hours ago Perfect Presentation secures SAR 50m loan from GIB
Riyadh – Mubasher: Perfect Presentation for Commercial Services Company, known as 2P, obtained a Sharia-compliant facility worth SAR 50 million from Gulf International Bank (GIB) on 2 February 2023. The Saudi company will use the loan to finance …
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3 hours ago Alwasail pens SAR 300m contract with SABIC
Riyadh – Mubasher: Alwasail Industrial Company and Saudi Basic Industries Corporation (SABIC) inked a SAR 300 million agreement on 31 January 2023, according to a recent bourse filing. The deal aims to finance around 60,000 metric tonnes of raw …
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4 hours ago e& ups shareholding in Vodafone to 13%
Abu Dhabi – Mubasher: e&, formerly known as Etisalat Group, hiked its 12% stake in Vodafone Group to 13%, excluding treasury shares. Meanwhile, the UAE-based company currently holds 3.53 billion shares in Vodafone, according to a bourse …
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4 hours ago Egypt’s fintech MNT-Halan secures $400m financing at $1bn valuation
Cairo – Mubasher: Egypt-based fintech and e-commerce ecosystem MNT-Halan has raised $400 million in equity and debt financing from local and global investors, with a valuation of $1 billion. The funding round consists of equity financing worth …
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11:45 AM Al Yamamah Steel turns to SAR 42m losses in Q1-22/23 initial results
Riyadh – Mubasher: Al Yamamah Steel Industries Company shifted to net losses after Zakat and tax worth SAR 41.90 million in the first quarter (Q1) of fiscal year (FY) 2022/2023, versus net profits of SAR 34.01 million in Q1-21/22. Revenues hit SAR …
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11:06 AM RAK White Cement’s profits fall in 2022 initial financials
Abu Dhabi – Mubasher: Ras Al Khaimah Company for White Cement and Construction Materials (RAK White Cement) recorded net profits of AED 21.08 million in 2022, down from AED 32.87 million a year earlier. The UAE-based firm witnessed an annual …
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10:23 AM NCTH’s profits shrink 49% in 2022 initial results
Abu Dhabi – Mubasher: National Corporation for Tourism and Hotels (NCTH) registered AED 60.46 million net profits in 2022, lower by 48.82% year-on-year (YoY) than AED 118.14 million. The ADX-listed company generated revenues worth AED 712.67 …
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10:12 AM CBE issues EGP 35bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a total value of EGP 35 billion through two tranches on Sunday, 5 February, according to official data. The first issue stood at EGP 13.50 million, holding a …
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09:44 AM Bank Albilad’s profits exceed SAR 2bn in 2022
Riyadh – Mubasher: The net profits of Bank Albilad amounted to SAR 2.08 billion in 2022, higher by 23.43% year-on-year (YoY) than SAR 1.68 billion. Earnings per share (EPS) increased to SAR 2.09 last year from SAR 1.69 in 2021, according to the …
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2 February 06:15 PM Xpence plans to expand into at least 3 new strategic markets – Interview with CEO Ansari
By: Omnia Ahmed Mubasher: Building a business on solid unit economic is considered important by key players in the market. Meanwhile, startups as well as small- and medium-sized enterprises (SMEs) need access to financial services through a simple …
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2 February 04:37 PM EGX ends Thursday's trading session in red zone
Cairo – Mubasher: The indexes of the Egyptian Exchange (EGX) closed Thursday’s trading session with a negative performance after the EGX30 main index declined by 0.93% to 16,255.73 points. The EGX50 EWI also plummeted by 1.55% to 2,778.17 points. …
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2 February 04:17 PM Tadawul closes Thursday’s session with negative note
Riyadh – Mubasher: The benchmark All Share Index (TASI) of the Saudi Exchange (Tadawul) went down by 81.94 points (0.76%) on Thursday and ended the trading session at 10,701.79 points. A total of 172.36 million shares were traded at a value of SAR …
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2 February 03:49 PM Air Arabia Egypt introduces new route to Saudi Arabia
Cairo – Mubasher: Air Arabia Egypt has launched a new destination to Gizan, marking its 11th route in Saudi Arabia. Starting from 9 April 2023, the company will operate two direct flights weekly between Cairo International Airport and King …
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2 February 03:29 PM Bena Steel plans to trade 12% of shares on Nomu
Riyadh – Mubasher: Bena Steel Industries Company intends to list 600,000 ordinary shares, accounting for 12% of its total shares, on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul). Yaqeen Capital, the financial advisor of the potential …
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2 February 03:13 PM UAE stock markets close Thursday’s session higher
UAE – Mubasher: The main index of the Dubai Financial Market (DFM) ended Thursday’s trading session at 3,365.25 points after gaining 17.33 points (0.51%). The trading value stood at AED 280.71 million after a total of 110.17 million shares were …
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2 February 02:45 PM IHC unveils 1st business acquisition in 2023 for AED 315m
Abu Dhabi – Mubasher: International Holding Company (IHC) has purchased a 55% equity in Reach Employment Services at a value of AED 315 million, according to a press release. The transaction marks IHC's first business acquisition in 2023 and …
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2 February 02:03 PM NMDC’s profits to owners jump 30% in 2022
Abu Dhabi - Mubasher: National Marine Dredging Company (NMDC) witnessed net profits attributable to shareholders worth AED 1.30 billion in 2022, higher by 30% year-on-year (YoY) than AED 1 billion. Revenues from contracts with customers reached …
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2 February 01:16 PM SAMA, CBUAE hike interest rates by 25 basis points
Mubasher: The Saudi Central Bank (SAMA) and the Central Bank of the UAE (CBUAE) raised their key interest rates by 25 basis points after the US Federal Reserve (Fed) unveiled a 25-basis-point hike on 1 February 2023. SAMA increased its repo and …
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2 February 01:03 PM Saudi Top for Trading unveils nearly SAR 14.5m dividends for 2022
Riyadh – Mubasher: The shareholders of Saudi Top for Trading Company agreed to disburse SAR 14.40 million as cash dividends for 2022, according to a bourse disclosure. Under the board’s proposal that was made last December, the firm will pay out a …
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2 February 12:03 PM NBQ’s profits soar 38% in 2022 initial results; dividends announced
Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) logged net profits worth AED 364.51 million in 2022, an annual leap of 38% from AED 264.16 million. The total revenues hiked to AED 599.02 million last year from AED 442.48 million in …
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2 February 11:25 AM Borouge records $1.39bn profits to owners in 2022; dividends for H2-22 unveiled
Abu Dhabi – Mubasher: The net profits attributable to the equityholders of Borouge plummeted to $1.39 billion in 2022 from $1.51 billion in 2021. The company generated revenues worth $6.72 billion during January-December 2022, up 8.30% …