Middle east news

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01:29 AM KSA general reserve reaches SAR 642bn by March-end – SAMA
Riyadh – Mubasher: The Saudi general reserve reached SAR 641.8 billion by the end of March, decreasing 29.2% year-on-year, according to the Saudi Arabia Monetary Authority (SAMA). Government reserve shed 0.01% month-on-month from SAR 641.78 …
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01:08 AM ADNOC to cut Asia crude supply in June
Abu Dhabi – Mubasher: Abu Dhabi National Oil Co (Adnoc) has notified Asian buyers that it will reduce June's supply the three grades of Murban, upper Zakum, and Das by 10%, according to Reuters. Adnoc had cut May's supplies of Murban and Das by …
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12:50 AM KSA to raise $200bn from privitisation - Official
Riyadh – Mubasher: Saudi government expects collecting around $200 billion in the next several years by selling stakes in state enterprises in fields of healthcare to airports, vice economy minister said. Mohammed al-Tuwaijri added to Reuters on …
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12:24 AM KSA achieves faster steps in cutting costs – Official
Riyadh – Mubasher: Saudi government is making progress better than expected in cutting costs, which is the main reason for a stronger budget so far, vice economy minister said. Mohammed al-Tuwaijri added to Reuters that that government's plans to …
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28 April 11:11 PM SAMA assets record lowest level since August 2011
Riyadh – Mubasher: The assets of the Saudi Arabian Monetary Agency (SAMA) decreased 12.2% year-on-year in March 2017. SAMA’s assets reached SAR 1.971 trillion compared to SAR 2.245 trillion in March 2016, according to the authority's monthly …
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28 April 10:00 PM EGX ends week in red
Cairo – Mubasher: The EGX30 fell 2.95% or 380.16 points to reach 12,525.69 points this week. The index saw a turnover of EGP 2.47 billion through exchanging of 564.3 million shares. Commercial International Bank – Egypt (CIB) declined 4.91% to EGP …
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28 April 08:30 PM US oil rigs rise for 15 week in row
Mubasher: The number of US oil-rig count has increased last week, according to data revealed by Baker Hughes on Friday. Oil rigs added nine to reach 697 rigs, up from 572 rigs last week. Brent crude futures grew 0.31% to the level of $51.98 per …
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28 April 02:18 PM MubasherTrade sets Orascom Construction PT at AED 6.5/shr
Cairo – Mubasher: MubasherTrade Research set its price target (PT) for Orascom Construction Ltd at AED 6.5/shr, with a "Hold" recommendation. The research firm commented on the company's financial performance, saying that the firm turned to …
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28 April 02:05 PM Tadawul gains, Nomu loses in week
Riyadh – Mubasher: The main index of the Saudi Stock Exchange (Tadawul) went up 0.68% or 46.74 points to reach 6,945.74 points in the week ended 27 April compared to 6,899.9 points last week. The market’s turnover increased 4% to SAR 15.366 …
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28 April 11:14 AM Oil prices rise on Friday
Mubasher: Crude oil prices went up on Friday, but it tends to record weekly losses for the second week in a row. Oil prices were supported by OPEC Secretary-General Mohammad Barkindo, who said on Thursday that the oil market was moving towards a …
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27 April 06:59 PM MSM in green amid lower liquidity
Mubasher: The benchmark index of Muscat Securities Market (MSM) edged up by 0.93% or 51.01 points week-on-week to reach 5,525.43 points by the week ended on 27 April. The market’s trading value shrank by 48.75% to OMR 12.15 million from 23.71 …
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27 April 06:08 PM Egypt establishes entrepreneurship company worth EGP 451m
Cairo – Mubasher: An entrepreneurship and investment company worth EGP 451 million has been established to support youth projects, the minister of investment and international cooperation said on Thursday. The company will help close the funding …
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27 April 05:42 PM State receives EGP 1.13bn dividends from business sector
Cairo – Mubasher: The Egyptian government has received EGP 1.13 billion in dividends from the business sector in fiscal year 2015/2016, a year-on-year increase of 8.4%, said public sector affairs minister Ashraf El-Sharqawy. The results came after …
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27 April 05:21 PM Jabal Omar, Albilad securities ink MoU on Thursday
Riyadh – Mubasher: Jabal Omar Development signed a memorandum of understanding (MoU) with AlBilad Securities and Investment Co. to sell 93 housing units in the second phase of Jabal Omar project. The deal will last for four months starting from …
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27 April 05:14 PM Qatar to fix gasoline prices in May
Doha – Mubasher: The Qatari Ministry of Energy and Industry announced that gasoline prices will be stable in May, compared to April’s prices of diesel and super and premium gasoline. The price of a litre of diesel in May will be QAR 1.6, while the …
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27 April 05:03 PM Qatari banks’ profits rise 4% in Q1 - Report
By: Mohamed Farouk Doha – Mubasher: Financial data of banks listed on the Qatar Stock Exchange (QSE) showed an increase of 4.1% in profits for the first quarter of 2017, compared to the same period of 2016. Nine banks achieved a combined profit of …
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27 April 04:50 PM Shuaa shrinks stake in Bahraini bank
Mubasher: Shuaa Capital has reduced its stake in Bahrain-based Khaleeji Commercial Bank to stand at 13.9%, according to a bourse statement issue don Thursday. The bank has executed two selling transactions on Shuaa’s stake, with a total of about …
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27 April 04:50 PM DFM drops 1.5% in week; blue chips weigh
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Thursday, 27 April, in the red, pressured by its leading sectors, particularly real estate and investment. The DFMGI shed 1.53% or 53.11 points to reach …
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27 April 04:42 PM Kayan turns profitable in Q1-17
Riyadh – Mubasher: Saudi Kayan Petrochemical turned profitable in the first quarter of 2017. The company posted profits of SAR 265.46 million in Q1-17, against losses of SAR 195 million in the year-ago period. Profits were attributable to …
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27 April 04:41 PM ACIG hires SKFH to manage merger with Malath
Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) appointed Saudi Kuwaiti Finance House (SKFH) as a financial advisor to manage its merger with Malath Cooperative Insurance and Reinsurance. In March, the boards of the two Saudi-listed …
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27 April 04:33 PM Buruj to discuss FY16 dividends on 22 May
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Buruj Cooperative Insurance Co will meet on 22 May to discuss the dividends distribution for 2016. The company would distribute dividends of SAR 0.50 per share, totalling SAR 12.5 …
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27 April 04:31 PM EGX to see 7 IPOs in 2017 - Chairman
Cairo - Mubasher: Seven companies are preparing to launch initial public offerings (IPOs) on the Egyptian Exchange (EGX), the bourse’s chairman Mohamed Omran stated on Thursday. Despite declining to name the companies with anticipated IPOs, Omran …
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27 April 04:27 PM BHB falls in week amid lower liquidity
Mubasher: The main index of Bahrain Bourse (BHB) edged down 0.17% or 2.27 points week-on-week to reach 1,332.16 points by the week ended on 27 April. The tourism segment led decliners this week with a fall of 3.64%, dragged by Banader Hotels which …
(Photo Credit: Muscat Daily newspaper)
27 April 04:18 PM Rotana to open 9 hotels in Oman by 2020
Mubasher: Rotana for hotel management plans to open nine hotels in Oman by 2020, adding more than 1,600 rooms to its existing inventory of 400 rooms, according to Muscat Daily. The agreement for a 250-room hotel was signed between Golden Group …
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27 April 04:01 PM EGX declines Thursday on Arab, local sales
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Thursday’s trading session on a low note on the back of Arab and local investor selling. The benchmark EGX30 index lost 1.15% or 145.6 points, closing at 12,525.69 points. The EGX70 index saw a …