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Middle east news

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8 January 2025 08:50 PM ACWA Power unveils update on Middle East’s largest single-contracted wind farm in Egypt
Riyadh – Mubasher: Private water desalination company ACWA Power together with consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, have achieved the financial close for the 1.1-gigawatt GW Suez Wind Farm in Egypt. The renewables …
Companies Investments
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8 January 2025 07:45 PM Banque Misr unveils expansion plan in Middle East, Africa
Cairo – Mubasher: Egyptian state-owned Banque Misr intends to broaden its presence in the Middle East and Africa over the coming period, according to an official statement. The expansion plan will be implemented by establishing different …
Banking and Finance
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8 January 2025 07:04 PM Egypt Gas’ board approves $9.4m project contract in Jordan
Cairo – Mubasher: The board members of Egypt Gas gave the green light to sign a contract with the Technical Gas Service Company (TGS) in Jordan for a project at an estimated cost of $9.40 million. The Egyptian company will be responsible for …
Companies Investments
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8 January 2025 06:58 PM ENOC expands footprint in UAE via 2 new service stations
UAE - Mubasher: ENOC Group has inaugurated two new service stations in Al Jurf Industrial Area 1 and Al Nuaimiya 3, expanding its services in the UAE, according to a press release. The two new service stations are projected to service over 3,000 …
Companies Investments
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8 January 2025 06:39 PM Riyadh-based Revie secures $2.5m in seed funding round
Riyadh – Mubasher: Saudi interior design marketplace Revie has closed a $2.50 million seed funding round led by Sanabil Venture Studio by Stryber, according to a press release. With the newly secured funding, the company plans to invest in …
Companies Investments
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8 January 2025 06:00 PM Retal unveils SAR 374m development deal
Riyadh – Mubasher: Retal Urban Development Company inked a contract with its subsidiary Building Construction Company to develop 285 residential units in the Murcia zone. The two entities penned the agreement at a value of SAR 374 million on 7 …
Real estate
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8 January 2025 05:20 PM ADNOC L&S’ earnings expected to hike following $1bn stake acquisition in Navig8
Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) has acquired an 80% stake in Navig8 TopCo Holdings for $1.04 billion (AED 3.80 billion), according to a press release. The UAE-based group has committed to own the remaining 20% in …
Mergers and Acquisitions
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8 January 2025 04:38 PM Nice One lists on Tadawul as 1st unicorn tech firm to debut on Main Market
Riyadh – Mubasher: Care e-commerce platform Nice One Beauty Digital Marketing Company announced the listing of its shares on the Main Market of the Saudi Exchange (Tadawul) as of 8 January 2025 under the ticker symbol 4193. The listing followed …
Trading Activities
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8 January 2025 04:01 PM Yansab to distribute SAR 562.5m dividends for H2-24
Riyadh – Mubasher: The board of Yanbu National Petrochemical Company  (Yansab) decided, during the 29 December 2024 meeting, to disburse SAR 562.50 million as cash dividends for the second half (H2) of 2024. The shareholders will receive SAR 1 per …
Cash Dividends
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8 January 2025 03:46 PM Riyadh Development obtains regulatory nod for capital hike
Riyadh – Mubasher: The Capital Market Authority (CMA) approved, on 7 January, the request of Riyadh Development Company to raise its capital to SAR 2.33 billion from SAR 1.77 billion. The company will issue 56.15 million ordinary shares to …
Real estate
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8 January 2025 03:06 PM eXtra sees 37% higher net profits in 2024
Riyadh – Mubasher: United Electronics Company (eXtra) posted 36.89% year-on-year (YoY) higher net profits at SAR 534.53 million in 2024, compared to SAR 390.46 million. The company recorded sales valued at SAR 6.78 billion as of 31 December 2024, …
Financial Results
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8 January 2025 00:58 PM EFG Hermes leads Almoosa Healthcare’s $449m IPO on Tadawul
Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, concluded its advisory on the $449 million initial public offering (IPO) of Almoosa Healthcare Company, according to a press release. Through its investment banking division, EFG Hermes …
Trading Activities
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8 January 2025 11:56 AM ACWA Power appoints Chairman, Vice Chairman
Riyadh – Mubasher: ACWA Power Company named Mohammad Abdullah Abunayyan as the board’s Chairman for the next four years. The board members also announced Raad Esmat Al Saad as the Vice Chairman, according to a bourse filing. The two officials …
Board of Directors
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8 January 2025 11:46 AM Orbit Startups, PIF’s Sanabil to reinforce early-stage tech innovation in MENA
Riyadh – Mubasher: Orbit Startups and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), have launched a new accelerator programme. Sanabil Accelerator by Orbit aims to support early-stage startups from Saudi Arabia …
Companies Investments
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8 January 2025 10:00 AM MilkStraw AI fuels MENA expansion plans via Flat6Labs-led funding round
UAE – Mubasher: AI startup MilkStraw has raised $600,000 in pre-seed funding to boost its presence across the MENA region, according to a press release. The fundraising transaction was led by Flat6Labs, with participation from Angel Spark, Beyond …
Companies Investments
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7 January 2025 05:40 PM Tanmiah’s subsidiary inks SAR 165m deal to boost expansion strategy
Riyadh – Mubasher: Agricultural Development Company (ADC), a subsidiary of Tanmiah Food Company, penned a SAR 165 million deal with Chengdu Design and Research Institute (CDI). The two parties will team up to build 100 poultry broiler houses, …
Companies Investments
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7 January 2025 05:26 PM Ataa Educational obtains SAR 189.5m loan from Banque Saudi Fransi
Riyadh – Mubasher: Ataa Educational Company renewed its Sharia-compliant facility agreement with Banque Saudi Fransi at a total value of SAR 189.36 million. The financing deal is secured by a promissory note and real estate guarantees, according …
Companies Investments
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7 January 2025 04:32 PM Checkout.com, noqodi to drive digital transformation in MENA
Riyadh – Mubasher: Global payments solution provider Checkout.com  entered a strategic partnership with noqodi, a payment gateway and financial service provider, according to a press release. The collaboration aims to promote the payment …
Global Economy
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7 January 2025 03:59 PM CI Capital concludes 4 bond issuances with combined value of EGP 4.8bn
Cairo – Mubasher: CI Capital Holding for Financial Investments led four bond issuances for major companies and entities operating across various sectors in the Egyptian market at an aggregated value of EGP 4.80 billion. CI Capital closed the …
Banking and Finance
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7 January 2025 03:30 PM PIF’s Diriyah teams with SEC to foster power infrastructure
Riyadh – Mubasher: Diriyah Company, a unit of the Saudi Public Investment Fund (PIF), has opened two major electricity substations, operated by the Saudi Electricity Company (SEC). They are expected to accelerate the growth and development of …
Companies Investments
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7 January 2025 02:38 PM CMA passes Artal Saudi Equity Free Style Fund’s offering
Riyadh – Mubasher: The Capital Market Authority (CMA) has approved the public offering of the Artal Saudi Equity Free Style Fund by Artal Capital Company. The authority greenlighted the offering on 6 January 2025, according to a bourse filing. …
Companies Investments
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7 January 2025 01:49 PM Aramco’s venture arm leads Zension’s $30m series A Round
Riyadh – Mubasher: Wa’ed Ventures, the $500 million venture capital arm of Aramco, led a funding round for consumer electronics startup Zension Technologies. Zension secured $30 million in a series A Round to launch its new business vertical Zaam …
Companies Investments
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7 January 2025 00:45 PM FIPCO obtains SAR 50m financing from Al Rajhi Bank
Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) has penned a credit facility agreement valued at SAR 50 million with Al Rajhi Bank. FIPCO will use the short-term revolving facility to finance working capital, …
Banking and Finance
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7 January 2025 00:13 PM Egypt’s non-oil businesses fall in December amid rising costs; PMI reaches 48.1
Cairo – Mubasher: Egypt’s headline seasonally adjusted Purchasing Managers’ Index (PMI) fell from 49.2 in November 2024 to 48.1 last December, marking a decline in the non-oil private sector for the fourth month running.  The rate of deterioration …
Macroeconomics
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7 January 2025 11:00 AM Nice One to begin trading 30% of capital on Tadawul this week
Riyadh – Mubasher: Nice One Beauty Digital Marketing Company is set to commence trading its shares on the Main Market of the Saudi Exchange (Tadawul) on Wednesday, 8 January 2025. Under the symbol 4193, the company is set to float 30% of its share …
Initial Public Offerings