Middle east news

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23 December 2024 03:48 PM SABIC to disburse SAR 5.1bn dividends for H2-24

Riyadh – Mubasher: The board members of Saudi Basic Industries Corporation (SABIC) decided to distribute cash dividends totalling SAR 5.10 billion to its shareholders for the second half (H2) of 2024. SABIC will pay SAR 1.70 per share, …

Board of Directors

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23 December 2024 02:49 PM Riyadh Cables’ strong backlog in 9M-24 provides revenue visibility for near term – Aljazira Capital

Riyadh – Mubasher: The order backlog of Riyadh Cables Group Company reached SAR 4.90 billion at the end of the first nine months (9M) of 2024, providing strong revenue visibility for the near term, according to a report by Aljazira Capital …

Financial Results

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23 December 2024 01:53 PM Al Seer Marine receives 2 modern MR tankers; investments cross AED 1.4bn

Abu Dhabi – Mubasher: Al Seer Marine Supplies and Equipment Company has taken delivery of M.T. Saiph and its sister ship from K Shipbuilding Korea, according to a press release. Each vessel is equipped with an exhaust gas cleaning system (EGCS) …

Companies Investments

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23 December 2024 10:33 AM Union Properties breaks ground on AED 2bn Takaya project

Dubai – Mubasher: Union Properties broke ground for its AED 2 billion project in Dubai’s Motor City community, according to a press release. The Takaya project marks a crucial turning point in the evolution of the company’s ambitious portfolio. …

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23 December 2024 09:20 AM Bahri’s JV launches Yanbu Grain Handling Terminal

Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) inaugurated the Yanbu Grain Handling Terminal on 22 December 2024, according to a bourse disclosure. The terminal is operated by the National Grains Company, a joint venture …

Companies Investments

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23 December 2024 08:51 AM CBE issues EGP 4bn debt instruments on Monday

Cairo – Mubasher: The Central Bank of Egypt (CBE) offered fixed treasury bonds (T-bonds) at a value of EGP 3 billion through one issue on Monday, 23 December. The tranche will mature in three years on 3 December 2027, according to official data. …

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22 December 2024 07:53 PM FLOOSS teams up with Bahrain Channels to offer seamless financing services

Mubasher: FLOOSS, the leading provider of digital financial solutions in Bahrain, has announced an agreement with Bahrain Channels, according to a press release. Under the new partnership, customers will benefit from the Islamic Shariah-approved …

Companies Investments

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22 December 2024 07:45 PM NBK sponsors Bloom Market to promote sustainability within Kuwaiti community

Mubasher: The National Bank of Kuwait (NBK) sponsored the Bloom Market, a pioneering event held at Al Raya Shopping Center organised by Seeds, which gathered eco-friendly vendors and sustainable brands in one vibrant space, according to a press …

Event

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22 December 2024 07:35 PM Fastex boosts Web3 future in MENA region, beyond

UAE – Mubasher: Fastex, a leading Web3 ecosystem reshaping the landscape of blockchain and digital finance, hosted Harmony Meetup VI at the InterContinental Ras Al Khaimah in the UAE on 13 December 2024. The event is a premier gathering of Web3 …

Event

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22 December 2024 07:24 PM Ericsson to deploy ATEX-certified solution on Ooredoo Qatar’s offshore site

Mubasher: Ericsson has successfully designed and deployed an ATmosphere EXplosible (ATEX) Zone 1-certified solution on an offshore site for one of Ooredoo Qatar’s enterprise customers, according to a press release. The solution, an ATEX-certified …

Companies Investments

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22 December 2024 06:02 PM Multi Business Group to refurbish Naif Arab University’s AI centre

Riyadh – Mubasher: Multi Business Group Company has signed a contract with Naif Arab University for Security Sciences to renovate its AI centre building. The contract was signed on 19 December 2024 at a value exceeding 10% of the company’s total …

Companies Investments

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22 December 2024 04:59 PM Siemens Healthineers enhances global distribution via acquisition deal in Egypt

Cairo - Mubasher: Siemens Healthineers Egypt and IEC Medical Systems closed an agreement to transfer the business related to Varian equipment sales and services from IEC to Siemens Healthineers, according to a press release. This transaction will …

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22 December 2024 04:32 PM ADNOC L&S boosts regional expansion via 20 offshore assets in 2024

Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) has expanded its integrated logistics business segment in 2024 after acquiring 20 offshore assets and securing 19 jack-up barge (JUB) deployments, according to a press release. The …

Companies Investments

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22 December 2024 04:02 PM United Mining Industries pens deal with RCJY to anchor expansion plans

Riyadh – Mubasher: United Mining Industries Company inked a conditional investment agreement with the Royal Commission for Jubail and Yanbu (RCJY) on 18 December 2024. The Saudi company will allocate land in Yanbu Industrial City with an area of …

Companies Investments

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22 December 2024 02:56 PM Modon Holding enters Europe’s real estate market via acquisition deal

Abu Dhabi – Mubasher: Modon Holding has completed the acquisition of La Zagaleta S.L, the owner of the exclusive La Zagaleta residential estate in Costa del Sol, Spain. Supporting its international investment and expansion strategy, the …

Companies Investments

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22 December 2024 02:05 PM Masdar fully acquires Saeta to reinforce footprint in Iberian Peninsula

Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar) has fully acquired Saeta Yield from Brookfield Renewable and its institutional partners for an implied enterprise value of EUR 1.20 billion. This transaction includes an operating and …

Companies Investments

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22 December 2024 01:10 PM SVC invests in Raed Ventures to foster MENA’s tech startups

Riyadh – Mubasher: Saudi Venture Capital (SVC) injected an investment in Raed III L.P., an early-stage venture capital fund managed by Raed Ventures, according to a press release. The fund will target tech and tech-enabled startups across Saudi …

Companies Investments

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22 December 2024 11:34 AM Global digital operator VEON moves HQ to Dubai

UAE – Mubasher: VEON Limited, a global digital operator, has completed the move of its group headquarters (HQ)from Amsterdam to Dubai, according to a press release. This announcement follows the board’s approvals during their meetings in Amsterdam …

Companies Investments

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22 December 2024 10:48 AM Hikma acquires portfolio of Takeda brands for MENA region

Mubasher: Hikma Pharmaceuticals has agreed with Takeda Pharmaceuticals International AG to develop a portfolio of products in the MENA region. The multinational pharmaceutical group plans to acquire the rights to 17 brands licensed to Hikma for …

Companies Investments

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22 December 2024 09:54 AM CBE offers EGP 55bn T-bills on Sunday

Cairo - Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a combined value of EGP 55 billion in two auctions on Sunday, 22 December 2024. The first offering stood at EGP 25 billion and will mature in 91 days on 25 March …

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22 December 2024 09:12 AM MENA-focused Paymob strengthens Apple Pay service in Egypt

Cairo – Mubasher: Paymob, the leading financial services enabler in the MENA region, has enabled its merchant network to accept Apple Pay in Egypt, according to a press release. Paymob will allow its consumers to use their Apple devices to …

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19 December 2024 08:08 PM ACWA Power eyes SAR 7.1bn capital hike

Riyadh – Mubasher: ACWA Power Company has submitted an application request to increase its capital by offering the rights issue to the Capital Market Authority (CMA) on 18 December 2024. The board recommended the capital hike through the issuance …

Corporate Actions

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19 December 2024 07:55 PM DP World boosts maritime in Senegal via $1.2bn port

UAE – Mubasher: DP World commenced the maritime construction for its $1.20 billion Port of Ndayane, a project set to transform Senegal into a major centre for global trade, according to a press release. The dredger Willem Van Rubroeck arrived in …

Companies Investments

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19 December 2024 07:33 PM Bawan rolls out SAR 832m supply deal with Aramco

Riyadh – Mubasher: Petronash Arabia Company Limited, a subsidiary of Petronash Holding Company, has received a purchase order for an existing contract with Saudi Arabian Oil Company (Aramco) to supply special gas well products. Bawan …

Companies Investments

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19 December 2024 07:03 PM Makkah Construction obtains regulatory nod for SAR 352m capital raise

Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Makkah Construction and Development Company to increase its capital from SAR 1.64 billion to SAR 2 billion. In order to implement the transaction, the company will issue …

Companies Investments