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16 July 02:39 PM SAIC extends funding deal with Al Rajhi Bank’s asset management arm
Riyadh- Mubasher: Saudi Advanced Industries Company (SAIC) has renewed a Sharia-compliant credit facility agreement with Al Rajhi Capital, the asset management arm of the listed Al Rajhi Bank. SAIC obtained the SAR 100 million funding on 11 July …
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16 July 02:35 PM Lana Medical buys 50% of 2 Belarusian companies, obtains bank facilities
Riyadh – Mubasher: Lana Medical Company has acquired 50% of Solar Laser Systems Company and Solar Maccom Company in Belarus for SAR 6 million. The deal aims to transfer industry and technologies to Saudi Arabia in line with Vision 2030, according …
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16 July 10:54 AM Al Alamiya wins contract with Banque Saudi Fransi
Riyadh – Mubasher: Banque Saudi Fransi has awarded Al Alamiya for Cooperative Insurance Company a contract for insurance services for one year. Signed on 16 July 2024, the agreement’s value is more than 10% of the insurance revenues of Al …
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15 July 11:09 AM ADES Holding secures $3bn dual-currency debt facility from local, regional listed entities
Riyadh – Mubasher: Oil and gas drilling services provider ADES Holding Company has amended its existing syndicated facility, obtaining an additional $3 billion multi-tranche dual-currency financing on 14 July 2024. The majority of existing lenders …
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14 July 04:00 PM Saudi Enaya enters into insurance agreement with Fakeeh Care
Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company has been awarded and signed an insurance contract with Dr. Soliman Abdel Kader Fakeeh Hospital Company (Fakeeh Care Group) on 12 July 2024. Saudi Enaya received a confirmation to provide …
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14 July 01:37 PM Amlak International announces key board appointments
Riyadh – Mubasher: Amlak International Finance Company has appointed Abdullah bin Ibrahim Al Howaish as the Chairman for the new board term, which commenced on 4 June 2024. The company appointed Amr bin Mohammed Kamel as the Vice Chairman and …
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11 July 03:41 PM Islamic Development Bank finances solar, battery projects in Uzbekistan
Riyadh – Mubasher: The Islamic Development Bank (IsDB) is providing financing for 200 megawatts (MW) solar farm and 500 MW battery storage projects in Uzbekistan's Tashkent region. The historic renewable energy venture, sponsored by Saudi firm …
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11 July 10:10 AM Stride Ventures makes 1st GCC investment of $1m in Maalexi
Riyadh – Mubasher: Stride Ventures, a global venture debt firm from India, marked a key milestone in its international strategy by announcing its first $1 million venture debt investment in Maalexi as part of a broader GCC commitment. The funding …
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10 July 07:16 PM 2P Prefect Presentation pens SAR 121m facility agreement with Riyad Bank
Riyadh – Mubasher: Prefect presentation for commercial services Company (2P Prefect Presentation) has signed a Sharia-aligned increase facility agreement with Riyad Bank on 10 July 2024. The facility agreement holds a value of SAR 121 million …
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9 July 01:51 PM SHL extends SAR 2bn facility deal with ANB
Riyadh – Mubasher: Saudi Home Loans Company (SHL) renewed a Sharia-compliant credit facilities agreement with Arab National Bank (ANB) at an amount of SAR 2.05 billion. The facility will be used to expand and increase the sales volume in line with …
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9 July 11:49 AM Avalon Pharma obtains SAR 70m from Emirates NBD
Riyadh – Mubasher: Middle East Pharmaceutical Industries Company (Avalon Pharma) secured a Sharia facility amounting to SAR 70 million from Emirates NBD on 8 July 2024. The Saudi company obtained the loan for one year to finance its operations, …
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9 July 11:16 AM Aramco offers USD-denominated int’l bonds
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has started issuing USD-denominated international bonds at a minimum subscription of $200,000. The bonds are issued under the company’s Global Medium Term Note Programme, according to a bourse …
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8 July 12:54 PM NBK seals 5-year deal to deploy Super iPaaS solution in Middle East
Mubasher: The National Bank of Kuwait (NBK) has entered into a five-year strategic partnership agreement with Software AG, a leading technology solutions company, to utilise its Super iPaaS solution as a unified platform for integrating …
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8 July 10:29 AM Saudi Arabia's liquidity hikes to SAR 2.8trn in May
Riyadh – Mubasher: Saudi Arabia's liquidity levels surged by 8.60% year-on-year (YoY) to SAR 2.82 trillion at the end of May 2024, according to the Saudi Central Bank (SAMA). This represented an increase of more than SAR 222.928 billion compared …
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7 July 02:28 PM PIF pens SAR 427m deal to raise stake in Saudi Re to over 23%
Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) has signed a binding subscription agreement with the Public Investment Fund (PIF) to increase its capital from SAR 891 million to SAR 1.15 billion. Saudi Re is set to increase its capital …
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4 July 04:53 PM Mastercard, LuLu Group partner to foster sustainability in GCC’s retail payments
UAE - Mubasher: Mastercard has entered into a partnership with the UAE-based LuLu Group to boost sustainability, innovation, and efficiency in retail payments across the six GCC markets. The partnership, extending across Bahrain, Kuwait, Oman, …
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4 July 02:40 PM Fitch assigns BBB+ rating to Gulf Union Al Ahlia; outlook stable
Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has obtained insurer financial strength (IFS) rating of ‘BBB+’ from Fitch Ratings. The company also received a national IFS rating of ‘AA-(sau)’ from the agency, according to a …
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4 July 12:43 PM Saudi Paper inks SAR 150m facility agreement with Emirates NBD
Riyadh – Mubasher: The Saudi Paper Manufacturing Company obtained a Sharia facility deal worth SAR 150 million from Emirates NBD on 3 July 2024. In line with its growth strategy and plans, the listed firm will use the loan to back its cash …
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1 July 04:50 PM ACWA Power pens financing documents for SAR 2bn power plant in Uzbekistan
Riyadh – Mubasher: ACWA Power Company has signed the financing documents for the 200 megawatts (MW) photovoltaic and 500 MW/hour (MWh) Battery Storage Riverside Tashkent power plant in Tashkent region in Uzbekistan. The project is implemented by …
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27 June 04:55 PM Elm Company awards Tawuniya SAR 76m health insurance agreement
Riyadh – Mubasher: Elm Company has awarded a SAR 75.90 million health insurance contract for its employees to The Company for Cooperative Insurance. The agreement’s term amount for one year starting from 30 June 2024, according to a bourse filing. …
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27 June 04:01 PM Newgen Software introduces personalised AI-powered platform for Middle Eastern banks
UAE – Mubasher: Newgen Software, a global provider of low-code digital transformation platforms, has launched generative AI-powered hyper-personalisation platform LumYn in the Middle East. LumYn is tailored for the banking sector and is set to …
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27 June 11:58 AM First Mills inks SAR 150m facility deal with SIDF
Riyadh – Mubasher: First Milling Company (First Mills) penned a financing facility agreement worth SAR 150 million with the Saudi Industrial Development Fund (SIDF) on 25 June 2024. The facility deal will support the company’s working capital and …
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26 June 03:54 PM Emirates NBD, Jarir Bookstores team up to enhance services
Mubasher: Emirates NBD and Jarir Marketing Company (Jarir Bookstores) inked a cooperation agreement to enhance the customer experience by offering exclusive services and benefits to their clients. The joint deal aligns with the two entities’ …
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26 June 02:29 PM Egypt's Connect Money secures $8m in seed funding to expand in North Africa
Cairo – Mubasher: Egypt-based fintech company Connect Money has closed an $8 million seed funding round led by Disruptech Ventures and Algebra Ventures. The new funding will support Connect Money's plans to introduce five new business verticals in …
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26 June 02:20 PM Mashreq Bank expands global footprint via partnership with Oracle
Dubai – Mubasher: Mashreq Bank has extended its partnership with Oracle Financial Services to back its growth plans worldwide, according to a press release. The lender will replace its core systems with Oracle solutions to streamline and enhance …