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12 May 01:49 AM

Real Estate

Basil Ramzy, CEO of Marakez, and Adel Hamed, CEO of Telecom Egypt
25 April 01:13 PM Telecom Egypt inks cooperation protocol with Marakez
Cairo – Mubasher: Telecom Egypt signed a protocol of cooperation with Marakez, a subsidiary of Fawaz Abdulaziz Alhokair Co, to provide integrated communications and internet services to the projects owned by the property developer. Under the …
Real estate
The loan will have a 15-year tenor
20 April 01:52 PM Red Sea Development to finalise SAR 14bn green loan
Riyadh – Mubasher: Saudi Arabia’s Red Sea Development Company is set to conclude a green loan worth SAR 14 billion with local banks, with the proceeds to be used in funding environmentally sustainable investment, Bloomberg reported. Saudi National …
Companies Investments
SRC reportedly completed a dual tenor of seven- and 10-year sukuk issuances
15 April 03:13 PM Fitch assigns Saudi Real Estate Refinance first-time 'A' IDR
Riyadh – Mubasher: Fitch Ratings has placed Saudi Real Estate Refinance Company (SRC) a long-term issuer default rating (IDR) of 'A', with negative outlook. As for the company’s operating performance, Fitch expected SRC's capitalisation to remain …
Ratings
The dividends will be paid as SAR 0.13 per unit
14 April 10:28 AM Mulkia Gulf Real Estate’s unitholders to get SAR 9m dividends
Riyadh - Mubasher: Mulkia Investment Company announced the distribution of SAR 8.85 million worth of cash dividends to the unitholders of Mulkia Gulf Real Estate REIT Fund for the period from 1 January to 31 March this year. The dividends will be …
Cash Dividends
Infrastructure of the development is designed to minimize its carbon footprint
13 April 01:38 PM Red Sea Development to build Coastal Village for 14,000 employees
Riyadh – Mubasher: The Red Sea Development Company is commencing the infrastructure works at Coastal Village, which is expected to house approximately 14,000 employees who will eventually work at the destination. The Saudi developer awarded the …
Companies Investments
The two properties have a total land area of 261 square metres
13 April 01:06 PM Jadwa to merge two properties and develop new hotel tower
Riyadh – Mubasher: Jadwa Investment Company announced the merger of the two property title deeds related to Tharawat Wadi Ibrahim Hotel and the restaurant building to develop a hotel tower. The merged title deed has a total land area of 261 square …
Companies Investments
Sumou’s number of shares will increase by 12.5 million
8 April 04:45 PM Saudi CMA approves for Sumou SAR 125m capital hike
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) gave the green light for Sumou Real Estate Company’s request to increase the capital by SAR 125 million from the retained earnings balance. Sumou aims to raise the capital to SAR 375 …
Corporate Actions
The company's revenues decreased by 42.238% in 2020
31 March 01:44 PM Emaar The Economic City's net losses deepen in 2020
Riyadh – Mubasher: The net losses after zakat and tax of Emaar The Economic City hiked by 134.146% to SAR 1.248 billion in 2020 from SAR 533 million in 2019. The increase in net losses is driven by lower revenues and gross profit in 2020 due to a …
Real estate
The company generated revenues of SAR 499.9m in 2020
30 March 09:52 AM Al Akaria's net losses decline 24.5% in 2020
Riyadh – Mubasher: The net losses after zakat and tax of Saudi Real Estate Company (Al Akaria) decreased by 24.517% to SAR 140.7 million in 2020 from SAR 186.4 million in 2019. The company incurred lower losses due to lower rental revenues with an …
Financial Results
REIF achieved an initial closing at a total value of SAR 2.8 billion
22 March 12:43 PM Jadwa Investment launches real estate investment fund
Riyadh – Mubasher: Jadwa Investment announced on Monday the launch of its Real Estate Investment Fund (REIF) in partnership with Tatweer Holding Group, Riyad Bank and Bank Albilad. “The objective of the fund is to provide investors with a stable …
Companies Investments
The company also plans to issue Sukuk denominated in US dollars by the end of this year.
9 March 11:08 AM Saudi Real Estate Refinance Co sells domestic Sukuk
Riyadh – Mubasher: Saudi Real Estate Refinance Co (SRC), modelled on US mortgage finance firm Fannie Mae, has issued SAR 4 billion ($1.07 billion) in a two-tranche private placement of Sukuk last week, the company’s chief executive, Fabrice …
Sukuk and Islamic Finance
The Saudi Minister of Justice, Walid Al-Samaani.
2 March 12:30 PM Saudi Arabia to launch real estate stock market - Minister
Riyadh – Mubasher: Saudi Arabia will launch a real estate stock market where real estate properties can trade accurately, confidently, and quickly through a digital platform.   The announcement was made by the Saudi Minister of Justice, Walid …
Real estate
Tamear will become a fully-owned subsidiary of Al Akaria.
1 March 11:39 AM Al Akaria raises stake in subsidiary to 100%
Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) has purchased the entire stake of Kaya Homes for Construction, Contracting, Tourism, Trade and Industry, in the Saudi Real Estate Construction Company (Tamear), in which it owns a 60% …
Companies Investments
The project's material impact will reflect throughout the first, second, third, and fourth quarters of 2021.
1 March 11:06 AM Al Akaria’s unit pens SAR 104.7m deal with Saudi Entertainment Ventures
Riyadh – Mubasher: Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Saudi Real Estate Company (Al Akaria), has signed a contract with Saudi Entertainment Ventures Company (SEVEN) to implement preparatory works for the …
Companies Investments
Revenues of the real estate developer shrank by 46% yearly in 2020.
28 February 04:29 PM Sumou Real Estate reports higher annual profit, plans 50% capital raise
Riyadh – Mubasher: Sumou Real Estate Company’s net profit for 2020 increased by 2.3% on a yearly basis, reaching SAR 71.38 million. Revenues of the real estate developer shrank by 46% in 2020 to SAR 97.2 million from SAR 179.99 million in 2019, …
Real estate
The termination is effective as of 23 February 2021.
23 February 04:18 PM Taiba’s unit ends contractual relationship with Millennium & Copthorne Middle East Holdings
Riyadh – Mubasher: Taiba Investments Company on Tuesday said its fully-owned subsidiary, Al Aqeeq Real Estate Development Company, has terminated the hotel management agreements signed with Millennium & Copthorne Middle East Holdings Limited on 30 …
Real estate
The credit facility will increase Amlak International’s ability to finance its clients.
17 February 10:11 AM Amlak International extends, amends SAR 664.5m loan with SAIB
Riyadh - Mubasher: Amlak International for Real Estate Finance has renewed and amended a Sharia-compliant credit facility agreement with the Saudi Investment Bank (SAIB) valued at SAR 664.5 million. The one-year credit facility is guaranteed by an …
Companies Investments
Photo Archive
16 February 10:33 AM Sumou Real Estate announces early settlement of SAR 110m loan
Riyadh – Mubasher: Sumou Real Estate Company has early settled a loan it had obtained from a local bank worth SAR 110 million. This settlement will contribute to lowering financing expenses, positively reflecting on the company's financial results …
Real estate
Real estate prices inched up by 0.1% in Q4 on a quarterly basis.
21 January 10:34 AM Saudi real estate price index down 0.2% in Q4
Riyadh – Mubasher: Saudi Arabia’s real estate price index levelled down by 0.2% year-on-year (YoY) in the fourth quarter (Q4) of 2020. This drop was attributed to lower prices of commercial real estate by 1.9%, according to data from the General …
Sector Reports
The resort is expected to be one of the largest leisure tourism destinations in Saudi Arabia.
17 January 04:43 PM Emaar to support development of Rixos Emerald Shores resort project
Riyadh – Mubasher: Emaar The Economic City has signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Company, Albilad Investment Company, and Ekofine Holding BV to establish a SAR 1.8 billion closed and …
Board of Directors
The FPF event will see the attendance of more than 37 government and private bodies.
17 January 11:19 AM Third edition of Future Projects Forum to kick off in March
Riyadh – Mubasher: Saudi Contractors Authority (SCA) announced that the 2021 edition of the Future Projects Forum (FPF) will take place virtually from 22-24 March, state-run Saudi Press Agency (SPA) reported on Sunday. The FPF event is one of …
Real estate
The Social Development Bank will provide interest-free financings with a two-year grace period.
5 January 01:00 PM REGA, Social Development Bank launch real estate excellence programme
Riyadh – Mubasher: The Saudi Real Estate General Authority (REGA) and the Social Development Bank (SDB) launched on Tuesday the real estate excellence programme with the aim to finance and support small real estate entities, Saudi Press Agency …
Macroeconomics
Photo Archive
5 January 12:22 PM Sumou Holding acquires Jeddah’s Lamar Towers Project
Riyadh – Mubasher: Sumou Holding Company has acquired Lamar Towers Project in Jeddah city after receiving a go-ahead from the Off-Plan Sales or Rent Programme (WAFI). The acquisition aims to protect the project’s rights and obligations, including …
Mergers and Acquisitions
Photo Archive
31 December 2020 04:26 PM Sumou pens swap agreement in real estate projects
Riyadh – Mubasher: Sumou Real Estate Company and Sumou Holding Company signed a swap agreement on 30 December 2020. Under the agreement, Sumou Real Estate increased its additional contributions in Al-Dhahiya El-Ghrbiya Company in Makkah city by …
Real estate
The limit of withdrawable facilities is SAR 600 million.
29 December 2020 04:27 PM Mulkia Investment pens financing deal with Al Rajhi Bank
Riyadh – Mubasher: Mulkia Investment Company, manager of Mulkia Gulf Real Estate REIT Fund, has signed a Sharia-compliant financing agreement with Al Rajhi Bank to reduce financing costs and extend the loan term for the benefit of the unitholders. …
Banking and Finance