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Bahri’s unit will use the loan in covering 80% of the cost of building 10 chemical tankers.
21 January 04:56 PM Bahri’s unit secures SAR 1.2bn Murabaha facility from Samba
Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) said its 80%-owned subsidiary, National Chemical Carriers Co., has secured a Murabaha facility worth SAR 1.23 billion. The financing, provided by Samba Financial Group, …
Revenue for the October-December period of 2020 fell by 9.1% annually.
21 January 04:44 PM SABIC Agri-Nutrients reports 32% lower profit in Q4
Riyadh – Mubasher: Net profits of SABIC Agri-Nutrients Co. totalled SAR 233.6 million in the fourth quarter (Q4) of 2020, a decrease of 32.1% when compared to SAR 343.8 million in the same period in 2019. The lower quarterly earnings were …
The company’s revenues reached SAR 2.5 billion in Q4-20.
21 January 04:21 PM Saudi Kayan swings to profits in Q4
Riyadh – Mubasher: Saudi Kayan Petrochemical Company returned to profitability in the fourth quarter (Q4) of 2020, gaining SAR 158.4 million in net profits, against losses of SAR 167.4 million in the same period a year earlier. The move to profits …
The Saudi group’s profit went up by 3.9% yearly in 2020 to SAR 11.1 billion.
21 January 04:01 PM STC Q4 earnings soar 15.6%; dividends approved
Riyadh – Mubasher: Saudi Telecom Company (stc) gained SAR 2.7 billion in net profits during the fourth quarter (Q4) of 2020, up by 15.6% on a year-on-year (YoY) basis. The positive quarterly results were supported by higher revenue by SAR 1.9 …
Shaker Group is the sole agent of LG Air Conditioners in Saudi Arabia.
21 January 03:35 PM Shaker Group enjoys strong position to achieve growth in 2021 - Interview
Riyadh - Mubasher: Acting CEO of Saudi Al Hassan Ghazi Ibrahim Shaker Co, Mohammad Ibrahim Abunayyan, said he is still confident his company will maintain growth in 2021. In an interview with Mubasher, Abunayyan said Shaker Group has taken serious …
Sputnik V is the third COVID-19 vaccine approved in the UAE
21 January 02:04 PM UAE approves Russia's Sputnik vaccine for emergency use
UAE - Mubasher: The UAE Ministry of Health and Prevention has approved the Russian coronavirus (COVID-19) vaccine, Sputnik V, for emergency use, the Emirates News Agency (WAM) reported. Sputnik V is the third COVID-19 vaccine to be approved for …
The kingdom’s trade exchange with China came in at $67.13 billion in 2020.
21 January 01:15 PM Saudi trade surplus with China down 64% in 2020
Riyadh – Mubasher: Saudi Arabia’s trade surplus with China amounted to $10.93 billion in 2020. This represents a plunge of 63.9% when compared to a surplus of $30.33 billion in 2019, according to data collected by Mubasher based on figures from …
The facility aims to support the bank's private sector business
21 January 01:02 PM ITFC approves Murabaha financing facility to support SMEs in Bangladesh
Riyadh - Mubasher: The International Islamic Trade Finance Corporation (ITFC) has approved a Murabaha financing facility for Eastern Bank Limited in Bangladesh. The facility aims to support the bank's private sector business, namely small and …
The Saudi Central Bank (SAMA)
21 January 12:42 PM SAMA, HRSD team up to combat money laundering, terrorist financing
Riyadh – Mubasher: The Saudi Central Bank (SAMA) and the Ministry of Human Resource and Social Development (HRSD) on Wednesday penned a memorandum of cooperation (MoC) to counter money laundering and the financing of terrorism. The step comes in …
Apollo Global Management Inc. has also been studying whether to make an offer.
21 January 11:28 AM Three companies eye $10bn stake in Saudi Aramco's oil pipelines
Riyadh – Mubasher: Brookfield Asset Management Inc. and KKR & Co. are among top infrastructure investors weighing bids for a stake in the Saudi Arabian Oil Company’s (Saudi Aramco) oil pipelines, Bloomberg said citing people familiar with the …
Photo Archive
21 January 10:47 AM SAGO offers tender to buy 480K tonnes of feed barley
Riyadh – Mubasher: The Saudi Grains Organization (SAGO) has issued this year’s first tender to buy 480,000 tonnes of animal feed barley. The tender will arrive during March and April 2021, according to a statement on Thursday. SAGO, Saudi Arabia’s …
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 …
The new firm aims to empower and protect the critical economic infrastructure
21 January 10:15 AM STC launches cybersecurity company
Riyadh – Mubasher: Saudi Telecom Company (stc) announced the launch of the Advanced Company for Technology and Cybersecurity with the aim to provide advanced cybersecurity services and solutions in the business sector. The launch will meet the …
The CEO resignation came into effect on 20 January 2021.
21 January 09:31 AM BCI announces CEO resignation
Riyadh – Mubasher: Basic Chemical Industries Company’s (BCI) board has accepted the resignation of Ossama Farouk Abdel Hamid from his position as the company’s CEO. The CEO resignation, submitted due to personal reasons, came into effect on 20 …
Revenue for Q3-20 fell by 1.3% on an annual basis to stand at SAR 482 million.
21 January 09:18 AM SADAFCO sees 5.7% lower profits in Q3
Riyadh – Mubasher: Saudia Dairy and Foodstuff Company’s (SADAFCO) net profit for the third quarter (Q3) ended on 31 December 2020 reached SAR 64.2 million, down by 5.7% when compared to SAR 68.1 million in the same period in 2019. The decline in …
20 January 04:49 PM Biden to be sworn in as US President on Wednesday
Biden announced an ambitious agenda for his first 100 days, including administering 100 million doses of coronavirus vaccinations.
Net earnings stood at SAR 332.7 million over the September-December period of 2020.
20 January 04:36 PM Yansab's net earnings soar 94% in Q4
Riyadh – Mubasher: Initial financial results of Yanbu National Petrochemical Company (Yansab) showed a 94.7% leap in net profits during the fourth quarter (Q4) of 2020. Net earnings stood at SAR 332.7 million over the September-December period of …
Arabian Pipes Co. was the most actively traded stock on all levels on Wednesday .
20 January 04:01 PM TASI ends Wednesday on marginal losses
Riyadh – Mubasher: The Tadawul All Share Index (TASI) closed Wednesday’s session on marginal losses for the second successive time after inching down by 0.26% or 23.57 points to 8,878.30 points. Turnover totalled SAR 6.3 billion where about …
Moody’s forecasted the merged entity to have a combined market share of around 35%-40%.
20 January 03:37 PM NCB Capital to see long-term benefits after NCB, Samba tie-up – Moody’s
Riyadh – Mubasher: Moody’s Investors Service expected the completion of the merger between the National Commercial Bank (NCB) and Samba Financial Group to be relatively smooth despite the ongoing circumstances. The NCB-Samba merger is set to …
20 January 02:04 PM Bahrain expected to raise $2 billion in bond sale
The debt sale comes after the Covid-19 pandemic and low oil prices exacerbated Bahrain’s fiscal deficit and pushed total outstanding debt to nearly $40 billion.
The Sukuk issuances were divided into two tranches.
20 January 01:01 PM Saudi MoF closes January issue of local Sukuk Program at SAR 2.95bn
Riyadh – Mubasher: The Saudi National Debt Management Center (NDMC), affiliated to the Ministry of Finance (MoF), has closed the January 2021 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The issuance size was set at …
20 January 12:30 PM Britain’s inflation starts climb as Covid, Brexit effects combine
The UK's consumer prices rose by 0.6% in annual terms after a 0.3% increase in November.
Jeddah Islamic Port
20 January 11:13 AM Mawani launches first shipping route in 2021 at Jeddah Islamic Port
Riyadh – Mubasher: The Saudi Ports Authority (Mawani) has launched a new shipping service from Jeddah Islamic Port, complementing its strategic partnerships with some of the world’s biggest shipping companies such as Hapag Lloyd, CMA CGM, COSCO, …
The kingdom’s holdings of T-bonds rose by 2.5% monthly in November 2020 to $137.6 billion.
20 January 10:37 AM Saudi holdings of US T-bonds hit eight-month high in November
Riyadh – Mubasher: Saudi Arabia continued to increase its holdings of US Treasury bonds (T-bonds) in November 2020 for the fourth consecutive month, reaching an eight-month high. The kingdom’s holdings of T-bonds rose by 2.5% monthly in November …
Each of the minimum subscription value and Sukuk par value amounts to $200,000.
20 January 10:08 AM NCB starts issuing USD-denominated Additional Tier 1 Sukuk
Riyadh – Mubasher: The National Commercial Bank (NCB) started issuing US dollar-denominated Additional Tier 1 Sukuk on Wednesday. The number and value of any Sukuk to be offered will be determined based on market conditions, according to a stock …