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The deals are likely to reflect positively on Saudi Re’s financials starting from 2021.
5 minutes ago Saudi Re inks reinsurance deals with Probitas Corporate Capital
Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company on Tuesday signed reinsurance contracts with Probitas Corporate Capital Ltd for one year effective from 1 January 2021. Total gross written premiums (GWP) from the contracts are …
Groceries, healthcare, apparel, and banking have seen the highest surge of online activity.
29 minutes ago 77% of Saudi consumers shop more online since pandemic began, shows study
Riyadh – Mubasher: A Mastercard study has revealed the exponential growth of online shopping, with nearly three out of four Saudi consumers shopping more online than they did before the pandemic. The study provides insights into how shoppers are …
1 hour ago Elon Musk becomes world's second-richest person
Elon Musk has officially overtaken Bill Gates to become the world's second-richest person.
Jadwa acquired a stake in UEMedical in 2016.
2 hours ago Saudi Jadwa appoints HSBC to advise on exiting UEMedical
Riyadh – Mubasher: Saudi Arabia’s Jadwa Investment's private equity arm has hired HSBC to advise on the sale of its stake in Abu Dhabi healthcare group United Eastern Medical Services (UEMedical), Reuters reported on Tuesday citing two sources …
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3 hours ago Makkah court orders SAR 2.2bn for State Properties General Authority
Riyadh – Mubasher: Makkah General Court has issued a ruling of SAR 2.2 billion in favour of the State Properties General Authority (SPGA) after the latter had paid the amounts for the confiscation of two real estate properties in Makkah.   …
The move comes in continuation of SAMA’s efforts to enhance the FinTech sector.
4 hours ago SAMA licences three FinTech companies as payment institutions
Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has licenced three financial technology (FinTech) companies as Payment Institutions (PI), bringing the total number of licenced companies to 11. Skyband and Foodics have been licenced …
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4 hours ago Saudi Aramco's customers unaffected by Houthi attack on Jeddah facility
Riyadh – Mubasher: An official from the Saudi Arabian Oil Company (Saudi Aramco) said that customers were unaffected by an attack that came from Yemen's Houthi group at a petroleum products distribution plant in the north of Jeddah, Reuters …
Part of the contract signing ceremony.
10:53 AM IMC partners with InterSystems, adds digital services
Riyadh – Mubasher: The International Medical Center (IMC) penned a strategic partnership with creative data technology provider InterSystems to implement InterSystems TrakCare® electronic medical record system across its hospital and clinics in …
The assets of UAE banks rose by 3.2% QoQ in Q3-20
10:04 AM UAE's listed banks record highest growth in assets in GCC in Q3-20
UAE - Mubasher: The listed banks in the UAE achieved the highest quarter-on-quarter (QoQ) growth in assets across the GCC countries during the third quarter (Q3) of 2020, according to a report published by Kamco Invest. The assets of UAE banks, …
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09:22 AM Sadara Chemical fulfils lenders’ conditions for project completion date
Riyadh – Mubasher: Sadara Basic Services Company said that its parent company, Sadara Chemical Company (Sadara), has fulfilled the conditions specified by the lenders to achieve the Project Completion Date (PCD) of Sadara project. The PCD is a key …
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08:51 AM Saudi Amiantit sells investments in Morocco
Riyadh - Mubasher: ​Saudi Arabian Amiantit Company on 23 November 2020 signed two agreements to sell its investments in Morocco. The Saudi firm has sold its entire 50% stake in Amitech Morocco for EUR 2.7 million (SAR 12.03 million), achieving net …
The materials sector led the risers with 0.67%
23 November 04:54 PM TASI ends Monday on positive note
Riyadh - Mubasher: The Tadawul All Share Index (TASI) went up by 0.26% or 22.67 points to end Monday's trading session at 8,610.84 points. The materials sector led the risers with 0.67%, while the telecommunication services segment topped the …
23 November 03:49 PM AstraZeneca-Oxford COVID-19 vaccine can be 90% effective
Mubasher: The UK’s pharmaceutical giant AstraZeneca announced that its coronavirus (COVID-19) vaccine could be about 90% effective.
The company will construct an outdoor shopping centre
23 November 10:35 AM Arabian Centres inks SAR 27m agreement to rent land plot
Riyadh – Mubasher: Arabian Centres Company (ACC) has signed a 25-year lease and investment agreement worth SAR 26.67 million with Madinah Regional Municipality for a vacant land plot. Arabian Centres will pay SAR 1.066 billion annually to rent and …
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22 November 04:40 PM Sulaiman Al Habib to be included on MSCI Index
Riyadh – Mubasher: Dr. Sulaiman Al Habib Medical Group (HMG) announced on Sunday that it will be included as a constituent of the MSCI Global Standard Index, as of 30 November 2020, according to the MSCI semi-annual Index Review. “The inclusion of …
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22 November 04:32 PM AcwaPower plans IPO next year – Chairman
Riyadh – Mubasher: AcwaPower is planning an initial public offering (IPO) in 2021, the company’s Chairman Mohammad Abunayyan revealed on Sunday. In an interview with Alarabiya, the chairman said that the size of the IPO is yet to be identified. …
The case was brought before the US District Court
22 November 12:13 PM US trial court ruling rejects $18bn claim against Saudi Aramco
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has received a trial-level court ruling issued in the company's favour to dismiss a lawsuit filed by alleged heirs of Khalid Abu Al Waleed Al Hood Al Qarqani to claim a nearly $18 …
22 November 12:10 PM Al Akaria generates EGP 37m profit from HCC stake sale
Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) announced the sale of its entire stake in Hail Cement Company (HCC) for SAR 96.9 million as part of the real estate developer’s new investment strategy. Al Akaria achieved SAR 36.9 million …
The proceeds of the deal will be used to finance stc pay’s capital
22 November 10:57 AM stc inks deal to sell 15% in subsidiary to Western Union
Riyadh – Mubasher: Saudi Telecom Company (stc) signed an agreement with Western Union to sell a 15% equity stake in its fully-owned subsidiary Saudi Digital Payments (stc pay) for $200 million (SAR 750 million). Upon the completion of the deal, …
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19 November 04:35 PM G20 countries allocate $11trn to counter coronavirus economic impact
Riyadh – Mubasher: Saudi Arabia's Minister of Investment, Khalid al-Falih, said the kingdom’s hosting of the G20 Leaders' Summit is a firm indication of the importance of its global leadership role, state-run Saudi Press Agency (SPA) reported on …
About 429.891 million shares were exchanged at a value of SAR 12.32 billion today.
19 November 04:02 PM TASI closes Thursday’s session on marginal losses
Riyadh - Mubasher: The Tadawul All Share Index (TASI) inched down on Thursday by 0.50% or 42.77 points to reach the level of 8,578.42 points. Turnover amounted to SAR 12.32 billion while the trading volume reached 429.891 million shares. Saudi …
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19 November 03:32 PM KSA expected to continue improving in food security, says minister
Riyadh – Mubasher: Saudi Arabia's Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen Al Fadli, said the kingdom has made significant achievements and witnessed positive development and change on all scales in tandem with …
Assets of 11 Tadawul-listed lenders stood at SAR 2.686 trillion in Q3-20.
19 November 02:44 PM Saudi banks’ assets rise 14.1% in Q3
Riyadh – Mubasher: Assets of Saudi banks listed on the Saudi Stock Exchange (Tadawul) grew by 14.1% on a year-on-year (YoY) basis in the third quarter (Q3) of 2020, equivalent to SAR 331.615 billion ($88.43 billion).  Assets of 11 Tadawul-listed …
All plants will resume operations on 11 December 2020.
19 November 11:19 AM Nama Chemicals shuts down Hassad Petrochemical Complex for maintenance
Riyadh – Mubasher: Nama Chemicals Company on Thursday said it will shut down the Hassad Petrochemical Complex, an affiliate to the Jubail Chemical Industries Company (JANA), for around 22 days starting from 19 November 2020 for periodical …
SAFCO's new capital will total SAR 4.760 billion.
19 November 10:43 AM SAFCO EGM approves capital hike to acquire SABIC’s unit
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Arabian Fertilizer Company (SAFCO) approved the board’s recommendation to increase the company’s capital to acquire SABIC Agri-Nutrients Investment Company(SANIC), fully-owned by …