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9 January 2025 05:09 PM Top MENA PMIs for December 2024 – Recap
Mubasher: A report by Emirates NBD Research summarized the Purchasing Managers’ Index (PMI) data for the top MENA countries, with the S&P Global PMI survey for the UAE ending 2024 on a high note as it picked up to 55.4. The UAE’s December PMI was …
Macroeconomics
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9 January 2025 04:55 PM Arab Energy Fund leads consortium to fully acquire Metito Utilities
Riyadh – Mubasher: The Arab Energy Fund (TAEF), formerly known as APICORP, has successfully led a consortium to acquire a 100% stake in Metito Utilities and provide further growth capital to the global investor, developer and operator of …
Global Economy
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9 January 2025 04:22 PM Aldar issues $1bn hybrid notes; regional, international investors partake in issuance
Abu Dhabi – Mubasher: Aldar Properties has priced its inaugural $1 billion hybrid capital issuance, attracting robust demand from a wide range of regional and international investors, according to a press release. The issuance by Aldar at a public …
Companies Investments
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9 January 2025 02:59 PM Al Masaood Group forges strategic partnership with region-focused Deep to enhance oil, gas solutions
UAE – Mubasher: The Projects, Engineering, and Services Division (PESD) of Al Masaood Group has entered into an exclusive agency agreement with Deep International, a renowned provider of gas compression and processing solutions. Upon the …
Companies Investments
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9 January 2025 01:51 PM CBI invests in Boomitra to enhance regenerative agriculture in Middle East, beyond
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has injected an investment in carbon project developer Boomitra to advance regenerative agriculture initiatives across the Middle East, Africa, and Asia. The investment aims to utilise …
Global Economy
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9 January 2025 07:35 AM Saudi flyadeal add 5 new routes to enhance global network
Riyadh – Mubasher: flyadeal launched five routes from its operating bases of Dammam, Riyadh and Jeddah in 2025, according to a press release. This aligns with the company’s expansion plans that include entry to Pakistan in February as well as …
Global Economy
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9 January 2025 07:18 AM Mintiply Capital, Fuel Venture Capital to foster entrepreneurial landscape in GCC
UAE – Mubasher: Mintiply Capital, a leading advisory and investment banking firm in the UAE, teamed up with US-based Fuel Venture Capital to support the region’s entrepreneurial ecosystem. The exclusive partnership aligns with the UAE’s vision to …
Companies Investments
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9 January 2025 07:12 AM Apaya, Telr join forces to boost e-commerce ecosystem in MENA
UAE– Mubasher: Apaya, a commerce automation platform, entered into a strategic partnership with MENA’s online payment gateway Telr to accelerate digital commerce growth in the region. The collaboration will allow merchants to instantly access …
Global Economy
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9 January 2025 07:03 AM PIF-owned Diriyah awards $113.6m project contract to Omrania
Riyadh – Mubasher: Diriyah Company, owned by the Saudi Public Investment Fund (PIF), has awarded a $113.60 million (SAR 426.30 million) architecture and design contract to Omrania, according to a press release. Omrania, part of the Egis group, …
Companies Investments
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8 January 2025 08:50 PM ACWA Power unveils update on Middle East’s largest single-contracted wind farm in Egypt
Riyadh – Mubasher: Private water desalination company ACWA Power together with consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, have achieved the financial close for the 1.1-gigawatt GW Suez Wind Farm in Egypt. The renewables …
Companies Investments
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8 January 2025 07:45 PM Banque Misr unveils expansion plan in Middle East, Africa
Cairo – Mubasher: Egyptian state-owned Banque Misr intends to broaden its presence in the Middle East and Africa over the coming period, according to an official statement. The expansion plan will be implemented by establishing different …
Global Economy
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8 January 2025 06:39 PM Riyadh-based Revie secures $2.5m in seed funding round
Riyadh – Mubasher: Saudi interior design marketplace Revie has closed a $2.50 million seed funding round led by Sanabil Venture Studio by Stryber, according to a press release. With the newly secured funding, the company plans to invest in …
Companies Investments
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8 January 2025 06:00 PM Retal unveils SAR 374m development deal
Riyadh – Mubasher: Retal Urban Development Company inked a contract with its subsidiary Building Construction Company to develop 285 residential units in the Murcia zone. The two entities penned the agreement at a value of SAR 374 million on 7 …
Companies Investments
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8 January 2025 05:20 PM ADNOC L&S’ earnings expected to hike following $1bn stake acquisition in Navig8
Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S) has acquired an 80% stake in Navig8 TopCo Holdings for $1.04 billion (AED 3.80 billion), according to a press release. The UAE-based group has committed to own the remaining 20% in …
Global Economy
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8 January 2025 04:38 PM Nice One lists on Tadawul as 1st unicorn tech firm to debut on Main Market
Riyadh – Mubasher: Care e-commerce platform Nice One Beauty Digital Marketing Company announced the listing of its shares on the Main Market of the Saudi Exchange (Tadawul) as of 8 January 2025 under the ticker symbol 4193. The listing followed …
Initial Public Offerings
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8 January 2025 04:01 PM Yansab to distribute SAR 562.5m dividends for H2-24
Riyadh – Mubasher: The board of Yanbu National Petrochemical Company  (Yansab) decided, during the 29 December 2024 meeting, to disburse SAR 562.50 million as cash dividends for the second half (H2) of 2024. The shareholders will receive SAR 1 per …
Board of Directors
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8 January 2025 03:46 PM Riyadh Development obtains regulatory nod for capital hike
Riyadh – Mubasher: The Capital Market Authority (CMA) approved, on 7 January, the request of Riyadh Development Company to raise its capital to SAR 2.33 billion from SAR 1.77 billion. The company will issue 56.15 million ordinary shares to …
Management Decisions
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8 January 2025 03:06 PM eXtra sees 37% higher net profits in 2024
Riyadh – Mubasher: United Electronics Company (eXtra) posted 36.89% year-on-year (YoY) higher net profits at SAR 534.53 million in 2024, compared to SAR 390.46 million. The company recorded sales valued at SAR 6.78 billion as of 31 December 2024, …
Financial Results
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8 January 2025 00:58 PM EFG Hermes leads Almoosa Healthcare’s $449m IPO on Tadawul
Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, concluded its advisory on the $449 million initial public offering (IPO) of Almoosa Healthcare Company, according to a press release. Through its investment banking division, EFG Hermes …
Initial Public Offerings
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8 January 2025 11:56 AM ACWA Power appoints Chairman, Vice Chairman
Riyadh – Mubasher: ACWA Power Company named Mohammad Abdullah Abunayyan as the board’s Chairman for the next four years. The board members also announced Raad Esmat Al Saad as the Vice Chairman, according to a bourse filing. The two officials …
Management Decisions
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8 January 2025 11:46 AM Orbit Startups, PIF’s Sanabil to reinforce early-stage tech innovation in MENA
Riyadh – Mubasher: Orbit Startups and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), have launched a new accelerator programme. Sanabil Accelerator by Orbit aims to support early-stage startups from Saudi Arabia …
Global Economy
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8 January 2025 10:00 AM MilkStraw AI fuels MENA expansion plans via Flat6Labs-led funding round
UAE – Mubasher: AI startup MilkStraw has raised $600,000 in pre-seed funding to boost its presence across the MENA region, according to a press release. The fundraising transaction was led by Flat6Labs, with participation from Angel Spark, Beyond …
Global Economy
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7 January 2025 05:40 PM Tanmiah’s subsidiary inks SAR 165m deal to boost expansion strategy
Riyadh – Mubasher: Agricultural Development Company (ADC), a subsidiary of Tanmiah Food Company, penned a SAR 165 million deal with Chengdu Design and Research Institute (CDI). The two parties will team up to build 100 poultry broiler houses, …
Companies Investments
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7 January 2025 05:26 PM Ataa Educational obtains SAR 189.5m loan from Banque Saudi Fransi
Riyadh – Mubasher: Ataa Educational Company renewed its Sharia-compliant facility agreement with Banque Saudi Fransi at a total value of SAR 189.36 million. The financing deal is secured by a promissory note and real estate guarantees, according …
Companies Investments
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7 January 2025 04:32 PM Checkout.com, noqodi to drive digital transformation in MENA
Riyadh – Mubasher: Global payments solution provider Checkout.com  entered a strategic partnership with noqodi, a payment gateway and financial service provider, according to a press release. The collaboration aims to promote the payment …
Companies Investments