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26 December 2024 11:51 PM Companies currently reaping Al, ML gains in Middle East, globally to advance digitalization efforts – Report

Mubasher: Fewer companies in the UAE as well as Saudi Arabia believe that legacy technology poses a barrier to digitalisation at this time compared to 2022 while companies are currently reaping the benefits associated with AI and machine learning …

Sector Reports

26 December 2024 06:54 PM Two GCC banks witness 100% acquisition transaction

Mubasher: Burgan Bank has recently received the final approval from the Central Bank of Kuwait (CBK) to acquire 100% stake in United Gulf Bank (UGB), a licensed conventional wholesale bank headquartered in Bahrain. The execution of this …

Global Economy

26 December 2024 06:42 PM Al Masaood Group joins forces with region-focused branch of German firm Hengst

UAE – Mubasher: Al Masaood Group’s Projects, Engineering, and Services Division (PESD) has signed an exclusive agency agreement for new business partners with Hengst Air Filtration Middle East, the regional branch of the globally renowned Hengst …

Global Economy

26 December 2024 05:11 PM Dubai Taxi announces strategy until 2029, eyes untapped markets in region

Dubai – Mubasher: Dubai Taxi Company has unveiled its transformative corporate strategy for 2025–2029, which includes expanding into new verticals such as limousine services and delivery thus charting a bold course for geographic expansion by …

Companies Investments

26 December 2024 01:02 PM Kuwait imposes 15% tax on multinational entities as of 2025

Mubasher: The Kuwaiti Cabinet endorsed a draft resolution, on 24 December 2024, issuing a law imposing a 15% tax on multinational entities, which have business in more than one country or a state, according to an official announcement. The new tax …

Macroeconomics

Middle East Distribution Center of General Motors

26 December 2024 11:51 AM General Motors Middle East contributes to reducing carbon emissions on back of MEDC solar projects

Mubasher: General Motors Middle East has been driving forward its commitment to sustainability by a 35% reduction in carbon footprint, equipping the Middle East Distribution Center (MEDC) which acts as its highest energy-consuming facility with a …

Companies Investments

25 December 2024 11:20 PM NBK’s Weyay Bank unveils service to boost cross-border payments within GCC

Mubasher: Weyay, part of the National Bank of Kuwait (NBK), has launched AFAQ service to endorse bank transfers between the GCC countries while linking the payment systems of the Gulf countries, according to a press release. The new service …

Banking and Finance

25 December 2024 10:37 PM Saudi market has continued to benefit from strong non-oil sector – Report

Riyadh – Mubasher: A recent report by CBRE Middle East indicated that the Saudi market has continued to benefit from the strong non-oil sector, which expanded by 4.3% in the year to the third quarter (Q3) of 2024. Head of Research MENA, Matthew …

Macroeconomics

25 December 2024 10:16 PM FESPA Middle East’s 2nd edition to take place in January; Egyptian BUC’s official partakes

Mubasher: FESPA Middle East, a regional event for the global print and signage industries, has unveiled a groundbreaking conference programme ahead of its second edition, which will launch at the Dubai Exhibition Centre from 20 to 22 January 2025, …

Event

25 December 2024 09:34 PM IPS Congress 2025 to kick off in April for local, international investors

UAE – Mubasher: The 21st edition of IPS Congress is happening at the Dubai World Trade Centre on 14-16 April 2025 to offer the participating real estate developers the opportunity to showcase their residential projects to both local and …

Event

25 December 2024 07:14 PM Egypt will have access to about $1.2bn upon executive board’s approval – IMF

Cairo – Mubasher: The Egyptian authorities and the International Monetary Fund (IMF) have reached staff level agreement on the fourth review under the Extended Fund Facility (EFF) arrangement. The IMF mission was led by Ivanna Vladkova Hollar, who …

Macroeconomics

25 December 2024 00:25 PM Savoye Middle East unveils 2025 plans for AI implementation amid $1.6bn market estimates

Mubasher: Savoye, an integrator of automated warehouse solutions and software publisher in the Middle East, recently unveiled plans and strategies for 2025 to advance AI implementation across its services, according to a press release. Next year’s …

Event

25 December 2024 00:23 PM Sustainability Forum Middle East announces GIB as Partner for 2025 edition

Mubasher: Sustainability Forum Middle East has welcomed Gulf International Bank (GIB) as a Forum Partner for its upcoming third edition which is set to take place on 28-29 January 2025 in Bahrain, according to a press release. GIB’s involvement as …

Banking and Finance

24 December 2024 08:22 PM Mastercard joins B2B platform Boost to drive growth of FMCG businesses

UAE – Mubasher: Mastercard has partnered with B2B commerce platform Boost to accelerate the growth of micro, small, and medium enterprises (MSMEs) in Egypt and beyond, according to an official statement. The collaboration targets high-growth …

Global Economy

24 December 2024 07:39 PM SABIC Agri-Nutrients announces SAR 1.4bn dividends for H2-24

Riyadh – Mubasher: The board of SABIC Agri-Nutrients Company decided, during the 22 December 2024 meeting, to distribute interim cash dividends at a total value of SAR 1.42 billion for the second half (H2) of 2024. The company will pay SAR 3 per …

Board of Directors

24 December 2024 06:38 PM GCC-focused The Family Office enters Kuwait to boost investors’ wealth growth

Mubasher: The Family Office, a wealth management firm focusing on the GCC region, has announced the expansion of its business to Kuwait, with its local office set to launch soon, according to a press release. Licensed and regulated by the Kuwaiti …

Companies Investments

24 December 2024 05:53 PM Knowledge Economic City to execute electromechanical works for Hilton Tower

Riyadh – Mubasher: Knowledge Economic City and Alfaneyah Electromechanical Company inked a deal to execute the electromechanical for the Hilton Hotel Tower and the Branded Residences Tower of the company’s HUB project. The parties signed the …

Real estate

24 December 2024 05:29 PM Mouwasat’s board proposes SAR 400m dividends for 2024

Riyadh – Mubasher: Mouwasat Medical Services Company announced cash dividends amounting to SAR 400 million, equivalent to 20% of the capital, for 2024. The Saudi firm will pay out a dividend of SAR 2 per share for 200 million eligible shares, …

Board of Directors

24 December 2024 05:06 PM First Mills to boost production capacity via SAR 123m new flour unit

Riyadh – Mubasher: The board of First Milling Company (First Mills) approved, on 23 December, the construction of a new flour milling unit (Mill C) at its Al Qassim Plant for nearly SAR 123 million. This strategic expansion will increase the …

Companies Investments

24 December 2024 02:25 PM Banque Saudi Fransi’s shareholders approve 107.5% capital hike

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Banque Saudi Fransi approved the board’s recommendation to increase the capital by SAR 12.94 billion. The lender will raise its capital by 107.40% to SAR 25 billion from SAR 12.05 …

Management Decisions

24 December 2024 11:11 AM Al Madinah Ventures backs Saudi startups with $10m fund

Riyadh - Mubasher: Saudi Arabia’s Value Makers Studio and the Economic Development Centre joined forces with the Madinah Chamber of Commerce to launch the Al Madinah Ventures programme. Al Madinah Venture is a $10 million investment fund that aims …

Companies Investments

24 December 2024 09:51 AM Beltone VC’s CEO included in Forbes Middle East’s Top Venture Capitalists of 2024

Cairo – Mubasher: Forbes Middle East named Ali Mokhtar, CEO and Managing Partner of Beltone Venture Capital, as one of the Top Venture Capitalists for 2024. Mokhtar’s recognition was due to his contributions to the MENA startup ecosystem and his …

Global Economy

23 December 2024 10:52 PM Sheikh Tahnoon bin Zayed emphasises ADQ’s pivotal role in supporting regional prosperity

UAE – Mubasher: Deputy Ruler of Abu Dhabi, Sheikh Tahnoon bin Zayed Al Nahyan, has chaired the board meeting of ADQ, emphasising the pivotal role of ADQ in driving Abu Dhabi’s growth, according to an official statement. Al Nahyan further endorsed …

Macroeconomics

23 December 2024 07:44 PM Banan Real Estate, subsidiary to acquire stake in Qimam Nashaz

Riyadh – Mubasher: Banan Real Estate Company and its subsidiary Al Azizah Real Estate Investment and Development Company jointly plan to acquire a stake in Qimam Nashaz Real Estate Development Company. The listed company’s board members approved …

Mergers and Acquisitions

23 December 2024 07:22 PM Wall Street Exchange, TerraPay collaborate to advance cross-border payments

UAE - Mubasher: Wall Street Exchange (WSE), a subsidiary of FINTX which is the financial arm of Dubai-based 7X, has entered into a strategic partnership agreement with global money movement firm TerraPay to enable cross-border payments. The two …

Companies Investments

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