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14 September 12:04 PM Amiantit, Al Sagr Cooperative mull capital hike via rights issue
Riyadh – Mubasher: Saudi Arabian Amiantit Company and Al Sagr Cooperative Insurance Company plan to increase their capital by offering rights issues, according to bourse disclosures. Amiantit aims to raise its capital by SAR 346.50 million in line …
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10 September 01:59 PM UAE Carbon Alliance plans $450m purchase of African carbon credits by 2030
UAE – Mubasher: The UAE Carbon Alliance intends to pledge an indicative intended purchase amounting to $450 million in African carbon credits by 2030. The targeted purchase is a result of a recent non-binding Letter of Intent between the UAE …
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7 September 04:08 PM Saudi Arabia’s August PMI falls to 11-month low
Riyadh – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia dropped to 56.6 in August 2023 from 57.7 during July this year. The headline PMI was its weakest since September 2022 due to a sizeable drop in …
Abdulaziz Al Dahmash, the Managing Director and CEO of Network International KSA
6 September 10:14 AM Network eyes SAMA’s nod to for regional expansion – Al Dahmash in interview at Seamless
Riyadh – Mubasher: Network International plans to reach 13 clients in the financial sector and obtain a licence from the Saudi Central Bank (SAMA) to provide payment services. Abdulaziz Al Dahmash, the Managing Director and CEO of Network …
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30 August 03:32 PM Saudi SPARK’s Logistics Zone to commence operations in 2024 as regional gateway
Riyadh – Mubasher: The Logistics Zone of King Salman Energy Park (SPARK) will begin operations in 2024 to serve as a gateway for the regional energy sector while leveraging SPARK’s strategic location in the Eastern Province of Saudi Arabia. The …
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22 August 01:08 PM SFD grants $18.7bn soft development loans
Riyadh – Mubasher: The Saudi Fund for Development (SFD) has provided soft development loans and grants totalling $18.70 billion from 1975 until the end of 2022. A total of 739 loans were secured to finance development projects and programmes in 84 …
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21 August 02:30 PM Saudi Arabia launches $200m fund to endorse high-tech companies
Riyadh – Mubasher: Saudi Crown Prince Mohammed bin Salman Al Saud launched a fund valued at $200 million (SAR 750 million) for early investment in local and international firms specialising in high-tech. The fund aims to bolster economic …
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21 August 10:43 AM Saudi Arabia leads investing countries in Egypt
Cairo – Mubasher: Saudi Arabia topped the ten highest investing countries in Egypt during the first half (H1) of the fiscal year (FY) 2022/2023, with investments valued at $2.10 billion. The Kingdom was followed by the UAE with $1.50 billion, …
Adel Al Eisa, Media Spokesman for Insurance Companies in Saudi Arabia
20 August 02:20 PM Saudi Arabia to foster insurance sector via new authority; official comments
Riyadh – Mubasher: Saudi Arabia plans to establish Insurance Authority in line with its Vision 2030 objectives that aim to boost the insurance sector. The decision was approved by Crown Prince Mohammed bin Salman Al Saud during the Cabinet session …
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9 August 06:55 PM UAE-based Shuaa Capital introduces Sharia-compliant Saudi fund
Dubai - Mubasher: Shuaa Capital recently launched a new Sharia-aligned equity fund under the Incorporated Cell Company (ICC) umbrella, registered in Abu Dhabi Global Market (ADGM) and administrated by SHUAA GMC Limited, according to a bourse …
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23 July 04:10 PM Kuwait reportedly to establish sovereign fund Ciyada
Mubasher: Kuwait prepares to launch a state-owned sovereign fund to grow its local economy, finance megaprojects, and diversify its investment spectrum from foreign investors as well as the private sector, Reuters recently cited a government plan. …
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23 July 03:40 PM UAE rises to 29th place in UNIDO’s CIP Index, leads Arab countries
UAE - Mubasher: The UAE came first among Arab countries and 29th worldwide in UNIDO’s Competitive Industrial Performance Index (CIP), advancing two places from 2022 ranking, according to a press release. The index ranks 153 countries from across …
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17 July 09:34 AM Moody’s affirms Walaa 'A3' IFSR rating; outlook stable
Riyadh – Mubasher: Moody’s Investors Service has marinated the ‘A3’ insurance financial strength rating (IFSR) of Walaa Cooperative Insurance Company, with a stable outlook. The rating reflects Walaa’s solid position as the fifth-largest insurer …
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16 July 05:54 PM Aljadaan heads Saudi delegation to G20 FMCBG meeting in India
Riyadh – Mubasher: Saudi Arabia’s Minister of Finance, Mohammed Aljadaan, is heading the Kingdom’s delegation to the third Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian G20 Presidency. The Saudi delegation also …
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11 July 03:52 PM Saudi Arabia’s ADF targets SAR 7bn funds in 2023
Riyadh – Mubasher: The Saudi Agricultural Development Fund (ADF) aims to provide total financing of SAR 7 billion during 2023, Habib Alshammari, the official spokesman of the fund, told Al Arabiya. Alshammari added that ADF pledged total funds …
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10 July 05:04 PM EgyptAir operates 22 flights for pilgrims
Cairo – Mubasher: State-run flag carrier EgyptAir is operating 22 flights on Monday, 10 July 2023, to transport Hajj pilgrims back to their homeland, Ahram Gate reported. Eight flights will take off from Jeddah, in addition to 12 trips from Medina …
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5 July 03:49 PM Saudi Arabia’s June PMI highlights rapid growth in non-oil private sector
Riyadh – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia reflected a rapid expansion of the non-oil private sector during June 2023. The PMI reading increased to 59.6 last month from 58.5 in May 2023, …
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4 July 12:16 PM Derayah Financial unveils Q2-23 dividends for REIT fund's unitholders
Riyadh – Mubasher: Derayah Financial announced cash dividends amounting to SAR 10.75 million to the unitholders of Derayah REIT for the second quarter (Q2) of 2023. A total of 1.07 billion eligible units will be granted a SAR 0.10 per unit, …
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2 July 07:32 PM Unitholders of Al Rajhi REIT Fund to obtain over SAR 19m as Q2-23 dividends
Riyadh – Mubasher: Al Rajhi Capital announced the distribution of cash dividends standing at SAR 0.12 per unit to the unitholders of Al Rajhi REIT Fund for the second quarter (Q2) of 2023. A total of SAR 19.42 million will be paid as dividends for …
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29 June 06:31 PM Unemployment rate in Saudi Arabia hits 5.1% in Q1-23 – GaStat
Riyadh – Mubasher: The overall unemployment rate in Saudi Arabia, including both Saudis and non-Saudi nationals, reached 5.1% in the first quarter (Q1) of 2023, down by 0.9% on an annual basis yet higher by 0.3% than Q4-22, according to estimates …
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28 June 03:44 PM Egypt launches digital platform EUG to boost petroleum sector
Cairo – Mubasher: Egypt’s Ministry of Petroleum and Mineral Resources announced the launch of Egypt Upstream Gateway (EUG), a digital platform to promote oil and gas opportunities in the country. Taking the local petroleum sector to a global …
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12 June 07:22 PM Saudi ACP is creating seamless travel experience with China – CEO Rajab
Riyadh – Mubasher: Saudi Arabia’s Air Connectivity Program (ACP) is establishing a seamless travel experience between China and the Kingdom by ensuring that ACP customer service and operational readiness meet the high standards expected by Chinese …
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11 June 06:53 PM Saudi Arabia invests in strategic location to connect 3 continents – Al Falih
Riyadh – Mubasher: Saudi Arabia’s Minister of Investment, Khalid Al Falih, stated that one of the key pillars of the nation’s Vision 2030 is utilising and investing in its strategic location to connect the three continents. The Kingdom is also …
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11 June 02:04 PM IMF expects Saudi non-oil economy growth to remain solid in 2023
Riyadh – Mubasher: The International Monetary Fund (IMF) projected that the non-oil growth momentum in Saudi Arabia will remain strong in 2023, according to the financial agency’s report. The OPEC+ production cuts would lower overall real growth …
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6 June 03:26 PM Saudi Arabia’s PMI eases to 58.5 in May
Riyadh – Mubasher: Saudi Arabia’s headline seasonally adjusted Purchasing Managers’ Index (PMI) declined to 58.5 in May 2023 from 59.6 last April due to downward movements in new orders and output. The index was still above the 50 growth mark and …