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 …
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 …
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 …
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 …
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 …
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 …
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 …
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, …
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 …
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 …
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. …
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 …
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 …
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 …
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 …
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 …
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, …
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, …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
