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Millennium MEA is currently operating 4,067 keys in Saudi Arabia
16 June 05:12 PM Millennium MEA confirms exclusive rights to operate Makkah Millennium Hotel
Riyadh – Mubasher: Millennium Hotels and Resorts Middle East and Africa has addressed its guests “with deep regrets” for the inconvenience they might have encountered during their stay at Makkah Millennium Hotel and Towers following the recent …
The two-year facility could be extended for one year at Zain’s request
16 June 05:11 PM Saudi Zain inks SAR 2.3bn Islamic credit facility
Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) has signed a new Islamic Murabaha facility valued at SAR 2.25 billion to refinance its existing $599.808 million (SAR 2.250 billion) commercial loan with better terms. The …
Alawwal Bank did not receive any objections from creditors during this period
16 June 10:45 AM SABB, Alawwal Bank complete merger after expiry of creditor objection period
Riyadh – Mubasher: The Saudi British Bank (SABB) and Alawwal Bank announced the effectiveness of their merger after the expiry of the creditor objection period on 15 June. Alawwal Bank noted that the bank did not receive any objections from …
Terminating the joint agreement should be effective as of 13 June 2019
13 June 05:28 PM Makkah Construction ends agreement with Millennium and Copthorne
Riyadh – Mubasher: Makkah Construction and Development Co announced that it has terminated any contracts with its subsidiary in Makkah City, Millennium and Copthorne Middle East Holdings Limited company. Makkah Construction has ended the agreement …
Net losses after zakat and tax recorded SAR 78.72 million in Q1-19
13 June 04:52 PM Alujain Corp suffers SAR 79m losses in Q1
Riyadh – Mubasher:  Alujain Corp reported SAR 78.72 million in losses during the first quarter of 2019. Net losses after zakat and tax recorded SAR 78.72 million in Q1-19, against SAR 62.46 million in profits in Q1-18, according to a filing to the …
Maaden’s revenue is expected to surge to SAR 18 billion
13 June 03:17 PM Al Rajihi Capital levels down Maaden’s TP
Riyadh – Mubasher: Al Rajihi Capital has set the target price (TP) of Saudi Arabian Mining Company’s (Maaden) stock at SAR 45, 13.5% down from a current price of SAR 52, with 'Underweight' recommendation. The research company expected an 81.7% …
The six-month deal has no relates parties
13 June 10:53 AM Jazadco pens MoU to study acquisition of Jabal Ohod Holding
Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) has signed a memorandum of understanding (MoU) with Jabal Ohod Holding to study the acquisition of the company. The six-month deal has no relates parties and is not expected to have …
SABIC obtained all necessary regulatory approvals to build petrochemical plant in Texas
13 June 10:10 AM SABIC, Exxon Mobil to build petrochemical plant in Texas
Riyadh – Mubasher: Petrochemicals giant Saudi Basic Industries Corporation (SABIC) has received all necessary regulatory approvals, including environmental authorization, to establish a petrochemical plant in a joint project with Exxon Mobil in …
The company will pay SAR 2 billion debt to Banque Saudi Fransi
12 June 05:37 PM Saudi Kayan seeks to pay, reschedule loans
Riyadh – Mubasher: Saudi Kayan Petrochemical Company has unveiled its strategy for the payment of loans and reduction of the cost of finance. Kayan stated that it would take a raft of measures that contribute to the realisation of the company’s …
Taiba Investments reported an increase of 15% in Q1 profits
12 June 01:34 PM Taiba to pay 4.5% dividend for Q1
Riyadh – Mubasher: The Tadawul-listed Taiba Investments Co will distribute 4.5% of the capital as cash dividends for the first quarter of 2019. Taiba will pay SAR 0.45 per share on 30 June as cash dividends to the entitled shareholders of record …
The creditor objection period will end on 15 June
12 June 11:48 AM Alawwal Bank reveals effective date of merger with SABB
Riyadh – Mubasher: Alawwal Bank announced that its merger with the Saudi British Bank (SABB) will be effective immediately after the end of the creditor objection period. If no creditor objects to the proposed tie-up until 15 June, the merger will …
Al Habdan was the former CEO of Cercon General Contractors
12 June 10:45 AM Taiba Investments names Saleh Al Habdan as new CEO
Riyadh – Mubasher: Taiba Investments Co announced that its board of directors has approved the appointment of Saleh Habdan Abdullah Al Habdan as its new CEO starting from 1 July. The board amended the effective date of the resignation of its …
Sadafco posted a decrease of 17% in full-year profits
12 June 10:40 AM Sadafco’s shareholders nod to H2-19 dividends
Riyadh – Mubasher: The shareholders of Saudia Dairy and Foodstuff Co (Sadafco) approved distributing SAR 2 per share as a cash dividend for the second half that ended 30 March 2019. Sadafco will announce the date of distributing the dividends to …
Yanbu will pay SAR 78.75 million to its shareholders
11 June 01:27 PM Yanbu shareholders approve SAR 0.5/shr dividends for H2-18
Riyadh – Mubasher: Yanbu Cement Company’s shareholders approved distributing cash dividends worth SAR 0.5 per share for the second half of 2018 during a general assembly meeting.  The Saudi-based firm will pay SAR 78.75 million to its shareholders …
Al Thunayan will have the post until electing a new CEO
11 June 01:16 PM Batic names Turki Al Thunayan as acting CEO
Riyadh – Mubasher: Batic Investments and Logistics Company has appointed Turki Al Thunayan as acting CEO of the company after the resignation of Fahad Al Guthami for personal reasons. Al Thunayan will have the post until electing a new CEO, …
The agreement extends from 10 June until 30 June 2020
11 June 12:48 PM Zahrat Al Waha renews SAR 67m facility with Alinma Bank
Riyadh – Mubasher: Zahrat Al Waha for Trading Company has renewed a sharia-compliant credit facility with Alinma Bank worth SAR 67.4 million. The agreement extends from 10 June until 30 June 2020, according to the company’s statement to the Saudi …
The loan will be used to finance new acquisition deals.
11 June 09:31 AM Al Masha'ar REIT inks SAR 500m financing deal with Riyadh Bank
Riyadh – Mubasher: Al Masha'ar REIT signed a sharia-compliant financing deal with Riyadh Bank worth SAR 500 million, Muscat Capital Company said in a recent statement. The five-year facility will be re-paid quarterly and secured by a promissory …
Annual premiums are expected to exceed 5% of its revenues
10 June 05:39 PM Malath Cooperative renews auto insurance contract with ANB
Riyadh – Mubasher: Malath Cooperative Insurance Company has renewed auto insurance coverage contract with the Arab National Bank (ANB) for one year starting from 1 June. Under the deal, the kingdom-based insurer will provide its customers with …
The new facility will have a capacity of 150 beds
10 June 04:48 PM Saudi German Hospital completes construction work of Dammam facility
Riyadh – Mubasher: Middle East Healthcare Company (Saudi German Hospital) has completed construction work of its branch in Dammam. Construction work includes the installation of medical and other equipment, according to the company’s statement to …
The company bought an 8.10% stake in Al Aqeeq and a 12.65% shareholding in ARAC
10 June 12:37 PM Taiba Investment completes acquisition of Al Aqeeq, ARAC
Riyadh – Mubasher: Taiba Investment has finalised all regulatory procedures to acquire minority shares in Al Aqeeq Real Estate Development Company and Arab Resort Areas Company (ARAC). The company bought an 8.10% stake in Al Aqeeq and a 12.65% …
Net profits after zakat and tax stood at SAR 127,838 in Q1-19
10 June 12:10 PM Arab Sea Q1 profit falls 86%
Riyadh – Mubasher: Arab Sea Information System Company reported an 85.84% year-on-year decline in its profits for the first quarter of 2019. Net profits after zakat and tax stood at SAR 127,838 in Q1-19, compared to SAR 902,939 in Q1-18, according …
The company's board approved the financial statements for FY18
10 June 11:20 AM Solidarity transfers SAR 3.7m to retained earnings
Riyadh – Mubasher: Solidarity Saudi Takaful Company’s (Solidarity) shareholders approved transferring SAR 3.69 million, resulting from capital cut in 2017, from other reserves account to retained earnings account during an extraordinary general …
Tas’heel Finance appointed Shariyah Review Bureau (SRB) as its Sharia advisor
9 June 02:32 PM Extra unit to provide consumer finance services in Saudi Arabia
Riyadh – Mubasher: United Electronics Company (Extra) revealed that its wholly-owned consumer finance unit, United Company For Financial Services (Tas’heel Finance), has received the approval of the Saudi Arabian Monetary Authority (SAMA) to …
Batelco is committed to supporting the kingdom’s vision for the digital economy
9 June 01:11 PM Batelco to deliver commercial 5G services for first time in Bahrain
Mubasher: Bahrain Telecommunications (Batelco) announced the commercial launch of fifth generation (5G) wireless technology services in Bahrain. The kingdom’s leading digital solutions provider will be the first in Bahrain to provide commercial 5G …
The deal’s financial impact cannot be determined at the current time.
9 June 11:17 AM SAPTCO unit to start Riyadh bus operation in Q4
Riyadh – Mubasher: Saudi Public Transport Company (SAPTCO) revealed that its subsidiary, Public Transportation Company, has received the approval of Riyadh Development Authority to begin the commercial operation of Riyadh bus network by the fourth …