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3 hours ago Saudi Aramco's customers unaffected by Houthi attack on Jeddah facility
Riyadh – Mubasher: An official from the Saudi Arabian Oil Company (Saudi Aramco) said that customers were unaffected by an attack that came from Yemen's Houthi group at a petroleum products distribution plant in the north of Jeddah, Reuters …
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08:51 AM Saudi Amiantit sells investments in Morocco
Riyadh - Mubasher: ​Saudi Arabian Amiantit Company on 23 November 2020 signed two agreements to sell its investments in Morocco. The Saudi firm has sold its entire 50% stake in Amitech Morocco for EUR 2.7 million (SAR 12.03 million), achieving net …
The company will construct an outdoor shopping centre
23 November 10:35 AM Arabian Centres inks SAR 27m agreement to rent land plot
Riyadh – Mubasher: Arabian Centres Company (ACC) has signed a 25-year lease and investment agreement worth SAR 26.67 million with Madinah Regional Municipality for a vacant land plot. Arabian Centres will pay SAR 1.066 billion annually to rent and …
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22 November 04:40 PM Sulaiman Al Habib to be included on MSCI Index
Riyadh – Mubasher: Dr. Sulaiman Al Habib Medical Group (HMG) announced on Sunday that it will be included as a constituent of the MSCI Global Standard Index, as of 30 November 2020, according to the MSCI semi-annual Index Review. “The inclusion of …
The case was brought before the US District Court
22 November 12:13 PM US trial court ruling rejects $18bn claim against Saudi Aramco
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has received a trial-level court ruling issued in the company's favour to dismiss a lawsuit filed by alleged heirs of Khalid Abu Al Waleed Al Hood Al Qarqani to claim a nearly $18 …
22 November 12:10 PM Al Akaria generates EGP 37m profit from HCC stake sale
Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) announced the sale of its entire stake in Hail Cement Company (HCC) for SAR 96.9 million as part of the real estate developer’s new investment strategy. Al Akaria achieved SAR 36.9 million …
The proceeds of the deal will be used to finance stc pay’s capital
22 November 10:57 AM stc inks deal to sell 15% in subsidiary to Western Union
Riyadh – Mubasher: Saudi Telecom Company (stc) signed an agreement with Western Union to sell a 15% equity stake in its fully-owned subsidiary Saudi Digital Payments (stc pay) for $200 million (SAR 750 million). Upon the completion of the deal, …
Assets of 11 Tadawul-listed lenders stood at SAR 2.686 trillion in Q3-20.
19 November 02:44 PM Saudi banks’ assets rise 14.1% in Q3
Riyadh – Mubasher: Assets of Saudi banks listed on the Saudi Stock Exchange (Tadawul) grew by 14.1% on a year-on-year (YoY) basis in the third quarter (Q3) of 2020, equivalent to SAR 331.615 billion ($88.43 billion).  Assets of 11 Tadawul-listed …
All plants will resume operations on 11 December 2020.
19 November 11:19 AM Nama Chemicals shuts down Hassad Petrochemical Complex for maintenance
Riyadh – Mubasher: Nama Chemicals Company on Thursday said it will shut down the Hassad Petrochemical Complex, an affiliate to the Jubail Chemical Industries Company (JANA), for around 22 days starting from 19 November 2020 for periodical …
SAFCO's new capital will total SAR 4.760 billion.
19 November 10:43 AM SAFCO EGM approves capital hike to acquire SABIC’s unit
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Arabian Fertilizer Company (SAFCO) approved the board’s recommendation to increase the company’s capital to acquire SABIC Agri-Nutrients Investment Company(SANIC), fully-owned by …
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19 November 10:25 AM SADAFCO EGM approves buying back 2.7m treasury shares
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudia Dairy and Foodstuff Company (SADAFCO) approved to purchase up to 2.749 million company shares to be used as treasury shares. The step comes as the board of directors believes …
Shaker Group Head Office - Riyadh
18 November 04:13 PM Shaker Group appoints acting CEO
Riyadh - Mubasher: The board of Al Hassan Ghazi Ibrahim Shaker Co has approved by circulation not to renew the contract of Azzam Saud Almudaiheem as the company’s CEO as of 18 November 2020, based on his request. The step comes as Almudaiheem …
Part of the signing ceremony of the LTA agreements.
18 November 11:40 AM Aramco signs major LTAs with eight companies for oil, gas brownfield projects
Riyadh- Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) announced a new contracting strategy for its oil and gas brownfield and plant upgrade projects, with a focus on establishing new businesses and developing partnerships based on …
The deal is expected to be signed on 18 January 2021.
18 November 10:25 AM MIS awarded SAR 58.5m deal from Saudi health ministry
Riyadh – Mubasher: Al Moammar Information Systems (MIS) Company has been awarded a project from the Saudi Ministry of Health to operate and maintain the digital infrastructure of 72 hospitals located in the Eastern and Northern provinces for SAR …
The review for downgrade highlights deterioration in Buruj’s business profile and profits.
18 November 09:55 AM Moody’s places Buruj's Baa2 IFS rating on review for downgrade
Riyadh – Mubasher: Moody’s Investors Service has placed Buruj Cooperative Insurance Company’s Baa2 insurance financial strength rating (IFSR) on review for downgrade. The review for downgrade highlights governance risks and deterioration in the …
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18 November 09:37 AM DWF withdraws request to move to Tadawul
Riyadh – Mubasher: Development Works Food (DWF) Company on Wednesday said it has withdrawn its request to transfer the company’s shares from the parallel market to the main market. The step comes as the company is completing some transition …
Al Issa has been one of the members of Almarai's board
17 November 11:49 AM Almarai appoints new managing director; CEO resigns
Riyadh – Mubasher: The board of Almarai Company has decided to appoint Bader Abdullah Al Issa as a managing director, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday. This decision came after the board had …
The agreement will be extended to 28 February 2021
17 November 10:38 AM Zahrat Al Waha renews SAR 93m loan with ANB
Riyadh – Mubasher: Zahrat Al Waha for Trading Company has renewed its sharia-compliant credit facility agreement worth SAR 93 million with Arab National Bank (ANB). The agreement will be extended from 16 November 2020 to 28 February 2021, …
STC was first elected in GSMA board in 2018.
16 November 03:58 PM GSMA reelects stc as board member
Riyadh – Mubasher: Industry group GSMA has reelected Saudi Telecom Company (stc) as a board member for the 2021-2022 term, represented by the Group CEO, Nasser Al Nasser, making STC the first Saudi company to achieve and maintain such milestone. …
The Saudi Electricity Company (SEC)
16 November 01:00 PM SEC to reclassify SAR 168bn in gov’t liabilities into subordinated perpetual instrument
Riyadh – Mubasher: Saudi Electricity Company (SEC) has signed an agreement with the Saudi government to reclassify SEC’s net government liabilities of SAR 167.92 billion into a subordinated perpetual financial equity-like instrument with a …
ABAX was acquired by Investcorp in 2017.
16 November 12:08 PM Investcorp's ABAX takes over Nordic-based Automile
Mubasher: Investcorp announced that its portfolio company ABAX, the leading telematics solutions provider in the Nordics, has acquired Automile, a Nordic-based provider of telematics and internet of things (IoT) services. The transaction …
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16 November 10:35 AM Al Kathiri Holding completes 90% of Alian Industry Factory
Riyadh – Mubasher: Al Kathiri Holding Company on Monday said it has completed 90% of the construction work of Alian Industry Factory in Sudair City for Industry and Business. Production lines of the new factory are expected to be operational by …
The parties agreed to implement the merger by way of share swap.
16 November 10:16 AM Saudi Enaya, Amana ink MoU to evaluate potential merger
Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company inked a non-binding memorandum of understanding (MOU) with Amana Cooperative Insurance Company to evaluate a potential merger between the two companies. Both companies will conduct …
The issuance amount will be determined as per market conditions.
16 November 09:54 AM Saudi Aramco starts issuing international bonds
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) on Monday said it began issuing senior US dollar-denominated international bonds unsecured by assets pursuant to its Global Medium Term Note Programme. The issuance amount will be …
The deal is expected to reflect positively on Bawan's financial results.
16 November 09:35 AM Bawan’s unit pens SAR 115m deal with SEC
Riyadh – Mubasher: A subsidiary of Bawan Company signed an agreement on 15 November to supply electrical unit substations to Saudi Electricity Company (SEC) for SAR 115 million. The deal was signed with United Technology of Electric Substations …