Mubasher.Info - English

22/07/2024

Saudi Arabia launches Kingdom's most extensive mineralised belts to date

Riyadh – Mubasher: The Saudi Ministry of Industry and Mineral Resources has initiated its most extensive mineralised belts to date that cover an expansive 4,788 square kilometres over five exploration licences, according to a press release. The …

21/07/2024

RAKBANK issues 1st publicly traded Social Bond in GCC

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework. The lender offered a $600 million issue, which was oversubscribed …

21/07/2024

Amiantit shifts to profits in H1-24

Riyadh – Mubasher: Saudi Arabian Amiantit Company turned to a net profit of SAR 479.62 million in the first half (H1) of 2024, versus a net loss of SAR 8.08 million in the same period a year earlier. Sales grew by 8.71% year-on-year (YoY) to SAR …

21/07/2024

Saudi Tadawul Group achieves SAR 365.5m profits in H1-24

Riyadh – Mubasher: Saudi Tadawul Group Holding Company witnessed 86.42% year-on-year (YoY) higher net profits at SAR 365.40 million in the first half (H1) of 2024, compared to SAR 196 million. The revenues hit SAR 741.10 million in H1-24, marking …

17/07/2024

Aramco invests in Air Products Qudra’s subsidiary through 50% equity acquisition

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) will acquire a 50% stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG) upon definitive agreements with the parent company Air Products Qudra (APQ), according to a press release. …

17/07/2024

Aramco awards $500m offshore projects to Italy’s Saipem

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has awarded Italy-based advanced technological and engineering platform Saipem two offshore projects in Saudi Arabia under a long-term agreement with a total value of around $500 million. The …

09/07/2024

Red Sea disruptions cause Suez Canal’s revenues to drop over 7% YoY in 9M-23/24 – CBE

Cairo – Mubasher: Suez Canal’s transit receipts declined by 7.40% year-on-year (YoY) to $5.80 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, versus $6.20 billion. The net tonnage shrank by 15.60% to 944.9 million …

09/07/2024

Agthia Group launches AED 90m manufacturing facility in Saudi Arabia

Abu Dhabi – Mubasher: Agthia Group opened a new protein manufacturing facility at the Industrial City 1 in Jeddah, Saudi Arabia, according to a press release. This strategic investment aligns with Agthia's commitment to Saudi Vision 2030 to …

09/07/2024

eXtra sees 37% higher net profits in H1-24

Riyadh – Mubasher: United Electronics Company (eXtra) recorded 37.14% year-on-year (YoY) higher net profits at SAR 200.40 million in the first half (H1) of 2024, compared to SAR 146.12 million. The company’s revenues reached SAR 3.49 billion in …

02/07/2024

Orascom Development Egypt unveils EGP 1.4bn sale deal

Cairo – Mubasher: Orascom Development Egypt (ODE) sold 145,266 square metres of land in El Gouna at a value of EGP 1.54 billion, according to a press release. The land sale, executed at 15 times its book value of EGP 101 million, marks the most …

02/07/2024

Telecom Egypt, Hungary’s 4iG Group ink MoU to create $600m fibre JV

Cairo – Mubasher: Telecom Egypt has entered into a memorandum of understanding (MoU) with the Hungarian IT leader 4iG Group to establish a joint venture (JV) aimed at constructing, operating, and commercialising fibre-to-the-home (FTTH) and …

02/07/2024

PIF’s revenues skyrocket to SAR 331bn in 2023

Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) posted a more than 100% leap in total revenues to SAR 331 billion ($88.50 billion) in 2023, compared to SAR 165 billion ($44 billion) in 2022. The fund attributed the annual growth in …

01/07/2024

Egypt’s external debt declines $7.43bn in Q1-24

Cairo – Mubasher: Egypt’s external debt declined by 4.40%, or $7.43 billion, to $168.03 billion in the first quarter (Q1) of 2024 from $160.60 billion in the fourth quarter (Q4) of 2023. The current level is the lowest since July 2022, according …

01/07/2024

Egypt records 1st foreign assets surplus in 28 months

Cairo – Mubasher: Egypt achieved a foreign asset surplus for the first time since January 2022, marking a 28-month milestone, in May 2024. Egypt reported a foreign asset surplus of EGP 676.40 billion ($14.03 billion) in May 2024, compared to a …

01/07/2024

Dubai unveils AED 25bn FDI incentive programme

UAE – Mubasher: Dubai announced a series of economic initiatives aiming to position Dubai as a top three global economic hub, including an AED 25 billion foreign direct investment (FDI) incentive programme over 10 years. The programme targets AED …

01/07/2024

Egyptian Emirates unveils Middle East’s 1st automotive integrated industrial city

Cairo – Mubasher: The Egyptian Emirates Company has launched the Markabat project, the first integrated industrial city for automotive feeder industries in the Middle East, according to a press release. The project, which included joint …

01/07/2024

Aramco boosts gas expansion plans via $25bn project awards

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has awarded contracts at a value exceeding $25 billion to boost its gas expansion strategy, according to a press release. The company plans to record sales gas production growth of more than …

30/06/2024

Saudi sukuk, debt market hits 18.3% of GDP in 2023 – Report

Riyadh – Mubasher: The Saudi sukuk and debt instruments market reached 18.30% of GDP by the end of 2023, with 70 sukuk and debt instruments listed on the capital market. The funds raised from sukuk and debt instrument offerings amounted to SAR …

30/06/2024

ADIB, Silent Eight forge partnership to automate financial crime screening

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) joined forces with tech company Silent Eight to automate financial crime compliance screening, according to a press release. Silent Eight leverages AI tools to create custom compliance models for …

30/06/2024

Egypt inks agrement with Belgium’s DEME for EUR 24bn green hydrogen project

Cairo - Mubasher: Egypt’s New and Renewable Energy Authority (NREA) and the Alexandria Port Authority has signed an agreement with Belgium’s DEME HYPORT Energy for a major green hydrogen and ammonia production project in Gargoub, west of Matrouh. …

30/06/2024

EFG Hermes concludes advisory on EFG Corp-Solutions’ 1st short-term note issuance

مباشر موقع يغطي سوق البورصة والاسهم ويوفر احدث ارقام سوق المال ومؤشرات البورصة المحلية والعالمية بالاضافة الى اخبار اكتتاب الشركات

30/06/2024

e& anchors SMEs growth in UAE via new partnership

Abu Dhabi – Mubasher: The Abu Dhabi Chamber of Commerce and Industry sealed a deal with e&, aimed at boosting cooperation to back SMEs in Abu Dhabi, according to a press release. The partnership seeks to foster the growth of the business community …

30/06/2024

Mile Solutions partners with Premium Shipping to boost logistics in Saudi Arabia
https://english.mubasher.info/news/4308058

27/06/2024

Ajman Bank accepts Jaywan Cards in UAE’s ATM network

Dubai – Mubasher: Ajman Bank has announced integrating Jaywan card acceptance across its ATM network. The initiative will enable seamless cash withdrawals for Jaywan cardholders, according to a press release. The Jaywan card, launched by Al Etihad …

27/06/2024

Reem Finance partners with Network International to fast-track digital transformation

UAE – Mubasher: Financial services provider in the UAE Reem Finance has entered into a strategic partnership with Network International to foster innovation and growth across the UAE financial services sector. Network International aims to boost …

27/06/2024

ACWA Power signs SAR 12.3bn power purchase agreements; Aramco, PIF’s units included

Riyadh – Mubasher: ACWA Power Company has penned three power purchase agreements (PPAs) with Saudi Power Procurement Company (SPPC) and Saudi Aramco Power Company, a wholly owned subsidiary of Saudi Arabian Oil Company (Aramco), for three …

27/06/2024

CMA greenlights Nomu listing, IPO of 2 companies

Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Gulf Applications Company to float its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul). Gulf Applications plans to list 6.25 million shares, …

27/06/2024

Newgen Software introduces personalised AI-powered platform for Middle Eastern banks

UAE – Mubasher: Newgen Software, a global provider of low-code digital transformation platforms, has launched generative AI-powered hyper-personalisation platform LumYn in the Middle East. LumYn is tailored for the banking sector and is set to …

26/06/2024

Saudi Tadawul Group completes strategic stake acquisition in DME; rebranding unveiled for regional presence

Riyadh – Mubasher: Saudi Tadawul Group Holding Company has sealed the acquisition of 32.60% strategic equity in DME Holdings Limited, a leading international commodities exchange, according to a press release on 26 June 2024. Following the equity …

25/06/2024

GE Vernova wins contracts for 3.8 GW power plants in Saudi Arabia

Riyadh – Mubasher: GE Vernova has secured turbine orders totalling 3.8 gigawatts (GW) from two new gas-fired power plants in Saudi Arabia, aligned with the country's renewable and emissions targets. The company booked orders in the first quarter …