Business & Money | Thursday 18 April, 2024 10:49 am

Emirates Islamic concludes debut USD 500 million financing facility

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the successful conclusion of its debut USD 500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial...

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Business & Money | Thursday 18 April, 2024 10:17 am

Allianz SF says Allianz SE sold entire stake to ADNIC

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) received a notice from Allianz SE on selling its entire shares in the Saudi-listed insurer to Abu Dhabi National Insurance Co. (ADNIC), according to a statement to Tadawul. Allianz SE offloaded 30.6 million shares at a weighted price...

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Business & Money | Thursday 18 April, 2024 10:13 am

Jebel Ali Port operations continue normally: DP World

DP World affirmed that port operations are continuing normally at Jebel Ali despite the recent adverse weather conditions, and all terminals and gates remain open. In a statement today, DP World said that while some minor delays are possible due to road congestion, work is underway to minimise ...

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Business & Money | Thursday 18 April, 2024 10:10 am

UAE, Costa Rica committed to developing resilient and sustainable economies based on innovation: Al Zeyoudi

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that Costa Rica and the UAE share many areas of strategic cooperation, culminating in the signing of a Comprehensive Economic Partnership Agreement (CEPA). This reflects their commitment to developing resilient,...

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Business & Money | Thursday 18 April, 2024 9:29 am

NEOM plans to issue SAR 5B sukuk: Report

NEOM plans its first issuance of SAR-denominated sukuk later this year. The issuance could reach up to SAR 5 billion in value, Bloomberg reported, citing informed sources. NEOM appointed HSBC Saudi Arabia Co., Al Rajhi Bank, and The Saudi National Bank (SNB) to provide consultation on...

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Business & Money | Thursday 18 April, 2024 9:04 am

Zoujaj's 6th glass containers line to be completed in Dec. at SAR 47M

National Co. for Glass Industries (Zoujaj) said today, April 16, that the sixth glass container production line will cost SAR 46.6 million and is expected to be completed in December 2024. The expected financial impact of the project will appear starting in the first quarter of 2025. It...

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Business & Money | Thursday 18 April, 2024 9:02 am

Thimar sets up new firm for real estate investments

Thimar Development Holding Co. established a new 100%-owned, one-person limited liability company named Thimar Towers Development and Real Estate Investment Co.In a statement to Tadawul, Thimar said the new company is headquartered in Riyadh, Saudi Arabia. The company was set up to support...

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Business & Money | Thursday 18 April, 2024 8:52 am

Budget Saudi CEO: AutoWorld acquisition marks company’s largest-ever deal, to boost market share

United International Transportation Co.’s (Budget Saudi) acquisition of Al-Jazira Equipment Co. Ltd (AutoWorld) paves the way for a new era of growth opportunities, driven by a robust and strong Saudi economy, President & Group CEO Fawaz Danish told Argaam in an...

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Business & Money | Wednesday 17 April, 2024 10:29 am

Saudi Cable names Fawaz Al Muqbil as CEO, Khalid Khashoggi as MD

Saudi Cable Co.’s board of directors decided yesterday, April 16, to appoint Fawaz Bin Mubarak Al-Muqbil as CEO effective today, April 17. Al-Muqbil replaced Nael Samir Fayez, who was appointed as an advisor to the company’s board of directors, according to a statement to...

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Business & Money | Wednesday 17 April, 2024 9:52 am

National Building renews SAR 85M credit facility with Alinma Bank

National Building and Marketing Co. signed a renewal for the Shariah-compliant credit facilities agreement worth SAR 85 million with Alinma Bank, according to a statement to Tadawul. The revolving loan agreement is valid for a period of nine months, the company pointed out, adding that the...

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