Fakeeh Care IPO 119x covered
Tuesday, May 14,2024,10:34
Logo ofDr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) HSBC Saudi Arabia, the sole financial advisor, joint bookrunner, underwriter, and lead manager on the potential IPO of Dr. Soliman Abdulkader Fakeeh Hospital Co. ( Fakeeh Care Group ), set the final offer price at SAR 57.50 per share. For More IPOs .. read more..
Zain KSA, Al Rajhi Bank ink SAR 1.6B deal to finance supply chains, accounts...
Tuesday, May 14,2024,10:29
Logo ofMobile Telecommunication Company Saudi Arabia (Zain KSA) Mobile Telecommunication Company Saudi Arabia ( Zain KSA ) signed a banking facilities agreement with Al Rajhi Bank to finance supply chains through supplier payment financing of up to SAR 1.12 billion, along with financing accounts payable of up to SAR 500 million. In a statement to Tadawul , the company said the objective is to bolster infrastructure and cash flow, empowering it to enhance digital services for both individual customers and the corporate sector. The agreement spans a duration of 10 years for the banking facilities related to supply chains through supplier payment financing, with one year renewable for the ... .. read more..
Najran Cement board proposes dividend freeze for H2 2023
Tuesday, May 14,2024,10:25
Logo ofNajran Cement Co. Najran Cement Co. board of directors recommended on May 13 not to distribute cash dividends for H2 2023. The proposal seeks to achieve the company’s business growth strategies to enhance its financialposition, the company said in a statement to Tadawul . According to data available on Argaam , the cement giant reported a decline of 38% in net profit to SAR 69.4 million, from SAR 112.8 million a year earlier. .. read more..
ADES inks SAR 354M offshore drilling services contract in Thailand
Tuesday, May 14,2024,10:06
One of ADESjack-up rigs ADES Holding Co. signed on May 13 an offshore drilling services contract in Thailand with PTTEP Energy Development Co. Limited (PTTEP) for nearly SAR 354 million, according to a statement to Tadawul . The contract is valid for 18 months with an option for a nine-month extension, the statement added. Work will start in the second half of 2024, ADES added, noting that there are no related parties to the contract. In March, the company received a letter of intent (LOI) from PTTEP Energy Development Co. Ltd. (PTTEP) for a jack-up drilling contract in Thailand at a total value of SAR 354 million, data compiled with Argaam showed. .. read more..
eXtra appoints Chairman, Vice-Chairman
Tuesday, May 14,2024,09:41
United Electronics Co.’s (eXtra) board named Yousef Al Quraishi Chairman and Fozan Al Fozan as Vice-Chairman of the board, according to a statement to Tadawul . The board also named Mohamed Fahmy as Managing Director, and formed the audit committee, headed by Fahad Al Mansour, andincluded Mohammed Al-Obeid and Mohammed Nader as members among others. The board, in addition, formed the nomination and remuneration committee and named the company’s representatives at the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the Securities Depository Center Co. (Edaa). Additionally, the Secretary of the board was appointed during the board meeting. .. read more..
Wataniya Insurance assigned "A-" rating, Stable outlook by Fitch
Tuesday, May 14,2024,09:41
Logo ofWataniya Insurance Co. Wataniya Insurance Co. received a notification from Fitch Ratings assigning it the Financial Strength Insurance Rating of "A-" and the National Financial Strength Insurance Rating of "AA (SAU)", with Stable outlook, according to a statement to Tadawul . .. read more..
Maaden shareholders OK 5.69M treasury share buyback
Tuesday, May 14,2024,09:39
Saudi Arabian Mining Co. (Maaden) headquarters Saudi Arabian Mining Co. ( Maaden )shareholders approved on May 13the buyback of 5.69million ordinary shares, which will beallocated tothe long-termemployee stock incentive program. According to a statementto Tadawul ,the repurchase will be financed through the company's own resources. Meanwhile, the board of directors will be authorized to complete the repurchase within a maximum period of 12 months from the EGM date. The company may hold the purchased shares for a period not exceeding five years from the EGM date as a maximum until they are allocated to the employees' stock incentive program,the statement noted, adding thatonce the five-y... .. read more..
Tibbiyah wins SAR 87M contract from Ministry of National Guard
Tuesday, May 14,2024,09:35
Logo of Arabian International Healthcare Holding Co. (Tibbiyah) Arabian International Healthcare Holding Co. ( Tibbiyah ) was awarded on May 13 a SAR 87 million contract by the Ministry of National Guard’s health affairs department through its 100% owned subsidiary, International Medical Supplies Co. (Premma Health). Under the contract, Premma Health will provide ortho and spine consumables to the department, and contract will be signed later, Tibbiyah said in a statement to Tadawul . There are no related parties to the contract, the company added. .. read more..
SADAFCO shareholders approve 60% cash dividend for Q3 2023
Tuesday, May 14,2024,09:14
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Jadwa REIT Saudi to pay 2% cash dividend for Q2 2024
Tuesday, May 14,2024,08:31
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Emirates Group posts $5.1bn profit
Tuesday, May 14,2024,06:47
The group profits for 2022-24 have surpassed pandemic losses during 2020-22 of $7bn .. read more..
QatarEnergy to acquire Egypt offshore stakes
Tuesday, May 14,2024,05:50
The firm will acquire 40% stakes in Cairo and Masry blocks from ExxonMobil .. read more..
Libya orders the arrest of key oil company officials
Tuesday, May 14,2024,05:50
Investigation focuses on Eni joint venture contract management director and operations officer .. read more..
Firms prepare bids for new Master Gas System package
Tuesday, May 14,2024,05:50
Saudi Aramco recently issued the main EPC tender for package 16 of the MGS-3 megaproject, which involves laying of a gas transport pipeline network in Jeddah .. read more..
Amaala first phase to complete by 2027
Tuesday, May 14,2024,05:50
Amaala will deliver 1,945 hotel keys and 430 residential units by 2026 .. read more..
Jeddah Al Balad project gets under way
Tuesday, May 14,2024,05:50
The project aims to preserve the heritage and culture of Jeddah .. read more..
Soudah seeks contractors for mountain resort
Tuesday, May 14,2024,05:50
Phase one of the project involves the construction of nine hotels with 940 hotel rooms .. read more..
Trojena says 70% of project work open to market
Tuesday, May 14,2024,00:59
Construction works have been planned to meet Asian Winter Games 2029 deadline .. read more..
First Asfar destination to open by year-end
Tuesday, May 14,2024,00:59
The Saudi tourism investment company has ventured into five cities in less than two years .. read more..
Investcop closes $570m tech fund
Tuesday, May 14,2024,00:59
ITP V will seek to invest in software, data, analytics, cybersecurity and fintech companies .. read more..
Nusaned making progress with Saudi projects
Tuesday, May 14,2024,00:59
The Sabic subsidiary had earlier committed to investing in and building a polyethylene terephthalate recycling plant and a battery manufacturing facility in the kingdom .. read more..
Chinese companies win 10 oil blocks in Iraq
Tuesday, May 14,2024,00:59
Two licences have been awarded to Iraq’s KAR Group .. read more..
Sabic to commission Dutch recycling plant in July
Tuesday, May 14,2024,00:59
The company's first plastics recycling plant in the Netherlands is nearing EPC completion .. read more..
King Salman Park construction is on track
Tuesday, May 14,2024,00:59
Overall construction work on the Royal Arts Complex is 48% completed .. read more..
Mukaab PQ reaches final stage
Tuesday, May 14,2024,00:59
The Najdi-inspired Mukaab will be one of the largest buildings in the world .. read more..
Kuwaiti politics moves into new territory
Tuesday, May 14,2024,00:59
Optimism about rapid decision-making as parliament is suspended .. read more..
Kuwait indefinitely suspends parliament
Tuesday, May 14,2024,00:59
A new government has been unveiled .. read more..
Riyadh $690m gardens project hits milestone
Tuesday, May 14,2024,00:59
Construction work on King Abdullah Gardens is expected to be completed within two years .. read more..
Board member, senior exec ownership changes in Tadawul on May 9
Monday, May 13,2024,23:16
Argaam monitors the most significant changes inownerships of board members and senior executives of the Saudi Exchange (Tadawul)-listed companies on May 9. Below are the most significant changes in the ownerships of board members and senior executives: Ownership Changes of Board Members, Senior Executives Company/ Shareholder Title Previous Stake (%) New Stake (%) Change in Shares Bank Albilad Nasser Al-Subaie Chairman 0.3137% 0.3161% +29,710 Tasnee Abdulrahman Al-Sayari Board Member 0.0194 % 0.0209% +10,000 .. read more..
Foodics mulls IPO in Saudi Arabia by 2025-end: CEO
Monday, May 13,2024,23:02
Foodics Co. is studying an initial public offering (IPO) of a 30% stake in the Saudi market by the end of 2025, CEO and Co-Founder Ahmed AlZaino told Asharq. Earlier this year, the company embarked on initial plans for a share sale. Foodics made profit and targets investors to finance mergers and acquisitions, AlZaini added. Foodics was established in 2013. It runs a restaurant management system. In 2020, the company obtained a license from SAMA. .. read more..
Dallah Healthcare says 55% of Q1 profit driven by business growth, improved ...
Monday, May 13,2024,22:20
Tarek Othman Al-Kasabi, Chairman of Dallah Healthcare Co., said that the profit growth in the first quarter of 2024 was mainly driven by the strategy that was developed three years ago, including a huge and ambitious growth plan. More than 55% of profit came thanks to the growth of the company’s business and improved performance, while the remaining 45% was due to recording lower investment losses from Mohammed Al-Faqih Hospital and the International Medical Center, which began to bear fruit and strengthen the company’s role and financial position. This is in addition to enhancing the credibility of the company's strategy from growth to acquiring existing hospitals, He revealed in an in... .. read more..
Dammam Airports aims to finalize 80% of projects by 2025, raise destinations...
Monday, May 13,2024,21:40
Dammam Airports Co. (DACO) has obtained high allocations for multi-billion-dollar projects for the first time, as 110 projects for DACO have been approved targeting infrastructure and enhancing passenger experience, CEO Mohammed Al-Hassany told CNBC Arabia. Ten projects were completed in 2023. DACO aims to complete 80% of the earmarked projects by 2025, transforming the airport in terms of technology and operational efficiency. Furthermore, there are 17 low-cost airlines operating flights to airports in the region, and 28 companies providing all travel requirements, in addition to air cargo companies, equivalent to 38% for low-cost airlines and 62% for companies providing all travel cla... .. read more..
Tadawul sees more foreign investments, IPOs: Al-Rumaih
Monday, May 13,2024,21:36
Mohammed Al-Rumaih, CEO of Tadawul, said that Saudi companies have attracted huge interest from investors during the international edition of the Capital Markets Forum 2024 in Hong Kong. In an interview with Argaam , Al-Rumaih added that the Saudi market is witnessing an increase in foreign investment, which grew by more than 20% in 2023 compared to 2022, and witnessed a two-fold increase during the past five years. He also said that more foreign investments are expected in the Saudi market, with the increase in the number of companies, and the growing interest of companies in investor relations, in addition to the robust economic growth that the Kingdom is witnessing. Tadawul currently... .. read more..
PIF invites banks to pitch for roles in NUPCO's IPO: Report
Monday, May 13,2024,21:35
The Public Investment Fund (PIF) has invited banks to pitch for roles on the planned initial public offering of the National Unified Procurement Co. (NUPCO), Bloomberg reported. The sovereign fund appointed Rothschild Co. to advise on the potential IPO, sources added. Details on timing and size of the IPO have not been finalized, though a deal could likely raise less than $1 billion, they said. Last October, Saudi Minister of HealthFahad Al-Jalajelstated that the ministry wascollaborating withPIF toassess the initial public offering (IPO) for NUPCO. According to the data available on Argaam, NUPCO was founded in 2009 and is wholly owned by PIF. It operates in the field of providing medi... .. read more..
Budget Saudi revenue hurt by Chinese cars resale
Monday, May 13,2024,16:34
Fawaz Danish, CEO of Budget Saudi United International Transportation Co. ( Budget Saudi ) recorded lower revenue from sale of used cars due to the resale value of Chinese cars, which constitute the largest percentage of used car sold in the current period, CEO Fawaz Danish told Argaam . The resale value of used Chinese cars, after operating them for two years, is the least compared to other cars such as Japanese, Korean, and certain European cars, he noted. For more exclusive interviews The company’s fleet by the end of 2023 exceeded 36,000 vehicles, Danish said, expecting this number to increase to 50,000 after the acquisition of Al-Jazira Equipment Co. Ltd (AutoWorld). The acquisitio... .. read more..
Jarir board declares 19% dividend for Q1 2024
Monday, May 13,2024,16:30
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TASI rises 0.4% to 12,260 points, total turnover at SAR 7B
Monday, May 13,2024,15:38
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Saudi Paper’s margin lifted by purchasing policy; paper roll market share at...
Monday, May 13,2024,15:05
Yousseri El bishry, CEO ofSaudi Paper Manufacturing Co. Saudi Paper Manufacturing Co. ’s CEO Yousseri Elbishry said that amending the company's purchase policy significantly increased profit margins in the first quarter of 2024. The company allocated SAR 190 million to purchase a strategic feedstock, Elbishry told Al-Arabiya. He added that several long-term agreements were signed with major supplier companies worldwide. In addition, the company reserved large quantities of raw materials that cover its needs for a period of six months before the price surge. Saudi Paper has focused on increasing profitability margins during the current period by controlling expenses and materials involve... .. read more..
Saudi Chemical among 6 stocks climbing to 52-week highs
Monday, May 13,2024,14:55
Tadawul trading screen Shares of six Saudi-listed firms, including Saudi Chemical Co. and Electrical Industries Co. , hit their highest levels in 52 weeks today, May 13, data compiled by Argaam showed. Stock Price* Company Price (SAR) Performance in 52 weeks Electrical Industries** 6.10 267% East Pipes** 177.80 217% Saudi Chemical** 9.88 209% Batic 3.78 62% Saudi Ceramics 38.80 26% Al-Jouf Agricultural 62.30 10% *The highest price during the session, but not the current trading price. **The highest price since listing. For stock prices and market data .. read more..
First Mills buys back 300,000 shares worth SAR 25.4M for employee scheme
Monday, May 13,2024,09:41
Logo ofFirst Milling Co. (First Mills) First Milling Company ( First Mills ) completed the buyback of 300,000 shares (representing 0.54% of its shares) tobe allocatedfor the employee share scheme. According to a statement on Tadawul , the repurchase is valued at SAR 25.36 million with the average purchase price of SAR 84.54 per share. The statement indicated that these shareswouldnot be entitled toanydividends during thecompany’sholding period and that the repurchased shareswouldnot have the right to vote in shareholder meetings. This step comes as part of thecompany'sefforts to attract distinguished talents and cadres, retain them, and motivate them forgreaterperformance,which contribu... .. read more..
IFC investments in Egypt near $9bn, says minister
Monday, May 13,2024,09:05
RIYADH: Egypt is emerging as a pivotal player for the International Finance Corp., with investments nearing $9 billion, announced a top minister. Inaugurating the “IFC Day in Egypt” event, Minister of International Cooperation Rania Al-Mashat underscored that this substantial influx of capital underscores the nation’s stature as one of the foremost countries of operations for the organization within the broader framework of collaboration with the World Bank, a release highlighted. .. read more..
Middle Eastern airports embrace sustainability and tech amidst rising passeng...
Monday, May 13,2024,09:05
RIYADH: Middle Eastern airports are prioritizing sustainability, eco-friendly infrastructure and renewable energy to combat climate challenges, a recent study showed. In its latest report, Bain & Co., a management consulting firm, also underscored the rising demand for seamless and personalized travel experiences driven by evolving passenger expectations. To address this, regional airports are also heavily investing in digital solutions that offer real-time communication and integrated mobility platforms. .. read more..
Saudi Arabia leads GCC IPO market with 594% surge in proceeds: Markaz
Monday, May 13,2024,09:05
RIYADH: Saudi Arabia led the Gulf Cooperation Council initial public offering market with an annual 594 percent surge in the first quarter of 2024, according to Kuwait Financial Centre. A report issued by the organization, commonly known as Markaz, detailed the dynamic landscape of IPO activities across the GCC region, revealing significant shifts and trends in investment flows. The report highlighted that Saudi Arabia has demonstrated considerable growth, raising a total of $503 million from eight offerings. .. read more..
Saudi German Health in numbers
Monday, May 13,2024,08:59
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Neom starts wastewater PPP prequalification
Monday, May 13,2024,06:24
The Hidden Marina Wastewater Recycling Plant project will cater to the Line .. read more..
Oman's Ghubrah 3 aims for financial close
Monday, May 13,2024,06:24
Nama PWP and the GS Inima-led team signed the water purchase-agreement in February .. read more..
Iraq launches oil licensing round
Monday, May 13,2024,06:24
Oil Ministery is aiming to boost crude reserves to more than 160 billion barrels .. read more..
Bahrain EWA and Dewa partner for kafaa programme
Monday, May 13,2024,06:24
The partnership paves the way for setting up a Super Esco in Bahrain .. read more..
Oil Updates - crude extends fall on signs of weak fuel demand, strong dollar
Monday, May 13,2024,06:05
SINGAPORE: Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from US Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world’s biggest economy, according to Reuters. Brent crude futures slid 25 cents, or 0.3 percent, to $82.54 a barrel by 8:05 a.m. Saudi time, while US West Texas Intermediate crude futures were at $78.07 a barrel, down 19 cents, or 0.2 percent. .. read more..
Saudi benchmark index closes in green with $1.8bn trade volume
Monday, May 13,2024,03:05
RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,259.60 points, witnessing an increase of 42.55 points, or 0.35 percent. Nomu, the parallel market, ended the day at 26,859.37 points, shedding 336.56 points or 1.24 percent. Concurrently, the MSCI Tadawul Index grew by 5.34 points to close at 1,535.83, a 0.35 percent increase. TASI reported a trading volume of SR7 billion ($1.86 billion), with 85 stocks making gains and 134 witnessing declines. .. read more..