Latest from Banking, Investments, Money, Insurance, Futures, Stock in Saudi Arabia and Middle East

Banking, Investments, Money and Insurance

DREI Organises Virtual Real Estate Conference With Saudi Partners

The conference discusses real estate challenges and solutions post COVID-19 and cements cooperation between the UAE and KSA 3 August 2020: The Dubai Real Estate Institute (DREI) in Dubai Land Department (DLD) is organising the first virtual real estate conference titled ‘Real Estate post-COVID-19 – Challenges and ......Read More

Monday, August 3, 2020

Saudi Arabia's Amlak International Achieves 129% Net Income Growth in H1 2020

• Revenue grew 6.2% to reach SAR 73.2 million for Q2 2020, and 7.9% to reach SAR 148.4 million for 1H 2020 • Earnings before tax (EBT) of SAR 28.5 million, at margin of 38.9% • Net real estate financing portfolio grew by 9.56% or SAR 305.6 million • New disbursements across the lending book increased by 22.32% • Amlak completed its listing on Tadawul in July, under ticker symbol 1182 Riyadh, Saudi Arabia, 29 July 2020: Saudi Arabia’s leading non-bank real estate lender, Amlak International (“Amlak” or the “Company”), has announced its financial results for the period ended 30 June 2020. Net income grew by 20.9% ......Read More

Wednesday, July 29, 2020

Next Chapter of Medina's Growth Story Mapped Out in New Report

Oxford Business Group launches landmark analysis of key region in Saudi Arabia Dubai, United Arab Emirates, July 28, 2020: The key role earmarked for the Medina region of Saudi Arabia in driving growth across the non-oil sector of the Kingdom’s economy is mapped out in a new report by the global research and advisory firm Oxford Business Group (OBG), produced in partnership with Al Madinah Regional Development Authority. The Report: Medina 2020 puts the new Al Madinah Region Strategy 2030 under the microscope, looking at its objectives, while analysing the way in which they dovetail with the social and economic targets laid out in Vision 2030, Saudi Arabia’s ......Read More

Tuesday, July 28, 2020

Instinctif Partners and Advert One Complete IPO Advisory Role for Amlak International

27th July 2020: Instinctif Partners and Advert One have completed their role in providing strategic communications counsel and public relations to Saudi Arabia’s leading non-bank real estate lender, Amlak International, for its IPO on the Saudi Stock Exchange. Established in 2007 and headquartered in Riyadh, Amlak offered 30% of its ......Read More

Monday, July 27, 2020
Spanish Contingent Grows at Golf Saudi as Pablo Larrazabal is Confirmed as Latest Ambassador

Pablo Larrazabal joins Adri Arnaus as Golf Saudi’s newest international ambassador 21 July 2020, Riyadh, Saudi Arabia: Golf Saudi has confirmed that Pablo Larrazábal is the latest professional player to join their ranks as an international golfing ambassador. The in-form Spaniard joins his fellow compatriot Adri ......Read More

Tuesday, July 21, 2020

KSA Residential Sector is Expected to See a Shift towards Rental says JLL

Riyadh, KSA, 21 July 2020 – Saudi Arabia’s real estate sectors remained soft during quarter two, although the residential market remained somewhat active and saw several key projects delivered across the Kingdom’s major cities, according to JLL’s 2020 mid-year review report. The report, however, highlighted that in the ......Read More

Tuesday, July 21, 2020

Investing in Infrastructure is Essential to Securing KSA's Digital Future

Industry Roundtable Identifies Increased Investment and Co-Creation as Essential to Helping Meet the Kingdom’s Growing Digitization Demands Kingdom of Saudi Arabia – 15 July 2020: During the virtual roundtable discussion hosted by Cisco, titled ‘Securing the Internet for the Future: Investing in the Road to ......Read More

Wednesday, July 15, 2020

Commvault Announces Simply Rewarding Partner Advantage Program

— New and enhanced rebates; Increased flexibility across program tiers; and new deal registration benefits, all coupled with an innovative, partner-ready product portfolio positions partners to grow, profit and be future ready — July 15, 2020: Commvault (NASDAQ: CVLT), a recognized global enterprise software leader in the management of data across cloud and on-premises environments, today announced the launch of its enhanced Partner Advantage program, creating a path for partner future readiness built on industry-leading intelligent data management solutions and a commitment to innovation. With the evolution of the program, partners will receive a ......Read More

Wednesday, July 15, 2020
The Diplomatic Quarter General Authority in Riyadh Inks First of Its Kind Strategic Deal with TAWAL

Saudi, July 14, 2020: The Diplomatic Quarter General Authority has recently partnered with the leading integrated ICT Infrastructure service provider in the Kingdom, TAWAL, for the development of the area’s telecommunication infrastructure. The strategic partnership is first of its kind in Saudi Arabia through which TAWAL will be ......Read More

Tuesday, July 14, 2020

Amlak International Allocation of Shares, Excess Money Refund, and Trading to Begin on Monday 22/11/ ...

Riyadh, Saudi Arabia: 12 July 2020: NCB Capital, the Financial Advisor, Lead Manager, Bookrunner and Underwriter of Amlak International’s IPO announced the completion of the allocation of shares for individual (retail) subscribers. NCB Capital said that after closing the subscription period for the retail tranche, all receiving banks ......Read More

Sunday, July 12, 2020

UTURN by Webedia Arabia Group Announces the Launch of “TAKKI” on NETFLIX

Dubai, United Arab Emirates, July 7, 2020: Webedia Arabia Group, a leading media and technology company developing strategic, insight-driven, culturally-led and creative content for Arab Consumers, announces Netflix’s licensing of the popular Saudi drama series, Takki, which is now available for viewing on the platform. Produced by UTURN which is part of Webedia Arabia Group, the dramatic series follows the story of a young Saudi film director following his dream of what was once a ban of cinemas in the Kingdom and several other social issues such as women not being able to drive at one point in time. It reflects facets of the Saudi society and the social ......Read More

Tuesday, July 7, 2020

Amlak International Completes IPO Retail Coverage at 2,690%

• Total retail coverage at 2,690% • Institutional book build achieved coverage of 498% • Successful IPO demonstrates investor confidence in Company fundamentals and long-term attractiveness of Saudi capital market Riyadh, Saudi Arabia: 7th July 2020: NCB Capital, Financial Advisor, Lead Manager, ......Read More

Tuesday, July 7, 2020
Cisco Webex Helps Customers Stay Remotely Connected and Reimagine Work

Webex Adds More Capacity, Even More Security and Intelligent Insights and Simplifies Telehealth News Summary: • Webex platform sees unprecedented demand and more than triples its normal volume. • As the foremost trusted business continuity provider, Cisco invests in the resilience of Webex through ......Read More

Saturday, July 4, 2020

Amlak International's IPO Launches Retail Subscription With SAR 16 Share Price for the Offer

Riyadh, Saudi Arabia: 2 July 2020: NCB Capital, Financial Advisor, Lead Manager, Bookrunner and Underwriter for Amlak International’s IPO, announced that the individuals (retail) subscription period for 2,718,000 shares offered for IPO at a price of SAR 16 per share will start today 11/11/1441H (2 July 2020G). The subscription ......Read More

Thursday, July 2, 2020

Cisco Launches Portfolio of Solutions to Boost Business Resiliency for the Workforce and Workplace T ...

• Business leaders looking to IT to meet today’s social distancing requirements in the workplace • New solutions to maintain seamless and secure productivity for a remote workforce • New offerings to support Healthcare and Education as they transform to new business models Al Riyadh, Saudi ......Read More

Wednesday, July 1, 2020

Cisco Expands Simple and Secure Portfolio to Help Small Businesses Thrive

New Cloud-Driven Solutions from Cisco Make Buying, Installation & Maintenance Easy • New dedicated online destination for small businesses on Cisco.com. • New “Buy Now” button on Cisco.com, providing faster access to Cisco & partner expertise • New technology and offers in the Cisco ......Read More

Saturday, June 27, 2020
Saxo Bank Launches Loyalty Program for MENA Region Clients

Saxo Rewards is a transparent, highly personalized scheme powered by AI and big data June 23, 2020: Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, has introduced Saxo Rewards, a new, highly personalized loyalty program that offers traders and investors the opportunity ......Read More

Tuesday, June 23, 2020

SEDCO Capital Achieves 30% IRR from Office Property Sale in Germany

Jeddah, Saudi Arabia, June 22, 2020: SEDCO Capital, a global Shariah compliant asset manager, has successfully exited German-based ABC West, a multi-let office property, realizing an Internal Rate of Return (IRR) of 30% for its investors. SEDCO Capital sold the property for €52.9 million compared to a purchase price of €29.4 million in 2017. ABC West is a 13,723 sqm of office space located in Frankfurt and was managed by GLL Real Estate Partners GmbH, a European real estate asset manager. With more than €485 million of investments made in European real estate, SEDCO Capital’s International Real Estate team actively manages a diverse portfolio of ......Read More

Monday, June 22, 2020

Shaker Group Narrows Q1 Losses; Improved Sales and Cost Optimization Reduce Net Loss by 88.5%

Riyadh, Saudi Arabia, 21st June 2020: Shaker Group (“Al Hassan Ghazi Ibrahim Shaker Co.”, the “Company” or the “Group”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced its financial results for the 3-month period ended 31 March 2020. Revenue of SAR 221 million improved by 12% from Q1 2019 and 20% from Q4 2019. The Group recorded a first quarter net loss of SAR 3.3 million, decreasing by 88.5% year-on-year. The Group’s operating loss for the quarter was SAR 3.9 million, improving by 80.1% compared to a loss of SAR 19.6 million in Q1 ......Read More

Sunday, June 21, 2020

Investments in Telecoms and Health System Pay Dividends as Saudi Arabia Eyes Economic Turnaround

Oxford Business Group launches new Covid-19 Response Report Riyadh, 21 June 2020: The key part that sustained investments in Saudi Arabia’s digital infrastructure have played in helping to successfully contain the spread of the coronavirus and keep the Kingdom’s economic diversification plans on track is analysed in a ......Read More

Sunday, June 21, 2020
Amlak International Announces Intention to List on Saudi Stock Exchange

June 14, 2020: Amlak International for Real Estate Finance (“Amlak”, “Amlak International” or “the Company”), Saudi Arabia’s leading non-bank real estate finance company, announces its intention to proceed with an Initial Public Offering (the “IPO” or the “Offering”) on ......Read More

Sunday, June 14, 2020

UL Issues Safety Certification To KSB Pumps Arabia For Use Of Fire Pump Assemblies

• KSB Pumps Arabia becomes first organization in the Middle East to receive the ‘Fire Pump, Driver and Assemblies Certified as to Rating Compatibility’ UL certification Dubai, United Arab Emirates, June 10, 2020: UL, a global independent safety science company, has awarded the first ‘Fire Pump, ......Read More

Wednesday, June 10, 2020

AMAALA's Youth Empowerment Programme Welcomes Next Generation of Saudi Talent

AMAALA Corporate Internship Programme, in partnership with MiSK, kicked off earlier this year to identify and nurture future industry leaders The first group of interns from the MiSK/AMAALA Corporate Internship Programme with Chief Shared Services Officer & Chief of Staff Pete Wu. RIYADH – 01 JUNE 2020 ......Read More

Monday, June 1, 2020

KSA-based Seismic Solutions Company ARGAS Targets Global Expansion'

23 May 2020; Saudi Arabia, Al Khobar: KSA-founded Arabian Geophysical & Surveying Company (ARGAS), the largest seismic acquisition company in MENA, is to expand its business internationally, further building on a strong track record which has made it a leading regional success story in the oil and gas field services industry. Industrialization and Energy Services Company (TAQA) and Paris-based CGG have today jointly announced the signing of a new agreement that will allow the company to expand its offering in integrated marine and land seismic solutions to Oil & Gas industry customers all over the world, giving ARGAS the ability to access potential ......Read More

Saturday, May 23, 2020
Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of Saudi Ara ...

Counterfeits of door hinges are found in the KSA Concesio, Italy - (EMAILWIRE.COM) - The following is a notification from ICSA Serrature Srl that the door hinge identified below bears a counterfeit UL Certification Mark. The door hinge has not been evaluated by UL to the appropriate Standards for Safety and it is unknown if they comply ......Read More

Saturday, May 23, 2020

KSA-Based Seismic Solutions Company ARGAS Targets Global Expansion

21 May 2020 - Saudi Arabia, Al Khobar: KSA-founded Arabian Geophysical & Surveying Company (ARGAS), the largest seismic acquisition company in MENA, is to expand its business internationally, further building on a strong track record which has made it a leading regional success story in the oil and gas field services industry. Industrialization and Energy Services Company (TAQA) and Paris-based CGG have today jointly announced the signing of a new agreement that will allow the company to expand its offering in integrated marine and land seismic solutions to Oil & Gas industry customers all over the world, giving ARGAS the ability to access potential multi-billion ......Read More

Thursday, May 21, 2020

UAE Banks Among Top Performing in GCC, KPMG Report Finds

21 May 2020: KPMG recently released its fifth edition of the ‘GCC listed banks’ results’ report, which analyzes the published results of listed commercial banks across the region for the year ended 31 December 2019. The report, titled ‘New Age Banking’, demonstrates that the UAE’s top ten banks reported ......Read More

Thursday, May 21, 2020

COVID-19 Triggers Marked Decline in Global Trade: UNCTAD

• Global trade values fell 3% in the first quarter of 2020 • An estimated quarter-on-quarter decline of 27% is expected in the second quarter • Commodity prices fell by a record 20% in March, driven by steep drops in oil prices 13 May 2020: The coronavirus pandemic cut global trade values by 3% in the first quarter of this year, according to the latest UNCTAD data published in a joint report by 36 international organizations. The downturn is expected to accelerate in the second quarter, with global trade projected to record a quarter-on-quarter decline of 27%, according to the report by the Committee for the Coordination of ......Read More

Wednesday, May 13, 2020
Deloitte Launches BrightStart, an Innovative Apprenticeship Program in Riyadh

Dubai, United Arab Emirates, April 25, 2020: Deloitte has launched its innovative BrightStart apprenticeship program in Riyadh, Saudi Arabia, offering a unique opportunity for growth to recent Saudi national high school graduates in their first year in university. BrightStart allows students to continue their university education while simultaneously launching their training and professional careers at the Deloitte Digital Center in Saudi Arabia. The program provides an excellent opportunity to serve the KSA Vision 2030 by meaningfully driving the development of a digitally skilled workforce. The Deloitte BrightStart program is an open invitation to ambitious young ......Read More

Saturday, April 25, 2020

Inaugural Aramco Saudi Ladies International Presented by Public Investment Fund Re-Scheduled for Oct ...

Historic Ladies European Tour event, the first-ever professional women’s golf tournament in the Kingdom, finds new date from 8-11 October 14 April 2020, Jeddah, Saudi Arabia: The inaugural Aramco Saudi Ladies International presented by Public Investment Fund, the first female professional golf tournament to be played ......Read More

Tuesday, April 14, 2020

Shaker Group Reports Full-Year Revenue Growth of 14.1%; Net Loss Narrows by 74.8%

• Material impact of Breakthrough Program turnaround strategy demonstrated by results • 12-month gross profit of SAR 165.6 million improved by 65.8% year-on-year • 12-month revenue of SAR 882.8 million improved by 14.1% from 2018 • 12-month net loss narrowed by 74.8% to SAR 49.8 million • Earnings per share ......Read More

Monday, March 30, 2020

AMAALA Appoints HKS Architects Master Planner of Triple Bay and the Coastal Development

HKS appointed Master Planner for AMAALA’s Triple Bay and The Coastal Development RIYADH – 18 MARCH 2020: AMAALA, the ultra-luxury destination located along Saudi Arabia’s northwestern coastline, has announced the appointment of international design firm HKS Architects as Master Planner ......Read More

Wednesday, March 18, 2020
Refinitiv Media Report: Saudi Arabia Sets the Stage for a High Stake Market Share Battle

March 11, 2020: Refinitiv today released a report on the latest development in the Oil market. According to Ranjith Raja, Oil Research Manager, Middle East and North Africa, Refinitiv, the Benchmark crude prices went into a tailspin on Monday morning trade following OPEC and its allies including Russia failing to agree on extending and deepening the output cut which expires at the end of this month. Oil prices closed on Friday with Brent down by 10.4% and WTI down by 7.8% w-o-w. As of 07:30 GMT this morning, Brent crude was at $33.93/MT, down by 25%, the largest single day drop since the Gulf War in 1991, while WTI was down by 26.8% at $30.22/MT. On market opening, prices ......Read More

Wednesday, March 11, 2020

Trade Bank of Iraq Showcases Investment Opportunities in Iraq at Global Trade Review MENA 2020 Summi ...

Dubai, February 26, 2020: Trade Bank of Iraq (TBI) promoted investment opportunities in Iraq at the Global Trade Review (GTR) MENA 2020 summit held in Dubai and highlighted their commitment towards reconstruction of Iraq through its activities in the trade finance sector. Several infrastructure projects are underway in Iraq as the country continues to rebuild leading to several potential investment opportunities in the region especially in the power sector. It’s assessed that the real GDP growth of Iraq is expected to grow up by an average of 3.1% by 2023 with non-oil GDP expected to grow tremendously on the back of the reconstruction efforts. TBI ......Read More

Wednesday, February 26, 2020

Honeywell, Saudia Aerospace Engineering Industries Lead the Way in Middle East Aircraft Maintenance

Honeywell demonstrates continued commitment to Saudi Vision 2030 February 25, 2020: Saudia Aerospace Engineering Industries (SAEI), a Honeywell (NYSE: HON) certified service centre, has completed more than 100 auxiliary power unit (APU) repairs from its Jet Propulsion Center in Jeddah, Saudi Arabia. SAEI is the only ......Read More

Tuesday, February 25, 2020

Ericsson Received Awards at the Stc Partner Day for Saudization and International Operational Excell ...

February 18, 2020: Ericsson (NASDAQ: ERIC) is titled the Operational Excellence Winner in the international category and the winner of Rawafed Award for Saudization at the 9th Partner Day ceremony held by stc group in the presence of stc executives in addition to more than 175 suppliers and partners of the group. Launched in early 2018, Ericsson established an operations innovation program to support stc’s digitization drive with the aim of improving the quality of the network. As part of this program, Ericsson developed 10 different innovation streams that included virtual drive testing, automated fault handling as well as improvements to value ......Read More

Tuesday, February 18, 2020
Bahri Renews Support to Saudi Maritime Congress to Drive Local and Global Maritime Sector Growth

Partnership highlights commitment to industry development in line with Saudi Vision 2030 16 February 2020 - Furthering its commitment to contributing to the advancement of the maritime sector, Bahri, a global leader in logistics and transportation, reiterated its support to Saudi Maritime Congress. In its capacity as ......Read More

Sunday, February 16, 2020

Start of Construction at the Dammam West ISTP Project Site Marks the Next Stage of Development for t ...

• Today marks the start of construction at the first Independent Sewage Treatment Plant Project in the Kingdom of Saudi Arabia in Dammam • Key project documents including the finance documents have been executed • Notice to Proceed has been issued allowing contractors to mobilise and commence construction ......Read More

Saturday, February 15, 2020

Kingdom of Saudi Arabia Leads with World's First National Hyperloop Study, in Partnership with Virgi ...

Saudi Minister of Transport, H.E. Eng. Saleh bin Nasser Al-Jasser, commissions study to propel the Kingdom on the forefront of transport innovation globally February 8, 2020: The Ministry of Transport (MoT) in the Kingdom of Saudi Arabia, today announced a contract agreement with Virgin Hyperloop One (VHO), ......Read More

Saturday, February 8, 2020

Revenue of start-up firm ITCAN set to hit AED 100 million in 2020

GCC’s growing e-commerce sector estimated to reach USD 20 billion by 2020 March 3, 2020: Start-up company ITCAN, a full-service Technology and Digital Marketing company that brings insights, information, and expertise to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against the backdrop of growing e-commerce activities in the UAE and Saudi Arabia as noted by a recent report by the World Economic Forum. Across the GCC, a study by A.T. Kearney predicted that the value of the e-commerce market would amount to USD 20 billion by 2020. The UAE, according to the same ......Read More

Tuesday, March 3, 2020

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