Albilad Capital to pay dividend
The distribution ratio of the NAV stands at 0.10 percent.Company News Business Banking & Finance Markets
PGA works to extend ‘active and productive’ Saudi merger talks
An update on the PGA Tour website regarding talks said the memo, which reportedly was obtained by The Golf Channel...Business
Elon Musk to sell 10% of Tesla stock after Twitter poll
Musk owned about 17 percent of Tesla's outstanding shares as of June 30, currently worth $208.37 billion. His wealth swelled...Musk said he was prepared to accept “either outcome” of the Twitter poll
However, he did not specify when or how he plans to sell the shares
UAE enters into cooperation with Indonesian sovereign fund
The United Arab Emirates and Indonesia’s State Wealth Fund has signed a new agreement to allow funds from the former...The investment framework agreement was signed with the Abu Dhabi Growth Fund
It made a $10-billion investment in the Indonesian sovereign wealth fund in March, according to a statement on Saturday by the Indonesian Investment Authority
MEASA’s biggest food processing and packaging show opens in Dubai
Gulfood Manufacturing, the largest food and beverage processing and packaging show for the Middle East, Africa, and South Asia (MEASA),...The event will run for three days and address the sector’s sustainable packaging, automation, and F&B supply chain issues.
UAE’s trade in food commodities contributed more than seven percent of the country's GDP for 2020.
Abdulmohsen Alhokair of KSA reports 17.8% jump in net losses
Abdulmohsen Alhokair, the Saudi entertainment group, has reported an increase in net losses by 17.8 percent during the first 9...Net losses increased to SR123.87 million in the first 9 months of 2021 from SR105.15 million during the same period of the last year
The group’s net profit for the third quarter in 2021 has increased by 106 percent
Bahrain eyes 14m tourists a year by 2026
Under the new 2022-2026 tourism strategy, the country also aims at an average daily visitor spend of 74.8 Bahraini dinars...The kingdom also aims at 11.4 percent of GDP to come from the tourism sector by 2026.
Developing marine attractions, business tourism, sports tourism, recreational tourism and medical tourism among targets.
Dubai court orders Marka managers, directors to settle $122m debt
A Dubai court has ordered the managers and directors of Marka Holdings to repay the company’s AED448 million (around $128...The court ruled that the managers and directors of the company had mismanaged it, leading to an underfunded bankruptcy
An underfunded bankruptcy is one where the entirety of the company’s assets is less than 20 percent of its outstanding debt
YahSat Q3 profit down 38 percent
YahSat said its contracted future revenues are over $2 billion.Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022.
YahSat was last week appointed by the UAE government to complete a detailed analysis, assessment and recommendation for two new satellites.
EGA increases Al Taweelah smelter plant’s capacity by 78,000 tons per year
Emirates Global Aluminium (EGA) has increased the production capacity at Abu Dhabi's Al Taweelah smelter by 78,000 tons per year....The plant adds 66 new reduction cells that were built using EGA's locally developed technology.
He said all 2,843 reduction cells at EGA use the company's own efficient technology developed in the UAE, says EGA CEO.
Organic farmers find fertile ground in North Africa
In Tunisia, the land dedicated to organic farming has multiplied 20-fold since 2001. In Morocco, the area of farmland certified...Despite its small size, Tunisia ranks 30th in the world and first in Africa in terms of area certified for organic farming.
Moroccan authorities are trying to develop the sector with the Green Morocco Plan, which helps farmers cover the costs of getting certified.
Tadawul of Saudi Arabia to list its IPO on the bourse
Tadawul, the owner of Saudi Arabia's stock exchange, will proceed with its initial public offering (IPO) and list the shares...The operator of the bourse will offer 36 million ordinary shares, representing 30 percent of its issued share capital of 120 million shares
This comes after the Gulf state’s regulator, Capital Markets Authority (CMA), signed off on the exchange’s IPO last week
