Business & Money | Monday 13 May, 2024 10:28 am

Mohammed Hadi Al-Rasheed IPO 683% oversubscribed, priced at SAR 28

Mohammed Hadi Al-Rasheed Co. successfully completed its initial public offering (IPO) on the Nomu-Parallel Market. The offering was 682.99% oversubscribed, Yaqeen Capital, the financial advisor and lead manager, said. The necessary paperwork will be completed with Saudi Exchange ...

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Business & Money | Monday 13 May, 2024 8:56 am

First Mills completes buyback of 300,000 shares for employee share scheme worth SAR 25.4M

First Milling Company (First Mills), a market-leading player in the Kingdom's milling industry, completed the buyback of 300,000 shares (representing 0.54% of its shares) to be allocated for the employee share scheme. According to a statement on Tadawul, the deal is valued at SAR 25.36...

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Business & Money | Monday 13 May, 2024 8:53 am

Al Akaria pens SAR 532.1M deal with Diriyah Gate

Saudi Real Estate Co. (Al Akaria) signed on May 9 a contract worth SAR 532.1 million, inclusive of VAT, with Diriyah Gate Development Authority (DGDA) for the implementation of excavation works for Car Park A, Car Park B, and related works, according to a filing to Tadawul. The contract...

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Business & Money | Monday 13 May, 2024 8:25 am

Al Rajhi Bank completes issuing $1B Sukuk

Al Rajhi Bank completed the issuance of USD-denominated additional tier-1 capital sukuk, totaling $1 billion. In a statement to Tadawul, the bank said the total number of sukuk is 5,000 (based on the minimum denomination and total issue volume), with each sukuk having a nominal value of...

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Business & Money | Monday 13 May, 2024 8:17 am

MIS signs 2 contracts worth SAR 167.7M

Al Moammar Information Systems Co. (MIS) signed two contracts worth SAR 167.66 million, including VAT, according to two separate statements to Tadawul. The first contract was signed with Saudi Electricity Co. (SEC) to provide network management, communication, and operation services worth SAR...

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Business & Money | Monday 13 May, 2024 7:25 am

ROSHN Signs MOU with Malahi to Promote the Latest Arcade Experience Across ROSHN’s Venues

ROSHN Group, the PIF-owned giga-project and Saudi Arabia’s most trusted real estate developer, has signed a memorandum of understanding with Malahi that will further enhance ROSHN’s venues as the destination of choice for entertainment seekers. Malahi will place the latest self-operating arcade ...

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Business & Money | Monday 13 May, 2024 12:17 am

Yaqeen S&P ESG MENA ETF starts IPO today

Yaqeen S&P ESG MENA ETF launched its initial public offering (IPO) on the Saudi Exchange (Tadawul) today, May 12. The offering period is 15 business days and the fund manager has the right to extend the IPO to extend up to 45 additional business days. The public, open-ended ETF aims...

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Business & Money | Sunday 12 May, 2024 12:39 pm

Saudi imports from GCC hit SAR 6.8B in February

Saudi Arabia’s imports from GCC countries rose 19% year-on-year (YoY) to SAR 6.78 billion in February 2024, according to a recent report by the General Authority for Statistics (GASTAT). UAE accounted for 65%, or SAR 4.4 billion of the total Saudi imports, up 16%...

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Business & Money | Sunday 12 May, 2024 10:07 am

Aramex doubles net profit in Q1 2024

Aramex today announced its financial results for the first quarter ending 31st March 2024, with net profit nearly doubling, reaching AED47 million, marking two consecutive quarters of strong performance. The net profit margin improved to 3%. In a statement on Friday, the company reported an 8% ...

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Business & Money | Sunday 12 May, 2024 9:58 am

Zain KSA reports revenue of SAR 2.5 billion in Q1 2024

Zain KSA announced the financial results for the first quarter of 2024, with revenue of SAR 2.5 billion, an increase of 4.7% compared to the same period in 2023. Zain KSA reported a net profit of SAR 67 million compared to SAR 1.1 billion in the first quarter of last year. The decline resulted from ...

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