Business & Money | Saturday 19 October, 2024 3:46 pm

KAFD seeks $700M to fund development plans: Report

King Abdullah Financial District (KAFD) aims to raise approximately $700 million from equity investors to finance ongoing development projects within its Riyadh-based real estate complex, Bloomberg reported, citing sources. KAFD plans to achieve this by pooling some of its income-generating...

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Business & Money | Friday 18 October, 2024 5:35 pm

Pan Gulf secures SAR 57.1M credit facilities from Al Rajhi Bank

Pan Gulf Marketing Co. obtained, on Oct. 16, SAR 57.09 million worth of Shariah-compliant credit facilities from Al Rajhi Bank, according to a statement to Tadawul. The one-year credit facilities were provided with no guarantees in return. Pan Gulf will use the funds to finance working...

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Business & Money | Friday 18 October, 2024 5:32 pm

Bahri secures SAR 2.8B Murabaha facility from Alinma Bank

The National Shipping Company of Saudi Arabia (Bahri) signed a Murabaha financing agreement with Alinma Bank for $756 million (SAR 2.835 billion), according to a statement to Tadawul. The 10-year facility is guaranteed by mortgaging the purchased very large crude carriers (VLCCs). The...

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Business & Money | Friday 18 October, 2024 5:30 pm

Development Works Food to up capital via SAR 90M rights issue under new strategy

Development Works Food Co.'s board of directors unveiled the company’s new strategy today, Oct. 16, under which capital would be raised from SAR 30 million to SAR 120 million through a SAR 90 million rights issue, according to a Tadawul filing. Other strategy focus points include exiting...

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Business & Money | Friday 18 October, 2024 5:27 pm

Jadwa REIT Saudi inks lease for Boulevard Riyadh with new operator

Jadwa REIT Saudi Fund signed a new management, operation and leasing agreement with Sareed Development & Real Estate Investment Co. for the Boulevard Riyadh complex, under which the latter will become the property’s new operator. Accordingly, Sareed will carry out works related to...

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Business & Money | Friday 18 October, 2024 5:25 pm

2P signs SAR 46M project contract with Umm Al-Qura University

Perfect Presentation Co. (2P) signed a contract for operating the Deanship of Information Technology at Umm Al-Qura University for SAR 46 million (VAT inclusive). In a statement to Tadawul today, Oct. 17, the company said the 36-month contract would have a positive impact on its financials for ...

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Business & Money | Friday 18 October, 2024 5:20 pm

Tadawul nods to Al Rajhi Capital as market maker on Tharwah

The Saudi Exchange (Tadawul) approved the request received from Al Rajhi Capital to conduct market-making activities on Altharwah Albashariyyah Co. (Tharwah), as of Oct. 20. The market maker obligations on Tharwah are the following: - Minimum Presence of Orders: 50%. - Minimum Size:...

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Business & Money | Friday 18 October, 2024 5:16 pm

Moro Hub Associates with Kaspersky to Enhance Cybersecurity

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (PJSC), signed a Partnership Agreement with Kaspersky, a global leader in cybersecurity. The agreement was signed by Mohammad Bin Sulaiman, CEO of Moro Hub, and Toufic Derbass, Managing Director for the ...

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Business & Money | Friday 18 October, 2024 5:09 pm

Dubai Environment and Climate Change Authority (DECCA) Partners with Moro Hub to Enhance IT Infrastructure and Sustainability Initiatives

The Dubai Environment and Climate Change Authority (DECCA) signed a Memorandum of Understanding (MoU) with Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority PJSC (DEWA), at GITEX 2024, which runs from 14th to 18th October at Dubai World Trade...

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Business & Money | Friday 18 October, 2024 5:05 pm

Abu Dhabi Securities Exchange (ADX) Signs MOU with ADIB Securities to Develop an Integrated Digital Onboarding Platform to Elevate Investor Experience

Abu Dhabi Securities Exchange (ADX), one of the fastest-growing exchanges in the world, announced today that it has signed a memorandum of understanding with ADIB Securities, a leading Sharia-compliant brokerage firm in the UAE and a wholly owned subsidiary of Abu Dhabi Islamic Bank (ADIB), to...

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