Market News
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Activating the Voluntary African Carbon Market ' AFRICARBONX
Thursday 25/07/202409:53:28 AMRead moreActivating the Voluntary African Carbon Market ' AFRICARBONX
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Yanbu Cement Company announces the Interim Condensed Consolidated Financial Results for the period ended on 30-06-2024 (Six months)
Wednesday 24/07/202413:26:02 PMRead moreYanbu Cement Company announces the Interim Condensed Consolidated Financial Results for the period ended on 30-06-2024 (Six months)
Tadawul-
Element List Current Quarter Similar Quarter For Previous Year %Change Previous Quarter % Change
Sales/Revenue 194.2 173.56 11.892 234.17 -17.068
Gross Profit (Loss) 64.53 53.36 20.933 83.8 -22.995
Operational Profit (Loss) 46.97 39.66 18.431 65.26 -28.026
Net profit (Loss) 39.77 35.27 12.758 58.31 -31.795
Total Comprehensive Income 39.77 35.27 12.758 58.31 -31.795
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar Period For Previous Year %Change
Sales/Revenue 428.37 397.56 7.749
Gross Profit (Loss) 148.33 125.89 17.825
Operational Profit (Loss) 112.23 95.4 17.641
Net profit (Loss) 98.07 86.29 13.651
Total Comprehensive Income 98.07 86.29 13.651
Total Shareholders Equity (after Deducting Minority Equity) 2,631.95 2,618.73 0.504
Profit (Loss) per Share 0.62 0.55
All figures are in (Millions) Saudi Arabia, Riyals
Element List Amount Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason of the increase in the revenues during the current quarter compared to the same quarter of the last year is due to the increase in sales quantity and the increase in average selling price.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason of the increase in the net profit during the current quarter compared to the same quarter of the last year is due to the increase in sales revenues and the improvement in short-term investment returns, despite the increase in administrative, selling, financing and Zakat expenses.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason of the decrease in the revenues during the current quarter compared to the previous one is due to the seasonal decrease in sales quantities.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason of the decrease in the net profit during the current quarter compared to the previous one is due to the decline in the sales quantity.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The reason of the increase in the revenues during the current period compared to the same period of the last year is due to the increase in sales quantity and the increase in average selling price.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason of the increase in the net profit during the current period compared to the same period of the last year is due to the increase in quantity of sales, the increase in average selling price and the increase in short-term investment return, despite the increase in administrative, selling, financing, and Zakat expenses.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) There is no
Reclassification of Comparison Items There is no
Additional Information There is no -
Oman Oil Price Drops USD 1.29
Wednesday 24/07/202413:25:00 PMRead moreOman Oil Price Drops USD 1.29
(QNA)-
Oman oil price today reached USD 80.66, comprising a drop by USD 1.29, compared to the price of Tuesday, which stood at USD 81.95.
The average price of Oman oil has stabilized at USD 83.89 per barrel, thus USD 5.41 per barrel lower than June delivery 2024. -
Release from Al Tawfeek Leasing Company-A.T.LEASE (ATLC.CA) Regarding the Coverage Ratio of the IPO
Wednesday 24/07/202413:12:25 PMRead moreRelease from Al Tawfeek Leasing Company-A.T.LEASE (ATLC.CA) Regarding the Coverage Ratio of the IPO
Company Name : Al Tawfeek Leasing Company-A.T.LEASE
ISIN Code : EGS676N1C015
Reuters Code : ATLC.CA
Content :
Release from the company regarding the coverage ratio of the IPO in the first stage in the company's capital increase shares.Release from the Company (879 KB)
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S.A.E Contact Financial Holding (CNFN.CA) - Disclosure Form Concerning the BoD & the Shareholders' Structure
Wednesday 24/07/202413:08:01 PMRead moreS.A.E Contact Financial Holding (CNFN.CA) - Disclosure Form Concerning the BoD & the Shareholders' Structure
Company Name : S.A.E Contact Financial Holding
ISIN Code : EGS738I1C018
Reuters Code : CNFN.CA
Content :
The company sent its Disclosure Form for the BoD & the shareholders' structure for the period ended 30/06/2024 according to Article 30 of the Listing Rules.The Disclosure Form in Arabic (1,719 KB)
The Disclosure Form in English (2,289 KB)
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The Board of Directors of Miral Medical Clinics Company invites its shareholders to attend the extraordinary general assembly meeting (first meeting) via modern technology.
Wednesday 24/07/202413:07:20 PMRead moreThe Board of Directors of Miral Medical Clinics Company invites its shareholders to attend the extraordinary general assembly meeting (first meeting) via modern technology.
Tadawul-
Element List Explanation
Introduction The Board of Directors of Miral Medical Clinics Company is pleased to invite the honorable shareholders to participate and vote in the Extraordinary General Assembly meeting (first meeting), which is scheduled to be held using modern means of purification, God Almighty willing, at exactly (19:30) on Wednesday, 02/10/1446 AH corresponding to 08/14/2024 AD
City and Location of the General Assembly's Meeting At the company's main headquarters located in Riyadh - Olaya District - Prince Muhammad bin Abdulaziz Road, through modern technological means
Hyperlink of the Meeting Location Click Here
Date of the General Assembly's Meeting 2024-08-14 Corresponding to 1446-02-10
Time of the General Assembly’s Meeting 19:30
Methodology of Convening the General Assembly’s Meeting Attendance in-person and via modern technology means
Attendance Eligibility, Registration Eligibility, and Voting End The right to attend shall be for shareholders registered in the register of shareholders of the issuer at the Depository Center at the end of the trading session that precedes the General Assembly meeting and in accordance with the rules and regulations. The right to register attendance for the Assembly meeting ends at the time of the Assembly meeting, and the right to vote on the Assembly items for those present ends when the screening committee finishes categorizing voices.
Quorum for Convening the General Assembly's Meeting According to Article (36) of the company’s bylaws, the extraordinary general assembly meeting will not be valid unless it is attended by shareholders representing at least half of the company’s shares that have voting rights. If this quorum is not present at the first meeting, the second meeting will be held one hour after the end of the period specified for the meeting. The first meeting. In all cases, the second meeting is considered valid if it is attended by a number of shareholders representing at least a quarter of the company’s shares that have voting rights.
General Assembly Meeting Agenda 1. Vote on the company’s auditor’s report for the financial year ending on December 31, 2023 AD after discussing it.
2. Reviewing the Board of Directors’ report for the financial year ending on December 31, 2023 AD and discussing it.
3. Review and discuss the company’s financial statements for the fiscal year ending on December 31, 2023.
4. Vote on discharging the members of the Board of Directors from their liabilities for the fiscal year ending on December 31, 2023 AD.
5. Vote on appointing an auditor for the company from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the half, first and annual periods of the fiscal year 2024 and determine his fees.
6. Vote on authorizing the Board of Directors to distribute interim dividends to shareholders on a semi- or quarterly basis for the financial year ending on 12-31-2024 AD.
7. Vote on delegating the authority of the Ordinary General Assembly to the Board of Directors with the authorization contained in Paragraph (1) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the session of the delegated Board of Directors, whichever comes first, in accordance with the conditions stated in the Executive Regulations. The corporate system for listed joint stock companies.
8. Voting on the business and contracts concluded between the company and the Managing Director and CEO (Dr. Sami Abdullah Al-Saeed), in which he has a direct interest, which are (commissions and bonuses and last for a year) and the value of the transactions during the year 2023 is an amount of (2,350,183) riyals (2,350,183 riyals). Debit transactions) and the value of the amount paid during the year 2023 is (2,260,751) riyals (credit transactions), and the final balance for the year 2023 is (142,644.64) riyals. These transactions are carried out in the normal course of business and in accordance with the prevailing commercial conditions and without any preferential terms (attached)
9. Voting on the business and contracts concluded between the company and the former Chairman of the Board of Directors (Dr. Fahd Abdullah Saleh Al-Tasan), in which he has a direct interest, which are (commissions and bonuses and last for a year) and the value of transactions during the year 2023 is an amount of (804,285) riyals (transactions). Debit) and the value of the amount paid during the year 2023 is (54,104) riyals (credit transactions), and the final balance for the year 2023 is (16,878.05) riyals. These transactions are carried out in the normal course of business and in accordance with the prevailing commercial conditions and without any preferential terms (attached)
10. Vote on deleting Article (10) from the company’s bylaws related to the shareholders’ register (attached)
11. Vote on amending Article (11) of the company’s bylaws related to stock trading (attached)
12. Vote on deleting Article (44) from the company’s bylaws related to issuing general assemblies’ decisions by circulation (attached)
Proxy Form
The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right Honorable shareholders have the right to discuss the topics included in the agenda of the extraordinary general assembly and ask questions, noting that voting in Tadawulaty services is available free of charge to all shareholders using the following link: http://www.tadawulaty.com.sa
Details of the electronic voting on the Assembly’s agenda Shareholders registered in Tadawulati services can vote electronically remotely on the assembly’s items starting at 1:00 am on Saturday, 02/06/1446 AH, corresponding to 08/10/2024 AD, until the end of the meeting time. Registration and voting in Tadawulati services will be available and free to all shareholders using The following link: www.tadawulaty.com.sa
Method of Communication in Case of Any Enquiries In case of any inquiries, please contact us via email at investors@miraldental.com
Or by phone: 0114620444 -
National Company for Learning & Education conducted its Q3 2024 results earnings conference call with financial analysts and investors
Wednesday 24/07/202413:00:44 PMRead moreNational Company for Learning & Education conducted its Q3 2024 results earnings conference call with financial analysts and investors
Tadawul-
Element List Explanation
Announcement Detail National Company for Learning & Education (NCLE) announces that it conducted its Q3-2024 results earnings conference call on July 24, 2024 at 1 pm (KSA Time).
During the call, NCLE Management discussed the Company’s financial results and performance for the third quarter ended May 31, 2024. The call was attended by local and international investors and analysts.
The earnings call presentation is available on the Investors Relation page on NCLE website (or via below link):
https://edu.com.sa/wp-content/uploads/2020/03/ncle-investor-presentation-q3-2024.pdf -
Clean Life Co. Announces the Purchasing of Land in the amount of 1,600,000 Saudi Riyal
Wednesday 24/07/202412:58:06 PMRead moreClean Life Co. Announces the Purchasing of Land in the amount of 1,600,000 Saudi Riyal
Tadawul-
Element List Explanation
Transaction Details Clean Life Company announces the purchase of land worth 1,600,000 Saudi riyals in the city of Jeddah, Al-Rayyan district, with a total area estimated at only 600 square meters
Transaction Amount 1,600,000 Saudi Riyal
Transaction Conditions N/A
Parties of the Transaction Seller: Abdullah Hassan Masri
Buyer: Clean Life Company
Transaction Financing Method Company's own resources
Date of Entering Into The Transaction 2024-07-23 Corresponding to 1446-01-17
Description of Activity of The Asset Subject of The Transaction Commercial land to build Employees' Accommodation
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction N/A
Transaction reasons Building Employees Accommodation
Expected Impact of the Transaction on the Company and Its Operations Increase in Asset value and decrease in rent expense
Related Parties N/A -
Naeem Holding (NAHO.CA) Release Regarding the Disclosure Form
Wednesday 24/07/202412:58:01 PMRead moreNaeem Holding (NAHO.CA) Release Regarding the Disclosure Form
Company Name: Naeem Holding
ISIN Code: EGS69182C011
Reuters Code: NAHO.CA
Content:
Release regarding the disclosure form according to the Article 29 of EGX Listing Rules.The Release (235 KB)
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Nofoth Food Products Co. announces the opening of the nomination period for the board of director’s membership
Wednesday 24/07/202412:57:36 PMRead moreNofoth Food Products Co. announces the opening of the nomination period for the board of director’s membership
Tadawul-
Element List Explanation
Introduction Nofoth Food Products Company announces
he opening of nomination for the Board of Directors Membership for the next four-year term of the Board of Directors, which begins on 22 Nov 2024 and ends on 30 Jun 2028.
Those who are willing to nominate themselves for the Board of Directors Membership, who meet the membership conditions and standards, must submit their nomination applications within the specified period and in accordance with the details contained in this announcement.
The nomination for the Board of Directors Membership will be in accordance with the provisions of the Companies Law, its Executive Regulations, and the Corporate Governance Regulations and the Regulations on Board Membership Standards and Procedures approved by the Company's shareholders General Assembly.
The Board of Directors for the new term will be elected at the next General Assembly meeting, which will be announced later after obtaining the necessary approvals from the relevant authorities.
Type of Assembly New Session
Term Start Date 2024-11-22
Term End Date 2028-06-30
Number of members 5
Nomination Start Date 2024-07-25 Corresponding to 1446-01-19
Nomination End Date 2024-08-24 Corresponding to 1446-02-20
Applications Submission Method The candidacy applications and their attachments should be delivered by email :
GS@NOFOTH.SA
Policy and criteria of nomination The nomination will be in accordance with the provisions governing membership of the Board of Directors stipulated in the Companies Law, the Corporate Governance Regulations issued by the Capital Market Authority, the Company’s Articles of Association, and the Nomination and Remuneration of Nofoth Board members and the members of its standing Committees and Remuneration of Management Policy approved by the General Assembly (attached).
The Nominee shall submit the following requirements during the specified announcement period:
1- Provide a letter indicating the Nominee interest in being a Board member. The letter should include the curriculum vitae, qualifications, and experience in the company’s activates according to relevant forms and requirements.
2- Providing a statement including the name of the joint-stock companies in which the Nominee participates in the membership of their Board of Directors.
3- Providing a statement including the names of the companies/institutions which practice similar activates and the Nominee participates in their ownership or management.
4- Submit a signed copy of form issued by the Capital Markets Authority for Board membership candidacy (Attached).
5- Submit a signed copy of form No. (1) Curriculum vitae in Arabic and English (Attached).
6- A clear and valid copy of the national ID card, family card- if any-, passport Travel for non-Saudis, and any other relevant documents required by the company to meet the requirements of the regulatory authorities.
7- Review relevant rules and regulations, including the Nomination and Remuneration of Nofoth Food Products Co Board members and the members of its standing Committees and Remuneration of Management Policy, and the Nominee is responsible to ensure compliance with the policy -
Al Ashghal Al Moysra Co. announces its Annual Financial results for the period ending on 2023-12-31
Wednesday 24/07/202412:54:24 PMRead moreAl Ashghal Al Moysra Co. announces its Annual Financial results for the period ending on 2023-12-31
Tadawul-
Element List Current Year Previous Year %Change
Sales/Revenue 53,942,761 47,507,832 13.54
Gross Profit (Loss) 17,632,616 12,077,899 45.99
Operational Profit (Loss) 10,298,058 6,935,202 48.49
Net profit (Loss) 10,645,924 7,796,242 36.55
Total Comprehensive Income 10,880,187 8,048,054 35.19
Total Shareholders Equity (after Deducting Minority Equity) 39,899,996 7,764,704 413.86
Profit (Loss) per Share 39.9 -
All figures are in (Actual) Saudi Arabia, Riyals
Element List Amount Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
Accumulated Losses - -
All figures are in (Actual) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The company has expanded projects in many ways geographically, qualitatively and quantitatively
The reason of the increase (decrease) in the net profit during the current year compared to the last year is growth in revenues and reduce cost was the main reason for growth in net profit
Statement of the type of external auditor's report Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) N/A
Reclassification of Comparison Items N/A
Additional Information - -
Saudi Ground Services Co. Announces Resignation and Appointment of a CEO
Wednesday 24/07/202412:53:51 PMRead moreSaudi Ground Services Co. Announces Resignation and Appointment of a CEO
Tadawul-
Element List Explanation
Introduction The Saudi Ground Services Company announces that its Board of Directors has accepted the resignation of the Company's Chief Executive Officer, Mr. Raed bin Hassan Al-Idrissi dated 24 July 2024 corresponded to 18-01-1446 based on his personal and work conditions, based on the recommendation of the Nominations and Remuneration Committee.
The Board of Directors, based on the recommendation of the Nominations and Remuneration Committee, has also issued its decision to appoint Mr. Mohammed bin AbdulKarim Mazi as the Chief Executive Officer of the Saudi Ground Services Company, effective from 01-09-2024.
The Board of Directors extends its thanks and appreciation to Mr. Raed bin Hassan Al-Idrissi for his efforts during the period he spent serving the Company since joining in 2019, wishing him continued success and achievement .
Element List Explanation
Name of the Resigned Person Mr. Raed Hassan Al-Idrisi
Resignation Acceptance Date 2024-07-24 Corresponding to 1446-01-18
Resignation Effective Date 2024-08-31 Corresponding to 1446-02-27
Reasons for Resignation Based on his personal and work condition
Element List Explanation
Appointment Type Appointment
Name of the Appointed Person Mr. Mohammed Abdulkarim Mazi
Date of Board Resolution 2024-07-24 Corresponding to 1446-01-18
Date Work Commencement 2024-09-01 Corresponding to 1446-02-28
Brief Resume Mr. Mohammad Abdulkarim Mazi holds the position of Executive Vice President of Finance and Business Development at the company, effective January 1, 2020. During his tenure, he has held several other positions, including Executive Vice President of Commercial Affairs, Executive Vice President of Operations, and Chairman of the Operational Executive Committee for Hajj and Umrah operations.
He holds a bachelor’s degree in accounting from the University of New Orleans and, a master’s degree in business administration from Texas A&M University (United States).
He has over 15 years of extensive experience in financial management and business development, having held various leadership positions, including Chief Financial Officer at Al Salem Johnson Controls and Head of Budgeting and Performance Reporting at Saudi Aramco.
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Abdullah Saad Mohammed Abo Moati for Bookstores Co. announces the board of director’s decision to distribute cash dividends for The second half of the fiscal year ending on 03/31/2024.
Wednesday 24/07/202412:53:11 PMRead moreAbdullah Saad Mohammed Abo Moati for Bookstores Co. announces the board of director’s decision to distribute cash dividends for The second half of the fiscal year ending on 03/31/2024.
Tadawul-
Element List Explanation
Introduction Abdullah Saad Mohammed Abo Moati for Bookstores Co. announces the board of director’s decision to distribute cash dividends for The second half of the fiscal year ending on 03/31/2024.
Date of the board’s decision 2024-07-24 Corresponding to 1446-01-18
The Total amount distributed 10,000,000
Number of Shares Eligible for Dividends 20,000,000
Dividend per share 0.5
Percentage of Dividend to the Share Par Value (%) 5
Eligibility date 2024-09-01 Corresponding to 1446-02-28
Distribution Date 2024-09-10 Corresponding to 1446-03-07
The name of other official authorities and the details of their non-refusal to the recommendation or decision NA
Additional Information The eligibility of dividends shall be for the shareholders whose owns shares on maturity Sunday 01/09/2024 , and registered with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of maturity. -
Saudi Ceramic Co. announces the deposit of the amounts from selling the shares fractions resulted from the company’s capital Increase in the eligible shareholder’s accounts
Wednesday 24/07/202412:52:08 PMRead moreSaudi Ceramic Co. announces the deposit of the amounts from selling the shares fractions resulted from the company’s capital Increase in the eligible shareholder’s accounts
Tadawul-
Element List Explanation
Introduction Saudi Ceramics Co. announces the completion of the process of selling fractional shares and deposit of proceeds to eligible shareholders resulting from the increase in the company's capital as approved by the Extraordinary General Assembly (Second Metting) held on 20-12-2024 Corresponding to 26-06-2024
Share’s Fractions Sale Completion Date 2024-07-04 Corresponding to 1445-12-28
Number of Sold Shares 6462
Share’s Fractions Selling Returned Amount 185,782.50 SAR
Average Selling Price per share 28.75
Deposit Date of The Return Amount from Share’s Fractions Selling in Eligible Shareholder’s Accounts 2024-07-24 Corresponding to 1446-01-18
Name and Contact Method of Responsible Entity Distributing The Return Amount from Share’s Fractions Selling in Eligible Shareholder’s Accounts The proceeds from the sale of fractional shares were distributed through Alrajhi Bank by depositing the due amounts in the company's shareholders local bank accounts which are linked to their investment portfolios in which the shares of Saudi Ceramics Company were deposited.
In the event that an eligible shareholder has not received their payment, the shareholder can receive it directly from any Alrajhi Bank branch and if there are any further enquiries please communicate with the Saudi Ceramics Company Investor email address: invest@saudiceramics.com -
AYYAN Investment Company Announces a Reminder of the Last Day for the Subscription in the New Shares.
Wednesday 24/07/202412:51:23 PMRead moreAYYAN Investment Company Announces a Reminder of the Last Day for the Subscription in the New Shares.
Tadawul-
Element List Explanation
Announcement Detail AYYAN Investment Company would like to remind the Investors that the last day for the subscription in the new shares is today, Wednesday, 18/01/1446H (corresponding to 24/07/2024G).
In the event of any inquiries, kindly contact the Shareholder Relations Department on Tel.: 013-8822130 or by e-mail: share@ayyan.com.sa -
East Pipes Integrated Company for Industry Announces Resignation of a Board Member
Wednesday 24/07/202412:50:44 PMRead moreEast Pipes Integrated Company for Industry Announces Resignation of a Board Member
Tadawul-
Element List Explanation
Introduction East Pipes Integrated Company for Industry announces resignation of Vice Chairman Mr. Ahmed Mubarak Mohammed Al-Debasi from the membership of the Board of Directors (Independent member).
Element List Explanation
Resigned Member Name Ahmed Mubarak Mohammed Al-Debasi
Membership Type Independent
Resignation Submission Date 2024-07-24 Corresponding to 1446-01-18
Resignation Effective Date 2024-07-24 Corresponding to 1446-01-18
Membership Starting Date for the Resigned Member 2020-09-21 Corresponding to 1442-02-04
Reasons of Resignation Personal reasons -
Saudi Parts Center Co. Announces the Results of the Extraordinary General Assembly Meeting, ( First Meeting )
Wednesday 24/07/202412:49:45 PMRead moreSaudi Parts Center Co. Announces the Results of the Extraordinary General Assembly Meeting, ( First Meeting )
Tadawul-
Element List Explanation
Introduction The Board of Directors of Saudi Parts Center Company is pleased to announce to the shareholders the results of the Extraordinary General Assembly Meeting (First Meeting) at (19:30) pm on Tuesday 17/01/1446 AH corresponding to 23/07/ 2024 AD through modern technology, after the quorum for the validity of the assembly is completed.
City and Location of the General Assembly's Meeting Riyadh - through modern technology
Date of the General Assembly's Meeting 2024-07-23 Corresponding to 1446-01-17
Time of the General Assembly’s Meeting 19:30
Percentage of Attending Shareholders 75.17283%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees 1. Mr. Abdullah Ibrahim Alkhorayef (Chairman and Chairman of the Association)
2. Mr. Abdullah bin Hamad bin Abdulaziz Alkhorayef
3. Mr. Fahad bin Mohammed bin Abdulaziz Alkhorayef
4. Mr. Sultan bin Hazaa bin Al-Asimi
5. Mr. Mohammed bin Rashid Abalkhail
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf Mr. Yousef Al-Awam (Member of the Audit Committee)
Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Review the Board of Directors’ report for the financial year ending 12/31/2023 AD and discuss it.
2. Review and discuss the financial statements for the fiscal year ending 12/31/2023.
3. Approval on the company’s auditor’s report for the financial year ending on 12/31/2023 AD after discussing it.
4. Approval on disbursing an amount of (248,000) riyals as a reward to members of the Board of Directors for the financial year ending on 12/31/2023 AD.
5. Approval on discharging the members of the Board of Directors from their liabilities for the fiscal year ending on 12/31/2023.
6. Approval of the appointment of (KPMG) as the Company's auditor from among the candidates based on the recommendation of the Audit Committee, to examine, review and audit the annual and semi-annual financial statements of the fiscal year 2024.
7. Approval on delegating the authority of the Extraordinary General Assembly to the Board of Directors, with the license contained in Paragraph (1) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the session of the delegated Board of Directors, whichever comes first, in accordance with the conditions stated in the Executive Regulations. The corporate system for listed joint stock companies.
8. Approval on authorizing the Board of Directors to distribute interim dividends on a semi-annual basis for the fiscal year 2024.
9. Approval on amending the company’s bylaws in line with the new companies’ bylaws, and rearranging the articles of the company’s bylaws and numbering them to be consistent with the proposed amendments.
Additional Information For any inquire please contact Investor Relations at:
Phone No: 0118212553
Email: aaltayyar@spc-parts.com -
Saudi Parts Center Co. Announces Obtaining a General facilities for working capital financing
Wednesday 24/07/202412:48:52 PMRead moreSaudi Parts Center Co. Announces Obtaining a General facilities for working capital financing
Tadawul-
Element List Explanation
Introduction Saudi Parts Center Co. Announces the signing of a credit facilities agreement in compliance with Islamic Sharia with The Saudi Investment Bank
Date of obtaining the funding 2024-07-24 Corresponding to 1446-01-18
Financing entity Saudi Investment Bank
Financing amount. 30,000,000 Saudi Riyal
Financing duration. From 24/07/2024 to 30/04/2025
Guarantees offered for the financing A promissory note by the company with the total value of the facility
Financing objective To import/purchase materials to finance working capital requirements
Related Parties There are no related parties
Additional Information For any inquire please contact Investor Relations at:
Phone No: 0118212553,
Email: aaltayyar@spc-parts.com -
Muscat Stock Exchange closes higher
Wednesday 24/07/202412:42:07 PMRead moreMuscat Stock Exchange closes higher
SPA-
The Muscat Stock Exchange “30” index closed today at 4654.35 points, up 5.8 points or 0.13% compared to the last trading session, which reached 4648.53 points.
The trading value reached OMR 4 million,121 thousand and 574 , an increase of 120.6% compared to the last trading session, which amounted to OMR 1 million, 868 thousand and 439 .
The report issued by the Muscat Stock Exchange indicated that the market value increased by 0.062% from the last trading day and amounted to approximately OMR 24.43 billion. -
GMC FOR INDUSTRIAL COMMERCIAL & FINANCIAL INVESTMENTS (GMCI.CA) - Release Regarding a Disclosure Form
Wednesday 24/07/202412:33:48 PMRead moreGMC FOR INDUSTRIAL COMMERCIAL & FINANCIAL INVESTMENTS (GMCI.CA) - Release Regarding a Disclosure Form
Company Name: GMC FOR INDUSTRIAL COMMERCIAL & FINANCIAL INVESTMENTS
ISIN Code: EGS46051C016
Reuters Code: GMCI.CA
Content:
Release regarding the disclosure form according to the Article 29 of EGX Listing Rules.The Release (540 KB)
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Bahrain's indices closed mixed
Wednesday 24/07/202412:32:39 PMRead moreBahrain's indices closed mixed
SPA-
The Bahrain General Index closed today at the level of 1,978.26, a decrease of 1.40 points from its previous closing rate, while the Bahrain Islamic Index closed at the level of 823.11, an increase of 0.98 points from its previous closing rate.
The quantity of shares traded today amounted to two million 166 thousand and 24 shares with a total value of BD 497 thousand and 754 , which were executed through 69 transactions. -
Release from Palm Hills Development Company (PHDC.CA) Regarding the Purchase of Treasury Stocks
Wednesday 24/07/202412:27:00 PMRead moreRelease from Palm Hills Development Company (PHDC.CA) Regarding the Purchase of Treasury Stocks
Company Name : Palm Hills Development Company
ISIN Code : EGS655L1C012
Reuters Code : PHDC.CA
Content :
Release from the company regarding the purchase of treasury Stocks on 24/07/2024.Release from the Company (141 KB)
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New Zealand Shares Close at 30-Month High
Wednesday 24/07/202412:25:35 PMRead moreNew Zealand Shares Close at 30-Month High
Trading Economics-
New Zealand's benchmark S&P/NZX 50 index climbed 0.85% to 12,531 on Wednesday, hitting its highest close since January 2022, amid broad-based gains. The index shrugged off a soft lead from Wall Street overnight, as investors assessed mixed earnings reports while monitoring developments in the US presidential race. Market participants now await key US economic data releases this week, including the PMI figures, Q2 GDP data, and the PCE price index. Domestically, expectations of multiple rate cuts from the Reserve Bank of New Zealand continue to support the market outlook, with markets seeing a 50% chance of a rate cut at the central bank’s August meeting. Among index heavyweights, strong gains were seen from Fisher & Paykel (1.1%), Infratil (2.2%), Mainfreight (2.8%), Ebos Group (1.2%), and Contact Energy (1.3%). Additionally, retirement-home operators Ryman (0.7%), Summerset (3.4%), Arvida (0.6%), and Oceania (1.3%) posted gains. -
Listing the Shares of Al ' Ahly Group For Modern Agriculture (Temporary Listing)(Main Market)
Wednesday 24/07/202412:21:50 PMRead moreListing the Shares of Al ' Ahly Group For Modern Agriculture (Temporary Listing)(Main Market)
The listing committee held on 24/07/2024 has approved the following:
' Listing the shares of Al ' Ahly Group For Modern Agriculture (temporary listing) with an issued capital of EGP 150 Million, distributed over 1,500,000,000 shares, at a nominal value of EGP 0.10 per share, represented in six issuances in the Egyptian Securities Listing Schedule (Shares) ' 'Main Market', in accordance with Articles (7), (1) bis, (6) and (18) of the rules for listing and delisting securities on the Egyptian Exchange.
' The company is committed to fulfill the items (1, 2, 3) of Article (7) of the Listing Rules and complete the registration procedures with the Financial Regulatory Authority (FRA) in accordance with the rules determined by the Board of Directors of the Financial Regulatory Authority (FRA), also applying to (EGX) to execute the offering for its shares within six months from the date of temporary listing.
' In all cases, the company's shares shall not be traded during the period from the date of the temporary Listing until the start of trading of these shares (after the offering), except with the approval of (FRA). The temporary Listing shall be considered as if it never exist, in case of the company does not implement its share offering and fulfill the conditions and requirements for final listing within six months from the date of temporary listing.
' The said deadline may be extended with the approval of (FRA) in cases it deem appropriate based on the justifications and time plan that submitted by the company .
The company must adhere, throughout the temporary Listing period to the obligations stipulated in clauses (1 to 4) of Article (48) of these rules.
' Each major shareholder and/or his substitute from the rest of the company's shareholders upon listing shall be obligated to retain at least (51%) of their own stake in the company's share capital to be Locked 'Up , in case they are available, and if their stake accordingly are less than (25%) of the company's issued capital share, the (25%) are completed from the stakes of the members of the Board of Directors and the founders of the company or other shareholders.
Such Locked 'Up shares shall be for a period of not less than (24) months , together with the issuance of the periodic financial statements for two fiscal years from the date of offering at the stock exchange, where the same percentage is retained in any increase in the company's capital for the same period, except for stock dividend , in implementation of item (7) of Article (7) of the Listing and Delisting Rules.
' The company's shares shall be added on EGX's database under the sector of " food, beverages and tobacco' as of Sunday 28/07/2024 trading session.
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Release from Cleopatra Hospital Company (CLHO.CA) Regarding the Minutes of the Company's Board of Directors' Meeting
Wednesday 24/07/202412:21:15 PMRead moreRelease from Cleopatra Hospital Company (CLHO.CA) Regarding the Minutes of the Company's Board of Directors' Meeting
Company Name : Cleopatra Hospital Company
ISIN Code : EGS729J1C018
Reuters Code : CLHO.CA
Content :
With reference to the announcement published on trading screens on 24/07/2024 regarding the minutes of the company's Board of Directors meeting at its session held on 23/07/2024, a notification of dealing in treasury shares was received from the company.Release from the Company (46 KB)
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Silver Stabilizes Ahead of Key US Data
Wednesday 24/07/202412:13:01 PMRead moreSilver Stabilizes Ahead of Key US Data
Trading Economics-
Silver stabilized above $29.25 per ounce on Wednesday, attempting to rise for the second straight session as investors awaited key US economic data that could shed light on the path for Federal Reserve monetary policy. US PMI figures for July will be released on Wednesday, second-quarter GDP figures will follow on Thursday and the latest PCE price index report is due on Friday. The Fed is widely expected to start cutting interest rates in September, with at least one more reduction seen before the end of the year. Meanwhile, signs of demand weakness in top consumer China continued to weigh on the market. Elsewhere, India lowered import duties on gold and silver from 15% to 6% to support jewelry manufacturing, raising the demand outlook in the world’s second-largest consumer of bullion. -
Gold Rises, Eyes on US Economic Data
Wednesday 24/07/202412:09:34 PMRead moreGold Rises, Eyes on US Economic Data
Trading Economics-
Gold rose above $2,410 per ounce on Wednesday, extending gains from the previous session, as investors awaited US economic data later this week for clarity on the timing of the Federal Reserve's anticipated rate cut. Traders are set to digest the advance reading of second-quarter GDP on Thursday and the PCE price index report for June on Friday. The Q2 GDP growth advance estimate is expected to show a 2% expansion, up from 1.4% in Q1, while the PCE price index is forecasted to see a 0.1% uptick after remaining flat in May. Recently, cooling US headline inflation bolstered expectations that the Fed may begin cutting rates in September, with two more reductions anticipated before the end of the year. -
Alexandria National Company for Financial Investment (ANFI.CA) - Board of Directors' Meeting Minutes
Wednesday 24/07/202412:06:11 PMRead moreAlexandria National Company for Financial Investment (ANFI.CA) - Board of Directors' Meeting Minutes
Company Name: Alexandria National Company for Financial Investment
ISIN Code: EGS67331C016
Reuters Code: ANFI.CA
Content:
The Board of Directors' meeting minutes held on 24/07/2024.The BoD minutes (509 KB)
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Australian Shares Slip Amid Weak PMI Data
Wednesday 24/07/202412:01:37 PMRead moreAustralian Shares Slip Amid Weak PMI Data
Trading Economics-
The S&P/ASX 200 Index shed 0.1% to close at 7,964 on Wednesday, paring gains from the previous session as weak business activity data dampened investor sentiment. Data showed that private sector activity in Australia expanded at a slower pace in July as services sector growth eased, while manufacturing activity remained contractionary. Australian shares also tracked US stock futures lower as big tech firms Tesla and Alphabet tumbled in after-hours trading on disappointing quarterly results. Energy stocks led the decline on weaker oil prices, with sector leaders Woodside Energy and Santos losing 1.1% and 0.8%, respectively. Telix Pharmaceuticals also dropped 6.8% after launching a $397.5 million convertible bond offering to fund clinical development programs. Elsewhere, Flight Centre lost 4.5% after lowering its profit guidance. -
South Africa Inflation Rate Eases to 6-Month Low
Wednesday 24/07/202411:59:50 AMRead moreSouth Africa Inflation Rate Eases to 6-Month Low
Trading Economics-
South Africa’s annual inflation rate eased to 5.1% in June 2024, edging lower from 5.2% in the previous two months, but remained above the central bank's target of 4.5%. Still, it was the lowest reading since December 2023, as prices softened across several CPI categories, including food and non-alcoholic beverages (4.6% vs 4.7% in May), housing and utilities (5.5% vs 5.8%), health (5% vs 5.3%), and recreation and culture (2.2% vs 2.9%). Transport costs also moderated (5.5% vs 6.3%), due to easing fuel prices (7.6% vs 9.3%). Conversely, prices for household contents and services (2.6% vs. 1.8%) and restaurants and hotels (7.5% vs. 6.5%) increased at a faster rate. Meanwhile, annual core inflation, which excludes food and fuel prices, ticked down to 4.5%, the lowest reading since December 2023, from a prior 4.6%. On a monthly basis, the CPI grew by 0.1%, following a 0.2% increase in the prior period. -
DAX Falls 1%
Wednesday 24/07/202411:58:17 AMRead moreDAX Falls 1%
Trading Economics-
The DAX was down nearly 1% to trade around the 18375 level on Wednesday, tracking its European peers lower, weighed down by disappointing corporate results. Deutsche Bank was the biggest loser (-7%) as the lender logged a quarterly loss after making a provision for an ongoing lawsuit over its Postbank division. Commerzbank (-2.9%) and Daimler Truck Holding (-3%) were also lower. On the other hand, Rheinmetall was the biggest gainer (2.3%) after the group significantly increased sales and operating results in Q2 and exceeded market expectations while confirming guidance for 2024. On the data front, flash PMIs for Germany disappointed, with the private sector unexpectedly returning to contraction due to a deeper fall in manufacturing and a slowdown in services. -
Release from Arab Cotton Ginning (ACGC.CA) Regarding the EGM
Wednesday 24/07/202411:56:45 AMRead moreRelease from Arab Cotton Ginning (ACGC.CA) Regarding the EGM
Company Name : Arab Cotton Ginning
ISIN Code : EGS32221C011
Reuters Code : ACGC.CA
Content :
With reference to the announcement published on trading screens on 24/07/2024 regarding the EGM scheduled to be held on 20/08/2024, a release was sent regarding a proposal to amend some articles of the bylaws presented to the EGM.Release from the Company (3,198 KB)
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Total Redemption for the Listed Bonds of AL Rehab For Securitization The Eleventh Issue Tranche C September 2026
Wednesday 24/07/202411:56:04 AMRead moreTotal Redemption for the Listed Bonds of AL Rehab For Securitization The Eleventh Issue Tranche C September 2026
According to the letter received from the MCDR on 2024/07/24 by the total redemption (the last installment no.14) for the bonds of AL Rehab For Securitization The Eleventh Issue Tranche C September 2026. The total value of the bonds tranche at the total redemption amounted to EGP 12,400,000.0 distributed over 1,210,000 bonds at a par value of EGP 10.24793.
This bond tranche will removed from EGX database effective 2024/07/28 trading session.
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Hang Seng Closes at 3-Month Low
Wednesday 24/07/202411:55:31 AMRead moreHang Seng Closes at 3-Month Low
Trading Economics-
The Hang Seng slipped 158 points or 0.9% to end at 17,311 on Wednesday, retreating for the second straight session due to a plunge in US futures following an unimpressive start to the earnings reports from mega-cap tech companies on Wall Street. The index hit its lowest level in three months, burdened by persistent declines in Chinese stocks as concerns over the impact of China’s weak economy mounted while policy direction following last week's Third Plenum remained unclear. Moreover,Prada Spa sank 5.7%, as shoppers cut back on expensive purchases in the face of an increased crackdown by Beijing on displays of luxury goods online. Some large caps that also suffered big losses were Nongfu Spring (-7.1%), Chow Ta Fook Jewellery (-6.5%), Meituan (-4.3%), Li Auto (4.2%), and China Resources Land (-3.2%). -
Siemens and BAE Systems sign 5-year deal to collaborate
Wednesday 24/07/202411:52:20 AMRead moreSiemens and BAE Systems sign 5-year deal to collaborate
TradeArabia-
Siemens and BAE Systems have signed a deal to team up on innovation in engineering and manufacturing technologies embracing digital transformation, whilst leveraging digital capabilities throughout programme lifecycles.
The five-year agreement is designed to explore and develop a strategic blueprint for engineering of the future and factory of the future capabilities across design and manufacturing disciplines within BAE Systems.
This builds on and exploits the recent deployment of Siemens’ NX software for product engineering and Teamcenter software for Product Lifecycle Management (PLM), from the Siemens Xcelerator portfolio of industry software. Edge computing solutions and technology validation have also been successfully used across multiple catapult and technology centres.
Developing a framework
Through the agreement, Siemens Digital Industries and BAE Systems commit to working together regionally and internationally in the fields of Sustainability, Industrial Digitalisation and Supply Chain Modernisation, to develop a framework to accelerate the commercial application benefits to BAE Systems within technology exploitation and adaptation.
The framework for collaboration follows decades of successful partnership between the two companies. This has included the development and delivery of a range of Siemens’ technology, knowledge sharing between engineers and joint showcases of solutions at industry forums.
Siemens and BAE Systems will also continue previous initiatives to innovate and develop new approaches to digital manufacturing supporting the Factory of the Future initiative within BAE systems.
Leading edge
Brian Holliday, managing director at Siemens Digital Industries in the UK and Ireland, said: “This agreement builds on a well-established, successful collaboration between BAE Systems and Siemens, companies which share ambitions to promote manufacturing careers and innovation. Technology is transforming manufacturing at an accelerated pace and we are proud to work with BAE Systems at the leading edge of Industry 4.0 in the UK."
“The partnership is a good example of Siemens’ broader vision for how we want to work with customers via Siemens Xcelerator, which is built on digital portfolio, eco-system thinking and a digital marketplace. The principle is that by working together in a focussed way, we can accelerate the time to business and sustainability benefits through technology.”
Iain Minton, Technology Capability Delivery Director at BAE Systems, said: “Collaborations like this help us develop and invest in digital thread enabling technologies in a much more integrated and seamless way. Siemens understand the complexities of our operating environment, so we can very quickly mature an idea to the point where it is put into practice, for example when we are looking to implement / optimise new engineering, support or manufacturing capabilities. That’s the real value of this collaboration – the trust and understanding we have built together creates a really powerful force in driving results for the aerospace sector.”
Strategic plans
Ben Sheath, vice president and managing director, UK & Ireland, Siemens Digital Industries Software, said: “We are pleased to extend Siemens’ two-decade long relationship with BAE Systems as it continues to deliver on strategic plans to build the factory of the future. We look forward to working alongside the team at BAE Systems as they leverage the power of Industry 4.0 to help achieve the company’s digital transformation goals. This is another great example of how leaders in aerospace are choosing to partner with Siemens and adopt the Siemens Xcelerator portfolio as the foundation of their digital transformation.
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Alexandria National Company for Financial Investment (ANFI.CA) Reports 6 Months Results
Wednesday 24/07/202411:47:31 AMRead moreAlexandria National Company for Financial Investment (ANFI.CA) Reports 6 Months Results
Company Name : Alexandria National Company for Financial Investment
ISIN Code : EGS67331C016
Currency : EGP
F/S Period : From 01/01/2024 To 30/06/2024
Net Loss : 1,046,951
F/S Period: From 01/01/2023 To 30/06/2023
Net Comparative Loss : 427,929
Audit Status : Reviewed
Source : Alexandria National Company for Financial Investment
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Alexandria National Company for Financial Investment (ANFI.CA) Reports 6 Months Results
Wednesday 24/07/202411:47:30 AMRead moreAlexandria National Company for Financial Investment (ANFI.CA) Reports 6 Months Results
Company Name : Alexandria National Company for Financial Investment
ISIN Code : EGS67331C016
Currency : EGP
F/S Period : From 01/01/2024 To 30/06/2024
Net Loss : 1,046,951
F/S Period: From 01/01/2023 To 30/06/2023
Net Comparative Loss : 427,929
Audit Status : Reviewed
Source : Alexandria National Company for Financial InvestmentThe Financial Statements (3,402 KB)
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Listing the Bonds of Aman For Securitization The Fourth Issuance - First Program Matured in May 2026 Tranches A, B, C & D
Wednesday 24/07/202411:41:55 AMRead moreListing the Bonds of Aman For Securitization The Fourth Issuance - First Program Matured in May 2026 Tranches A, B, C & D
News Attachment in Arabic & English (PDF Format) File Size: 1.06 MB -
Egypt prepares for voluntary carbon market launch, sets criteria for brokerage firms
Wednesday 24/07/202411:35:35 AMRead moreEgypt prepares for voluntary carbon market launch, sets criteria for brokerage firms
Business Today-
Egypt is gearing up for the establishment of a voluntary carbon market, with Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA) outlining the conditions for brokerage firms seeking approval to eventually trade carbon emission reduction certificates.
Issuing Decision No. 1732 of 2024, Farid’s announcement marks a significant step towards activating the African voluntary carbon market and is part of Egypt's broader strategy to accelerate environmental sustainability efforts and position the country as a leader in Africa's green economy.
According to the statement, the authority has already completed all necessary legislative and regulatory frameworks to launch the market.
The new directives mandate that brokerage firms meet specific criteria to qualify for future FRA approval. These include maintaining a minimum issued and paid-up capital of EGP 15 million, ensuring equity not less than the paid-up capital, and adhering to stringent technological infrastructure and data protection measures set by the FRA.
Firms are required to implement the necessary technological infrastructure and data protection and security measures as defined by the FRA, and ensure no regulatory actions have been taken against them in the six months preceding the application, except for warnings.
They must also implement electronic trading systems that facilitate the efficient trading and settlement of carbon emission reduction certificates, while maintaining careful records of trading activities.
For traders to be authorized for carbon certificate trading, they are obligated to undergo a specialized training program specified by the FRA, or commit to completing the training once scheduled.
The FRA has streamlined the preparatory process, committing to a one-week turnaround time for processing future applications, firms will be able to apply for FRA approval once they have met all conditions, explained the statement.
A lack of response within this period will be considered indicative of the firm's readiness and commitment to the regulatory standards set forth. -
Egypt has the potential to transform into commercial, production hub: UAE ambassador
Wednesday 24/07/202411:32:30 AMRead moreEgypt has the potential to transform into commercial, production hub: UAE ambassador
Ahram Online-
UAE Ambassador to Egypt Mariam Khalifa AlKaabi said Egypt has the potential to transform into a commercial and production hub to cover the needs of the European and African markets.
Alkaabi made the statement during a meeting with the Minister of Finance, Ahmed Kouchouk, at the new administrative capital.
She also boasted the special relations between the two countries, stating that such potential will drive the UAE to implement new projects using diverse financing tools.
“We are currently working on initializing a more attractive business environment for private sector investments,” stated Kouchouk.
He also noted that the government is eager to strengthen cooperation between the two sides, saying, "We are open to any collaboration that will open up promising horizons for investment in Egypt with the Emirati side."
Furthermore, he stated that the government looks forward to developing Emirati investments in different sectors in Egypt, noting that the UAE has become Egypt's largest investment partner in recent years.
Egypt and the UAE recently signed a $35 billion Foreign Direct Investment (FDI) deal -- the largest in Egypt's history -- to develop Ras El-Hekma on the North Coast. -
Egypt water projects receive 19% of concessional development financing: Minister
Wednesday 24/07/202411:30:48 AMRead moreEgypt water projects receive 19% of concessional development financing: Minister
Ahram Online-
Around 19 percent of the concessional development financing allocated by international partners is directed toward water projects across Egypt, said Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat on Tuesday.
These projects aim to achieve Sustainable Development Goal 6 (SDG6): Clean water and sanitation for all, Al-Mashat explained during her participation in the G20 Development Working Group (DWG) meetings being held in Rio de Janeiro, Brazil.
The DWG acts as G20’s coordinating body for development policies, focusing on achieving the SDGs to promote economic growth, environmental protection, and social inclusion.
Minister Al-Mashat added that Egypt has been carrying out a series of these projects, with the aim of enhancing national capacities and addressing water security challenges, such as the Bahr El Baqar wastewater treatment plant, water desalination projects, and water and wastewater services projects.
She also reviewed the international initiative Action on Water Adaptation or Resilience (AWARe) Egypt launched during COP27 to address water and climate-related challenges at the global level.
Al-Mashat said the initiative focuses on developing countries most affected by climate change, by supporting on-ground project implementation efforts.
She stressed the need for providing the necessary funding for water sector adaptation projects as being “a major focus for achieving sustainable development in various countries.”
The minister called for mobilizing diverse financial resources for water planning and infrastructure systems, highlighting the difficulties in financing water systems flexibly and sustainably
The minister expressed the importance of the Fourth International Conference on Financing for Development (FfD) scheduled to be held in 2025 in Spain.
This conference aims to address the financial challenges facing sustainable development, which primarily affect developing countries and hinder their ability to make necessary investments in this field.
Referring to the Brazilian G20 presidency's call to enhance drinking water services, Al-Mashat stressed that access to these services is a basic condition for health and nutrition.
She added that with the world facing climate change, environmental degradation, loss of biodiversity, and pollution, achieving sustainable access to safe and affordable drinking water has become more urgent and challenging. -
India reduces tax on foreign companies
Wednesday 24/07/202411:27:18 AMRead moreIndia reduces tax on foreign companies
(WAM)-
India has cut taxes on foreign companies to attract more investments from abroad.
“The rules and regulations for both Foreign Direct Investment (FDI) in India and overseas investment by Indians will be simplified to facilitate foreign investments, nudge prioritisation, and promote opportunities for using the Indian Rupee as a currency for overseas investments,” India’s Finance Minister, Nirmala Sitharaman said in Parliament on Tuesday.
Presenting the government’s annual budget, Sitharaman announced a five-percent cut in corporate tax for foreign companies. The new rate will be 35 percent, with the aim of incentivising foreign entities with investments in India.
“We are trying to bring in ease of doing business in India,” she assured potential investors abroad. “In every sector where there was only 26 percent foreign direct investment allowed, we raised it to 49 percent and then wherever possible, we have raised it to 74 percent.”
She said there has been a consistent and continuing effort to relax the government’s policies to attract FDI. “In that process, we are willing to do further simplification,” she said.
Referring to the decentralisation of investment norms, Sitharaman said states will be incentivised to implement their business reforms and action plans to make federal investments more attractive. -
Egypt, Eni Reach Agreement to Intensify Research, Exploration
Wednesday 24/07/202411:23:11 AMRead moreEgypt, Eni Reach Agreement to Intensify Research, Exploration
Egypt OIL & GAS-
Minister of Petroleum and Mineral Resources Karim Badawi has held a joint discussion session in New Alamein City with Martina Opizzi, Head of North Africa and Levant Region at Eni.
During the meeting, an agreement was reached covering many topics, including the company’s intensification of research and exploration work and the development of its fields in its concession areas in Egypt, as well as increasing the number of operating rigs.
It was also agreed to exploit Egypt’s position as a regional energy trading hub to receive gas produced from Eni’s fields in the Eastern Mediterranean and export it through its existing facilities in Egypt.
The meeting reviewed the positive results and activated what was agreed upon during the meeting of Prime Minister Mostafa Madbouly with Opizzi, during the Egyptian-European Investment Conference, which was held recently.
Moreover, the meeting reviewed the results of recent discussions with Guido Brusco, Eni’s Chief Operating Officer of Natural Resources.
Badawi stated that Eni has a long history of working in Egypt and has achieved many successes, and many investment opportunities are available to increase its activities during the coming period.
The minister also explained that the agreement represents a strong impetus to increase its activities, which contributes to increasing investment and production rates. -
Dragon Oil to Use AI to Boost Egypt’s Oil Production
Wednesday 24/07/202411:21:43 AMRead moreDragon Oil to Use AI to Boost Egypt’s Oil Production
Egypt OIl & GAS-
Fareed Alhashmi, the CEO of Dragon Oil in Egypt and Iraq, has announced that his company started to study developing Morgan and Badri fields by using artificial intelligence (AI) technology.
This aligns with the directions of the Minister of Petroleum and Mineral Resources Karim Badawi towards increasing the use of digital technology especially artificial intelligence to raise the production rates, get benefit from the old wells and brownfields as well as open new horizons for developing these fields through drilling new wells and improving strategies for recovering oil reserves through water injection operations.
The study is the first of its kind in the Gulf of Suez region and in Egypt. The project is a quantum leap in the use of advanced technology in the management of oil fields in the Gulf of Suez region, Alhashmi explained.
It provides new opportunities to improve the recovery of oil reserves from the field and ensure continuity of production, which enhances the ability to operate and the vision of sustainability in the petroleum industry in the Egyptian market, Alhashmi said.
This project is expected to boost production, effectively extending the life of the Morgan and Badri fields, in addition to improving the efficiency of operations and environmental sustainability, the CEO elaborated.
After the launch of the projects, a training program will start for four days given to more than 50 engineers working in the Egyptian petroleum sector.
Dragon Oil, owned by the UAE’s government, is considered one of the top international companies operating in the Middle East which expanded in using AI technology within the petroleum industry. This is in line with the UAE’s strategy to become a leader in the use of AI in the region by 2031. -
Egyptian Media Production City (MPRC.CA) - Release Concerning Article 29
Wednesday 24/07/202411:16:22 AMRead moreEgyptian Media Production City (MPRC.CA) - Release Concerning Article 29
Company Name : Egyptian Media Production City
ISIN Code : EGS78021C010
Reuters Code : MPRC.CA
Content :
Release regarding the form according to the Article 29 of EGX Listing RulesThe Release (467 KB)
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The Kuwait Stock Exchange closes its trading on an increase in the general index
Wednesday 24/07/202411:13:13 AMRead moreThe Kuwait Stock Exchange closes its trading on an increase in the general index
SPA-
The Kuwait Stock Exchange closed its trading today with its general index rising by 22.65 points, reaching the level of 7154.95 points, an increase of 0.32 percent.
The volume of shares traded amounted to 183.7 million shares, through 12,547 cash transactions, with a value of KWD 41.3 million.
The main market index decreased by 2.27 points, closing at 6015.15 points, a decrease of 0.04 percent, through the trading of 71.6 million shares, through 4828 cash transactions, with a value of KWD 8.7 million.
The Premier Market Index rose by 30.37 points, ending its trading at 7802.69 points, an increase of 0.39 percent, through the trading of 112.11 million shares, through 7719 transactions, with a value of KWD 32.6 million. -
Less natural gas consumption in Europe keeping storage full: EIA
Wednesday 24/07/202410:46:02 AMRead moreLess natural gas consumption in Europe keeping storage full: EIA
(WAM)-
Consumption of natural gas in Europe consistently decreased since mid-2022, driven by a combination of mild winter weather and government policies aimed at reducing natural gas consumption.
In 2023, natural gas consumption in the European Union’s 27 member countries (EU-27) declined 18 percent from the previous five-year (2017–21) average according to Eurostat data published by the U.S. Energy Information Administration (EIA).
During the first five months of 2024 (January–May), consumption remained 19 percent below the 2017–21 average for the same months.
In 2022, after a significant decline of pipeline imports from Russia, European governments enacted coordinated demand-reduction measures. Those measures mandated a minimum 15 percent reduction in natural gas consumption from August 2022 to March 2023. These policies were subsequently extended through March 2025.
The EU-27’s four countries with the most natural gas consumption — Germany, Italy, France, and the Netherlands — account for about two-thirds of the consumption in the region. Natural gas consumption was reduced in these countries by a combined 5 billion cubic feet per day (Bcf/d) in 2023 and 6 Bcf/d during the first five-months of this year compared with the five-year (2017–21) average prior to the government policies. Natural gas consumption declined in most EU-27 countries. Since enactment of the policy, the top 10 natural gas-consuming countries have seen consumption reduced in a range from 1 percent to 28 percent.
Two mild winters in a row (2022–23 and 2023–24) combined with reduced natural gas consumption due to European government policies and more electric generation from renewable sources led to record-high end-of-heating-season storage inventories in both 2023 and 2024. As of April 1, 2024, natural gas storage facilities in Europe were 59 percent full—the highest percentage on record for the end of a heating season (November 1 through March 31)—according to data from Gas Infrastructure Europe’s Aggregated Gas Storage Inventory (AGSI+).
On March 31, 2024—the last day of the heating season—Europe’s natural gas storage levels were 83 percent above the previous 13-year (2011–23) average for the same day. From January through June 2024, Europe’s storage inventories remained at all-time highs, closely tracking last year’s storage levels.
Europe’s natural gas pipeline receipts from Russia declined by 58 percent (6.3 Bcf/d) in 2022 and 89 percent (9.7 Bcf/d) in 2023, compared with the 2021 annual average. Europe has primarily used liquefied natural gas (LNG) imports to offset reduced imports from Russia.
In 2023, LNG imports into EU-27 and the UK averaged 14.5 Bcf/d, remaining essentially unchanged from 2022, according to data by the International Group of Liquefied Natural Gas Importers (GIIGNL). The United States remained the largest LNG supplier to Europe for the third consecutive year in 2023, providing almost one-half of all its LNG imports. LNG import facilities were added in Germany in 2023, and Germany accounted for 5 percent of all EU-27 and UK imports. Most—83 percent—of 2023 LNG imports into Germany were supplied by the United States. -
EWEC issues Request for Proposals for development of Taweelah C Independent Power Producer project
Wednesday 24/07/202410:41:23 AMRead moreEWEC issues Request for Proposals for development of Taweelah C Independent Power Producer project
(WAM)-
Emirates Water and Electricity Company (EWEC) today issued a Request for Proposals (RFP) for the development of the Taweelah C Independent Power Producer (IPP) project, a new carbon-capture-ready Combined Cycle Gas Turbine (CCGT) plant located in the Al Taweelah Power and Desalination Complex, approximately 50 kilometres to the North East of Abu Dhabi.
The RFP shared with bidders provides comprehensive requirements and proposed technical parameters of the project to help firms and consortiums develop their proposals. Responses to the RFP are expected in Q4 2024.
The Taweelah C project will closely follow the model of Abu Dhabi’s Independent Power Producer (IPP) programme, where developers enter into a long-term agreement with EWEC as the sole procurer.
It will involve the development, financing, construction, operation, maintenance, and ownership of the plant, with the successful developer or developer consortium owning up to 40 percent of the entity. The remaining equity will be held indirectly by the Abu Dhabi Government.
Expected to begin commercial operations in Q3 2028, Taweelah C’s efficient natural gas turbine technology will generate up to 2.5 gigawatts (AC).
As EWEC continues to drive the decarbonisation of electricity and water supply in the UAE, powering the country’s net zero transition, flexible, high-efficiency gas-fired plants will be crucial for ensuring energy security whilst the country’s energy sector transforms into a renewable-focused industry.
Taweelah C will primarily provide transitional capacity to support the integration of large-scale renewable energy and provide additional flexibility during periods of peak power demand.
Othman Al Ali, Chief Executive Officer of EWEC, said, “As we lead this transformation, natural gas will be a key transition fuel to enable us to meet Abu Dhabi’s 2035 decarbonisation targets as we continue to successfully onboard new renewable capacity. Taweelah C’s efficient and carbon-capture-ready technology has an important role to play in enhancing the flexibility of our generation system and ensuring energy security. We look forward to receiving proposals from qualified companies and consortiums as we move forward with this project.”
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SCA issues decision regulating special purpose vehicles
Wednesday 24/07/202410:38:59 AMRead moreSCA issues decision regulating special purpose vehicles
(WAM)-
The Securities and Commodities Authority (SCA) has issued a decision regulating special purpose vehicles (SPVs) to enhance the regulatory framework of the securities sector in the UAE and boost the country's standing as a leading global hub for business and investment.
Issued by the board of directors, the decision aims to enhance the effectiveness of the securitisation and Sukuk regulations, advance the investment funds industry in the UAE, and provide alternative financing opportunities for joint stock companies, thus promoting the stability and development of domestic financial markets.
Mohamed Ali Al Shorafa, SCA's Chairman, said that the decision mirrors the SCA's commitment to promoting financial markets' legal and regulatory infrastructure and providing innovative and resilient mechanisms that meet market needs and help boost its ability to deal with economic challenges and changes.
He stressed that the SCA will continue its commitment to enhance the competitiveness of the UAE capital markets and bolster the UAE's status as an international sustainable financial hub.
Dr. Maryam Buti Al Suwaidi, SCA's CEO, called the decision a positive step to encourage securitisation and Sukuk issuance, promote the investment funds industry, and enable public joint stock companies to transfer assets to SPVs, thus boosting their ability to issue Sukuk and debt instruments backed by these assets, which help attract more investments to domestic capital markets.
The SCA explained that the decision comes in implementation of Federal Decree Law No. 32 of 2021 on Commercial Companies, which conferred on it the power to draft provisions regulating SPVs. It said that the regulation was prepared in accordance with the best international practices and in consultation with industry experts, advisors, specialists, and related parties.
The decision includes 14 articles covering the scope of application, classification and nature of SPVs, SPV incorporation and licensing process, obligations of the SPV manager, SPV dissolution and liquidation procedures, and the SCA's powers regarding inspections, monitoring, violations, and penalties.
The decision defined an SPV as a company set up for the purpose of maintaining the liabilities and assets associated with a particular financing transaction separate from the liabilities and assets of the parent company. The SPV is used for transactions involving credit, borrowing, securitisation, issuing bonds, and transferring risks associated with insurance, reinsurance, and derivatives.
According to Article 2, the provisions of the decision apply to SPVs incorporated in the UAE, qualified SPVs incorporated in a free zone in the UAE, and SPV founders and managers. They also apply to SPV auditors, advisors, service providers, and any other associated or related entity or person.
The provisions, however, do not apply to SPVs incorporated by federal or local government entities or companies wholly-owned by any of them, unless their issues are offered to the public, SPVs incorporated in a financial free zone in the UAE, and unqualified SPVs incorporated in a free zone in the UAE.
The decision also stated that an SPV can be created by securitisation companies, investment fund management companies, joint stock companies, and legal or natural persons. It provided a mechanism for the management of the SPV by an 'SPV manager'.
Under this mechanism, the SPV must not be used for purposes or engaged in activities or tasks other than those for which it was incorporated. The SPV manager must refrain from conducting mergers, transitioning the SPV to a different legal form, or dividing the SPV, in addition to ensuring compliance with the requirements provided for in the relevant legislation.
According to the decision, the SPV founder must apply to the SCA for approval of the SPV incorporation and licencing using the relevant form and must attach the supporting documents.
The SCA will make a decision approving or rejecting the application within five working days from the date of submission and will provide reasons in case of rejection. -
FTA launches Tax Professionals Qualification Initiative
Wednesday 24/07/202410:35:52 AMRead moreFTA launches Tax Professionals Qualification Initiative
(WAM)-
As part of its efforts to pursue excellence and continuously develop human capital, the Federal Tax Authority (FTA) has launched the Tax Professionals Qualification Initiative, an ambitious initiative that aims to train a new generation of qualified tax experts.
The initiative is in line with the Authority’s vision, which prioritises investing in human capital and establishing a work environment that encourages lifelong learning and development.
Designed to boost the efficiency of the tax system, support the Authority’s strategy, and enable it to achieve its objectives, the Initiative is one of the FTA’s strategic projects launched to support the UAE tax sector by supplying skilled professionals, qualified to work in tax administration and to recruit top talents from university students and graduates.
Moreover, the initiative aims to improve performance, encourage continuous learning among Tax Agents, and enhance the efficiency of tax professionals. The Authority also aspires to raise tax awareness among community members through the initiative.
Khalid Al Bustani, Director-General of the FTA, asserted that: “Launching the Tax Professionals Qualification Initiative aims to enhance the Federal Tax Authority’s pioneering role in developing talent and human resources in the UAE, training them to efficiently and effectively manage tax systems,” Al Bustani said. “We strive to achieve these objectives by providing specialised and accredited training programmes rooted in best practices and international standards, in addition to offering advanced and continuous tax education.”
The Initiative targets several groups, including new and current employees of the Federal Tax Authority, university students and graduates from government universities, and tax specialists.