RIYADH: Alkhabeer Capital, the managing entity of Alkhabeer REIT Fund, has officially completed the sale of its prominent B&Q property, previously known as the “Homeworks Center,” situated in the King Fahd District of Riyadh. The transaction was finalized on the 18th of September in the Islamic calendar year 1445 AH, which corresponds to the 28th…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Saudi Arabia to build first Dragon Ball Z theme park in Qiddiya Mega Project
RIYADH: Saudi Arabia has announced the creation of the world’s first Dragon Ball Z theme park. Spanning 5.3 million square feet, this park is the latest addition to the ambitious Qiddiya project near Riyadh. The park will immerse visitors in the universe of the beloved Japanese anime, featuring seven themed areas, over 30 rides—including five…
Parkin appoints xCube as liquidity provider
DUBAI: Parkin Company PJSC, (DFM: PARKIN), the largest provider of paid parking facilities and services in Dubai, has appointed xCube LLC, a leading Dubai-based market making and brokerage platform, as a Liquidity Provider. Under the terms of the agreement, xCube will provide liquidity for Parkin shares that recently listed on the Dubai Financial Market (DFM)….
MANTRA completes $11 million funding round to accelerate RWA Tokenization
DUBAI, UAE: MANTRA ($OM), the Layer 1 blockchain for Real World Assets (RWA), has announced the completion of a new funding round. Top venture and technology investor in the MENA region, Shorooq Partners, led the $11M investment round. Additionally, a diverse range of strategic investors such as Three Point Capital, Forte Securities, Virtuzone, Hex Trust,…
Arabian Shield Cooperative Insurance Co. Reports Robust Financial Growth in 2023
Arabian Shield Cooperative Insurance Co. has released its annual financial results for the year ending December 31, 2023, showcasing significant growth across all sectors. The company’s insurance revenues soared to SAR 1,145,711 thousand, marking a 24.71% increase from the previous year’s SAR 918,720 thousand. This remarkable upturn is attributed to the expansion of business across…
Saudi Advanced Industries Co. reports 48.49% growth in net profit in 2023
RIYADH: Saudi Advanced Industries Co. (SAIC) has released its annual financial results for the year ended December 31, 2023, showcasing a significant surge in profitability and revenue. The company’s sales/revenue climbed by 55.23% to SAR 180.15 million, up from SAR 116.05 million the previous year. This remarkable growth is also reflected in the gross profit,…
FIPCO posts 22.45% increase in net profit during 2023
RIYADH: Filing and Packing Materials Manufacturing Co. (FIPCO) has released its annual consolidated financial statements for the fiscal year ended December 31, 2023. The company reported a decrease in sales/revenue by 8.71% from the previous year, down to SAR 238 million from SAR 260.7 million. Despite the downturn in sales, FIPCO achieved a 22.45% increase…
Allianz Saudi Fransi reports robust financial performance for 2023
RIYADH: Allianz Saudi Fransi Cooperative Insurance Co. has announced its annual financial results for the year ending December 31, 2023, showcasing significant growth in key financial metrics. The company’s insurance revenues soared to SAR 862,625.07, marking a 17.26% increase from the previous year’s SAR 735,650.28. This surge is attributed to the expanded business in the…
KSA’s First Mills forms First Food Supplies Company
JEDDAH, KSA: The First Milling Company, a leading agro-industrial enterprise, has announced the launch of its fully-owned subsidiary, the First Food Supplies Company. The new venture is set to bolster the parent company’s ambitious growth plans and strategic goals. With an initial capital injection of SAR 100,000, the First Food Supplies Company is poised to…
NADEC signs partnership with United Feed company to boost local meat production
RIYADH: The National Agricultural Development Company (NADEC) has announced a new partnership with the United Feed Company, part of Al Muhaidib Group to enhance food security and support the agricultural sector. The collaboration, endorsed by His Excellency Eng. Abdulrahman bin Abdulmohsen Al-Fadley, Minister of Environment, Water, and Agriculture, aims to establish a specialized limited liability…
Money transfers to Egypt experience notable surge
DUBAI: Al Ansari Exchange, the largest remittance and foreign exchange company in the United Arab Emirates, and a subsidiary of Al Ansari Financial Services Group, announced today witnessing a remarkable increase in the volume of money transfers sent from the UAE to Egypt following recent developments related to the Egyptian Pound exchange rate. The company…
TerraPay and Alfardan Exchange join hands to offer innovative cross-border payments
TerraPay, a global cross-border payments network, has entered into a strategic partnership with Alfardan Exchange, one of the leading remittance service providers in the region. The collaboration aims to leverage the strengths of both parties to offer seamless, cost-effective, and efficient cross-border payments to customers across various corridors. TerraPay’s advanced digital payment infrastructure enables instant…