LONDON: Oman’s Public Authority for Mining (PAM) will grant two mining licences for the high-grade copper mine developments including Mahab-4 and Maqail South. Savannah Resources has been advised by PAM that it intends to grant mining licences over the Mahab-4 and Maqail South high-grade copper deposits. PAM has specified that the Mining Licences will be…
Science in Sport launches plant protein range
LONDON: Science in Sport (SIS) has announced the launch of SiS’ PLANT20, a high-protein range of plant-based protein bars and powders. Science in Sport is the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community. The range includes the PLANT20 Bar, which has 20g of pea, soya and almond protein,…
EVR Holdings enters into licensing agreements with two key partners
LONDON: EVR Holdings announced that its subsidiary MelodyVR Ltd has entered into music licensing agreements with independent label group, Beggars Group Digital Limited and independent label Domino Recording Company, as well as renewing their multi-territory deal with ARESA GmbH. EVR Holdings is a leading creator of virtual reality entertainment content. Beggars Group, home of 4AD,…
Sistema becomes shareholder of pharmaceutical businesses Sintez and Biocom
MOSCOW: Sistema, a publicly traded diversified Russian holding company, has completed the acquisition, together with a financial partner, of a 46.5% equity stake in Sintez Kurganskoe Medical Products Company (Sintez) and a 75.1% equity stake in Biocom, through holding company Sinocom Investments Limited (Sinocom), from investment firm Marathon Group for a consideration of RUB 11.8…
MSCI equity indexes August 2019 index review
LONDON: MSCI Inc., a leading provider of research-based indexes and analytics, announced the results of the August 2019 Quarterly Index Review for the MSCI Equity Indexes – including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets and MSCI Frontier…
Air Arbia posts 75% growth in earnings
SHARJAH, UAE: Air Arabia registered a record net profit of AED 210 million for the three months ending June 30, 2019, an increase of 75 percent compared to the AED 120 million reported for the same period last year. Air Arabia announced strong financial and operational results for the second quarter of this year ending…
Ithmaar Holding, Ithmaar Bank report half-year profits
MANAMA, BAHRAIN: Ithmaar Holding and its wholly-owned subsidiary, Ithmaar Bank each announced their financial results for the first half of 2019 with both reporting increased profits for the period. Ithmaar Holding reported a net profit of US$13.03 million for the six-month period ended 30 June 2019, a 20.4 percent increase compared to the net profit…
Arig reported its financial results for half year ended 30th June 2019
BAHRAIN: Arig recorded consolidated net profit of US$ 9.2 million attributable to shareholders for the first half of year 2019 ended June 30, 2019 as against loss of US$ 22.4 million reported in the corresponding period last year. Arig is one of the largest Arab-owned, professional reinsurance providers in the Middle East and Africa and…
Islamic Arab Insurance posts 4.7% growth in earnings
DUBAI: Islamic Arab Insurance Company, (SALAMA) reported net profit for H1 2019 ended June 30, 2019 increased 4.7% to AED 33.3 million from AED 31.8 million in H1 2018. Gross written premium (GWP) grew by 18.8% from AED 547 million in H1 2018 to AED 650 million in H1 2019. Plan holder’s assets under management…
AM Best affirms financial strength rating of Emirates Insurance
OLDWICK: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Emirates Insurance Company (EIC). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EIC’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance,…
ADB approves $500mn loan for Pakistan
KARACHI: Asian Development Bank (ADB) has approved a $500 million loan for Pakistan to support and improve trade competitiveness and exports and help finance the trade deficit. Muhammad Hammad Azhar, Minister for Economic Affairs witnessed the loan signing of Trade & Competitiveness Program (Subprogram – 1) amounting to $500 million between the Government of Pakistan…
UK-funded Karandaaz to promote sustainable energy and economic development
KARACHI: A UK commitment to provide financing for renewable energy and energy efficiency to Pakistan’s industrial Small and Medium Enterprises (SME) sector has been signed by the Department for International Development (DFID). As part of DFID’s Sustainable Energy and Economic Development (SEED) programme, Karandaaz will invest over £15 million to promote renewable energy generation and…