Latest news with #ElmCompany
The Star
13-05-2025
- Business
- The Star
DNeX secures US$1.8mil contracts, supporting hajj pilgrimage experiences
KUALA LUMPUR: Dagang Nexchange Bhd (DNeX), via its subsidiary Dagang Net Technologies Sdn Bhd, has secured contracts worth US$1.8 million to provide site facilitation and supply of technical and technological equipment at six international sites in Malaysia, Indonesia, and Turkiye. These contracts were secured via its involvement in Saudi Arabia's Makkah Route initiative for 2025, supporting a seamless hajj pilgrimage experience for muslims worldwide, it said in a statement. "The six sites involved are KLIA Terminal 1 (Malaysia), Soekarno-Hatta International Airport (Jakarta, Indonesia), Juanda International Airport (Surabaya, Indonesia), Adi Soemarmo Airport (Solo, Indonesia), Istanbul Airport (Istanbul, Turkiye) and Ankara Esenboga Airport (Ankara, Turkiye),' said the company. DNeX's group chief executive officer Faizal Sham Abu Mansor said that securing the same six sites for 2025 is a testament to the trust placed by Saudi Arabia in the company's capabilities and commitment. "Our ongoing collaboration with authorities in Malaysia, Indonesia, and Turkiye also reflects our dedication to operational excellence in international partnerships,' he said. According to the statement, the Makkah Route Initiative is spearheaded by Saudi Arabia's Ministry of Interior, in collaboration with several other government entities, with DNeX having been involved in the project since 2019. This initiative continues under the commission of Elm Company, a Saudi government-owned entity under the Public Investment Fund, the investment arm of the Saudi Ministry of Finance. Moving forward, DNeX is optimistic about securing additional sites in the next hajj season, after securing six of the 11 global Makkah Route sites this year. "The company also plans to deepen its collaboration with Elm Company, exploring opportunities in transportation and security, in line with its strategy to expand involvement in international government technology and infrastructure projects,' it added. - Bernama
The Sun
13-05-2025
- Business
- The Sun
DNeX secures Makkah Route contracts for 2025
CYBERJAYA: Dagang NeXchange Bhd (DNeX), through wholly owned subsidiary Dagang Net Technologies Sdn Bhd secured contracts with a cumulative value of US$1.8 million (RM7.7 million). The contracts involve providing site facilitation and supplying technical and technological equipment across six international locations in Malaysia, Indonesia, and Turkiye. This reaffirms the company's strategic role in facilitating the seamless hajj pilgrimage experience for Muslims worldwide, as the company continues its involvement in Saudi Arabia's Makkah Route initiative for 2025. DNeX's group CEO Faizal Sham Abu Mansor said the company is honoured to continue contributing to this journey and facilitating the hajj pilgrimage through the initiative. 'Securing the same six sites for 2025 is a testament to the trust placed by Saudi Arabia in our capabilities and commitment. 'Our ongoing collaboration with authorities in Malaysia, Indonesia, and Turkiye also reflects our dedication to operational excellence in international partnerships,' he said. The six sites involved are KUL-KLIA Terminal 1 (Malaysia), CGK–Soekarno–Hatta International Airport (Jakarta, Indonesia), SUB-Juanda International Airport (Surabaya, Indonesia), SOC-Adi Soemarmo Airport (Solo, Indonesia), IST-Istanbul Airport (Istanbul, Türkiye) and ESB-Ankara Esenboğa Airport (Ankara, Türkiye). This initiative continues under the commission of Elm Company, a Saudi government-owned entity under the Public Investment Fund, the investment arm of the Saudi Finance Ministry. The company is a pivotal digital solutions provider in Saudi Arabia and has been instrumental in supporting the Kingdom's digital transformation initiatives, particularly in enhancing services related to hajj and umrah. Leveraging the company's suc-cessful track re-cord, full im-plementation for 2025 is actively progressing. DNeX has been involved in the Makkah Route project since 2019. The Makkah Route Initiative is spearheaded by Saudi Arabia's Interior Ministry, in colla-boration with several other government entities. This initiative is a key component of the Pilgrim Experience Program, which aligns with Saudi Vision 2030 and expedites immigration pre-clearance for pilgrims departing from selected countries. This eases their arrival in Saudi Arabia and enables direct transit to accommodation in Makkah and Madinah. Having secured six of the 11 global Makkah Route sites this year, DNeX is optimistic about securing additional sites in the next hajj season. The company also plans to deepen its colla-boration with Elm Company and explore opportunities in transportation and security. This is in line with its strategy to expand its involvement in international government tech-nology and infra-structure projects.
Zawya
08-04-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses rebound in line with global shares
Stock markets in the Gulf ended higher on Tuesday, rebounding from a global selloff on hopes that the U.S. might be willing to negotiate some of its heavy import tariffs. Saudi Arabia's benchmark index advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank and a 4.7% jump in Elm Company . On Sunday, the Saudi index had fallen 6.8%, its biggest one-day slide since the early days of the 2020 COVID-19 pandemic. The Saudi bourse recovered for the second consecutive day after finding support levels, said Milad Azar, a market analyst at XTB MENA. "However, a sustained general recovery would require fundamental changes, particularly regarding tariff risks and their potential economic impact." Dubai's main share index climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index added 0.5%. Oil prices — catalyst for the Gulf's financial markets — steadied but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflicts. The Qatari index rose 1.3%; Qatar Islamic Bank gained 2.5% and petrochemical maker Industries Qatar was up 2.3%. Outside the Gulf, Egypt's blue-chip index rose 0.6%, supported by a 7.1% jump in tobacco monopoly Eastern Company. Egypt and France have signed a 7 billion euro ($7.66 billion) agreement to develop finance and operate a green hydrogen production facility, Egypt's transportation ministry said. SAUDI ARABIA climbed 1% to 11,303 Abu Dhabi added 0.5% to 8,989 Dubai gained 1.9% to 4,890 QATAR advanced 1.3% to 9,897 EGYPT added 0.6% to 30,649 BAHRAIN was up 0.1% to 1,899 OMAN rose 0.9% to 4,261 KUWAIT jumped 3.1% to 8,302 ($1 = 0.9135 euros) (Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
Reuters
08-04-2025
- Business
- Reuters
Gulf bourses rebound in line with global shares
April 8 (Reuters) - Stock markets in the Gulf ended higher on Tuesday, rebounding from a global selloff on hopes that the U.S. might be willing to negotiate some of its heavy import tariffs. Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank ( opens new tab and a 4.7% jump in Elm Company ( opens new tab. On Sunday, the Saudi index had fallen 6.8%, its biggest one-day slide since the early days of the 2020 COVID-19 pandemic. The Saudi bourse recovered for the second consecutive day after finding support levels, said Milad Azar, a market analyst at XTB MENA. "However, a sustained general recovery would require fundamental changes, particularly regarding tariff risks and their potential economic impact." Dubai's main share index (.DFMGI), opens new tab climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties ( opens new tab and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank ( opens new tab. In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.5%. Oil prices — catalyst for the Gulf's financial markets — steadied but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflicts. The Qatari index (.QSI), opens new tab rose 1.3%; Qatar Islamic Bank ( opens new tab gained 2.5% and petrochemical maker Industries Qatar ( opens new tab was up 2.3%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.6%, supported by a 7.1% jump in tobacco monopoly Eastern Company ( opens new tab. Egypt and France have signed a 7 billion euro ($7.66 billion) agreement to develop finance and operate a green hydrogen production facility, Egypt's transportation ministry said. ($1 = 0.9135 euros)
Zawya
07-04-2025
- Business
- Zawya
Elm secures $506mln loan from SNB
Riyadh: Elm Company penned a Shariah-aligned facility agreement valued at SAR 1.90 billion with The Saudi National Bank (SNB) on 27 March 2025. The Saudi company aims to finance corporate expansion and acquisitions, according to a bourse disclosure. Meanwhile, the five-year financing deal is secured by a promissory note. In the 12-month period that ended on 31 December 2024, Elm posted 34.66% higher consolidated net profits after tax at SAR 1.82 billion, compared to SAR 1.35 billion in 2023. The bank's net profits jumped by 5.91% to SAR 21.19 billion last year from SAR 20.01 billion in 2023.
