Latest news with #EtihadAtheeb
Argaam
22-05-2025
- Business
- Argaam
Etihad Atheeb changes subsidiary name to Al-Hulul Al-Muntilga
Etihad Atheeb Telecommunications Co. (GO) received, on May 21, a letter of no objection from the Saudi Central Bank (SAMA) to change the name of its subsidiary from Hulool Al-Intilaq Finance to Al-Hulul Al-Muntilga Co. In a statement to Tadawul, the telecom company said that this change aligns the trade name with the licensing requirements and approved regulatory standards and meets the requirements of the regulations and rules issued by the competent authorities without any material impact on the company's obligations, operations, or dealings with official bodies or related parties. Etihad Atheeb also confirmed that its subsidiary continues to complete regulatory procedures with the relevant authorities, including the Ministry of Commerce. Any future updates regarding SAMA's final licensing of Al-Hulul Al-Muntilga will be announced in due course, the statement added. In March, GO said that its unit, Hulool Al-Intilaq Finance, received preliminary approval from the Saudi Central Bank (SAMA) to operate as a micro-consumer financing company in the Kingdom, Argaam reported earlier.
Arab News
20-05-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in green at 11,438
RIYADH: Saudi Arabia's Tadawul All Share Index rose on Tuesday, gaining 32.90 points, or 0.29 percent, to close at 11,438.18. The total trading turnover of the benchmark index was SR4.85 billion ($1.29 billion), as 132 of the listed stocks advanced, while only 106 retreated. The MSCI Tadawul Index increased by 0.40 points, or 5.86 percent, to close at 1,460.79. The Kingdom's parallel market Nomu rose, gaining 28.91 points, or 0.11 percent, to close at 27,528.56. This comes as 31 of the listed stocks advanced, while 42 retreated. The best-performing stock was MBC Group Co., with its share price surging by 6.01 percent to SR45. Other top performers included National Gypsum Co., which saw its share price rise by 4.49 percent to SR21.42, and Zamil Industrial Investment Co., which saw a 4.19 percent increase to SR46.05. The worst performer of the day was Etihad Atheeb Telecommunication Co., whose share price fell by 4.55 percent to SR100.80. Saudia Dairy and Foodstuff Co. and CHUBB Arabia Cooperative Insurance Co. also saw declines, with their shares dropping by 2.66 percent and 2.53 percent to SR285 and SR36.60, respectively. On the announcements front, Alinma Bank has confirmed the commencement of its offering of US dollar-denominated Sustainable Additional Tier 1 Capital Certificates under its Additional Tier 1 Capital Certificate Issuance Program. The offering, which began on May 20, is directed at eligible investors in the Kingdom and internationally, according to a Tadawul statement. The certificates, with a minimum subscription of $200,000, are perpetual and callable after 5.5 years, with terms and pricing subject to market conditions. The statement added that the certificates will be listed on the London Stock Exchange's International Securities Market. In today's trading session, ALINMA's share price traded 0.55 percent higher on the main market to reach SR27.55. Moreover, Asas Makeen Real Estate Development and Investment Co. continued receiving subscription requests for 1 million ordinary shares, equivalent to 10 percent of its capital, at a price of SR80 per share. The offering, approved by the Capital Market Authority, runs from May 19 to 25 on the Nomu parallel market. The company aims to expand its investor base and attract capital to support sustainable growth, with its managed projects exceeding SR3.75 billion in value. Meanwhile, Al-Khozama Investment Co. is accepting subscription requests for 422,400 ordinary shares, which is equivalent to 10.71 percent of its shares on Nomu until May 22, priced between SR99 and SR107 per share. The offering targets qualified investors and supports the company's long-term expansion in Saudi Arabia's hospitality and food and beverage sector.
Zawya
20-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf indexes rise, Dubai benchmark hits record high
Most Gulf bourses inched higher early on Tuesday, with Dubai's main share index hitting a record high on optimism over business agreements between the UAE and the United States. The agreements are expected to expand the footprint of American AI and cloud companies in the Middle East. OpenAI last week announced plans to develop a massive new data center in the UAE. Brent futures dipped on 0.41% Tuesday as investors weighed the impact on supply from Russia-Ukraine peace talks and U.S.-Iran negotiations. Dubai's main share index was up 0.07%, supported by a 3.25% rise in public shareholding company National General Insurance Co. The benchmark hit an all-time high for the third straight session. Meanwhile in Abu Dhabi, the benchmark index was up 0.33% and Qatar's benchmark stock index rose 0.41%, with the country's Islamic Bank Masraf Al Rayan up 1.99%. Bucking the trend, Saudi Arabia's benchmark stock index fell 0.04%, weighed down by a 4.17% drop in telecom company Etihad Atheeb Telecommunication Company. Water distributor Miahona jumped 4.52% and was among the top gainers on the benchmark. Among global markets, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.33% higher, while Wall Street futures traded lower on concerns after Moody's downgrade of the country's credit rating. (Reporting by Rishab Shaju in Bengaluru)
Reuters
20-05-2025
- Business
- Reuters
Most Gulf indexes rise, Dubai benchmark hits record high
May 20 (Reuters) - Most Gulf bourses inched higher early on Tuesday, with Dubai's main share index (.DFMGI), opens new tab hitting a record high on optimism over business agreements between the UAE and the United States. The agreements are expected to expand the footprint of American AI and cloud companies in the Middle East. OpenAI last week announced plans to develop a massive new data center in the UAE. Brent futures dipped on 0.41% Tuesday as investors weighed the impact on supply from Russia-Ukraine peace talks and U.S.-Iran negotiations. O/R Dubai's main share index (.DFMGI), opens new tab was up 0.07%, supported by a 3.25% rise in public shareholding company National General Insurance Co ( opens new tab. The benchmark hit an all-time high for the third straight session. Meanwhile in Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up 0.33% and Qatar's benchmark stock index (.QSI), opens new tab rose 0.41%, with the country's Islamic Bank Masraf Al Rayan ( opens new tab up 1.99%. Bucking the trend, Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.04%, weighed down by a 4.17% drop in telecom company Etihad Atheeb Telecommunication Company ( opens new tab. Water distributor Miahona ( opens new tab jumped 4.52% and was among the top gainers on the benchmark. Among global markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was 0.33% higher, while Wall Street futures traded lower on concerns after Moody's downgrade of the country's credit rating. MKTS/GLOB
Arab News
18-05-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 11,438
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Sunday, losing 46.11 points, or 0.40 percent, to close at 11,438.94. The total trading turnover of the benchmark index was SR3.68 billion ($983 million), as 85 of the stocks advanced and 153 retreated. Similarly, the Kingdom's parallel market Nomu lost 185.50 points, or 0.67 percent, to close at 27,655.56. This comes as 26 of the listed stocks advanced while 52 retreated. The MSCI Tadawul Index lost 6.21 points, or 0.42 percent, to close at 1,456.55. The best-performing stock of the day was Etihad Atheeb Telecommunication Co., whose share price surged 6.44 percent to SR102.40. Other top performers included Miahona Co., with its share price rising 4.59 percent to SR26.00, and Middle East Paper Co., which surged 4.55 percent to SR29.85. SICO Saudi REIT Fund recorded the most significant drop, falling 5.72 percent to SR4.45. Saudi Advanced Industries Co. also saw its stock prices fall 5.11 percent to SR26.95. Jabal Omar Development Co. also saw its stock prices decline 3.38 percent to SR24.00. On the announcements front, Bank Albilad raised $650 million from its US dollar-denominated additional tier 1 sukuk issuance. According to a Tadawul statement, the total number of sukuk stands at 3,250 with a par value of $200,000, a return of 6.5 percent per annum, and perpetual maturity. Bank Albilad ended the session at SR27.10, down 0.74 percent. Sadara Basic Services Co. reported a net loss of SR1.26 billion for the first quarter of 2025, marking a 48 percent increase from the same period last year, according to a bourse filing. The company attributed the deeper loss primarily to planned turnaround activities during the quarter, though this was partially offset by lower feedstock consumption and reduced interest expenses. Rawasi Albina Investment Co. announced the completion of the memorandum of association and commercial registration of its new wholly owned subsidiary, Nemo Al Jazirah Co., with a capital of SR5,000. According to a Tadawul statement, the limited liability company will begin operations after finalizing all administrative and technical incorporation requirements. Shares of Rawasi Albina Investment Co. closed at SR4.00, gaining 2.25 percent. Middle East Pharmaceutical Industries Co. has renewed a Shariah-compliant credit facility agreement with Alinma Bank for SR50 million. According to a stock exchange disclosure, the one-year financing is backed by a promissory note worth SR55 million. The facility will be used to support the company's working capital and asset financing needs. Shares of the company ended the session at SR126.60, down 0.32 percent.
