June 14th, 2019 | 0 commentsMakkah Construction and Development Co announced that it has terminated any contracts with its subsidiary in Makkah City, Millennium and Copthorne Middle East Holdings Limited company. Makkah Construction has ended the agreement with the five-star Millennium and Copthorne in regards to its first project that overlooks Masjid Al Haram, the...
June 13th, 2019 | 0 commentsAbu Dhabi Investment Authority (ADIA) has purchased a 25% stake in 330 Madison Avenue in New York from Vornado Realty Trust, a spokesman of ADIA told Reuters on Wednesday. The stake has been bought by a subsidiary of the Emirati sovereign wealth fund, the spokesman highlighted. He noted that ADIA used to hold a 75% stake in the property f...
June 11th, 2019 | 0 commentsEgypt Aluminum announced it is likely to log profits of EGP 107 million during fiscal year 2019/2020. The aluminum maker amended its estimated budget scheme for the coming fiscal year after electricity is priced at EGP 1.11 kilowatt per hour (KwH), according to a statement to the Egyptian Exchange (EGX) on Monday. In March, the Egyptian f...
May 30th, 2019 | 0 commentsBeltone Financial Holding announced that Sama Cement has decreased its stake in Sinai Cement to 6.75%. Sama Cement has sold about 2 million shares in Sinai Cement, slashing its stake to 6.75% from 9.689%, according to a statement to the Egyptian Exchange (EGX) on Wednesday. The total value of the deal registered EGP 16.5 million at an ave...
May 28th, 2019 | 0 commentsFujairah Cement Industries Co announced it has withdrawn from Sohar Cement due to a slump in cement prices. The withdrawal transaction has been completed at a value of $60 million (AED 220.4 million), Fujiairah Cement added in a statement to the Abu Dhabi Securities Exchange (ADX). The financial impact of the transaction will be reflected...
May 27th, 2019 | 0 commentsMajid Al-Futtaim Retail inaugurated in cooperation with the National Service Projects Organization the first Carrefour retail stores in Ismailia with total investments of 200 million Egyptian pounds ($11.859 million). Herve Majidier Chief Operating Officer at Majid Al Futtaim Retail said that the new retail mall includes 14 different trad...
May 23rd, 2019 | 0 commentsAsek Company for Mining’s (ASCOM) shareholders approved to increase the company’s issued capital to EGP 550 million from EGP 470 million during an extraordinary general meeting (EGM). ASCOM’s shareholders approved issuing 8 million shares at a nominal value of EGP 10 per share, with a total value of EGP 80 million to increase the company’...
May 21st, 2019 | 0 commentsEFG Hermes announced that El Swedy Cement has sold its entire stake in Sinai Cement for EGP 41.97 million. El Swedy Cement sold 5.08 million shares, or 7.476% of Sinai Cement’s capital, at an average price of EGP 8.25 per share, EFG Hermes said in a statement to the Egyptian Exchange (EGX) on Monday. During the first quarter of 2019, Sina...
May 17th, 2019 | 0 commentsAbdullah Abdul Mohsen Al Khodari Sons Company has incurred SAR 188.5 million loss from hospital projects withdrawal in Qatif and Ar Rass. The Saudi firm has withdrawn from the obstetrics and gynaecology hospital project in the governorate of Qatif. The total cost of Qatif project amounted to SAR 245.4 million, with a capacity of 300 beds,...
May 6th, 2019 | 0 commentsHeavy Engineering Industries and Shipbuilding (HEISCO) has received a letter of award at a total value of KWD 4.1 million ($13.5 million). This contract covers the constriction and mechanical works as well as electricity and microunits devices for an addition compressor to recycle hydrogen for Kuwait Integrated Petroleum Industries Compan...
