Abraaj founder fined $135.6m over firm’s downfall

Abraaj founder fined $135.6m over firm’s downfall
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Updated 27 January 2022

Abraaj founder fined $135.6m over firm’s downfall

Abraaj founder fined $135.6m over firm’s downfall
  • Its former chief operating officer, Waqar Siddiqui, was also fined $1.15 million by the authority

RIYADH: Founder of UAE-based private equity firm Abraaj Group, Arif Naqvi has been fined $135.6 million by the Dubai Financial Services Authority, or DFSA, over his role in the firm’s collapse back in 2019.

Its former chief operating officer, Waqar Siddiqui, was also fined $1.15 million by the authority, Bloomberg reported.

Both Naqvi and Siddique argued against the DFSA’s allegations, referring the decision notices to the Financial Markets Tribunal.

Founded in 2002, Abraaj Group posed as the largest buyout fund in the Middle East and North Africa region until it was fined a record $315 million by Dubai’s financial regulator for manipulating investors and misappropriating their funds, Bloomberg reported back in 2019.abraaj


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 10 sec ago

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s stock market retreated on Monday, as weak earnings disclosures weighed on investor sentiment.

The main TASI index shed 1.8 percent to close at 12,914, and the parallel market, Nomu, lost 1.3 percent to 22,540.

Stock exchanges of Qatar, Egypt, Bahrain, and Kuwait all recorded losses in line with Saudi Arabia, while Oman’s MSX30 was up 0.3 percent.

Oil prices crossed $113 on hopes that the ease of China‘s lockdowns restrictions will lead to demand recovery.

Brent crude is now trading at $114.21 a barrel, while US benchmark WTI crude reached $113.94 a barrel as of 9:23 a.m. Saudi time on Tuesday.

Stock news

Profits of Saudia Dairy and Foodstuff Co. went down by 20 percent in the year ended March 31, reaching SR209 million ($55 million)

Saudi Cable Co. was suspended from trading due to its failure to announce its annual financial results

Alinma Tokio Marine Co. turned into a profit of SR1.3 million in the first quarter of 2022

Hail Cement Co. swung into losses of SR6.9 million during the first quarter after it witnessed a drop in sales

Al Masane Al Kobra Mining Co.’s profits surged 21 percent last quarter to reach SR41.8 million

Saudi Industrial Services Co. saw its quarterly profits slip 97 percent from SR32 million to SR800,000 year-on-year

City Cement Co. posted a profit decline of 74 percent to SR17 million for the first quarter

Savola Group got its shareholders’ approval to distribute cash dividends of SR0.2 per share for 2021

Al Alamiya for Cooperative Insurance Co. turned into losses of SR20 million in the first three months of 2022

Watani Iron Steel Co. secured a loan valued at SR20 million to finance working capital

Wataniya Insurance Co.’s losses widened by 30 percent to SR24 million in the first quarter

Alkhorayef Water and Power Technologies Co. partnered with National Water Co. in a SR141 million deal for the construction of sewage networks in Taif city

Savola Group recorded a profit increase of 76 percent to SR271 million last quarter

Dur Hospitality Co. posted a 582 percent profit surge to SR12.8 million for the first quarter of 2022 on the back of the pandemic recovery

Astra Industrial Group’s profits surged 48 percent to SR74.7 million in the first quarter, buoyed by sales growth

AL-Jouf Cement Co. has appointed Wasatah Capital to advise on the potential capital increase through a rights issue process

Theeb Rent a Car Co. has opened a new branch in the east of Riyadh as part of its expansion plan, bringing its total number of branches to 53

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription

 


Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

Saudi Arabia’s Hail Cement swings into losses as sales drop 16%
Updated 20 min 40 sec ago

Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

RIYADH: Saudi Arabia’s Hail Cement Co. has reported losses of SR6.9 million ($1.8 million) in the first quarter of 2022 after it witnessed a drop in sales.

The cement producer had made profits of SR25.9 million in the same period last year, but a 16-percent decline in sales weighed on the current year’s results, a bourse filing showed.

The company’s revenue went down from SR82 million to SR69 million year-on-year.

Hail Cement also attributed the results to an increase in expenses, which led to operating losses of SR7.36 million during the quarter.


Saudi dairy firm SADAFCO reports 20% fall in profit to $56m 

Saudi dairy firm SADAFCO reports 20% fall in profit to $56m 
Updated 46 min 31 sec ago

Saudi dairy firm SADAFCO reports 20% fall in profit to $56m 

Saudi dairy firm SADAFCO reports 20% fall in profit to $56m 

RIYADH: Saudia Dairy and Foodstuff Co., or SADAFCO, reported a fall of 20 percent in profit in the year ended March 31.

The dairy firm made profits of SR209 million ($56 million), down from SR261 million a year ago, according to a bourse filing.

Despite lower profits, the company said sales rose to SR2.17 billion for the same period, driven by the expansion of the frozen category.

In its statement, the firm reported it paid its shareholders SR3 per share as a half-year dividend.

Jeddah-based SADAFCO operates sales and distribution depots in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait.


Arab Women Forum kicks off in Dubai

Arab Women Forum kicks off in Dubai
Updated 11 min 3 sec ago

Arab Women Forum kicks off in Dubai

Arab Women Forum kicks off in Dubai

DUBAI: Saudi Ambassador to the United States Princess Reema bint Bandar Al Saud speaks at Arab Women Forum on women in the workplace.

Assistant Editor-in-Chief, Arab News Noor Nugali moderates the Storytellers From The War Front session at the Arab Women Forum, Dubai, featuring Skynews reporter Arizh Mukhammed and Alhadath Senior News Anchor Christiane Baissary.

There is a common misconception that women are not suited for war coverage as people think women are emotional and sensitive compared to men, Baissary told the forum. 

“A soldier told me that women should not cover in the war zone. He was trying to convince me that I should not stay to cover the war, it's not the mentality in the Middle East but everywhere,” said Baissary. 

Baissary noted that things have changed now, and women are currently getting more chances to cover wars. 

During the session, Skynews reporter Arizh Mukhammed said that fear will be there in the minds of reporters as they cover from the war front.

“Your courage must have limits. When you are going to cover war, you have your fears, but they must be put under control,” said Mukhammed. 

She also added that women differ from men in war reporting as they create humanitarian journalistic materials. 


Saudi miner Amak sees 22% profit surge in Q1 after $333m IPO

Saudi miner Amak sees 22% profit surge in Q1 after $333m IPO
Updated 17 May 2022

Saudi miner Amak sees 22% profit surge in Q1 after $333m IPO

Saudi miner Amak sees 22% profit surge in Q1 after $333m IPO

RIYADH: Saudi miner Amak has recorded a 22 percent profit hike for the first quarter, after making a strong debut on the Kingdom’s stock market earlier this year.

Formally known as Al Masane Al Kobra Mining Co., the firm posted SR41.8 million ($11.2 million) in profit, compared to SR34 million in the same period last year, it said in a bourse filing.

Its performance was boosted by a rise in sales of base and precious metals and higher prices, despite incurring initial public offering transaction costs and other expenses, the company added.

Amak debuted on the Saudi stock market on March 29, after raising proceeds amounting to SR1.2 billion in an initial public offering.