Telecom Egypt partners with Aqua Comms on EMIC-1 cable landing 

EMIC-1 is a new intercontinental subsea cable and terrestrial fiber system, which will facilitate the optical path between East Africa, Asia and Europe, according to a statement. 
EMIC-1 is a new intercontinental subsea cable and terrestrial fiber system, which will facilitate the optical path between East Africa, Asia and Europe, according to a statement. 
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Updated 14 June 2022

Telecom Egypt partners with Aqua Comms on EMIC-1 cable landing 

Telecom Egypt partners with Aqua Comms on EMIC-1 cable landing 

RIYADH: Telecom Egypt has signed an agreement with Aqua Comms for crossing and landing agreement for the Europe Middle-East India Connect 1 subsea cable in Egypt.

EMIC-1 is a new intercontinental subsea cable and terrestrial fiber system, which will facilitate the optical path between East Africa, Asia and Europe, according to a statement. 

It is the first modern cable along this route and connects up to 3 billion people to the internet. 

“We are pleased to offer Aqua Comms a seamless trans-Egypt crossing for their new cable,” the managing director and CEO of Telecom Egypt, Adel Hamed, said. 

“For years, we have established tangible steps to revamp our international infrastructure and increase our assets’ geodiversity to keep pace with the rising global demand for large bandwidth and global reach,” he added.


TASI starts almost flat as investors monitor oil prices: Opening bell

TASI starts almost flat as investors monitor oil prices: Opening bell
Updated 28 June 2022

TASI starts almost flat as investors monitor oil prices: Opening bell

TASI starts almost flat as investors monitor oil prices: Opening bell

RIYADH: Saudi stocks opened almost flat on Tuesday as investors worried about oil prices’ instability.

The main index, TASI, fell 0.02 percent to 11,425, while the parallel market, NOMU, dropped 0.11 percent to 20,225.87 as of 10:07 a.m. Saudi time.

In energy trading, Brent crude settled at $117.02 a barrel and US West Texas Intermediate reached $111.43 a barrel, as of 10:18 a.m. Saudi time.

Bawan Co. gained 4.61 percent to lead the gainers, following its announcement that it intends to buy back up to 3 million shares as treasury stock.

Ataa Educational Co. fell 1.94 percent to lead the fallers, followed by National Co. for Learning and Education, which fell 2.70 percent.

Retal Urban Development Co. shed 0.17 percent, after its first-quarter profit increased by 62 percent to SR63.4 million ($17 million).

Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.27 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.12 percent, while Arab National Bank fell 1.94 percent.


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 28 June 2022

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 stocks dropped on Monday amid a continued fluctuation in oil prices and inflation fears that weighed on investor sentiment.

TASI fell 0.8 percent to end the day at 11,427 following the debut of Saudi developer Retal Urban Development, while the parallel Nomu market lost 2.1 percent to 20,248.

Unlike Saudi Arabia, most stock markets of gulf peers rebounded on Monday, except for the Omani index which closed flat.

Abu Dhabi, Dubai, Qatar, Bahrain, and Kuwait all added between 0.1 and 0.5 percent.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 slipped 2 percent.

Oil prices edged up on Tuesday, with Brent crude rising to $116.97 a barrel and US West Texas Intermediate reaching $111.2 a barrel by 9:15 a.m. Saudi time.

Stock news

Retal Urban Development posted a 62 percent increase in profit to SR63.4 million ($17 million) for the first quarter of 2022

Saudi Cable Co. submitted a filing to the Capital Market Authority to decrease its capital by SR196 million

Saudi Real Estate Co. made early repayment to settle the remaining balance of its SR535 million loan with Riyad Bank

Petro Rabigh’s rights issue was 96 percent subscribed, generating SR7.65 billion in proceeds

solutions by stc secured banking facilities worth SR1 billion to finance its acquisition of Egypt’s Giza Systems

Alinma Investment Co. will distribute SR10 million in cash dividends to unitholders of Alinma Saudi Government Sukuk ETF Fund

Bawan Co. intends to buy back up to 3 million shares to keep them as treasury shares

National Gas and Industrialization Co. received shareholders’ approval for cash dividends of SR1.5 per share for 2021

Calendar

June 28, 2022

End of the Saudi Investment Bank’s Sukuk offering


Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI
Updated 28 June 2022

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

RIYADH: Retal Urban Development Co. has posted a 62 percent profit surge for the first quarter of 2022, a day after it was listed on Saudi Arabia’s main stock market.

Profits of the Saudi developer rose to SR63.4 million ($17 million) in the first quarter, from SR39.3 million in the same period a year earlier, according to a bourse filing.

The company attributed the profit growth, along with a 27 percent jump in revenue, to “the increase in development contracts revenues and sales of developed lands.”

Retal Urban, which offered 12 million shares, representing 30 percent of its capital, raised SR1.44 billion in an initial public offering.

The offer price was set at SR120 per share and rose 0.83 percent to SR121 as the firm made its market debut on Monday, amid trading of more than four million shares.


Saudi developer Al Akaria settles $142m loan with Riyad Bank

Saudi developer Al Akaria settles $142m loan with Riyad Bank
Updated 28 June 2022

Saudi developer Al Akaria settles $142m loan with Riyad Bank

Saudi developer Al Akaria settles $142m loan with Riyad Bank

RIYADH: Saudi Real Estate Co., also known as Al Akaria, said that it made an early payment to settle the remaining balance of its SR535 million ($142 million) loan with Riyad Bank.

This came as part of the developer's plan to reduce lending and financing costs, the company reported in a bourse filing. 

This will boost the financial solvency of the company and enhance its financial position, it added.


UAE producing near to its maximum oil production capacity: Energy minister

UAE producing near to its maximum oil production capacity: Energy minister
Updated 27 June 2022

UAE producing near to its maximum oil production capacity: Energy minister

UAE producing near to its maximum oil production capacity: Energy minister

ABU DHABI: The UAE is producing near to its maximum oil production capacity based on its current OPEC+ production baseline, Emirates News Agency (WAM) reported on Monday.

“In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd) which UAE is committed by until the end of the agreement,” Suhail bin Mohammed Al-Mazrouei, Emirati Minister of Energy and Infrastructure, said.