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

Suhail bin Mohammed Al-Mazrouei, Emirati Minister of Energy and Infrastructure. (WAM)
Suhail bin Mohammed Al-Mazrouei, Emirati Minister of Energy and Infrastructure. (WAM)
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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.

 


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

Here’s what you need to know before Tadawul trading on Monday
Updated 14 sec ago

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

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

RIYADH: Saudi stocks started the week lower on Sunday, after worries over recession pushed oil prices to their lowest levels since February.

TASI closed 0.6 percent down at 12,216 points, while the parallel Nomu market lost 0.3 percent to 21,776 points.

The Kingdom posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported. 

Elsewhere, Qatar and Bahrain ended flat, while Kuwait and Oman slipped 0.4 and 0.3 percent, respectively.

Outside the Gulf, the Egyptian primary index extended gains by 0.9 percent, after adding over 5 percent in the prior session.

In energy trading, Brent crude reached $95.69 a barrel by 9:07 a.m. Saudi time on Monday, while US West Texas Intermediate reached $89.64 a barrel.

Stock news

Almarai Co. re-appointed Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman

Bank Albilad established a closed joint stock company in Riyadh, Enjaz Payment Services Co., with a capital of SR200 million

Wafrah for Industry and Development Co. signed a contract with German food solutions firm GEA to manufacture and supply frozen and cooked meat processing lines

Middle East Paper Co. posted a 216 percent leap in profits during the first half of 2022 to SR192 million

Raoom Trading Co.’s shareholders approved a 25% capital increase plan to SR62.5 million

Alakaria’s unit Al Widyan Saudi Real Estate Co. will reduce its capital from SR100 million to SR500,000

Middle East Healthcare Co. reported a 46 percent profit surge to SR31 million for the first half of 2022

Makkah Construction and Development Co. was suspended from trading due to its failure to announce financial results in the specified period by the Saudi Exchange

International Human Resources Co. set its price guidance for a direct listing on Nomu at SR34 per share

Calendar

August 8, 2022

Start of Naba Alsaha Medical Services Co.’s IPO subscription

August 9, 2022

Alamar Foods Co. will start trading its shares on the Saudi Exchange

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription


Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production
Updated 13 min 12 sec ago

Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production

RIYADH: Saudi food firm Wafrah for Industry and Development Co. has signed a contract with German GEA Food Solutions, one of the world’s largest manufacturers of food lines and plants.

Under the $4 million contract, GEA Food Solutions will manufacture and supply highly automated lines for processing and packaging frozen and cooked meats for Wafrah, according to a bourse filing.

Wafrah said the company will start upgrading its production capacity and revenue in the second half of 2023.


Bank Albilad launches $53m wholly owned payments arm Enjaz

Bank Albilad launches $53m wholly owned payments arm Enjaz
Updated 27 min 37 sec ago

Bank Albilad launches $53m wholly owned payments arm Enjaz

Bank Albilad launches $53m wholly owned payments arm Enjaz

RIYADH: Saudi-based Bank Albilad has established a wholly owned payments arm in Riyadh with SR200 million ($53 million) capital, according to a bourse filing.

Enjaz Payment Services Co., licensed by the Saudi Central Bank as a Major Electronic Money Institution, will handle all payments and remittances activities currently operated as a business division in the bank.

The incorporation of Enjaz is in line with Bank Albilad’s strategy and any major developments in this regard will be announced in due course, it said.

 


Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets

Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets
Updated 56 min 46 sec ago

Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets

Alkhair Capital among Kingdom’s top 10 financial firms with $3.6bn assets

RIYADH: Alkhair Capital has seen the value of its assets under management rise to SR13.42 billion ($3.6 billion) in the first quarter, making it one of Saudi Arabia’s top ten financial institutions.

The Riyadh-headquartered investment firm reported a 34.6 percent increase in assets under management in the first quarter of 2022 compared to the year-ago period, according to the Capital Market Institutions Report.

“Alkhair Capital is a pioneer in providing Islamic products, and the recent ranking by the Capital Market Institutions confirms our strong track record and operational excellence,” said Abdullah Al Shilash, CEO of Alkhair Capital Saudi Arabia.

Most recently, Alkhair Capital acted as the financial advisor and underwriter to two Saudi-listed companies’ rights issue offerings.

The first was a SR173 million capital raise for Saudi Industrial Export Co. and the second was Amana Cooperative Insurance Co.’s SR300 million capital hike plan.


Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues

Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues
Updated 08 August 2022

Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues

Saudi paper manufacturer MEPCO posts 216% leap in profit on higher revenues

RIYADH: Saudi papers maker MEPCO has posted a 216 percent leap in profits during the first half of 2022 fueled by higher revenues.

Profits of the company, formally known as Middle East Paper Co., rose to SR192 million ($51 million) in the first half, up from SR60 million in the prior year period, it said in a bourse filing.

This was coupled with a 45 percent increase in revenue to SR652 million during the same period owing to higher demand and pricing.