Company News

Dana Gas says board decides to carry out limited drilling in Egypt

(Gulfnews - 5/29/2017 2:32:00 AM)

Dana Gas said on Sunday its board has decided to carry out limited drilling activities in Egypt. Dana Gas, which pumps most of its gas at fields in Egypt is seeking to recover payments for overdue bills. The company was owed $275 million (Dh1 billion) by ...

Saudi Arabian insurer MedGulf said weighing sale of business

(Gulfnews - 5/29/2017 2:27:00 AM)

The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, is weighing putting itself up for sale, according to three people familiar with the matter. MedGulf is working with the investment banking arm of Banque Saudi ...

Mashreq first bank in the region to join SWIFT global payments innov

(Gulfnews - 5/29/2017 2:25:00 AM)

SWIFT announced on Sunday that Mashreq has signed up for its global payments innovation (gpi) service, to become the first bank in the Middle East to join this international initiative. SWIFT gpi improves the customer experience in cross-border payments ...

Dubai retail group Marka names new chief executive

(The National - 5/29/2017 2:20:00 AM)

Marka, the Dubai-based retail group that has yet to make a ­profit after more than two and a half years of trading, has ended its search for a new chief ­executive. Benoit Lamonerie assumed the role on Sunday, the company said in a release on the Dubai ...

Gulf Bank headquarters recognized as Kuwaiti landmark

(Arab Times - 5/29/2017 2:10:00 AM)

Gulf Bank was founded in the heart of Kuwait in 1961, and its headquarters building is widely recognized as a Kuwaiti landmark. Dar Al-Athar Al-Islamiyya is currently hosting an exhibition entitled ‘Modern Architecture Kuwait’ which showcases the history ...

Sadafco approves distribution of SR130m dividends

(Saudi Gazette - 5/29/2017 2:05:00 AM)

THE Saudia Dairy and Foodstuff Company (Sadafco) Annual General Meeting last evening approved the distribution of dividends amounting to SR130 million at SR4.00 per share, the equivalent of 40% of capital. The approval came as shareholders met in Jeddah ...

SEC, Al Safwa sign cooperation deal for recycling carbon ash, use of o

(Saudi Gazette - 5/29/2017 2:04:00 AM)

The Saudi Electricity Company (SEC) has signed a cooperation agreement with Al Safwa Cement Company for the recycling of carbon ash and the use of oils and oil residues resulting from the burning of heavy fuel in power generation plants as an alternative ...

Dubai’s DSI to put aside $272m for debt payments

(Arab News - 5/29/2017 2:00:00 AM)

Dubai contractor Drake & Scull International (DSI) expects to have nearly 1 billion dirhams ($272 million) of cash flow available over the next four years to partly repay its debt, banking sources told Reuters. The loss-making builder sent non-disclosure ...

Aramco’s only IPO foray provides a cautionary tale

(Gulf Times - 5/28/2017 8:11:00 AM)

Since the Saudi state-owned oil giant Saudi Aramco sold shares in Rabigh Refining and Petrochemical Co in 2008, the facility has provided a peek into a small corner of its operations. With few other clues available as Saudi Arabia prepares a massive ...

Agility reaches global settlement in US supply contract row

(Trade Arabia - 5/28/2017 8:04:00 AM)

Agility, a leading global logistics provider, on Saturday announced a global settlement in the case involving the US government food-supply contracts that the company held from 2003 to 2010 (the Prime Vendor contracts). The contracts spanned seven years, ...

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