Daily Archives: December 27, 2015

Islamic Development Bank Discusses New funding for Member States

Jeddah, Rabi’I 16, 1437, December 27, 2015, SPA — Under the chairmanship of President of Islamic Development Bank Group Dr. Ahmad Mohammed Ali, its Board of Executive Directors started 309th session in Jeddah today.

The board, which consists of 18 members representing 56 members states at the bank will discuss during this session a number of following-up, administrative and technical reports, as well as approval of financing of many new development projects in a number of its member states.
14:48 LOCAL TIME 11:48 GMT

Kuwait Stock Exchange closes session with indices on mixed boards

KUWAIT, Rabi’I 16, 1437, December 27, 2015, SPA — Kuwait Stock Exchange (KSE) closed Sunday’s session with the main indices settling on mixed boards.
Benchmark read 5,647, rising 27 points, followed by the weighted which inched upward 0.009 however Kuwait-15 lost 1.8 points.
Value of traded shares reached KD 8.3 million, share turnover some 112 million, done in 2,737 transactions.
13:45 LOCAL TIME 10:45 GMT

Saudi Telecom to acquire stake in Sale Advanced Company amounting to SR 400 million

Riyadh, Rabi’I 16, 1437, December 27, 2015, SPA — Saudi Telecom (STC) announced that its Board of Directors has agreed to provide an offer to acquire a stake in Sale Advanced Co. Ltd., which represents 40% of the company’s shares to the owners of Ettihad Sale, with an amount of SR 400 million, indicating that the transaction will be financed by the company’s own resources while the financial impact of the deal will be announced at a later stage as the deal progresses.
The company noted in a statement on the financial market site “Tadawul” today that STC currently owns 60% of the company. SaleCo is a Saudi based company located in Riyadh offering sales services through all distribution channel networks located in the Kingdom of Saudi Arabia and other Gulf Arab States.
10:59 LOCAL TIME 07:59 GMT