Daily Archives: December 31, 2015

President of Youth Welfare receives the world's dean of water polo athletes

Riyadh, Rabi’I 20, 1437, December 31, 2015, SPA — Prince Abdullah bin Musaed bin Abdulaziz, General President of Youths Welfare, who is also Chairman of Saudi Arabian Olympic Committee, received at his office in Riyadh today Nasser Al-Dighaither, member of the Saudi national water polo team as well as Al-Qadesiyah club, to congratulate him on being awarded the title of the world’s water polo players dean.
During the reception, the Prince paid tribute to Al-Dighaither for his highly prestigious sports dedication that extended for more than 30 years in the field of water polo, wishing him continuous success.
16:18 LOCAL TIME 13:18 GMT

Muscat Securities Market Loses 38 Points

Muscat, Rabi’I 20, 1437, December 31, 2015, SPA — Muscat Securities Market (MSM) general index (30) today lost (38.2) points, comprising a decline by (0.70%) to close at (5406.22) points, compared to the last session, which stood at (5444.39) points.

The trading value today stood at (RO 14,543,102) million, comprising a decline by (74.1%) compared to the last session, which stood at (RO 56,251,783) million.

The report released by MSM pointed out that the market value fell by (0.27%) to reach about (RO 15.78) billion.
14:56 LOCAL TIME 11:56 GMT

Kuwait Stock Exchange ends in mixed zone

KUWAIT, Rabi’I 20, 1437, December 31, 2015, SPA — Kuwait Stock Exchange (KSE) ended Thursday’s session in the mixed zone as the price index gained 2.64 points reaching 5,615.12 points, the weighted index lost 0.14 points reaching 381.7 points and the KSX 15 moved down 1.87 points reaching 900.43.
The number of trades was 2,108 transactions with a value of KD 8.5 million and a volume of 78.6 million shares.
14:53 LOCAL TIME 11:53 GMT

Zakat revenues grow at 7% rate, official says

Riyadh, Rabi’I 20, 1437, December 31, 2015, SPA — Ibrahim bin Mohammed Al-Mifleh, Director General of Zakat (alms) and Income Department, an affiliate of the Ministry of Finance, reported today that his department’s revenues have grown by 7% to SR 30 billion over the last fiscal year 1436 H. compared with the previous year.
In a statement, he said the department’s new electronic site, expected to be launched in the first quarter of this year, will help subscribers to tackle their transactions with Zakat on line, a step seen to expedite and scrutinize the levying of money into the department’s treasury.
14:49 LOCAL TIME 11:49 GMT

Agriculture Minister receives Somali Ambassador

Riyadh, Rabi’I 20, 1437,December 31, 2015,SPA –Minister of Agriculture Abdulrahman bin Abdulmohsen Al-Fadhli received here today Ambassador of the Federal Republic of Somalia to the Kingdom Taher Mahmoud Jeeli.
During the meeting, they exchanged cordial talks and discussed agricultural areas of interest to the two countries.
The meeting was attended by the Ministry’s Undersecretaries and a number of officials.
13:47 LOCAL TIME 10:47 GMT

Tadawul launches an Initial Public Offering (IPO) in 2018

Riyadh, 20 Rabi’I,1437 AH, 31 December,2015 , SPA — The Saudi Stock Exchange (Tadawul) declared that it is poised to issue part of its stakes on Initial Public Offering (IPO) in 2018.
The President of the Board of Directors of Tadawul Khalid bin Ibrahim Al-Rabiah said the company, the sole entity authorized to carry out trading in securities in the country, is ready to carry out this qualitative leap after having obtained the necessary higher and regulatory approvals.
In a statement on the company’s website, he said that Tadawul holds a leading position among emerging markets in terms of its liquidity and traded value as the Saudi stock market represents 51% of the total market capitalization of the GCC Capital Market and 79% of the total values traded in them.
Al-Rabiah pointed out that offering part of the ownership of the company to the public aims to keep pace with the national economic transformation plan given its vital economic leverage that serves nearly five million investors, 80 financial companies and 270 listed and unlisted companies.
He said that, since its inception in 2007, Tadawul has invested in the market’s infrastructure, most notably the technical systems and Saudi cadres, adopting a number of pre-public-offering process major initiatives .
He pointed that such initiatives are aimed at further developing the market through investing in deposit, clearing and settlement transactions at an estimated budget worth more than one billion Saudi Riyals.
Tadawul has recently achieved many of its strategic objectives, he said, citing the opening of direct subscription for foreign investors, for the first time in the history of the Kingdom, and transferring all its exchanges with X-Steam INET.
13:11 LOCAL TIME 10:11 GMT

Petro Rabigh increases its capital through offering Rights Issues value at SR 9.2 billion

Riyadh, Rabi’I 20, 1437, December 31, 2015, SPA — Rabigh Refining and Petrochemical Company (Petro Rabigh) announced that in reference to the announcement on April 13, 2015, regarding the recommendation of the Board of Directors to increase the Company’s capital through Rights Issues, we would like to notify shareholders that, based on the Company’s announcement on December 31, 2015 regarding the latest developments of Rabigh Project (Phase II), changing the schedule of the Project, the Projects cost increase by approximately one billion Saudi Riyals, and the current world economic situation, the Company announces increasing the capital through Rights Issues valued at approximately 9,259,000,000 (Nine Billion Two Hundred Fifty Nine Million) Saudi Riyals with an increase of 2,224,000,000 (Two Billion Two Hundred and Twenty Four Million) Saudi Riyals instead of the amount announced before valued at 7,035,000,000 (Seven Billion and Thirty Five Million) Saudi Riyals.
The Company said in announcement published today on Saudi Stock Exchange site that this is conditioned by securing required approvals from concerned parties and the Extra-Ordinary Assembly of the increase and the share value and number.
Eligibility will be for the shareholders who are registered in the Shareholders List at the Deposit Center in the Capital Market Authority by the trading closure of the day of the Extra-Ordinary Assembly, the date of which will be determined later.
12:17 LOCAL TIME 09:17 GMT

European shares dip

LONDON, Rabi’I 20, 1437, December 31, 2015, SPA — European shares slipped on Thursday as weak oil prices weighed on equities, although major regional stock markets were still set to end 2015 with gains over the course of the year, Reuters reported.

Britain’s blue-chip FTSE 100 index and France’s benchmark CAC-40 index were both down 0.4 percent in early trading. Germany’s DAX market was closed for a public holiday.

Brent crude oil prices remained near 11-year lows, with shares in oil companies such as BP and Total falling.

Both the FTSE and DAX have fallen from record highs reached in April, caused partly by concerns about a slowdown in China.

Nevertheless, economic stimulus measures from the European Central Bank (ECB) have propped up euro zone stock markets, with the main German and French markets both up around 10 percent in 2015.
11:54 LOCAL TIME 08:54 GMT