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Cairo – Mubasher: The extraordinary general assembly of Sidi Kerir Petrochemical Company approved increasing the issued and paid-up capital from EGP 1.26 billion to EGP 1.51 billion, an increase of EGP 252 million.

The company said in a statement to the Egyptian Stock Exchange today, Wednesday, that the increase is distributed over 630 million shares, with a nominal value2 pounds per share, financing from the profits of last year 2021, at the rate of 1 share for every 5 shares, with fractions being fixed in favor of small shareholders.

The Extraordinary General Assembly also agreed to amend Articles 6-7 of the Company’s Articles of Association in light of the proposed capital increase.

It is noteworthy that Sidi Kerir Petrochemicals, It recorded a net profit of 744 million pounds from the beginning of January until the end of last September, compared to 358 million pounds in profits during the same period last year.

The company’s sales rose during the nine months to 5.8 billion pounds at the end of September, compared to 3.76 billion pounds during the same period last year.

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Abu Dhabi – Mubasher: Amazon UAE has signed a cooperation agreement with the “Lulu” group, with the aim of enhancing grocery product options on the company’s website in the country, with express delivery service..

Muhammad Ali Al-Shurafa, Chairman of the Abu Dhabi Department of Economic Development, said: This partnership is in line with the efforts of Abu Dhabi and the UAE to support private sector institutions and companies to innovate, provide modern and smooth services to the public, and develop their commercial businesses, according to a press release.

Yusuf Ali, Chairman and Managing Director of LuLu Group, added: “Our customers’ needs are a top priority in all of our operations, and we are well aware of the importance of listening to customers and adapting our business models to provide them with an advanced shopping experience that meets their ambitious aspirations.

Last October, Amazon announced the opening of the new Amazon Saudi Arabia office in Riyadh, noting that the new office will be located in the Riyadh front property..

And Amazon Saudi Arabia confirmed that the opening of the new branch in the Kingdom is an affirmation of the company’s commitment to empowering customers, selling partners, and employees in Saudi Arabia, and supporting social and economic growth throughout the Kingdom..

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Abu Dhabi – Mubasher: The Masdar Green Real Estate Investment Fund, the first of its kind in the UAE dedicated to investing in sustainable real estate assets, announced the completion of the acquisition of real estate worth AED 934 million.

The fund stated in a statement issued today, Monday, that with the latest deal, the value of its real estate assets portfolio reaches 1.91 billion dirhams, with more assets encouraging investment in the future.

And “Masdar Capital Management Limited”, the fund’s manager, revealed the acquisitions during Abu Dhabi Financial Week, and this comes after the fund signed a $200 million financing agreement with First Abu Dhabi Bank last January with the aim of developing its portfolio of projects.

The Masdar Green Real Estate Investment Fund was established by the Abu Dhabi Future Energy Company “Masdar” as an investment tool to enable professional investors to invest in a portfolio of professionally managed, sustainable, income-generating real estate assets in Masdar City.

The Fund’s recent acquisitions include two fully occupied LEED Platinum-rated buildings in Masdar City, as well as the acquisition of the LEED Gold-rated Institute of Technology Innovation headquarters.

These three assets were rated “3 Pearls” according to the Estidama Pearl Rating System for Buildings in Abu Dhabi.

Anthony Taylor, Senior Executive Officer at Masdar Capital Management Limited, noted that this second phase of expansion demonstrated that sustainable real estate development is an attractive investment opportunity in addition to being environmentally responsible.

Kuwait – Mubasher: Announced Mina Real Estate Company The financial statements for the second quarter of 2022, however, the Kuwaiti Stock Exchange continued to suspend trading on the stock.

According to a statement today, Sunday, “Mina’s” losses in the three months ending on September 30 amounted to 3.42 million dinars, compared to 58.57 thousand dinars, losses in the second quarter of 2021, a jump of 5733%.

The company’s losses increased in the first half, which ended on September 30, by 2961%, at 3.63 million dinars, compared to losses for the same period of the previous year amounting to 118.48 thousand dinars.

The statement attributed the company’s accumulated losses to the fact that the Capital Holding Company, one of the subsidiaries, made a swap with KFIC Brokerage Company, and the latter sold 29.5% of the shares of Al-Salboukh Commercial Company, at a value of 5.75 million dinars, and the resulting losses amounted to 4.11 million dinars during the second quarter. ended the previous September 30.

This comes in addition to the presence of carried forward losses of KD 3.02 million according to the financial statements issued for the period of June 30, 2022, and it was the reason for the decrease in the value of some assets contained in the swap deal between the subsidiary and the KFIC Brokerage Company, as well as the failure to enhance the previous management of the company’s revenues.

In a separate statement, the Kuwait Stock Exchange announced the continuation of the suspension of trading in the shares of the MENA Real Estate Company, due to the failure to express an opinion in the auditor’s report.

It is noteworthy that the losses of “Mina” amounted to 209.83 thousand dinars in the first quarter ending on June 30, compared to 59.91 thousand dinars, losses for the same period of 2021, an annual increase of 250%.

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