Friday 1 August 2014

Kuwait's Al Madina files for protection

Kuwaiti firm Al Madina for Finance and Investment Co said on Wednesday it was uncertain of its ability to continue as a going concern, after posting a 26 percent drop in assets and widening its losses for the last financial year.


Spanish-Saudi rail group gets $811m loan

A Spanish-Saudi consortium which will build a high-speed railway linking the holy cities of Makkah and Madina said on Monday it had obtained a SR3.04 billion ($811 million) loan facility needed to start the project. The loan was syndicated


Al Madina CEO resigns

Shares in Kuwait's Al Madina for Finance and Investment declined 5.3 percent on Monday, a day after its chief executive Mamdouh Al-Sherbiny resigned. Shares in Al-Madina were down 5.3 percent at 45 dinars ($160.7) at 0911 GMT, their lowest


Saudi retail market faces unique challenges

Opportunities are abound in Saudi Arabia’s fast growing retail market but is constrained by several unique challenges including seasonal aspect of religious tourism, recruitment issues, supply chain constraints as well as cultural limitations, sai


Kuwait's Madina to merge with real estate firm

Kuwaiti investment firm Al-Madina for Finance and Investment Co said on Sunday it had agreed to merge with local real estate firm Sarh Al-Madina Real Estate Development Co. The two firms have signed an initial memorandum of understanding f


Al-Rajhi group wins $1.8bn Makkah rail contract

A consortium led by Saudi-based Al-Rajhi construction group has won the SR6.8 billion ($1.8 billion) civil works contract for the high-speed railway project linking Makkah and Madina, said a Saudi Railways Organization (SRO) official. The


Etihad doubles Jeddah flights for Umrah

Etihad Airways is to double the number of its flights during Ramadan between Abu Dhabi and Jeddah. It will also add special flights to Medina Al Munawara. These additional Umrah flights are available for Egypt's route for several t

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