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Majd Investment acquires 25% of Al-Wefaq Rent a Car Company (Yelo) – Canada NewsWire

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3 years ago

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The partnership signing ceremony in the capital, Riyadh, was attended by the president of Almajdouie Group, Yousef Almajdouie; CEO of Majd Investment, Ibrahim Almajdouie; the Board of Directors and partners of Al-Wefaq Rent a Car Company (Yelo) and its Chairman Nasser Al-Qhatani; and a number of executive leaders from both parties.

Ibrahim Almajdouie explains the importance of this deal as it enhances the company‘s objectives to invest in the services sector, stressing the determination of Majd Investment Company to continue its commitment to diversify the fields of investment in several strategic and promising sectors in the Kingdom according to a plan that depends on diversifying assets and risks alike. He also affirmed his pride in this partnership being with a Saudi brand that started in the Kingdom to expand its areas of reach and provide its services in regional countries based on to the highest standards of service quality and customer satisfaction.

For his part, Nasser Al-Qahtani points out the importance of this deal which will enhance the market value of the company and will contribute to the increasing demand for the company’s services spread throughout 90 branches in the Kingdom of Saudi Arabia, United Arab of Emirates and Egypt, serving more than one million clients. He also stresses the importance of this partnership with Almajdouie Group, as it is considered one of the most influential names in the field of automotive in the Kingdom, stressing that this will have a great impact on the company’s growth, expansion of its business, and a combination of expertise that will enhance the company’s leadership position.

It is noteworthy that Majd Investment Company is the investment arm of Almajdouie Group, which was founded in 1965 AD by Sheikh Ali Almajdouie. The company takes upon itself the management and development of the financial and real estate assets of the group, and works according to a diversification strategy through its investment portfolio in private and public properties, venture capital and real estate. It also enjoys various partnerships in the education and financial services sectors, as well as in the oil and gas and hotel sectors, in addition to many other fields. It also relies on its investment philosophy of preserving wealth through reducing risks and distributing assets to achieve the desired profitability, optimal and more sustainable growth.

SOURCE www.almajdouie.com

For further information: Media Contact: [email protected] | +966558050407

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 day ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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6 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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