CAIRO: AD Ports Group and the General Authority for Suez Canal Economic Zone (SCZONE) have signed a 50-year renewable usufruct agreement to develop and operate a 20-square-kilometer industrial and logistics park near Port Said on Egypt’s Mediterranean coast. The agreement, witnessed by Egyptian Prime Minister Mostafa Madbouly and high-ranking UAE and Egyptian officials, positions East Port Said Industrial…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Tesla to launch in Saudi Arabia amid declining Europe sales
Tesla is set to launch in Saudi Arabia next month, marking its entry into the Gulf region’s largest market. The company announced the April 10 event in Riyadh, where it will showcase electric vehicles, solar-powered products, and innovations like Cybercab and Optimus, its humanoid robot. Tesla’s expansion comes amid declining sales in Europe and global protests…
Ant International opens first Middle East office in Saudi Arabia
RIYADH: Ant International, a prominent global provider of digital payment, digitization, and financial technology, has inaugurated a new office in the central business district of Al-Olaya, Riyadh. This expansion comes after the company successfully received technical certification as a Payment Technical Service Provider (PTSP) from the Saudi Central Bank (SAMA). The new office will enable Ant…
Matternet get approval for drone deliveries in Saudi Arabia
RIYADH: Matternet, the world’s leading developer of urban drone delivery systems, announced Monday its M2 drone has been approved for operations in Saudi Arabia. The Kingdom’s General Authority of Civil Aviation (GACA) granted the certification after determining the M2’s Federal Aviation Administration (FAA) Type Certification issued by the U.S. met GACA airworthiness standards. Matternet received…
Mardi Holding expands into UAE
DUBAI: Mardi Holding, a prominent real estate development company from Georgia, has announced its expansion into the UAE. This move aims to attract investors to its branded developments in Georgia, in cooperation with the global hospitality group Accor. Based in Batumi, Mardi Holding has been active in the real estate market since 2010 and has…
Dubai Islamic Bank raises stake in Türkiye’s T.O.M. Group to 25%
DUBAI: Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, announced Monday it has increased its shareholding in T.O.M. Group from 20% to 25%. This strategic move follows the initial acquisition in September 2023, further cementing DIB’s presence in Türkiye’s dynamic financial landscape. The T.O.M. Group includes T.O.M. Katılım Bankası A.Ş. (Türkiye’s first licensed digital…
Drake and Scull, El Amar Group collaborate in Egypt and Saudi Arabia
DUBAI: Drake and Scull International PJSC (DSI), a leader in mechanical, electrical, and plumbing (MEP) contracting services, as well as oil and gas, water, and wastewater treatment projects, has signed a strategic Memorandum of Understanding (MoU) with El Amar Group, a prominent real estate development and infrastructure company. The agreement aims to explore and collaborate…
Al Ansari Financial Services partners with Abhi Middle East for enhanced financial solutions
DUBAI: In a strategic move poised to transform the financial landscape, Al Ansari Financial Services PJSC (DFM: ALANSARI) has announced a partnership with Abhi Middle East Limited, the largest embedded finance platform in the region, backed by Hub71 and the Abu Dhabi Investment Office (ADIO). This collaboration aims to broaden the financial solutions available to…
DP World Australia announces acquisition of Silk Logistics
DUBAI, UAE: DP World Australia, a subsidiary of DP World, announces it has entered into a binding Scheme Implementation Deed for the acquisition of 100% of the issued share capital of Silk Logistics Holdings Limited via a Scheme of Arrangement with a cash offer of A$2.14 per share. The transaction values the equity of Silk…
IMF projects economic growth at the rate of 5.1% for the UAE in 2025
The UAE’s real GDP is forecasted to remain stable at 4% in 2024, with an expected increase to 5.1% in 2025, according to the latest World Economic Outlook (WEO) released by the International Monetary Fund (IMF). The report, published alongside the 2024 IMF/World Bank Group Annual Meetings, also outlines moderate growth prospects for the broader…
Masdar partners with Presight to develop an advanced asset management tool
ABU DHABI: Masdar, the UAE’s leading clean energy company, has entered into a strategic partnership with Presight, a top-tier big data analytics firm powered by generative artificial intelligence (AI). This collaboration aims to develop an advanced asset management tool for Masdar’s global renewable energy projects. Masdar’s renewable energy installations, including solar panels, inverters, and wind…
KASCO Developments launches in UAE real estate with AED 1.2bn initial investments
Dubai, UAE: KASCO Developments – the latest venture by the prominent KASCO Group – has officially launched into the thriving UAE property market. Having been involved in real estate since 2008, KASCO Group has a portfolio of successfully delivered projects such as Waves Tower by KASCO, KASCO Residence, KASCO Tower, and Gulf Oasis. Building on…