Dar Global PLC said on Monday it has signed an agreement with Dar Al Arkan Real Estate Development Company to acquire a prime land parcel in Jeddah, Saudi Arabia, for the development of a luxury mixed-use project valued at approximately SAR 2.4 billion ($640 million). The site, spanning around 28,800 square metres, is located within…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
DP World posts strong H1 2025 results amid global trade disruptions
Cash generated from operations surged to $2.63 billion, up 25.6% from the prior year DUBAI: DP World reported robust financial results for the first half of 2025, with revenue rising 20.4% year-over-year to $11.24 billion and adjusted EBITDA climbing 21.4% to $3.03 billion, despite ongoing geopolitical tensions and supply chain disruptions. The global logistics giant…
Saudi Aramco posts $50.9bn H1 profit amid market volatility; Maintains 100% supply reliability
Energy giant advances upstream projects, boosts AI capacity and renewables, declares $42.7 billion in dividends despite lower crude prices RIYADH: Saudi Aramco (2222.SE), the world’s largest oil exporter, reported a robust financial performance for the first half of 2025, posting an adjusted net income of $50.9 billion despite lower crude prices and geopolitical headwinds. The…
NEP Group appoints Waleed Isaac as President for Middle East and Asia
DUBAI: NEP Group, a global media services provider for live sports and entertainment, announced Thursday that Waleed Isaac will join the company as President of its Middle East and Asia operations, effective Aug. 1. Isaac, a seasoned executive with more than 30 years of experience across energy, infrastructure, and event production industries, will oversee NEP…
CVC DIF, Tabreed to acquire PAL Cooling from Multiply Group in AED 3.8 billion deal
ABU DHABI: CVC DIF, the infrastructure investment strategy of global private markets manager CVC, and National Central Cooling Company PJSC (Tabreed) have announced a strategic partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group, in a deal valued at approximately AED 3.8 billion. The transaction—subject to customary regulatory approvals—includes eight long-term concessions currently…
Turkcell secures $150 million murabaha financing from Dubai Islamic Bank
ISTANBUL: Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye’s leading technology and communications company, has obtained $150 million in Murabaha financing from Dubai Islamic Bank PJSC, a prominent financial institution in the Gulf region. The funding will support Turkcell’s infrastructure investments and long-term growth strategy. Turkcell Chief Executive Officer Dr. Ali Taha Koç said the company remains committed to…
Gulf Marine Services loses tax appeal in Saudi Arabia, maintains EBITDA guidance
LONDON: Gulf Marine Services PLC said a Saudi court rejected its appeal of a $9.2 million tax assessment tied to transfer pricing disputes for the 2017-2019 fiscal years. The London-listed offshore energy support vessel operator disclosed the ruling in a regulatory filing Tuesday after Saudi Arabia’s Alternative Dispute Resolution Committee denied its latest settlement proposal….
AD Ports Group, SCZONE ink 50-year deal to develop East Port Said industrial zone
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…
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…