MANAMA, BAHRAIN: GFH Financial Group announced the spinning out of its infrastructure and real estate assets under the newly established “Infracorp” capitalized with more than US$1 billion in infrastructure and developed assets into the Company, which will specialise in investments focusing on accelerating growth and development of sustainable infrastructure assets and environments across the Gulf…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Ras Al Khaimah Cement buys IHC’s Apex Holding for AED3.05bn
ABU DHABI, UAE: Ras Al Khaimah Cement Investment (RAKCIC) has agreed to buy entire shares of International Holding Company (IHC) and Chimera Investments in APEX Holding in a AED 3.05 billion deal. Apex Holding is subsidiary of International Holding Company based in the United Arab Emirates. The company has diversified operating business model with investment…
Ooredoo Group announces new executive appointments
DOHA, QATAR: Ooredoo Q.P.S.C. announced the appointment of Mr. Ahmad Al-Neama as Group Regional CEO, Mr. Bilal Kazmi as Group Chief Commercial Officer, effective 1 January 2022. Mr. Ahmad Al-Neama has been with Ooredoo since 2004, most recently as the CEO of Indosat Ooredoo. Prior to that, Ahmad was the Group’s Chief Technology Officer. He…
Raslaffan to acquire 40% shares in Nebras Power for $530mn
DOHA, QATAR: Raslaffan Operating Company has signed a share sale and purchase agreement with Qatar Holding LLC (QH), to purchase 40% of the share capital of Nebras Power from QH. The agreed purchase price for the transaction is $530 million. “Qatar Electricity and Water Company (QEWC) wishes to disclose that Raslaffan Operating Company W.L.L., a…
Alpha Dhabi Holding raises stake in Aldar Properties to 30%
ABU DHABI, UAE: UAE based conglomerate, Alpha Dhabi Holding has acquired an additional 17% shareholding of Aldar Properties PJSC, one of the UAE’s leading real estate development, management, and investment groups. The acquisition will increase Alpha Dhabi Holding’s shares in Aldar Properties to 29.8%, making it one of the largest shareholders. Eng. Hamad Salem Mohamed…
Multiply to invest $75mn in Getty Images ahead of NYSE IPO
ABU DHABI, UAE: Abu Dhabi based Multiply Group has signed a binding commitment to invest AED 275 million (US$75 million) in global visual content creator and marketplace Getty Images. With a broad portfolio that includes the Getty Images, iStock and Unsplash brands, the company reaches and empowers a broad base of retained customers ranging from…
Doha Bank signs $762.5 million term loan facility
DOHA, QATAR: Doha Bank has successfully completed the signing of a 3-year syndicated term loan facility on 20 December 2021. The loan proceeds will be used to fund general corporate and working capital purposes of the bank, and it pays a margin of 85 basis points per annum over US Dollar LIBOR. The term loan…
EFG Hermes & MNHD sign EGP 750mn housing and development deal
CAIRO, EGYPT: EFG Hermes has signed a sale and leaseback agreement amounting to EGP 750 million with real estate development firm Madinet Nasr for Housing and Development (MNHD). EFG Hermes’ Investment Banking division acted as the financial advisor for the transaction, which will also encompass a few securitization issuances as follow-on transactions, while EFG Hermes…
TAQA & ADNOC announce $3.6bn to power, decarbonize offshore operations
ABU DHABI, UAE: Abu Dhabi National Energy Company PJSC (TAQA) and Abu Dhabi National Oil Company (ADNOC) announced a $3.6 billion strategic project to significantly decarbonize ADNOC’s offshore production operations, further strengthening TAQA and ADNOC’s position in driving and leading sustainability efforts and supporting the United Arab Emirates (UAE) ‘Net-Zero by 2050 Strategic Initiative’. The…
International Finance Corporation acquires 25% stake in Tabreed India
ABU DHABI, UAE: National Central Cooling Company (Tabreed) has finalised a significant strategic partnership with the International Finance Corporation (IFC), under which ownership of Tabreed India, currently a wholly owned subsidiary of Tabreed, being transferred to a new holding company established in Singapore to be jointly owned by Tabreed (75%) and IFC (25%). International Finance…