DUBAI, UAE: Orascom Construction Board has proposed the acquisition of a leading equipment importation, distribution and services business (target company) in Egypt. The Group previously announced on October 19 that the Board of Directors had approved management’s proposal to formally evaluate this potential acquisition. After evaluation, including the appointment of an Independent Financial Advisor (IFA),…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Technip Energies to construct petrochemical complex in UAE
PARIS, FRANCE: Technip Energies (EPA:TE) in consortium with TARGET Engineering by Abu Dhabi Polymers co. Ltd. (Borouge) will construct a new Ethane Cracker Unit, to be integrated in the Borouge 4 petrochemical complex in Ruwais, UAE. Borouge is a joint-venture between ADNOC and Borealis. The EPC contract was signed by H.E Dr. Sultan Al Jaber,…
Al Salam Bank continues empowerment of women in the workplace
BAHRAIN: Al Salam Bank continues to prioritizes its female personnel, as they play an integral role in its success, and the development of the Kingdom and its community. Al Salam Bank has launched a number of initiatives to support women and back its female workforce, including the annual celebration of Bahraini Women’s Day whereby each…
United Arab Emirates to buy 80 Rafale F4 aircraft
SAINT-CLOUD, FRANCE: In the presence of the President of the French Republic, Emmanuel Macron, and Sheikh Mohammed ben Zayed Al Nahyane, Crown Prince of Abu Dhabi and Vice-Commander of the Armed Forces of the United Arab Emirates (UAE), Eric Trappier, Chairman and CEO of Dassault Aviation, signed a historical contract with Tareq Abdul Raheem Al Hosani,…
KIPCO raises KD 80mn in oversubscribed rights issue
KUWAIT CITY: KIPCO – the Kuwait Projects Company (Holding) – announced the rights issue of 640 million shares was oversubscribed, and KIPCO raised KD 80 million in equity. The company’s issued and paid-up capital now stands at KD 264 million. KIPCO’s Board of Directors approved the rights issue in early August, announcing that it intended…
Zwipe and GEPCOM to bring next generation payment cards to Saudi Arabia
RIYADH, SAUDI ARABIA: GEPCOM, one of oldest and most respected card production and printing facilities in the Arab world, has selected the Zwipe Pay ONE platform to deliver biometric payment cards to its clients in Saudi Arabia and key international markets. Zwipe is a FinTech that has pioneered the development of biometric payment cards and…
Multiply Group to list on main market of Abu Dhabi Exchange
ABU DHABI, UAE: Multiply Group, a subsidiary of International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on December 5, 2021, offering investors the opportunity to invest in the field of disruptive digital technology and other key industries, a news release said. Multiply Group, which had assets of AED 8.16…
Chris Phillips appointed Chief Commercial & Investment Officer at Gulf Navigation Holding
DUBAI, UAE: Gulf Navigation Holding has appointed Chris Phillips as its new Chief Commercial and Investment Officer. Chris Phillips brings with him over 25 years of international investment management experience. Prior to joining Gulf Navigation Holding he was the Wholesale Banking Head of Specialized & Ship Finance at Abu Dhabi Islamic Bank, Head of Marine…
Qatar First Bank invests in US-based voice AI firm, SoundHound
DOHA, QATAR: Qatar First Bank (QFB) has agreed to invest in SoundHound Inc., a US late-stage tech company specialized in voice AI. SoundHound Inc.’s headquarters are in Silicon Valley, California, in the USA. The investment is expected to close in the first quarter of 2022. SoundHound’s independent voice AI platform, built on proprietary natural language…
Orient Insurance acquires ADCB Group’s shares in Orient Takaful
DUBAI, UAE: Orient Insurance, a subsidiary of Al Futtaim Group, announced that it has completed acquiring the shares of ADCB Group in Orient Takaful Insurance Company (An Egyptian Joint Stock Company) amounting to 20% of the company’s total shares, this purchase will increase Orient UAE’s share to 80% of the total shares of the Egyptian…