RIYADH, KSA: Saudi Arabian Oil Company (Aramco) and TotalEnergies have recently joined forces in a significant partnership, signing an $11 billion contract to commence the construction of a state-of-the-art petrochemicals complex in Saudi Arabia. The joint statement, released by both companies on Saturday, unveiled their collaborative effort towards this ambitious project. The contract, awarded for…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Al Salam Bank acquires majority stake in Al Salam Bank Algeria
MANAMA, BAHRAIN: Al Salam Bank has announced the acquisition of a majority stake in Al Salam Bank Algeria (ASBA), increasing its shareholding from 37.43% to 53.13%, following the purchase of shares from various shareholders. The acquisition will boost Al Salam Bank’s regional presence and growth prospects, as ASBA is the fastest growing bank in Algeria…
TAQA acquires Sustainable Water Solutions Holding to expand its water portfolio
DUBAI, UAE: Abu Dhabi National Energy Company PJSC (TAQA), an international energy and water company, has announced that it has entered into a definitive agreement to acquire Sustainable Water Solutions Holding Company (SWS Holding), a newly established entity that owns Abu Dhabi Sustainable Water Solutions Company (ADSWS), the main provider of wastewater collection, treatment, and…
Empower launches its summer campaign to reduce district cooling energy consumption
DUBAI, UNITED ARAB EMIRATES: Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s largest district cooling services provider, announced the launch of its annual summer campaign to reduce district cooling energy consumption during summer under the theme ‘Set and Save 24°C’. Launched this month and continues until the end of the summer season, the campaign…
Al Salam Bank Launches its “Buy Now, Pay Later” Service for its Debit Cardholders
MANAMA: Al Salam Bank announced the launch of its “Buy Now, Pay Later” service for its debit cardholders, following its success in facilitating installment payments for its credit cardholders in November last year. The fully automated, instant, and seamless service allows clients to settle their payments in installments within a specific time frame defined by…
TECOM group secures refinancing for existing loan facility at more favourable terms
DUBAI, UAE: TECOM Group has entered into a new five-year AED 7.6 billion unsecured loan facility replacing the existing partially utilized term loan of AED 7.6 billion. The Facility will have a positive impact on the Company’s cash flow profile while providing it with the funds to execute its growth strategy. The facility has been…
Texel Air Australasia Launches as New Zealand’s Newest Cargo Airline
Auckland, New Zealand: Texel Air, a Bahraini cargo airline, has expanded its operations into Australasia with the launch of Texel Air Australasia, a sister airline located at Auckland International Airport. The official launch took place on Saturday, June 10, 2023, marking a significant milestone for New Zealand’s aviation industry. Texel Air Australasia will operate the…
Gulf International Bank Signs Silver Sponsorship Agreement with Al Nassr Football Club
Riyadh: Gulf International Bank – Saudi Arabia (GIB) has signed a three-year silver sponsorship agreement with Saudi Al Nassr Football Club as of 1 July 2023 as part of its commitment to supporting the development of Saudi sports. This partnership is part of GIB’s commitment to helping to develop the sports sector in the Kingdom…
Al Ansari Exchange on track to open 15 new branches across UAE
UAE, DUBAI: Al Ansari Financial Services’ subsidiary, Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the UAE today announced, after obtaining the necessary approvals, its plan to launch 15 new branches across the UAE before the end of 2023. The physical branch expansion is in line with the Group’s growth…
Al Salam Bank Organizes First Shari’a Departments Forum
MANAMA, BAHRAIN: Al Salam Bank has recently organized the First Shari’a Departments Forum, which took place at the Bank’s headquarters under the supervision of its Shari’a Audit Department and the support of the Executive Management team. The Forum witnessed active participation from all the Islamic banks in the Kingdom, as well as the attendance of…
Masdar submits lowest bid for 1,800MW Phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE: Dubai Electricity and Water Authority (DEWA) has received bids from ACWA Power and Masdar for the 1,800MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park. Masdar has submitted the lowest bid of USD 1.62154 cents per kilowatt hour (kWh) for the project, which will utilize photovoltaic (PV) solar panels under…
ADNOC Drilling expands offshore jack-up rig fleet with acquisition of two premium units
ABU DHABI, UAE: ADNOC Drilling Company has announced the signing of an agreement to acquire two high-specification Gusto MSC CJ46 design offshore jack-up drilling units. The acquisition, totaling $220 million, is in line with the company’s fleet expansion and growth strategy and will significantly contribute to ADNOC’s accelerated production capacity growth. The two premium rigs…