ABU DHABI, UAE: Aldar Properties announced an AED 500 million investment plan to redevelop two of its key retail portfolio assets in the UAE: Al Jimi Mall in Al Ain, and Al Hamra Mall in Ras Al Khaimah. The investment takes Aldar’s committed spend on redeveloping key retail assets to AED 1 billion. The company…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
SAUDIA expands international flights by 15%, achieving significant growth
JEDDAH, SAUDI ARABIA: Saudi Arabian Airlines (SAUDIA) continues to implement its operational plan for Summer 2023 by providing over 7.4 million seats for domestic and international routes during July and August, a 10% increase compared to the same period in 2022. The airline will operate more than 32,400 flights, reflecting a 4% increase. These measures…
Alpha Dhabi and Limak Group sign MoU to explore joint ventures in Turkey
ABU DHABI, UAE: Alpha Dhabi Holding (ADX: ALPHADHABI), one of the fastest-growing investment holding companies in the United Arab Emirates (UAE), has signed a Memorandum of Understanding (MoU) with Turkey-based Limak Group, a diversified conglomerate with interests in construction, development, infrastructure, energy, and hospitality. The MoU aims to explore a range of business opportunities and…
Saudi Arabia produces first circular polymers from plastic waste
RYADH, KSA: A joint project by TotalEnergies, Aramco and SABIC has achieved a breakthrough in the Middle East and North Africa by converting oil derived from plastic waste into certified circular polymers. The project used plastic pyrolysis oil, also known as plastic waste derived oil (PDO), as a feedstock to produce polymers that can be…
Multiply Group buys stake in Breakwater Energy for $100 million
ABU DHABI, UAE: Multiply Group, an Abu Dhabi-based investment holding company, has announced that it has acquired a minority stake in Breakwater Energy, a subsidiary of EIG that owns 25% of Repsol E&P, a global upstream oil and gas business. The deal, worth AED 367 million ($100 million), is part of Multiply Group’s opportunistic investment…
Gulf International Bank Partners with COP 28 World Climate Summit in Dubai
MANAMA: Gulf International Bank B.S.C. (GIB) today announced its partnership with World Climate Summit – The Investment COP 2023. The event, which is hosted by World Climate Foundation, will take place on 7-8 December along COP 28 in Dubai. World Climate Summit, in its 14th year, is the primary global platform for public-private partnerships at…
Dubai Investments and E20 sign MOU for agricultural investment in Angola
DUBAI, UAE: Dubai Investments, the leading investment company listed on the Dubai Financial Market, and E20 Investment, an Abu Dhabi-based agribusiness investment company, signed a Memorandum of Understanding (MOU) to develop 3,750 Ha of agricultural land in Angola, harnessing the potential of the country’s agricultural sector for sustainable growth and economic development. E20 Investment, specializes…
Continental Investments LMD and Finance House strengthen partnership with new funding deal
Abu Dhabi, UAE: Continental Investments LMD, a leading real estate developer and a branch of Egypt’s LMD Sabbour Group, and Finance House, the UAE’s premier corporate financial services provider, have announced a new funding initiative to boost Continental Investments LMD’s market presence and project portfolio in the UAE. The agreement, which builds on a successful…
Aldar Estates to merge with Eltizam in property and facilities management deal
ABU DHABI, UAE: Aldar Properties PJSC, International Holding Company (IHC), and ADNEC Group have announced that they will merge their jointly owned property and facilities management businesses within the Aldar Estates platform, creating a regional leader in the sector. The merger will see IHC and ADNEC Group, a subsidiary of ADQ, become strategic shareholders in…
ADNOC Gas awards $1.34 billion contracts for gas pipeline expansion
ABU DHABI, UAE: ADNOC Gas, the world-class integrated gas processing company, has announced the award of $1.34 billion in contracts to Petrofac Emirates LLC and the Consortium between National Petroleum Construction Co. PJSC and C.A.T International Ltd. for the expansion of its natural gas pipeline network. The contracts are part of the sales gas pipeline…
Aramco and TotalEnergies to Construct $11 Billion Petrochemicals Complex in Saudi Arabia
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…
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…