ABU DHABI, UNITED ARAB EMIRATES: Burjeel Holdings, one of the largest healthcare service providers in the Middle East and North Africa (MENA) region, has announced a partnership with OncoHelix Inc. to establish a cutting-edge laboratory in Abu Dhabi. The lab will provide advanced molecular genetics, cellular, and immunological profile testing to patients in the UAE….
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Emirates Telecom to acquire 50.03% stake in Careem’s super-app business for $400 million
ABU DHABI, UAE: Emirates Telecommunication Group Company (e&) signed a binding agreement with Uber Technologies Inc. to acquire a majority stake of 50.03% in Careem’s super-app business, currently part of Careem Networks FZ LLC in exchange for an investment of USD 400 million in the company. The Careem Super App is a market leader with…
NOVONIX and TAQAT to setup battery material facility in Saudi Arabia
RIYADH/SYDNEY: NOVONIX Limited has agreed to establish an incorporated joint venture with TAQAT to develop and produce anode materials for electric vehicle and energy storage system batteries in the Middle East and North Africa (MENA) region. The joint venture, which has been in discussion since 2021, is intended to utilize NOVONIX’s leading battery technology and…
Empower approves distributing AED 425 million dividends to shareholders
DUBAI – UNITED ARAB EMIRATES: The General Assembly of Emirates Central Cooling Systems Corporation PJSC (Empower), in a meeting convened with a quorum of 86.82% of the Company’s paid-up share capital, approved the Board’s proposal on the distribution of cash dividends to shareholders in a total amount of AED 425,000,000 (AED 0.0425 per share, representing…
Standard Chartered to sell its Jordanian business to Arab Jordan Investment Bank
DUBAI, UAE: Standard Chartered plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), as the bank presses ahead with plans to exit seven markets in Africa and the Middle East, Reuters reported. The bank entered into an agreement with AJIB, subject to central bank approval, which will see Standard Chartered’s corporate, commercial…
Al Baraka Group wins big at the Islamic Finance News ceremony
MANAMA, BAHRAIN: The Bahrain based Al Baraka Group B.S.C (“ABG” / the “Group”) has announced two of its Units won the prestigious Islamic Finance News Awards for “Best Digital Offering”. The winners were selected based on an annual comprehensive referendum conducted by the Islamic Finance News magazine. Over 38,000 votes were cast this year, and…
Dubai Islamic Bank shareholders approve 30% dividend for 2022
DUBAI, UAE: Dubai Islamic Bank (DIB) concluded its Annual General Assembly (AGM) with the approval of the bank’s 2022 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank’s Board and management’s strategic agenda for the coming years. The strong financial results reported this year are a further testament to…
TECOM Group shareholders approve AED 200 million cash dividend for H2 2022
DUBAI, UAE: TECOM Group, the creator of specialised business districts and vibrant communities, held its inaugural Annual General Assembly Meeting at one of its major business parks, Dubai Internet City. During the meeting, shareholders approved the Group’s financial statements for the year ended 31 December 2022 and a recommendation by the Board of Directors to…
Aramco posts record 46.5% growth in profits to $161.1 billion in 2022
Saudi Arabia’s oil giant Aramco reported a record net income of $161.1 billion for 2022 (46.5% higher than previous year’s $110 billion), the largest annual profit ever achieved by an oil and gas company, CNBC reported. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also…
ADNOC Drilling recommends a final dividend of $341.25 million for 2022
ABU DHABI, UAE: ADNOC Drilling Company Board of Directors have recommended a final dividend payment of $341.25 million for 2022, subject to shareholder approval at the upcoming Annual General Meeting. In its first full year since listing in 2021, the Company has delivered enhanced shareholder returns with a total 2022 dividend of $682.5 million. ADNOC…
SAUDIA launches “Your Ticket Your Visa” Service
RIYADH, KSA: SAUDIA, the national flag carrier of Saudi Arabia, has announced the launch of “Your Ticket Your Visa”. The first-of-its-kind service provides guests with even easier access to the Kingdom through a digital integration system that links transit visas with flight tickets. “Your Ticket Your Visa” service is introduced in collaboration with the Ministry…
Aramco to invest in a new powertrain technology setup by Geely and Renault
DAHRAN, SAUDI ARABIA: Aramco has signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT), to be established by Geely Holding Group, Geely Automobile Holdings Limited (Geely Auto HK.0175) — collectively referred to as Geely — and Renault Group. The new company will be dedicated to internal…