UAE, DUBAI: BHM Capital Financial Services, one of the leading companies in the UAE’s financial markets, has been granted the license to become a Financial Advisor (Issuance Manager) from the Securities & Commodities Authority (SCA). Upon obtaining this license, BHM Capital will be able to provide financial consultation to issuing companies, manage the offering process…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
KIPCO signs $525 million medium-term credit facility
KUWAIT CITY: KIPCO – the Kuwait Projects Company (Holding) announced that it has signed a US$ 525 million (KD 160.4 million equivalent) credit facility with a group of nine regional and international banks. The facility has an initial February 2025 maturity and a one-year extension option at KIPCO’s sole discretion. Standard Chartered Bank acted as…
Dubai Financial Market 41.7% jump in net profit for 2022
DUBAI, UAE: Dubai Financial Market Company announced its consolidated results for the fiscal year ending on 31st December 2022, registering a jump of 41.7% in net profit to AED 147.1 million compared to AED 103.8 million in 2021. With a total revenue of AED 351.2 million, up 19% compared to last year’s AED 294.6 million,…
World Aquatics announces Centre of Excellence at the University of Technology Bahrain
MANAMA, BAHRAIN: World Aquatics and the Bahrain Olympic Committee today announced plans to create a centre of excellence and regional office for aquatic sports in the Kingdom of Bahrain, in partnership with GFH Financial Group and the Bahrain Swimming Federation. This partnership will see World Aquatics establish its centre at The University of Technology Bahrain…
Dubai Investments acquires 9.0% stake in Monument Bank, UK based Digital Bank
DUBAI, UAE: Dubai Investments [DIC] has acquired 9% equity stake in Monument Bank Limited, a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). Monument Bank is focused on the overlooked ‘mass affluent’ segment in the UK. The bank’s strategic goal is to provide core banking and…
Venture debt funding in MENA crosses $260 million across 18 deals in 2022
DUBAI, UNITED ARAB EMIRATES: The 2022 MENA Venture Debt Investment Report shows that venture debt funding grew 18x between 2020 and 2021, revealing a growing appetite for the funding tool to support startup growth. The number of venture debt deals almost doubled between 2021 and 2022 as the ecosystem started regaining momentum following the pandemic….
ADNOC and TAQA to jointly establish electric vehicle infrastructure in UAE
ABU DHABI, UAE: ADNOC Distributionhas agreed with Abu Dhabi National Energy Company (TAQA) to jointly establish a mobility joint venture, E2GO, to build and operate electric vehicle (EV) infrastructure in Abu Dhabi and the wider UAE. An agreement to pave the way for creating the joint venture was signed by Eng. Bader Saeed Al Lamki,…
EM Normandie French Business School inaugurates 1st campus at Dubai Knowledge Park
DUBAI, UAE: The EM Normandie French Business School has inaugurated its first regional campus at Dubai Knowledge Park, a member of TECOM Group PJSC. A significant addition to Dubai’s higher education community, the university marks strengthening ties between France and UAE on the heels of a state visit between UAE President His Highness Sheikh Mohamed…
Ahmed Galal Ismail appointed CEO of Majid Al Futtaim Holding
DUBAI, UNITED ARAB EMIRATES: Majid Al Futtaim, the leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa, and Central Asia, announced on Friday that Ahmed Galal Ismail has been appointed Chief Executive Officer of Majid Al Futtaim Holding. Ahmed Galal Ismail assumes the position from Alain Bejjani, who served in the role for…
Alpha Dhabi and Mubadala form partnership to co-invest $2.5bn in global credit opportunities
ABU DHABI, UAE: Alpha Dhabi Holding and Mubadala Investment Company announced the formation of a joint venture to co-invest in global credit opportunities. Alpha Dhabi and Mubadala aim to collectively deploy up to AED 9 billion (approximately US $2.5 billion) over the next five years, leveraging Mubadala’s long-term and strategic partnership with Apollo (NYSE: APO),…
GFH buys major stake in Big Sky, US-based real estate asset manager
MANAMA, BAHRAIN: GFH Financial Group has completed the acquisition of a majority stake in Big Sky Asset Management, a US-based real estate asset manager focused on the attractive and defensive healthcare segment. This transaction further expands GFH’s presence in the US and builds on its thematic focus on attractive and defensive markets. It follows the…
Islamic Arab Insurance will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance
DUBAI, UAE: Islamic Arab Insurance Company, listed as “SALAMA“, will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which includes its motor, medical, non-motor and group life insurance business. The transaction is subject to customary regulatory approval and expected to conclude in Q1 2023. The target portfolio generated AED 198.59 million…