ABU DHABI: Active Energy Group plc (AEG), a UK-based alternative energy company, announced Wednesday it has signed Heads of Terms with a third-party for the initial phase of its 300-megawatt renewable infrastructure pipeline in the United Arab Emirates. Construction has begun on the first 8 MW of capacity, with completion targeted for January 2026. AEG…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Rapid7 establishes UAE entity and data localization in major regional expansion
DUBAI: Cybersecurity firm Rapid7 Inc. (NASDAQ: RPD) announced on Wednesday the launch of a local entity and a United Arab Emirates-based instance of its security platform, a strategic move underscoring its commitment to the Gulf region’s growing digital economy. The expansion, which includes a new office in Dubai, is a direct response to the UAE’s…
Kuwait plans 14 GW power expansion by 2031 to meet soaring demand
KUWAIT CITY: Kuwait will add 14.05 gigawatts of electricity generation capacity by 2031, the energy minister said Saturday, as the Gulf state races to meet surging demand and avoid future power shortages. Subaih Al-Mukhaizim, minister of electricity, water and renewable energy, said the country successfully navigated the summer of 2025 despite extreme heat, with peak…
Saudi Arabia’s MODON launches region’s first multi-story factory in Dammam
DAMMAM: The Saudi Authority for Industrial Cities and Technology Zones, known as MODON, has launched a landmark project in Dammam’s First Industrial City: the Multi-Story Factory, the first of its kind in the Arabian Gulf region. The eight-story facility spans more than 7,500 square meters and houses 78 industrial units ranging from 156 to 251…
Dar Global to acquire prime Jeddah land for SAR 2.4 billion luxury mixed-use project
Dar Global PLC said on Monday it has signed an agreement with Dar Al Arkan Real Estate Development Company to acquire a prime land parcel in Jeddah, Saudi Arabia, for the development of a luxury mixed-use project valued at approximately SAR 2.4 billion ($640 million). The site, spanning around 28,800 square metres, is located within…
DP World posts strong H1 2025 results amid global trade disruptions
Cash generated from operations surged to $2.63 billion, up 25.6% from the prior year DUBAI: DP World reported robust financial results for the first half of 2025, with revenue rising 20.4% year-over-year to $11.24 billion and adjusted EBITDA climbing 21.4% to $3.03 billion, despite ongoing geopolitical tensions and supply chain disruptions. The global logistics giant…
Saudi Aramco posts $50.9bn H1 profit amid market volatility; Maintains 100% supply reliability
Energy giant advances upstream projects, boosts AI capacity and renewables, declares $42.7 billion in dividends despite lower crude prices RIYADH: Saudi Aramco (2222.SE), the world’s largest oil exporter, reported a robust financial performance for the first half of 2025, posting an adjusted net income of $50.9 billion despite lower crude prices and geopolitical headwinds. The…
NEP Group appoints Waleed Isaac as President for Middle East and Asia
DUBAI: NEP Group, a global media services provider for live sports and entertainment, announced Thursday that Waleed Isaac will join the company as President of its Middle East and Asia operations, effective Aug. 1. Isaac, a seasoned executive with more than 30 years of experience across energy, infrastructure, and event production industries, will oversee NEP…
CVC DIF, Tabreed to acquire PAL Cooling from Multiply Group in AED 3.8 billion deal
ABU DHABI: CVC DIF, the infrastructure investment strategy of global private markets manager CVC, and National Central Cooling Company PJSC (Tabreed) have announced a strategic partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group, in a deal valued at approximately AED 3.8 billion. The transaction—subject to customary regulatory approvals—includes eight long-term concessions currently…
Turkcell secures $150 million murabaha financing from Dubai Islamic Bank
ISTANBUL: Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye’s leading technology and communications company, has obtained $150 million in Murabaha financing from Dubai Islamic Bank PJSC, a prominent financial institution in the Gulf region. The funding will support Turkcell’s infrastructure investments and long-term growth strategy. Turkcell Chief Executive Officer Dr. Ali Taha Koç said the company remains committed to…
Gulf Marine Services loses tax appeal in Saudi Arabia, maintains EBITDA guidance
LONDON: Gulf Marine Services PLC said a Saudi court rejected its appeal of a $9.2 million tax assessment tied to transfer pricing disputes for the 2017-2019 fiscal years. The London-listed offshore energy support vessel operator disclosed the ruling in a regulatory filing Tuesday after Saudi Arabia’s Alternative Dispute Resolution Committee denied its latest settlement proposal….
AD Ports Group, SCZONE ink 50-year deal to develop East Port Said industrial zone
CAIRO: AD Ports Group and the General Authority for Suez Canal Economic Zone (SCZONE) have signed a 50-year renewable usufruct agreement to develop and operate a 20-square-kilometer industrial and logistics park near Port Said on Egypt’s Mediterranean coast. The agreement, witnessed by Egyptian Prime Minister Mostafa Madbouly and high-ranking UAE and Egyptian officials, positions East Port Said Industrial…