JEDDAH, SAUDI ARABIA: The Saudi Arabian Oil Company (Aramco) and TotalEnergies have taken the final investment decision for the construction of a world scale petrochemical facility in Saudi Arabia. The project alone represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%). Its…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Sukoon Insurance launches ‘Health Extend’ – a unique medical corporate offering
DUBAI, UAE: Sukoon Insurance has launched ‘Health Extend’ – a unique product in the UAE that allows employers to limit their budget while giving employees the freedom to add specific covers according to their own needs. By launching Health Extend, Sukoon Insurance introduces a significant innovation in the UAE market by giving employers a medical…
Alpha Dhabi launches lifestyle vertical with investment in Nammos Group
ABU DHABI, UAE: Alpha Dhabi Holding, one of the fastestgrowing investment holding companies in the UAE listed on the Abu Dhabi Securities Exchange (ADX: Alphadhabi), announces that it has acquired an interest in Nammos Group as a result of its joint venture partnership with Monterock International, an international investment company with a focus on hospitality…
Al Eskan Al Jamae merged into KEZAD Communities making the AED 7.0 billion entity
ABU DHABI, UAE: AD Ports Group (ADX: ADPORTS) announced the merger of KEZAD Communities with Al Eskan Al Jamae LLC (EAJ) to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports Group will retain a controlling majority stake. The combined entity will have an equity value of approximately AED 7 billion, positioning…
Gulf International Bank becomes a signatory to the Abu Dhabi Sustainable Finance Declaration
MANAMA, BAHRAIN: Gulf International Bank (GIB) announced its participation in the R.A.C.E Sustainability Summit where it joined the latest signatories of the Abu Dhabi Sustainable Finance Declaration during the first edition of Abu Dhabi Finance Week (ADFW) hosted by Abu Dhabi Global Market (ADGM). The Abu Dhabi Sustainable Finance Declaration is a voluntary membership-based initiative…
Sukoon finalizes acquisition of Generali Life Insurance portfolio in UAE
DUBAI, UNITED ARAB EMIRATES: Sukoon has finalized the acquisition of the UAE Life insurance portfolio from Assicurazioni Generali S.p.A. The agreement, signed on February 22nd, 2022, is in line with Generali’s overall strategy to rationalize its business model in UAE by strengthening its ecosystem of partnership proposition. The transfer which covers unit-linked life insurance policies…
KIPCO completes merger with Qurain Petrochemical Industries
KUWAIT CITY: KIPCO – Kuwait Projects Company (Holding) – has announced the completion of its merger by amalgamation with Qurain Petrochemical Industries (QPIC). The merged entity is now trading on Boursa Kuwait under a single ticker, KPROJ. Marking the completion of the transaction, all QPIC shares have been transferred to KIPCO following an in-kind capital…
Invictus Investment procures fleet of refrigerated trucks
DUBAI, UAE: Invictus Investment (ADX: INVICTUS) announced the capital expenditure of AED 2.8 million to procure a fleet of over 8 refrigerated trucks to enable movement of perishable goods between Sudan, UAE and Saudi Arabia. The purpose-built vehicles will transport key items such as chilled meat of lamb, beef, and goat along with fruits. This…
Depa secures hospitality projects worth approximately AED 157 million
DUBAI, UAE: Depa Plc, the leading global interior solutions group, announced project awards worth approximately AED 157 million through Depa Interiors – Depa’s Middle East key business unit specialising in the provision of interior solutions to the hospitality, residential, commercial, and transport and civil infrastructure sectors. Depa Interiors secured a AED120 million hospitality package within…
Al Salam Bank and Visa sign exclusive partnership agreement
MANAMA, BAHRAIN: Al Salam Bank recently announced the signing of an exclusive partnership agreement with Visa, renewing its collaboration with the global payments technology company. This follows Al Salam Bank’s acquisition of select assets from Ithmaar Holding, including the consumer banking business of its wholly-owned subsidiary, Ithmaar Bank. The strategic agreement aims to provide enhanced…
Dubai Islamic Bank prices $750 million inaugural Sustainable Sukuk
DUBAI, UAE: Dubai Islamic Bank PJSC (DIB), rated A3 by Moody’s and A by Fitch successfully priced its inaugural Sustainable Sukuk – a landmark USD 750 million 5-year senior issue with a profit rate of 5.493% per annum representing a spread of 155bps over 5-Year US Treasuries. The Sukuk was issued in line with DIB’s…
BHM Capital appointed liquidity provider for Ajman Bank
DUBAI, UAE: BHM Capital Financial Services have been appointed as a Liquidity Provider for Ajman Bank PJSC for its shares traded on Dubai Financial Market (DFM). According to the agreement, BHM Capital will provide liquidity for Ajman Bank’s securities listed on the Dubai Financial Market (DFM) as the regulated market by entering two-way daily quotes…