Category: MENA

ABU DHABI, UAE: In line with Abu Dhabi Commercial Bank’s (ADCB) strategy to focus on growth of core businesses, the Bank is evaluating the opportunity to divest Abu Dhabi Commercial Properties (ADCP). Accordingly, ADCB has entered into discussions on the potential sale of ADCP. This process may or may not result in a transaction, and…

ABU DHABI, UAE: International Holding Company (ADX: IHC), the diversified Abu Dhabi-based conglomerate, announced today the completion of a 54% stake acquisition in Emircom, the Middle East leading information and communications technology (ICT) provider, through its subsidiary IHC Digital. For nearly four decades, Emircom has been the ICT Partner of choice for many of the…

DUBAI, UAE: Orascom Construction PLC has signed an agreement with the Internal Trade Development Authority (ITDA) to build, own and operate a strategic warehouse in Fayoum Governorate, Egypt. This strategic warehouse is part of the first phase of a larger program that will play an important role in providing modern logistics and warehousing of important…

ABU DHABI, UAE: AD Ports Group’s SAFEEN Feeders has signed a major agreement with Invictus Investment to launch a new international dry bulk shipping service. SAFEEN Feeders and Invictus Investment will form a joint venture to operate the service. The joint venture will be owned 51% by SAFEEN Feeders and 49% by Invictus Investment. Under…

ABU DHABI, UAE: Emirates Steel Arkan (ESA), the UAE’s biggest publicly traded steel and building materials company, has partnered with ITOCHU Corporation and JFE Steel Corporation to consider the construction of a ferrous raw material production facility in Abu Dhabi that would become an integral part of a global low carbon emission iron supply chain….

ABU DHABI, UAE: Finance House, one of the UAE’s leading financial institutions, has partnered with GCC Exchange to offer a world-class WPS Payroll Solution. GCC Exchange is the fast-growing money transfer and foreign exchange company in the Emirates. This partnership is in line with the UAE government’s initiative to create a fair work environment that…

ABU DHABI, UAE: ADNOC Drilling Company PJSC has signed a Sale and Purchase Agreement (SPA) to acquire an additional two premium offshore jack-up drilling units (the rigs). The acquisition, which underpins the company’s accelerated fleet expansion and enterprising growth, is the fourth confirmed by the Company in recent months. Earlier sale and purchase agreements were…

ABU DHABI, UAE: Abu Dhabi National Energy Company (TAQA) has announced that the Mirfa International Power & Water Company (MIPCO), the project company that owns and operates the Mirfa Power & Water Plant (Mirfa IWPP), successfully completed refinancing of AED 4 billion (USD 1.09 billion). This long-term financing is denominated in USD and is slated…

DUBAI, UAE: Emirates and United Airlines announced a historic commercial agreement today that will enhance each airline’s network and give their customers easier access to hundreds of new destinations within the United States and around the world. From November, Emirates customers flying into Chicago, San Francisco, and Houston – three of the biggest business hubs…

ABU DHABI, UNITED ARAB EMIRATES: Tabreed, the UAE’s leading district cooling provider, held a General Assembly on 12 September 2022, chaired by Tabreed’s Chairman, Khaled Abdulla Al Qubaisi, during which shareholders voted to amend Article (7) of the company’s Articles of Association to allow 100 per cent foreign ownership. Previously the limit had been set…

ABU DHABI, UAE: Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company PJSC (TAQA) will each acquire a 40% stake in two gas-fired power plants, in the Talimarjan power complex in Uzbekistan, with a combined capacity of 1.6 gigawatts (GW) and the assumption of associated operations & maintenance activities. The Talimarjan Issiqlik Elektr Stansiyasi…

SINGAPORE: Ooredoo has entered into a definitive agreement to sell 100 percent of its equity in Ooredoo Asian Investments Pte Ltd. (Singapore) (OAI), the parent company that owns 100 percent of Ooredoo Myanmar Ltd. (OML), and 100 percent of Ooredoo Myanmar Fintech Ltd. (OMFL) to Nine Communications Pte. Ltd. for an enterprise value of approximately…