MANAMA: GFH Financial Group announced its acquisition of a c. US$300 million student housing portfolio affiliated to select top-rated universities located in Texas, Michigan and Missouri in the United States (US). The acquisition is in partnership with GFH subsidiary Student Quarters, an Atlanta-based student housing specialist. The five assets acquired include facilities near Texas A&M University, Michigan State University…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Aldar & SODIC bid to acquire Egyptian real estate developer, Madinet Nasr
ABU DHABI, UAE: Aldar Properties and ADQ, through their Egyptian real estate platform, Sixth of October for Development and Investment Company S.A.E. (‘SODIC’), has submitted a non-binding offer for the potential acquisition of up to 100% of the share capital of Madinet Nasr Housing & Development, valuing the company at EGP 6.18 billion (USD 328…
DEWA adds 700MW of energy production capacity
DUBAI, UAE: Dubai Electricity and Water Authority (DEWA) announced that the total production capacity of energy has reached 14,117 megawatts (MW) after adding 700MW. This includes 600MW from the Hassyan Power Complex, which runs on natural gas, and 100 MW from photovoltaic (PV) solar panels at the 5th phase of the Mohammed bin Rashid Al…
SHUAA announces Northacre’s global expansion
UNITED ARAB EMIRATES: Northacre, London’s leading super-prime developer with over 30 years’ experience in creating exceptional living spaces, announced its global expansion and plans for growth. As part of Northacre’s global expansion, SHUAA will combine its real estate-related investment management, development management and asset management businesses under one platform and establish a separate new entity…
Chief Executive of EDB highlighted the economic plans for the Kingdom at AmCham Bahrain AGM
BAHRAIN: The American Chamber of Commerce in Bahrain hosted its Annual General Meeting on Sunday 26 June, 2022 at the Gulf Hotel with AmCham members and guests. AmCham was honored to present keynote speaker H.E. Khalid Humaidan, Bahrain Economic Development Board Chief Executive who discussed the long-standing relationship between the U.S. and the Kingdom of…
Alpha Dhabi increases stake in Aldar, becoming the parent company
ABU DHABI, UAE: Alpha Dhabi Holding PJSC, one of the fastest-growing investment holding companies in the UAE, listed on the Abu Dhabi Securities Exchange (ADX: Alphadhabi), has increased its stake in Aldar Properties PJSC, one of the leading real estate developers and managers in the UAE, reaffirming its position as the single largest shareholder and…
Shelf Drilling signs agreement to acquire 5 jack-up rigs from Noble Corporation
DUBAI, UAE: Shell Drilling Ltd. announced that its wholly owned subsidiary Shelf Drilling (North Sea) Ltd. (“SDNS”) has entered into an asset purchase agreement to acquire five jack-up rigs from various subsidiaries of Noble Corporation for USD 375 million. Shelf Drilling contemplates to secure equity financing to raise gross proceeds of USD 130-150 million by…
TAQA and ADNOC to acquire majority stakes in Abu Dhabi Future Energy Company (Masdar)
ABU DHABI, UAE: Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) have entered into binding agreements for TAQA and ADNOC to purchase stakes in Abu Dhabi Future Energy Company (Masdar) from Mubadala, a bourse filing noted. This is a major milestone towards completing the transaction announced…
Deyaar launches “Tria”, its first luxury tower in Dubai Silicon Oasis
DUBAI: Deyaar Development, one of Dubai’s leading property developers and real estate service providers, announced plans to build Tria, Deyaar’s first luxury residential tower in Dubai Silicon Oasis (DSO), an integrated free zone technology park, which is a member of Dubai Integrated Economic Zones Authority (DIEZ). The 32-storey upscale property nestled in a prime location,…
Tanmeyah Microfinance Services acquires Fatura Netherlands
CAIRO, EGYPT: Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance solutions, has concluded the acquisition of Fatura Netherlands B.V. Fatura is a fast-growing tech-driven Business-to-Business (B2B) platform with a regional footprint of 22 governorates in Egypt. Fatura is backed by prominent shareholders in the field with…
NEMA Holding has acquired Liwa College of Technology
DUBAI: NEMA Holding, a portfolio company of Amanat Holdings, has acquired 100% of Liwa College of Technology (LCT). Abu Dhabi University Holding Company recently announced a name change and will now be known as ‘NEMA Holding’, reflecting its progress as it implements its strategy to support the growth of the national economy over the next 50…
valU partnership to offer consumer finance in KSA
RIYADH, KSA: FAS Labs, owned by Fawaz Abdulaziz Alhokair Co., the leading franchise retailer in Saudi Arabia, and Arabian Centres Company (ACC), the leading owner, developer, and operator of lifestyle shopping centers in Saudi Arabia, have entered into a strategic partnership with valU for Consumer Finance S.A.E. (“valU”) on the 5th of June 2022. The…