ABU DHABI, UAE: Al Seer Marine (PJSC), a global player across multiple marine sectors and subsidiary of International Holding Company (IHC), has entered into a collaboration agreement with Netbulk Pte Ltd, a one stop maritime solution company based in Singapore, as part of its growth strategy to expand its worldwide freight services. Founded in 2015,…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Abdulla Abdulaziz Taleb appointed CEO of all three Ithmaar Group entities
MANAMA, BAHRAIN: Ithmaar Holding announced that the Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim, who is also the Chief Executive Officer of the Company’s two wholly owned subsidiaries, Ithmaar Bank and IB Capital, as well as Ithmaar Bank Deputy Chief Executive Officer, Abdul Hakeem Khalil Al Mutawa, will both retire from their executive roles…
Al Salam Bank launches Youth-Centered Scheme
MANAMA, BAHRAIN: Al Salam Bank announced the launch of its exclusive scheme catering to the youth aged between 10 to below 18 years old, enabling them to open a Savings or Danat Savings account and benefit from the various digital services provided through the Bank’s mobile application including the Fils Challenge, Saving Goals feature, and…
Dubai’s exclusive toll gate operator, Salik, announces IPO on DFM
DUBAI, UAE: Salik Company PJSC, Dubai’s exclusive toll gate operator, announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM). KEY HIGHLIGHTS OF THE OFFERING • One billion five hundred million (1,500,000,000) Shares each with a nominal value of AED 0.01 will…
Emirates Stallions acquire stakes in two UAE-based indoor spaces design companies
ABU DHABI, UAE: Emirates Stallions Group (ESG) has acquired a substantial amount of shares in two of the UAE indoor spaces design leading companies to expand its business further into indoor spaces design and product manufacturing. Emirates Stallions Group (ESG) has acquired a 60% stake in Vision Factory, one the biggest furniture and joinery production…
valU acquires fintech company Paynas
CAIRO, EGYPT: valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced today that it acquired 100% of Paynas, a full-fledged employee management and benefits company that provides financial services to micro, small, and medium enterprises (MSME) in a signing ceremony attended by Dr. Rania A. Al-Mashat, Minister of International Cooperation The acquisition builds on…
DEWA invests in AI & machine learning to improve efficiency, reduce costs
DUBAI, UAE: Dubai Electricity and Water Authority (DEWA)’s R&D Centre employs Artificial Intelligence (AI), Machine Learning (ML) and Deep Learning (DL) to promote DEWA’s efforts to enrich the experience of customers, employees, and stakeholders. This also aims to reduce costs and carbon emissions in addition to promoting energy efficiency, smart grid integration and improving the…
Aladdin ElAfifi to lead EFG Hermes’ NBFI Platform as New CEO
CAIRO, EGYPT: EFG Hermes Holding, an impact driven universal bank in Egypt with the leading investment bank franchise in Frontier Emerging Markets (FEM), announced today the appointment of Aladdin ElAfifi as the new CEO of its NBFI platform effective August 1st, 2022. With his appointment, Aladdin ElAfifi will assume the overall responsibility in leading the…
Roebuck Asset Management signs €400mn JV with ICG Real Estate
MANAMA, BAHRAIN: Roebuck Asset Management and ICG Real Estate, the real estate business of Intermediate Capital Group (ICG), have formed a Joint Venture (JV) to aggregate an urban logistics / last mile portfolio across Spain. The partnership represents another milestone for GFH as it continues its expansion and the realisation of the Group’s asset management…
Dubai plans AED 40 billion renewable and clean energy projects
DUBAI, UAE: Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), announced that DEWA has plans to invest AED 40 billion on capital expenditure in the next five years including the expansion of renewable and clean energy projects. He noted that DEWA plans to invest about AED 16 billion to…
GFH acquires $300 million US student housing portfolio
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…
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…