MANAMA, BAHRAIN: Al Salam Bank announced that the acquisition of Ithmaar Bank’s consumer banking division and a number of other assets in a transaction worth US$2.2 billion received the shareholders’ approval of Ithmaar Holding B.S.C. at an EGM on Thursday, 17 March 2022. The approval follows a memorandum of understanding in October 2021 and the…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Oman Insurance gets nod to begin underwriting through Lloyd’s Syndicate in a box
DUBAI, UAE: Oman Insurance Company and Asta, the leading third-party managing agent at Lloyd’s, announced that Oman Insurance’s syndicate 2880 has received Lloyd’s approval to commence underwriting. Syndicate 2880 was launched under the syndicate-in-a-box initiative (SIAB) and will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC). Oman Insurance, based in Dubai,…
Iraq’s Al Mansour Bank to pilot Biometric Payment Cards with Zwipe and areeba
BEIRUT, LEBANON: Zwipe, Al Mansour Bank and areeba have confirmed that they will pilot Biometric Payment Cards built on the Zwipe Pay platform in Iraq. This will be one of the earliest pilots of next generation contactless payment cards in the country. Al Mansour Bank is a private bank with Qatar National Bank (QNB) as…
Dubai Electricity and Water Authority to float on Dubai Financial Market offering 3.25bn shares
DUBAI, UAE: Dubai Electricity and Water Authority (DEWA) has announced its intention to float on the Dubai Financial Market (DFM) offering 3.25 billion shares, representing 6.5% of DEWA’s issued share capital. All shares to be offered represent sale of existing shares held by the Government of Dubai. Dubai Electricity and Water Authority (DEWA) is the exclusive provider…
RAK Ceramics signs deal to acquire Germany based KLUDI Group
ABU DHABI, UAE: RAK Ceramics announced the signing of a Share Purchase Agreement for the acquisition of 100% stake in KLUDI Group. KLUDI Group includes KLUDI GmbH & Co KG, Scheffer Beteiligungs GmbH, KLUDI Armaturen GmbH & Co KG, KLUDI Armaturen GmbH, Austria, KLUDI Management GmbH and KLUDi RAK, UAE. KLUDI Group is an established…
Oman Insurance reports highest net profit in last 7 years
DUBAI, UAE: Oman Insurance released its 2021 Integrated Report yesterday which includes full-year financial results along with Environmental, Social and Corporate Governance reports. The report re-emphasizes the strong financial results for 2021. The company reported a net profit of AED 206.1 million which is a growth of 5% compared to the prior year. This result…
Oman Insurance to sell Turkish operations to VHV Reasürans
DUBAI, UAE: Oman Insurance Company has entered into an agreement with VHV Reasürans, Istanbul/Turkey, a company of VHV Group, Hannover/Germany, to fully sell its insurance operations in Turkey. Part of this transaction is also a commercial agreement where Oman Insurance and VHV Reasürans will seek to partner together on insuring specific risks in Turkey as…
TAQA and Dubal to acquire EGA’s electricity generation assets in UAE
UNITED ARAB EMIRATES: Emirates Global Aluminium (EGA), Abu Dhabi National Energy Company PJSC (TAQA), Dubal Holding and Emirates Water and Electricity Company (EWEC) announced a major initiative that would unlock significant further development of solar electricity generation capacity in Abu Dhabi, progress power asset and generation optimization, and decarbonize EGA’s aluminum production in the United…
Al Salam Bank wins J.P. Morgan Elite Quality Recognition Award
MANAMA, BAHRAIN: Al Salam Bank recently received the reputable J.P Morgan Elite Quality Recognition Award for the second year in a row, recognizing the Bank for its unparalleled performance and demonstrated success in achieving the utmost level of optimized efficiency in USD payments. The award was presented to Al Salam Bank’s Chief Operating Officer, Abdulkarim…
Yahsat and EDGE partner to equip NIMR vehicles with Interoperable Satellite Connectivity Solutions
ABU DHABI, UAE: Al Yah Satellite Communications Company PJSC (Yahsat) announced that its government division, Yahsat Government Solutions (YGS), has agreed with EDGE Group entity, NIMR, a leading manufacturer of combat-proven wheeled military vehicles, to line-fit pre-qualified Comms-On-The-Move (COTM) solutions (Interoperable Satellite Connectivity Solutions) on NIMR’s vehicular systems. The agreement was announced at the World…
Tabreed launches green financing framework
ABU DHABI, UAE: National Central Cooling Company PJSC (DFM: Tabreed) has announced the publication of a Green Financing Framework, which will help the company meet its commitments and finance new projects to support its business strategy and vision. The framework enables Tabreed to issue green bonds and loans, with the resulting net proceeds to be…
Drake & Scull Financial Reorganization Committee (FRC) process completed
DUBAI, UAE: Drake & Scull International PJSC (DSI) announced that the company’s management has been notified by the Financial Reorganization Committee (“FRC”) that the restructuring plan is officially completed. With the support of the FRC appointed expert, the Company was able to reach settlements with a number of creditors, and thereby achieved the required voting…