MANAMA, BAHRAIN:GFH Financial Group (GFH) has signed an agreement to acquire a majority stake in SQ Asset Management (SQ), a US-based living sector asset manager and property manager focused on student housing. The acquisition will see GFH launch its US operations by adding 180 real estate professionals to GFH’s employee base, bringing significant investment and…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
AD Ports Group signs agreements for port projects in Egypt
ABU DHABI, UAE: AD Ports Group and the Red Sea Ports Authority have signed a Term Sheet and a Head of Terms agreement for major port projects along the coast of Egypt. The first agreement will see AD Ports Group develop, operate, and manage a multipurpose terminal in Safaga seaport in a consortium with the…
Aldar Investment acquires 70% interest in Abu Dhabi Business Hub
ABU DHABI, UAE: Aldar Investment has completed the acquisition of a 70% equity interest in Abu Dhabi Business Hub, valuing the company at more than AED 500 million, with the remaining 30% owned by a strategic partner. Abu Dhabi Business Hub is a leading developer and manager of real estate in Abu Dhabi. Jassem Busaibe,…
GFH Financial Group to list its shares on Abu Dhabi Securities Exchange in May
MANAMA, BAHRAIN: GFH Financial Group announced that the targeted cross listing of its shares on the Abu Dhabi Securities Exchange (ADX) is expected to take place in May 2022 subject to the final regulatory approvals. This will be the Group’s fourth regional listing, with GFH shares already actively traded on the Bahrain Bourse (BHB), Dubai…
DEWA implements Smart Grid Strategy 2021-2035
DUBAI, UAE: Dubai Electricity and Water Authority (DEWA) is implementing its updated Smart Grid Strategy 2021-2035. Building on the success of completing 100% of the short-term goals of its Smart Grid Strategy 2014 – 2035, the new strategy features a high standard of resilience and agility, which keeps pace with development and rapid changes to…
Crypto platform Bybit launches leveraged token products
DUBAI, UAE: Bybit, one of the world’s fastest growing cryptocurrency exchanges, announced the launch of leveraged token products on its spot exchange starting with two Bitcoin leveraged tokens, BTC3L and BTC3S. These leveraged tokens are short-term investment vehicles that let traders reap the benefits of leverage with no margin, collateral or liquidation risks. They have…
Roebuck Asset Management sells Tesco Distribution Centre for over $135mn
MANAMA, BAHRAIN: GFH’s UK subsidiary, Roebuck Asset Management has concluded an off-market sale of a Tesco Distribution Centre in excess of $135 million. The 540,000 sq ft temperature controlled centre was originally developed by Tesco in 2010. The warehouse serves in excess of 400 supermarkets and convivence stores across the South West of England and…
Dubai Investments divests 50% stake in EMICOOL to Actis for $1.0bn
DUBAI, UAE: Dubai Investments has entered a deal to divest a 50% stake in Emirates District Cooling Company (EMICOOL) to Actis – a leading global investor in sustainable infrastructure, at a corporate valuation of AED 3.7bn (US$1bn) and equity valuation of AED 2.4 billion (US$ 653mn). With an extensive network in multiple geographies, the JV…
QInvest and QIC partner to venture in Islamic asset management space
DOHA, QATAR: Qatar Insurance Company (QIC) and QInvest LLC, Qatar’s leading investment bank, are joining forces to create a Qatar-based national champion in the Islamic asset management space. The new company, jointly owned by QIC and QInvest, will be a Sharia‘a compliant entity, regulated by Qatar Financial Centre Regulatory Authority (QFCRA). Epicure Investment Management LLC…
GIB wins three honours from the Global Banking & Finance Review
MANAMA, BAHRAIN: Gulf International Bank (GIB) has been announced as the winner of three key honours by the Global Banking & Finance Review for excellence demonstrated over the past year. GIB was recognised for being the first Bahrain-headquartered bank and the first majority Saudi-owned bank to close a sustainability-linked syndicated loan and awarded the ESG…
Gulf Navigation signs support deal with a natural gas company
DUBAI, UAE: Gulf Navigation Holding (GulfNav), the only maritime and shipping company listed on the Dubai Financial Market, signed an agreement with one of the leading Natural Gas Companies in the Middle East. The 3-month agreement aims to provide complete logistic, transportation and marine services for one of the gas field projects located in Sharjah….
Zwipe is selected by National Bank of Iraq to pilot biometric payment cards
BAGHDAD, IRAQ: Zwipe and the National Bank of Iraq are pleased to confirm that they will pilot Biometric Payment Cards built on the Zwipe Pay platform, making it one of the first pilots of the next generation contactless payment cards in Iraq. The National Bank of Iraq (NBI) is one of the largest private banks…