UAE: Dubai Islamic Bank (DIB) Annual General Assembly Meeting approved the bank’s 2021 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank’s Board and management’s strategic agenda for the coming years. For the year 2021, and following a strong post-COVID return to growth, DIB reported a 39% year-on-year increase…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
SHUAA Partners Acquisition Corp-I begins trading at NASDAQ Global Market
DUBAI, UAE: SHUAA Capital (DFM: SHUAA) announced successful pricing of the initial public offering (IPO) of 10 million units of SHUAA Partners Acquisition Corp I at a price of $10/per unit. The $100 million Special Purpose Acquisition Company (SPAC) will be listed and start trading at NASDAQ Global Market under the ticker symbol “SHUAU” on…
Shelf Drilling awarded new contract in Nigeria
DUBAI, UAE: Shelf Drilling Ltd. has secured a new contract award for the Shelf Drilling Mentor jack-up rig for operations offshore Nigeria. The contract has an estimated duration of 225 days with an option for additional wells. The contract is expected to commence in Q2 2022. Shelf Drilling is a leading international shallow water offshore…
AD Ports Group to establish Metal Park in KIZAD
ABU DHABI, UAE: AD Ports Group signed an agreement with Metal Park Investment ME LTD to establish an integrated metal hub in KIZAD that will cater to all industry verticals and offer flexibilities of scale to metal vendors, processors, and fabricators in the UAE. Covering a total land area of 450,000 sqm, the future upcoming…
Gulf International Bank is gold sponsor of the GTR MENA 2022 Conference
MANAMA, BAHRAIN: Gulf International Bank (GIB) was Gold Sponsor of the GTR MENA 2022 conference held in Dubai on 15-16 February 2022. Organised by Global Trade Review and running for nearly 20 years, it is the region’s well-established trade and export finance conference. The exclusive two-day gathering brought together key industry players and companies involved…
Apollo Funds to invest in $1.4bn in Aldar Properties of UAE
ABU DHABI, UAE: Aldar Properties and Apollo Global Management (NYSE: APO) have signed a landmark commitment that will see Apollo-managed funds and clients invest a total of US$1.4 billion in strategic capital to drive Aldar’s transformational growth initiatives. The commitments are structured in the following components: • US$500 million: Investment into a land joint venture…
Al Seer Marine invests AED 1.2bn in Abu Dhabi Ports for 7.36% stakes
ABU DHABI: Al Seer Marine PJSC, the leading marine company in the Middle East and a subsidiary of International Holding Company (IHC), has announced a sizeable investment of 375 million equity shares (AED 1.2 billion) in Abu Dhabi Ports Group allocated ahead of its Initial Public Offering (IPO). The investment will support Al Seer Marine…
ADQ and Alpha Dhabi to acquire 15% in OCI Methanol for $375mn
AMSTERDAM: ADQ and Alpha Dhabi Holding will acquire a 15% stake in the OCI Methanol Group for a total consideration of US$375 million. As part of the alliance, OCI Methanol Group will be incorporated as an ADGM company in Abu Dhabi. OCI N.V. announced the signing of definitive legal agreements for a strategic alliance with…
valU signs partnership with The American University in Cairo
CAIRO, EGYPT: valU, MENA’s leading buy-now, pay-later (BNPL) fintech platform, and The American University in Cairo (AUC) have signed an agreement to offer convenient and affordable financing plans for individuals seeking to pursue an undergraduate or a graduate degree at AUC, enabling them to pay through valU. Through the partnership, students seeking to join one…
IFID 2022 announces BisB as exclusive banking partner
MANAMA: The 3rd Islamic Finance Innovation Day (IFID) Forum announced Bahrain Islamic Bank (BisB) as the Exclusive Banking Partner. Taking place in the Kingdom of Bahrain on 27th February 2022 at the Gulf Hotel as a hybrid event, the Forum is being held under the Patronage of the Central Bank of Bahrain (CBB) and is…
Etisalat Group appoints Mikhail Gerchuk as CEO International
ABU DHABI, UAE: Emirates Telecommunications Group Company (Etisalat Group) announced that Mr. Mikhail Gerchuk was appointed as CEO International reporting directly to Group Chief Executive Officer, effective from 1st of March 2022. Mikhail Gerchuk will be responsible for providing comprehensive direction to develop and implement the international telco strategy and the accompanying long-term plans needed…
Bahrain Steel achieves record production of iron-ore pellets in 2021
MANAMA, BAHRAIN: Bahrain Steel, a subsidiary of Foulath Holding, successfully reached record production of 12 million tons of iron-ore pellets in 2021. Bahrain Steel is a leading producer and global supplier of high grade iron-ore pellets. Bahrain Steel already contributes more than 4% of GDP and 25% to the country’s non-oil exports as well as…