MANAMA: Bahrain Bourse (BHB) hosted a high-level delegation from Abu Dhabi Securities Exchange (ADX) for two days to agree on practical steps to be taken by both parties in order to implement the action plan for the agreement that has been signed between Bahrain Bourse and ADX in November. Both parties agreed on a mechanism…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Dubai Investments offers to buy NGI at AED3.12/share
DUBAI, UAE: Dubai Investments has made an offer to acquire all or part of shares in National General Insurance (NGI) at the rate of AED3.12/share. The offer has been dispatched to NGI shareholders. Dubai Investments was incorporated in 1995. Since then, it has grown to become a major player in the economy of Dubai and…
IHC approves Al Tamouh Investments and Al Qudra Holdings merger
ABU DHABI, UAE: International Holding Company (IHC) has formally agreed to the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding, a news release said. The transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding. In parallel,…
GFH AND Wafra partner to acquire portfolio of U.S. logistics assets
MANAMA: GFH Financial Group has partnered with Wafra International Investment Company, a Kuwaiti based asset management company with US$8.5 billion in AUM, to acquire a portfolio of US-based blue chip logistics assets leased to FedEx and General Mills. The portfolio is comprised of eight income-yielding mission critical logistics assets that are being built to suit…
ADNOC Drilling announces $3.8 billion drilling contract award
ABU DHABI, UAE: ADNOC Drilling Company has signed a five-year Drilling Services Agreement with ADNOC Onshore for the continued provision of drilling, workover and other well services. The contract will run for up to 5 years, for a total value of $3.8 billion. Structured to drive efficiency in work crews, rig move time and maintenance…
BHM Capital wins Listing Advisory License
DUBAI, UAE: BHM Capital, a leading financial services company in the UAE, has been granted a Listing Advisory License by the Securities and Commodities Authority (SCA), the body in charge of regulating the fund and investment industry in the UAE. In being licensed as a Listing Advisor, BHM Capital now has approval to provide Issuing…
Orascom to buy equipment distribution/services business in Egypt
DUBAI, UAE: Orascom Construction Board has proposed the acquisition of a leading equipment importation, distribution and services business (target company) in Egypt. The Group previously announced on October 19 that the Board of Directors had approved management’s proposal to formally evaluate this potential acquisition. After evaluation, including the appointment of an Independent Financial Advisor (IFA),…
Technip Energies to construct petrochemical complex in UAE
PARIS, FRANCE: Technip Energies (EPA:TE) in consortium with TARGET Engineering by Abu Dhabi Polymers co. Ltd. (Borouge) will construct a new Ethane Cracker Unit, to be integrated in the Borouge 4 petrochemical complex in Ruwais, UAE. Borouge is a joint-venture between ADNOC and Borealis. The EPC contract was signed by H.E Dr. Sultan Al Jaber,…
Al Salam Bank continues empowerment of women in the workplace
BAHRAIN: Al Salam Bank continues to prioritizes its female personnel, as they play an integral role in its success, and the development of the Kingdom and its community. Al Salam Bank has launched a number of initiatives to support women and back its female workforce, including the annual celebration of Bahraini Women’s Day whereby each…
United Arab Emirates to buy 80 Rafale F4 aircraft
SAINT-CLOUD, FRANCE: In the presence of the President of the French Republic, Emmanuel Macron, and Sheikh Mohammed ben Zayed Al Nahyane, Crown Prince of Abu Dhabi and Vice-Commander of the Armed Forces of the United Arab Emirates (UAE), Eric Trappier, Chairman and CEO of Dassault Aviation, signed a historical contract with Tareq Abdul Raheem Al Hosani,…
KIPCO raises KD 80mn in oversubscribed rights issue
KUWAIT CITY: KIPCO – the Kuwait Projects Company (Holding) – announced the rights issue of 640 million shares was oversubscribed, and KIPCO raised KD 80 million in equity. The company’s issued and paid-up capital now stands at KD 264 million. KIPCO’s Board of Directors approved the rights issue in early August, announcing that it intended…
Zwipe and GEPCOM to bring next generation payment cards to Saudi Arabia
RIYADH, SAUDI ARABIA: GEPCOM, one of oldest and most respected card production and printing facilities in the Arab world, has selected the Zwipe Pay ONE platform to deliver biometric payment cards to its clients in Saudi Arabia and key international markets. Zwipe is a FinTech that has pioneered the development of biometric payment cards and…