DOHA, QATAR: Ooredoo Q.P.S.C. announced the appointment of Mr. Ahmad Al-Neama as Group Regional CEO, Mr. Bilal Kazmi as Group Chief Commercial Officer, effective 1 January 2022. Mr. Ahmad Al-Neama has been with Ooredoo since 2004, most recently as the CEO of Indosat Ooredoo. Prior to that, Ahmad was the Group’s Chief Technology Officer. He…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Raslaffan to acquire 40% shares in Nebras Power for $530mn
DOHA, QATAR: Raslaffan Operating Company has signed a share sale and purchase agreement with Qatar Holding LLC (QH), to purchase 40% of the share capital of Nebras Power from QH. The agreed purchase price for the transaction is $530 million. “Qatar Electricity and Water Company (QEWC) wishes to disclose that Raslaffan Operating Company W.L.L., a…
Alpha Dhabi Holding raises stake in Aldar Properties to 30%
ABU DHABI, UAE: UAE based conglomerate, Alpha Dhabi Holding has acquired an additional 17% shareholding of Aldar Properties PJSC, one of the UAE’s leading real estate development, management, and investment groups. The acquisition will increase Alpha Dhabi Holding’s shares in Aldar Properties to 29.8%, making it one of the largest shareholders. Eng. Hamad Salem Mohamed…
Multiply to invest $75mn in Getty Images ahead of NYSE IPO
ABU DHABI, UAE: Abu Dhabi based Multiply Group has signed a binding commitment to invest AED 275 million (US$75 million) in global visual content creator and marketplace Getty Images. With a broad portfolio that includes the Getty Images, iStock and Unsplash brands, the company reaches and empowers a broad base of retained customers ranging from…
Doha Bank signs $762.5 million term loan facility
DOHA, QATAR: Doha Bank has successfully completed the signing of a 3-year syndicated term loan facility on 20 December 2021. The loan proceeds will be used to fund general corporate and working capital purposes of the bank, and it pays a margin of 85 basis points per annum over US Dollar LIBOR. The term loan…
EFG Hermes & MNHD sign EGP 750mn housing and development deal
CAIRO, EGYPT: EFG Hermes has signed a sale and leaseback agreement amounting to EGP 750 million with real estate development firm Madinet Nasr for Housing and Development (MNHD). EFG Hermes’ Investment Banking division acted as the financial advisor for the transaction, which will also encompass a few securitization issuances as follow-on transactions, while EFG Hermes…
TAQA & ADNOC announce $3.6bn to power, decarbonize offshore operations
ABU DHABI, UAE: Abu Dhabi National Energy Company PJSC (TAQA) and Abu Dhabi National Oil Company (ADNOC) announced a $3.6 billion strategic project to significantly decarbonize ADNOC’s offshore production operations, further strengthening TAQA and ADNOC’s position in driving and leading sustainability efforts and supporting the United Arab Emirates (UAE) ‘Net-Zero by 2050 Strategic Initiative’. The…
International Finance Corporation acquires 25% stake in Tabreed India
ABU DHABI, UAE: National Central Cooling Company (Tabreed) has finalised a significant strategic partnership with the International Finance Corporation (IFC), under which ownership of Tabreed India, currently a wholly owned subsidiary of Tabreed, being transferred to a new holding company established in Singapore to be jointly owned by Tabreed (75%) and IFC (25%). International Finance…
Alpha Dhabi Holding invests AED1 billion in Ta’ziz
ABU DHABI, UAE: Alpha Dhabi Holding, the Abu Dhabi-based conglomerate, will be investing about AED 1 billion in the Abu Dhabi Chemicals Derivatives Company, known as TA’ZIZ. This step comes as part of Alpha Dhabi Holding’s expansion plans and future strategy announced last week targeting AED 8 billion for investments in real estate, hospitality, healthcare,…
Alpha Dhabi Holding announce AED 8.0bn expansion plans
ABU DHABI, UAE: Alpha Dhabi Holding (ADH), has agreed on the conglomerate’s expansion plans and future strategy, targeting AED 8 billion for investments in real estate, hospitality, healthcare, petrochemicals, and other promising sectors inside and outside the UAE. Eng. Hamad Al Ameri, Managing Director and CEO of Alpha Dhabi Holding, said: “In Q3 2021, the…
Delegation from Abu Dhabi Securities Exchange visits Bahrain Bourse
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…
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…