DOHA, QATAR: Qatar First Bank (QFB) has agreed to invest in SoundHound Inc., a US late-stage tech company specialized in voice AI. SoundHound Inc.’s headquarters are in Silicon Valley, California, in the USA. The investment is expected to close in the first quarter of 2022. SoundHound’s independent voice AI platform, built on proprietary natural language…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Orient Insurance acquires ADCB Group’s shares in Orient Takaful
DUBAI, UAE: Orient Insurance, a subsidiary of Al Futtaim Group, announced that it has completed acquiring the shares of ADCB Group in Orient Takaful Insurance Company (An Egyptian Joint Stock Company) amounting to 20% of the company’s total shares, this purchase will increase Orient UAE’s share to 80% of the total shares of the Egyptian…
Abu Dhabi Commercial Bank sells stake in Orient Takaful
ABU DHABI: Abu Dhabi Commercial Bank Group (ADCB) has completed the sale of its 20% stake in Egyptian insurer Orient Takaful PJSC to Orient Insurance Company. The transaction, which was disclosed by ADCB to the Abu Dhabi Securities Exchange on 2 November 2020, is in line with the Bank’s strategy to focus on its core…
Waha Capital Included in Key UAE and Global Small Cap Indexes by MSCI
ABU DHABI, UNITED ARAB EMIRATES: Waha Capital (ADX: WAHA), an Abu Dhabi-listed investment management company, has been selected by MSCI for inclusion in its key UAE and global small-cap indexes. The decision by MSCI, one of the world’s leading index providers, raises Waha Capital’s profile amongst global institutional investors. MSCI indexes are closely replicated by…
Fertiglobe selects Plug Power for Egypt amonia project
ABU DHABI, UAE: Fertiglobe (ADX: FERTIGLB) led consortium selected Plug Power Inc. (NASDAQ: PLUG) as the technology provider for a 100 megawatts electrolyzer to produce green hydrogen as feedstock for up to 90,000 tons of green ammonia production at EBIC in Ain Sokhna, Egypt. Fertiglobe, the strategic partnership between OCI N.V. (Euronext: OCI) and the…
Emirates Stallions acquires 70% stake in WFC Holding
ABU DHABI, UAE: Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), has acquired 70% of WFCHolding. WFC Holding is a UAE based leading technology, data-driven and outsourcing company specialized in Business Process Outsourcing (BPO) and Manpower Outsourcing (MPO). WFC Holding, through its subsidiaries Workforce Connexion, Integrated Business Centre, Corporate Solutions Consultants, and…
Jumia Egypt partners with valU to provide new online payment channels
CAIRO, EGYPT: Jumia, the leading e-commerce platform in Egypt, JumiaPay the fintech electronic payments platform, and valU the leading Buy-Now Pay-Later (BNPL) fintech platform in the Middle East and North Africa, have signed agreements to enable valU to become a payment solution via Jumia and JumiaPay. This partnership allows JumiaPay as a payment gateway to…
Thuraya enters broadband products distribution deal with SATCOM
ABU DHABI, UAE: Thuraya Telecommunications Company has entered into a long-term agreement with Cobham SATCOM, for the distribution of next generation broadband products for land, aeronautical and maritime users. Thuraya is a subsidiary of Yashat. This agreement further builds on Yahsat’s existing partnership with Cobham and marks an important milestone in the roll out of…
ADNOC Distribution launches next generation retail experience
ABU DHABI, UAE: ADNOC Distribution, the UAE’s largest fuel convenience retailer, is the first fuel retailer in the Middle East to launch the next generation retail experience, a fully autonomous and contactless and cashier-less ADNOC Oasis store. It offers new, state-of-the-art cashless and contactless payment system and an AI technology enhanced shopping environment. Busy customers…
Sharjah Group changes name to Aram Group
ABU DHABI, UAE: Sharjah Group Company has changed name to Aram Group public joint stock company, in accordance with the resolution of the General Assembly Meeting held on 7/10/2021 which included changes in its Article of Association. Aram Group, also expanded its ambit of activities to investment activities in agricultural projects, investment in industrial projects,…
Al Mal Capital acquires two school of Al Shola Private Schools
Al Mal Capital is the first REIT listed on Dubai Financial Market (DFM), and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments PJSC. Accordingly, the school campuses have been leased back to the operator for a long-term period on a triple net basis for management and operation. The two acquired schools, part…
Investment grade ratings of Finance House reaffirmed, stable outlook
ABU DHABI, UAE: Finance House PJSC (FH)’s Short-Term Foreign Currency Rating (ST FCR) at “A3” and Long-Term Foreign Currency Rating (LT FCR) at “BBB-” were both reaffirmed with a stable outlook by Capital Intelligence (CI), the international credit rating agency. Mohammed Abdulla Alqubaisi, Founder of Finance House, commented: “We are very proud of the reaffirmation…