SHARJAH, UAE: ADNOC Distribution, the UAE’s largest fuel and convenience retailer, has continued its expansion in the Northern Emirates with two further openings in Sharjah, the Al Talaaa and Al Madean stations, both located in the Industrial Area. The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
ADNOC Drilling approves business growth plan, inclusion in FTSE Indices
ABU DHABI, UAE: The inaugural ADNOC Drilling Board meeting was chaired by Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, as well as ADNOC Drilling Chairman, approved ADNOC Drilling’s ambitious five-year business growth plan for 2022 to 2026, as well as the 2022 budget. These key approvals reinforce ADNOC Drilling’s integral position…
GFH intends to acquire 21.03% stake in Khaleeji Commercial Bank
DUBAI, UAE: GFH Financial Group has expressed intention to make an offer to acquire up to 187.589 million ordinary shares representing 21.03% stake in Khaleeji Commercial Bank. This acquisition will result in GFH owning 100% of Khaleeji. GFH (acting in concert together with its subsidiary, KHCB Asset Company) holds 616.057 million shares representing 69.06% of…
Fertiglobe partners with Scatec and TSFE to develop green ammonia project in Egypt
AMSTERDAM, NETHERLANDS: Fertiglobe, the partnership between OCI N.V. and Abu Dhabi National Oil Company (ADNOC), has entered into an agreement with Scatec ASA and TSFE to jointly develop a 50-100 MW electrolyzer facility to produce green hydrogen as feedstock for green ammonia production. The facility will be located near Fertiglobe’s subsidiary EBIC in Ain Sokhna…
Bahrain Bourse holds ceremony for Capital Markets Apprenticeship Program Graduates
MANAMA, BAHRAIN: Bahrain Bourse (BHB), a self-regulated multi-asset marketplace, held an awards and graduation ceremony to commemorate the completion of the first edition of the Capital Markets Apprenticeship Program with the attendance of Mr. Abdulkarim Bucheery, Chairman of Bahrain Bourse along with a number of Board Members and BHB’s executive management. The graduation ceremony honored…
DP World forms investment platform to invest in Africa
DUBAI, UAE: DP World has created an investment platform in partnership with the UK’s development finance institution and impact investor CDC Group (CDC), a bourse filing said. The platform covers a long-term investment period. DP World is contributing its stakes in three existing ports initially and expects to invest a further $1 billion through the platform over the next several…
GIB closes $625mn sustainability-linked syndicated loan
MANAMA, BAHRAIN: Gulf International Bank (GIB) has successfully closed a $625 million sustainability-linked syndicated loan (SLL), making GIB the first Bahrain-headquartered bank and the first majority Saudi-owned bank to close such a facility. The deal was well received in the international markets and substantially over-subscribed with commitments exceeding the initial facility amount of USD 500…
Ali Mohamed Zaid Ali Musmar appointed CEO of Sharjah Group
ABU DHABI, UAE: Sharjah Group Company has appointed Ali Mohamed Zaid Ali Musmar as the new Chief Executive Officer (CEO), a bourse filing said. Ali Mohamed is a professional banker with over 20 year of experience. Sharjah Group Company is a Public Share Holding Co; established in 1976 with the aim of actively participating in…
Yahsat’s mobility business Thuraya secures AED 316mn contracts
ABU DHABI, UAE: Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider, announced that its Mobile Satellite Services (MSS) subsidiary, Thuraya Telecommunications Company has secured long-term agreements with a global service provider for a total value in excess of AED 316 million over the next three years. The agreements strengthen the Group’s…
Valoe and ICON to setup solar module manufacturing in Saudi Arabia
HELSINKI, FINLAND: Valoe Oyj and ICON Advanced Co. Ltd, have agreed on establishing a joint venture company in Saudi Arabia. Valoe shall own 40 percent and ICON 60 percent of the joint venture company. The joint venture company is planning to build in Saudi Arabia a Back Contact Solar Module (solar module) manufacturing plant that…
SULB inaugurates $20mn wharf at Salman Industrial City in Hidd
HIDD, KINGDOM OF BAHRAIN: SULB, a major steel producer serving international markets, inaugurated the newly constructed Wharf. The new private port facility, located at Salman Industrial City in Hidd, is set to significantly enhance the company’s supply chain and deliver strong environmental and economic benefits for the Kingdom of Bahrain and its customers. High level…
Orascom led consortium to connect power grids of Egypt and Saudi Arabia
DUBAI, UAE: Orascom Construction announced that its consortium with Hitachi Energy signed a contract today with the Egyptian Electricity Transmission Company (EETC) to execute all work in Egypt to connect the national power grids of Egypt and Saudi Arabia. A separate consortium of Hitachi Energy and SSEM will execute the work in Saudi Arabia. This…