MANAMA, BAHRAIN: GFH Financial Group (GFH) has signed a real estate deal worth $200 million to acquire two multifamily residential sites in prime locations in Las Vegas. The acquisition was completed in partnership with US-based real estate specialist Carroll, which manages around $5.2 billion of assets. GFH’s investment strategy in residential assets is based on…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Aramex redesigns operating model to capture growth opportunities
DUBAI, UAE: Aramex announced adopting a new operating model with the strategic objective of enhancing customer service levels and operating efficiencies while capturing greater global market share within both the B2C and B2B customer segments. Operating Model Redesign: Aramex Express, which includes international and domestic delivery solutions will serve the B2C customer base including Shop…
Bidding for the shares of ‘solutions by stc’ begins at SAR 136
RIYADH, KSA: The book building for the sale of Saudi Telecom Company (stc) shares in Arabian Internet and Communications Services Company (solutions by stc) started on Sunday at a price range of SAR 136 – SAR151 per share in an initial public offering (IPO). Arabian Internet and Communications Services Company (solutions by stc) announced the…
Yahsat selects GMV for upcoming Thuraya 4-NGS satellite
ABU DHABI, UAE: Al Yah Satellite Communications Company (Yahsat), UAE’s flagship satellite solutions provider, has selected the Spanish group, GMV, to supply the Spacecraft Control & Flight Dynamics Systems for Thuraya 4-NGS, a next-generation L-band mobile communications satellite system scheduled to begin operations in 2024. Through this new partnership, GMV’s best-in-class solutions will provide Yahsat’s…
ACWA Power announces IPO on Saudi Stock Exchange
RIYADH, KINGDOM OF SAUDI ARABIA: International Company for Power and Water Projects (ACWA Power) announced intention to proceed with an Initial Public Offering (IPO) and list its shares on the Main Market of the Saudi Stock Exchange (Tadawul). ACWA Power is a leading developer, investor and operator of power generation and desalinated water plants worldwide….
Orascom signs $4.5bn contract for Egypt’s high speed rail system
DUBAI, UAE: Orascom Construction PLC has signed, in a consortium with Siemens Mobility and Arab Contractors, a contract with the National Authority for Tunnels (NAT) to design, install, commission and maintain Egypt’s first high speed rail system for 15 years, a news release said. The total contract value is approximately USD 4.5 billion. In a…
AmCham Bahrain elects new board and officers
MANAMA, BAHRAIN: The American Chamber of Commerce in Bahrain (AmCham Bahrain) announced the successful election of its Board Officers following its recent election of Board Directors at its virtually held Annual General Meeting. Commenting on the new appointments, Mr. Qays H. Zu’bi, who was unanimously re-elected for a new 2-year term, stated, “I am honored…
Sudatel Group launches 4G service in Mauritania
ABU DHABI, UAE: Sudatel Telecom Group, through its operator (Chinguitel ), launched the mobile 4G services in the Mauritanian capital, Nouakchott along with six other regions of Mauritanian states. This move coincides with the celebrations of 15th anniversary of Chinguitel in the Mauritanian market. As part of its strategy, Sudatel aims to modernize its infrastructure…
ADIB launches world’s first Islamic digital proposition for youth
ABU DHABI, UAE: Abu Dhabi Islamic Bank (ADIB) has officially unveiled ‘Amwali’, world’s first Islamic digital proposition targeting youth between the age of 8 to 18, a news release said. Amwali is a ground-breaking proposition that brings together an entire suite of banking products and innovative technology to enable young customers to enjoy a whole…
Qatari companies included FTSE Micro Cap Index
DOHA, QATAR: Baladna, Doha Insurance Group and Qatar Industrial Manufacturing will be included in FTSE Micro Cap Index from September 16, 2021. Moreover, Qatar Fuel and Qatar Electricity & Water Company are reclassified from FTSE Large Cap Index to Mid Cap Index. “The results of FTSE Semi-Annual Index Review published on August 20th 2021 will…
ADNOC Distribution included in FTSE Emerging Markets Index
ABU DHABI, UAE: ADNOC Distribution will be included in the FTSE Emerging Markets (EM) Index, from 16 September 2021, a news release said. ADNOC is the UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX). Inclusion is subject to final confirmation by FTSE on 6 September. ADNOC Distribution…
MSCI upgrades Abu Dhabi Commercial Bank ESG rating to ‘AA’
ABU DHABI, UAE: Abu Dhabi Commercial Bank (ADCB) has received an upgrade in its MSCI ESG rating to ‘AA’ from ‘A’ driven by “leading digital transformation initiatives” to support small businesses as well as its robust customer data protection and information security practices. Following the upgrade, ADCB is now ranked by MSCI as a global…