RIYADH, KSA: Saudi Basic Industries Corporation (SABIC) has commenced commissioning activities and preparations for initial start-up of the joint venture project with Exxon Mobil in the U.S. Gulf Coast. nMobil and SABIC, called Gulf Coast Growth Ventures. The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tons, which…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Eng. Saleh Al-Sharafi appointed CEO of Waseef Company
DOHA, QATAR: Barwa Real Estate Group announced the appointment of Eng. Saleh Abdullah Al-Sharafi as CEO of Al-Wasef Asset Management Company “Wasif”, which is wholly owned by Barwa Real Estate Group. The Group’s Board of Directors welcomes Al-Sharafi to his new position, and expresses the great confidence that Barwa Real Estate attaches to him, and…
Ooredoo & CK Hutchison agree $6bn merger of Indonesian businesses
DOHA, QATAR: Ooredoo Group and CK Hutchison Holdings have signed definitive transaction agreements for the proposed merger of their respective telecommunications businesses in Indonesia, PT Indosat Tbk (Indosat Ooredoo) and PT Hutchison 3 Indonesia (H3I). Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. The merged company will be named PT Indosat Ooredoo Hutchison…
DP WORLD to invest £300mn London Gateway logistics hub
DUBAI, UAE: DP WORLD will begin work next month on a new fourth berth at its London Gateway logistics hub to increase supply chain resilience and create more capacity for the world’s largest vessels, a news release said. The £300 million sum – which builds on the £2bn investment DP World has made in Britain…
Hutchison to run dry port and bonded logistics in SPARK industrial city
HONG KONG: King Salman energy Park (SPARK) and Hutchison Ports signed a shareholders’ agreement for the formation of a joint venture to manage and operate the dry port and bonded logistics zone in the SPARK energy industrial city. Designed to ensure ease of access to global markets, the three-square-kilometre dry port will enable the future…
Arabian Centres Company announces opening of Jeddah Park Centre
JEDDAH, KSA: Arabian Centres Company announced the opening of Jeddah Park centre located on Prince Muhammad Bin Abdulaziz Road in Jeddah on Thursday 09th September 2021, to be the 22nd centre in the company’s portfolio. The centre has a GLA of 126.5k square meters, and it contains over 350 commercial units that include the finest…
AUB becomes Gold Sponsor of Bahrain Bourse’s Smart Investor Program
BAHRAIN: Bahrain Bourse, a self-regulated multi-asset marketplace, has announced Ahli United Bank (AUB) as a Gold Sponsor for the 4th Edition of the “Smart Investor” Program. The Smart Investor Program is a national awareness program organized in collaboration with INJAZ Bahrain, aimed at promoting financial and investment literacy among elementary school students in Bahrain. Mrs….
Amanat Holdings announces its Social Infrastructure Platform
DUBAI, UAE: Amanat Holdings, GCC’s largest healthcare and education investment company, has announced the launch of its Social Infrastructure Platform with the acquisition of the real estate property of Cambridge Medical and Rehabilitation Centre’s (CMRC) facility in Abu Dhabi for AED 46 million, a news release said. The transaction marks Amanat’s first investment in healthcare…
Al Salam Bank unveils its newly formed brand DNA
MANAMA, BAHRAIN: Al Salam Bank recently held an exclusive key-note event at the glittering Bahrain National Theatre, one of the largest theatres in the Arab world, which has emerged as an architectural landmark that embodies the artistic and cultural dynamism of the Kingdom. The event was held in celebration of the Bank’s newly launched Brand…
GFH signs $200 million real estate deal in the Las Vegas
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…
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…