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…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
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…
Dana Gas wins arbitration on sale of Egypt assets
SHARJAH, UAE: Dana Gas PJSC has received an award in its favour dated 19 July 2021 from the London Court of Arbitration (LCIA). The arbitration was initiated on 28 April 2021 by IPR Wastani Petroleum Ltd., a member of the IPR Energy Group, in relation to the Sale and Purchase Agreement (SPA) for the sale…
Batelco gets licenses for open banking to enter the FinTech arena
BAHRAIN: Batelco Financial Services, a subsidiary of Batelco, has been granted a full operating license by the Central Bank of Bahrain (CBB). Batelco is the first telecom company in the GCC to have received licenses for open banking (Account Information Service Provider, Payment Information Service Provider), as well as payment service provider and card processor,…
Aramex and DB Schenker sign MoU to accelerate expansion ambitions in Abu Dhabi and MEA
DUBAI, UAE: Aramex and Germany-based DB Schenker signed a strategic Memorandum of Understanding (MoU) with the aim to drive forward synergistic opportunities in supply chain solutions across multiple critical industries to and from Abu Dhabi and the wider MEA region, a news region said. By leveraging DB Schenker’s extensive global experience in specialized freight forwarding solutions across multiple industries,…