BAHRAIN: Investrade, a prominent investment firm, has secured a 53% ownership of the Areen Park Hotel and The Land of Paradise Waterpark. This acquisition is part of the expansive Areen Master Development Project, aimed at establishing a new urban hub in the kingdom’s south. The deal was formalized at a signing event attended by dignitaries…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Tadawul,operator of Saudi share market, reports 8.1% drop in net profit for 2023
The Saudi share market revenue also declined by 1.6% due to lower trading and post-trade revenues, despite a surge in data and technology services revenue. Saudi Tadawul Group Holding Co. (the Group), the operator of the Saudi share market, announced its financial results for the year 2023, showing a decrease in both revenue and net…
TECOM Group announces record-breaking results and dividend payout
DUBAI: TECOM Group, the creator of specialised business districts and vibrant communities in Dubai, has announced its best-ever financial and operational performance for the year 2023, along with a cash dividend of AED 800 million for its shareholders. The Group held its Annual General Assembly Meeting at Dubai Internet City, where it approved the financial…
Zain KSA reports record revenues of SAR 9.9 billion in 2023
RIYADH: Mobile Telecommunication Company Saudi Arabia (Zain KSA) announced its annual consolidated financial results for the year ending on 2023-12-31, revealing the highest revenues in its history, amounting to SAR 9.9 billion, a 8.9% growth as compared to 2022. The company attributed this increase to the growth in business-to-business (B2B), 5G, digital products, wholesale and…
Qatar launches $1 billion fund to boost venture capital and start-ups in the region
Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), has announced a new initiative to invest over $1 billion in venture capital funds that focus on the region’s emerging start-up ecosystem. The initiative, called the venture capital “Fund of Funds”, was launched by Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani at the Qatar Web…
ADNOC Distribution unveils new growth strategy to become multi-energy leader
ABU DHABI, UAE: ADNOC Distribution, the UAE’s largest fuel and convenience retailer, announced its new five-year growth strategy at an Investor Day in Abu Dhabi on Monday, 26 February. The Company aims to establish itself as a multi-energy, convenience, and mobility leader by expanding its network, enhancing its customer experience, and scaling up its low-carbon…
MENA’s EV Market to Boom by 2028, Experts Say
Electric vehicles (EVs) are on the rise in the Middle East and North Africa (MENA), with the market expected to reach US$7.65 billion by 2028, according to a recent study by Deloitte. This was the main topic of discussion at a high-level roundtable hosted by Sustainability Forum Middle East (SFME), a regional platform for net-zero…
IMC to build a new integrated hospital in Jeddah
RIYADH: The International Medical Center Company (IMC), an associate company of Dallah Healthcare, has signed two agreements with specialized consulting companies for a new hospital project in Jeddah. The first agreement, worth 11 million Saudi Riyals, is with Dar Al-Handasah Company for the design of the new hospital, which will be built on a land…
Kinan International delays IPO on Nomu after CMA approval
RIYADH: Kinan International Real Estate Development Company, advised by Saudi Fransi Capital, has postponed its planned Initial Public Offering on the Parallel Market (Nomu) due to recent developments. The company had received approval from the Capital Market Authority (CMA) to offer 3.6 million shares, or 3% of its share capital, to Qualified Investors for a…
Saudi Lime Industries acquires Astra Mining for 164.6 million riyals
RIYADH: Saudi Lime Industries Company (SLIC) has signed a conditional binding agreement with Astra Industrial Group (AIG) and Tharawat Mining Company (TMC) to acquire 100% of the shares of Astra Mining Limited Company (AML), a leading producer of quicklime and hydrated lime in Saudi Arabia. The deal, which is expected to be completed within three…
Dr. Sulaiman Al Habib Medical Services Group reports 23.94% net income growth in 2023
Dr. Sulaiman Al Habib Medical Services Group (HMG), one of the largest private healthcare providers in the Middle East, announced its annual financial results for the year 2023, showing strong performance across its hospital and pharmacy segments. According to the group’s financial statement, HMG’s revenues for the year 2023 reached SAR 9,508.44 million, an increase…
Hilton to brand and service luxury apartments in Medina’s Knowledge City Hub Project
Medina: Hilton Worldwide Manage Limited has signed an agreement with the Company to provide branding and marketing license and hotel services for the residential tower in the Knowledge City Hub Project in Medina, the Company announced on Wednesday. The residential tower, which includes 64 luxury apartments and a penthouse, will be branded under the Hilton…