RIYADH: Advanced Petrochemical Company announced that its Propylene & Polypropylene plants will undergo a periodic scheduled maintenance from 04/02/2024 to 27/02/2024 by utilizing available Propylene stock, as well as outsourced Propylene. Propylene plant will be restarted from 03/03/2024 after the replacement of catalyst.It may be worth mentioning that such shutdowns for periodic maintenance are in…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Lana Medical Co acquires Saham Environmental Services Company for 5 million riyals
RIYADH, KSA: Lana Medical Company announced the acquisition of 100% of Saham Environmental Services Company, at a value of 5 million riyals. The acquisition is in line with the company’s strategy aimed at expansion and searching for investment opportunities in the environmental sector that benefit the company and its shareholders. Lana Medical aims to acquire…
AD Ports Group and Aqaba Development sign deal to digitalise Aqaba’s ports
ABU DHABI: AD Ports Group, a global leader in trade, logistics and industry, has signed a shareholders’ agreement with the Aqaba Development Corporation (ADC) to launch Maqta Ayla, a joint venture company that will implement a Port Community System (PCS) in Aqaba’s ports. The PCS will streamline communications and transactions between the port stakeholders, improve…
TAQA sells its stake in Atrush oil field to General Exploration Partners
ABU DHABI: Abu Dhabi National Energy Company PJSC (TAQA), via its fully-owned unit TAQA International BV, has signed final deals with General Exploration Partners Inc. (GEP) to divest its entire share in the Atrush oil field in the Kurdistan Region of Iraq. Kurdistan Regional Government (KRG): The KRG holds a 25% interest in the Atrush…
Tabuk Agricultural Development Company appoints new CEO; unveils 2024-2030 strategy
RIYADH: Tabuk Agricultural Development Company has announced the appointment of Eng. Yahya Ahmed Mubaraki as CEO of the company, effective 1st April 2024 AD. Engineer Yahya Ahmed Mubaraki is one of the distinguished young Saudi talents. He holds a Bachelor’s degree in agricultural sciences from the College of Agriculture, King Saud University. He has extensive…
Abu Dhabi Commercial Bank expands into the Kingdom of Saudi Arabia
ABU DHABI: Abu Dhabi Commercial Bank (ADCB) is establishing a strategic presence in Saudi Arabia, leveraging its strong balance sheet and sophisticated corporate banking capabilities to support a growing client base, and contribute to the deepening of regional economic relationships. ADCB has received an in-principle approval from the Kingdom’s Council of Ministers and will open…
Al Moammar Information Systems to invest 40 million riyals in AI sector
RIYADH: Al Moammar Information Systems Company, a leading provider of IT solutions and services in Saudi Arabia, has decided to allocate 40 million Saudi riyals ($10.7 million) to create an investment portfolio that will target international companies in the field of artificial intelligence (AI). The company said in a statement that the Board of Directors…
Dubai Investments launches first mixed-use project in Africa
DUBAI: Dubai Investments, a leading investment company in the UAE, has announced its first flagship mixed-use development in Africa – the Dubai Investments Park (DIP) Angola. The project, spanning 2,000 hectares, is a unique integrated residential, commercial and industrial hub in Angola, with 3 kilometers of coastline and a 2-kilometer sandy beach. DIP Angola aims…
Aldar Properties invests AED 1 billion in UAE logistics sector
ABU DHABI, UAE: Aldar Properties, the UAE’s leading real estate developer, investor, and asset manager, has announced a AED 1 billion investment to expand its logistics real estate business in Dubai and Abu Dhabi. The investment covers the acquisition of operational assets and the development of new Grade A logistics facilities to meet the strong…
ADNOC Drilling and Alpha Dhabi launch JV to invest in energy tech
ABU DHABI, UAE: ADNOC Drilling Company and Alpha Dhabi Holding have formed a joint venture (JV) to pursue global investments in energy technology and services. The JV, incorporated at Abu Dhabi Global Market, has made its first investment in Gordon Technologies, a US-based provider of measurement while drilling (MWD) technology, valued at $180 million. The…
2PointZero appoints Sheikh Zayed bin Hamdan as Chairman, Mariam Almheiri as CEO
ABU DHABI: 2PointZero, a subsidiary of International Holding Company (IHC), announced the appointment of H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan as Chairman of 2PointZero and H.E. Mariam bint Mohammed Saeed Hareb Almheiri as CEO. This leadership team is set to steer 2PointZero towards a future of transformative global impact and progress. With…
Public Investment Fund invests in Saudia Technic
JEDDAH, SAUDI ARABIA: The Public Investment Fund (PIF) announced the signing of an agreement to invest in Saudia Technic, a subsidiary of Saudia Group.Formerly known as Saudia Aerospace Engineering Industries, Saudia Technic has a long-established presence and rich legacy in Saudi Arabia, tracing its roots back to the 1960s. It provides services across key aviation…