Banking & Finance Mumtalakat Bahrain Mumtalakat Holding Company BSC – or Mumtalakat – is Bahrain’s sovereign wealth fund, established by royal decree in 2006 and wholly owned by the Bahraini government. Mumtalakat invests in assets in most sectors including education, aviation, healthcare, consumer and financial services, industrial manufacturing, real estate, tourism and logistics. It does not invest in oil […] December 4, 2024
Aviation Gulf Air Gulf Air, the national airline of Bahrain, was established in 1950 and operates from its hub at Bahrain International Airport in Muharraq. Owned by Bahrain’s Mumtalakat sovereign wealth fund, Gulf Air serves more than 60 destinations in over 30 countries across Africa, Asia and Europe. The airline’s fleet consists of long-haul Boeing 787-9 Dreamliners, A320neo […] December 3, 2024
Tax UAE to introduce 15% tax on large multinationals The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […] December 9, 2024
Education Mergers and acquisitions to fuel Saudi education growth Mergers and acquisitions will play a vital role in the future of Saudi Arabia’s lucrative education sector, which could offer returns in the region of high double-digits, according to an industry expert. There has been a flurry of M&A activity in education in recent weeks. Maarif, one of the largest education companies in the country, […] December 9, 2024
Banking & Finance Kuwait Finance House Kuwait Finance House (KFH) was established in 1977 as Kuwait’s first Islamic bank and then listed on the Kuwait Stock Exchange in 1984. KFH provides a wide range of sharia-compliant banking products and services, covering real estate, trade finance, investment portfolios, commercial, retail and corporate banking. Its services are available across the GCC and Middle […] December 3, 2024
Finance Investcorp Capital invests $280m in growth sectors Bahrain’s Investcorp Capital has announced investments exceeded $280 million across various asset classes in the last six months. These potential growth sectors included real estate, infrastructure and corporate investments. The funding aligns with the company’s strategy to pay at least 8 percent dividends in semi-annual instalments, the company said in a bourse filing on Monday. […] December 9, 2024
People & Lifestyle Almoosa Health to raise up to $450m from Saudi IPO Almoosa Health Company expects to raise between SAR1.63 billion and SAR1.69 billion ($433.80-449.7 million) from its initial public offering (IPO) on the Saudi stock exchange. The company set the offering price range between SAR123.00 and SAR127.00 per share as the institutional book-building period started on Wednesday and will end on December 10. The offer price […] December 5, 2024
Food & Drink Talabat Talabat, an online food ordering and delivery company founded in Kuwait in 2004, is a leading platform in the Mena region. It operates across Kuwait, Saudi Arabia, Bahrain, UAE, Oman, Qatar, Jordan, Egypt and Iraq. Since its acquisition by the German company Delivery Hero in 2015, Talabat has grown into a regional leader, offering food, […] December 3, 2024
Economy Bahrain’s economy to grow 3.5% next year says IMF Bahrain’s economy is projected to remain at 3 percent growth in 2024 but accelerate to 3.5 percent growth in 2025, supported by manufacturing and private sector credit expansion, the International Monetary Fund (IMF) has said. The medium-term real GDP growth is projected at around 3 percent, driven by non-hydrocarbon GDP, which will account for close […] November 28, 2024
Markets ADX ripe for international investment, say asset managers The Abu Dhabi Securities Exchange remains a sleeping giant for international investors despite the huge sums raised from recent ADX listings, speakers said this week at the emirate’s annual financial showcase. There have been 23 notable initial public offerings of UAE companies since the start of 2021 – 14 on the ADX and nine on […] December 11, 2024
Opinion Aviation BA drops Kuwait after 60 years… but why? A simple hard-headed business decision is the most likely explanation November 27, 2024
Manufacturing Bahrain plans free zones to draw manufacturers Bahrain is to set up new industrial free zones within the kingdom with a view to attracting key players in the foodstuffs, pharmaceuticals and garments industries and generating thousands of new jobs. The plans are for the Muharraq governorate, situated in the north east of the Gulf island, which is also home to Bahrain International […] November 25, 2024
Analysis Markets Mena delivery app Talabat outperforms its German parent When Talabat makes its debut on Dubai Financial Market next week, the food delivery app will be worth nearly as much as its parent company despite providing only about a quarter of Delivery Hero’s revenue. This might suggest Talabat’s initial public offering (IPO) was overpriced but a closer look at both companies’ earnings shows otherwise […] December 4, 2024
Analysis Tax Doubt surrounds e&’s earnings as UAE tax rise looms There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […] December 12, 2024
Economy GCC growth to surge to 4.2% in 2025-26 says World Bank Economic growth in the GCC region is forecast to accelerate to 4.2 percent in 2025-26, but will remain subdued at 1.6 percent in 2024, as the Omani and Kuwaiti economies contract, the World Bank has said. Growth is being driven by the non-oil sector, which has shown robust growth of 3.7 percent thanks to the […] December 2, 2024
Analysis Business of Sport Saudi Arabia expands global reach with 900 sports deals Saudi Arabia’s vast number of sports sponsorship deals, now in excess of 900, are part of the kingdom’s strategy to diversify away from oil but their long-term success will not be known for some time to come, experts have said. Play the Game, a publicly funded sports ethics institute in Denmark, compiled a list of […] December 9, 2024
Real Estate Bahrain’s GFH buys $300m US student housing assets GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired student housing in the United States valued at $300 million. The assets have been added to GFH Partners’ US student housing platform, which now has more than 5,500 beds and assets under management worth $900 million. The assets are 99 percent […] November 25, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Analysis Trade What Massad Boulos can do for US-Middle East trade White House role for Trump in-law Adviser on Arab and ME affairs Lebanese tycoon has Africa links The rise of a Lebanese tycoon and Trump in-law to the White House suggests business links and personal ties between the US and the Middle ... Register now: It’s easy and free This content is available for registered […] December 4, 2024
Economy Bahrain economy The latest economic and demographic indicators for Bahrain, including GDP, inflation, oil prices, trade, population, unemployment and more November 20, 2024
