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Talabat IPO: it has more than 119,000 riders on its platform

Talabat plans to list 15% on Dubai bourse via IPO

Talabat Holding, a UAE-based online food ordering and delivery platform, plans to list 15 percent of its share capital on the Dubai Financial Market (DFM). Nearly 3.49 billion shares, each with a nominal value of AED 0.04, will be divested through the initial public offering. The shares will be offered by the sole shareholder, Delivery […]

Talabat couriers in Abu Dhabi. The company operates in eight countries across the Mena region

Talabat profits soar ahead of planned IPO

Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO.  Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […]

Nine-month revenue at Spinneys hit a new high of AED2.3 billion, rising 11.4 percent year on year

Spinneys profit rises 25% on UAE and Saudi expansion

UAE supermarket operator Spinneys said net profit attributable rose to AED39.7 million ($10.6 million) in the third quarter, an increase of 25 percent from AED31.8 million a year ago. The profit rise was driven by expansion in the UAE and Saudi Arabia, the roll-out of new concepts and the expansion of its e-commerce offerings. Top […]

The Dubai bourse attracted 91,151 new investors, of which 85 percent were foreigners who invested AED1.5 billion

Dubai bourse operator’s Q3 profit surges 27% to $26m

Dubai Financial Market, the stock exchange operator, said net profit rose 27 percent to AED94 million ($26 million) in the third quarter of 2024 compared to AED74 million a year earlier. Revenue jumped 12 percent year on year to AED155 million as trading volume increased to 1.7 million, a 20 percent year on year increase. […]

Lulu employs more than 65,000 people and operates 240 stores across the GCC

Lulu shrugs off rivals’ stock performance ahead of IPO

Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […]

A man shops in a Lulu supermarket in Muscat, Oman. The company has an annual revenue of $8 billion

Supermarket major Lulu officially announces IPO

UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014.  “With GCC retail presenting a $100 billion […]

Bolt, based in Tallinn, has experienced rapid growth; the deal will allow DTC to integrate Bolt's ride-hailing tech into its fleet Bolt Dubai Taxi Company

Dubai Taxi partners with Bolt to take on Uber

Dubai Taxi Company has signed a deal with the Estonian company Bolt to launch its “e-hailing” platform in the emirate, competing with existing operators such as Uber and Careem. The launch of the platform was announced during a signing ceremony between DTC and Bolt at Gitex Global. Mansoor Rahma Alfalasi, CEO of Dubai Taxi, called […]

Spinneys says the deal with Food Tech Valley is a 'significant step in our ambitious growth plans'

Spinneys to build processing unit in Food Tech Valley

The UAE supermarket chain Spinneys has signed a deal to build a 500,000 square foot food processing unit in Dubai’s Food Tech Valley as part of the plan to increase its locally sourced produce. The deal, which will last for 27 years, is intended to foster innovation in food processing as part of the wider […]

Parkin will collaborate with UK-based Skyports on Dubai's vertiports

Parkin signs deal to develop vertiports for Dubai air taxis

Parkin, the Dubai government’s parking management company, has signed an agreement to develop the support network for flying taxis in the emirate. Under the agreement Parkin and Skyports, a UK-based vertiport infrastructure developer, will collaborate on the provision of parking facilities at “vertiport” sites in Dubai, as well as developing new locations across Parkin’s network […]

Agility Korek

Iraqi telecoms firm loses appeal against $1.5bn corruption award

A $1.5 billion decision against an Iraqi telecom operator and a prominent Iraqi businessman has been upheld by the International Court of Arbitration, part of the  International Chamber of Commerce (ICC). The arbitrators found that Korek Telecom and its chairman and top shareholder, Sirwan Saber Barzani, had “participated in a corrupt scheme” to defraud the […]