Markets UAE health firm Burjeel to offer 11% stake in October IPO By Pramod Kumar September 26, 2022, 5:13 AM Burjeel VPS Healthcare Holdings will continue to own a majority 70% stake in Burjeel following the listing. Abu Dhabi-based hospital operator Burjeel Holdings plans to offer an 11 percent stake in an initial public offering on the Abu Dhabi Securities Exchange, the company said in a statement on Monday. Burjeel will be the first private company to be listed on the Abu Dhabi exchange since 2011. The company intends to offer about 200.4 million new shares, while the selling shareholder, VPS Healthcare Holdings, plans to sell about 350.3 million existing shares. VPS Healthcare owns 79.8 percent of Burjeel. The offering begins on September 30 and closes on October 4. The listing is planned for October 10. On September 19, Abu Dhabi-based International Holding Company purchased a 15 percent stake in Barjeel. Founded in 2007, Burjeel Holdings is a private healthcare services provider, with a growing presence in the GCC. It has a network of 39 hospitals and clinics across the Middle East and India. Last month, Burjeel CEO Shamsheer Vayalil announced plans to expand into Saudi Arabia and invest SAR 3.75 billion ($1 billion) by 2030.
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 4 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 3 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 3 hours ago
Logistics Fall of Assad reopens Syria route to Gulf for Turkey’s truckers The overthrow of the Bashar Al-Assad regime is great news for Turkey’s logistics sector, with hopes that the direct land route to the Gulf region through Syria may soon be re-established. While there will be strong demand for logistics in Syria as the country rebuilds after 13 years of civil war, Turkey’s truckers are looking […] 2 hours ago
