Mubadala and EQT fund to buy Sweden’s Envirotainer Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company that makes and leases cold containers for transporting temperature-sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Danish life-sciences investor Novo Holdings, Mubadala […] June 7, 2022
Banking & Finance CPDQ to invest $5bn in DP World as it looks to reduce debt Canadian pension manager Caisse de Depot et Placement du Quebec (CPDQ) will invest $5 billion in DP World’s Dubai assets as the global ports operator looks at ways to reduce its debt. As part of the deal, CPDQ will take a 22 per cent stake in DP World’s Jebel Ali Port, Jebel Ali Free Zone and the National Industries […] June 7, 2022
Banking & Finance Rise of the robo-advisers The number of robo-advisers is set to increase dramatically by 2025, according to MENA independent financial advisers and wealth managers June 6, 2022
Banking & Finance Ali Alghanim revs up ahead of IPO in Kuwait Ali Alghanim & Sons will begin trading on Boursa Kuwait on Tuesday, after a private placement by EFG Hermes was oversubscribed 11 times June 6, 2022
Retail Saudi PIF ‘shortlisted as bidder for stake in Starbucks MENA’ Saudi Arabia’s Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, according to two sources. The franchise has several hundred coffee shops in 14 countries across the Middle East, Russia and central Asia. Kuwait-based Alshaya Group, the region’s […] June 6, 2022
Perimeter 81 joins the unicorns after $100m funding round Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures […] June 6, 2022
Energy Oil price fall dents Gulf stock markets Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […] June 2, 2022
Markets China ‘firmly’ opposes US-Taiwan trade initiative China “firmly” opposes a new trade initiative between Taiwan and the United States, the Commerce Ministry said on Thursday, a plan the government in Taipei says is a recognition of the key position the island plays in global supply chains. The United States and Taiwan announced the US-Taiwan Initiative on 21st Century Trade on Wednesday, […] June 2, 2022
Banking & Finance UAE’s Al-Futtaim Group to invest up to $1bn in Egypt Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […] June 2, 2022
Manufacturing Turkey’s trade deficit surges 157% in May Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall. Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus. Turkey’s […] June 2, 2022
Business of Sport Canadian bank terminates sponsor deals over Saudi-backed rival golf tour Royal Bank of Canada said on Wednesday it decided to terminate sponsor agreements with Dustin Johnson and Graeme McDowell after the former major champions decided to play in the opening event of the Saudi-backed LIV Golf Invitational Series next week. World number 13 Johnson was both the highest-ranked and most surprising golfer named to the […] June 2, 2022
Business of Sport Formula One appoints Shaila-Ann Rao as new interim head Shaila-Ann Rao, who was previously a special advisor to Mercedes team boss Toto Wolff, took over as interim head of Formula One at the governing FIA on Wednesday in place of departed Peter Bayer. The Paris-based FIA, which voted in Emirati Mohammed Ben Sulayem as president last December to succeed departing Frenchman Jean Todt, thanked […] June 2, 2022
Analysis Banking & Finance How London became the Islamic finance capital of the West London has in recent years cemented its position as a vital hub for Islamic finance thanks to history, circumstance and a concerted effort by the government to support the sector. With its strong financial infrastructure and burgeoning fintech space, the UK capital is primed to dominate Western Islamic finance for the foreseeable future. “London and […] June 2, 2022
Retail Dubai’s Aramex in $265m deal to buy US e-commerce firm Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday. Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China. “We see significant benefits to be derived […] June 1, 2022
Banking & Finance After a slow start, Gulf firms are winning at ESG As the world’s largest producer of hydrocarbons, the Middle East region has been slow to adopt environmental social governance (ESG) practices. But momentum is picking up, according to industry experts. “It’s fair to say that the Middle East is considered somewhat behind the curve on ESG,” said Jessica Robinson, senior advisor for ESG and sustainability […] June 1, 2022
Analysis Banking & Finance Opening a bank account still the ‘biggest hurdle’ for UAE startups Some bank accounts taking up to a year to set up Startups waiting, despite obtaining a business licence Lack of consistency on requirements, rules for new businesses Opening a bank account is “still the biggest hurdle” entrepreneurs and business founders face in the United Arab Emirates (UAE), with some waiting as long as a year […] June 1, 2022
Retail Amazon.com says it is being unfairly targeted by US Congress bill By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […] June 1, 2022
Manufacturing UK manufacturing growth hits 16-month low in May British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […] June 1, 2022
Banking & Finance Why Pyypl power will accelerate MENA fintech growth The founder and CEO of Pyypl tells AGBI about ambitious expansion plans for the UAE-based company Already one of the fastest-growing fintechs in the Middle East and Africa region, UAE-based Pyypl is planning to “inject more petrol into the tank” in a new phase of expansion. Antti Arponen, founder and CEO, told AGBI that the […] June 1, 2022
Tech Africa’s online platforms take on Silicon Valley African startups challenge giants like Facebook, Twitter Innovators say local knowledge is key to meeting needs Platforms prioritize indigenous languages, data rights By Kim Harrisberg and Menna A. Farouk Plan a funeral, call out corruption or start a business – tough jobs all now made easier by a generation of tech-savvy Africans tackling local problems […] June 1, 2022
Abu Dhabi leads $725m fundraising by US insurance broker Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The company has benefited from a jump in global commercial insurance premiums that rose 11 percent on average in the first quarter, according […] June 1, 2022
Tourism Qatar Airways ready to see $1bn Airbus dispute through to trial Qatar Airways is ready to see its legal dispute with Airbus over flaws with the protective skin of A350 wide-body jets through to trial, the Gulf carrier said on Tuesday. Qatar Airways is suing the European planemaker in a UK court for $1 billion in damages after grounding about two dozen of its A350s experiencing […] June 1, 2022
