Manufacturing Alba confirms it is ‘exploring’ listing in Saudi Arabia Bahrain’s sovereign wealth fund Mumtalakat is considering a secondary listing of Aluminium Bahrain BSC (Alba) on Saudi Arabia’s Tadawul stock market. Alba said in a statement to the Bahrain Stock Exchange yesterday it is “exploring various opportunities, one of which is a potential secondary listing on Saudi Arabia’s Stock Exchange which is currently under evaluation […] June 23, 2022
Analysis From chocolate to solar power, the UK-GCC trade deal is a winner A trade deal between the United Kingdom and the Gulf region has the potential to support jobs “from Dover to Doha”, while building vital green industries and supplying innovative services to the GCC. That’s according to UK Trade Secretary Anne-Marie Trevelyan, who today launched free trade negotiations with the Gulf Cooperation Council, made up of […] June 22, 2022
Manufacturing Israel unveils plans for ‘Middle East Air Defence Alliance’ Israel is building a US-sponsored regional air defence alliance, the Israeli defence minister said on Monday, adding that the apparatus has already foiled attempted Iranian attacks and could be boosted by President Joe Biden’s visit next month. Drawing closer in recent years to US-aligned Arab states which share its Iran concerns, Israel has offered them […] June 21, 2022
Tourism Airlines upbeat on recovery but labour shortages may hurt growth Global airlines battered by COVID-19 seem confident of narrowing their losses but still face challenges such as labour shortages at airports which could restrict post-crisis growth, industry executives at a summit in Doha said. Recent flight delays and cancellations have been widely blamed on a lack of staff as an increasing number of people desert […] June 21, 2022
Exclusive Tourism Dubai unveils plan to transform Expo 2020 site into free zone The Expo 2020 Dubai site is to be transformed into the emirate’s newest business free zone – and is being lined up as a possible venue for more of the world’s biggest events, executives have told AGBI. Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and the ruler […] June 21, 2022
Tourism Turkish Airlines mulls IPOs, joint ventures for cargo business Turkish Airlines is considering joint ventures and initial public offerings for its cargo business and regional carrier as it weighs up options to grow both internally and through deals, the chairman of Turkey’s national airline said. The airline also plans to participate in international bond markets, including issuing Eurobonds, to finance future investments and growth, […] June 20, 2022
Analysis What the metaverse actually means for your business Should you believe the hype or is this yet another marketing buzzword? Not a day goes by without a brand or celebrity broadcasting their foray into the “metaverse”. While some naysayers may dismiss this nascent Web3 sector as unfounded hype, swathes of metaverse advocates envision trillions of dollars worth of opportunities in this new digital […] June 18, 2022
Internet Explorer gravestone goes viral in South Korea For Jung Ki-young, a South Korean software engineer, Microsoft Corp’s decision to retire its Internet Explorer web browser marked the end of a quarter-century love-hate relationship with the technology. To commemorate its demise, he spent a month and 430,000 won ($330) designing and ordering a headstone with Explorer’s “e” logo and the English epitaph: “He […] June 17, 2022
Egypt dominates Mena startup funding rankings in May The amount of funding raised by startups in the Middle East and North Africa (Mena) rose 62.7 percent year-on-year in May. But it still declined 40 percent month-on-month to record the lowest monthly amount so far this year, according to data compiled by Wamda, the largest early-stage investment fund in the Middle East. A total […] June 17, 2022
Markets Dubai’s Tecom Group sets price for IPO of up to $454m Dubai business park operator Tecom Group set price guidance on Thursday for its initial public offering that showed it could raise up to 1.67 billion dirham ($454.7 million) in the listing. Tecom Group, owned by the investment vehicle of Dubai’s ruler, plans to sell 625 million shares, or 12.5 percent of issued share capital, at […] June 16, 2022
11 ways robots are transforming the UAE A new AED1 billion ($272 million) library, which opened in Dubai on Thursday, will employ artificial intelligence (AI) in its operations, including in choosing titles and borrowing and returning books. The Mohammed bin Rashid Library will use a first-of-its-kind smart system in the Middle East to send commands to robots to locate books and deliver […] June 16, 2022
Analysis Mena region has record year for startup investment The geographic location of the Middle East and North Africa (Mena) provides access to large markets in Europe, Africa and Asia, and is home to a large, young population. In a context of geopolitical instability and high unemployment, many of these young people are increasingly seeking new opportunities and looking to improve the world via […] June 16, 2022
IPO expected for Dubai road toll operator Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO). According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […] June 15, 2022
Tourism EU official concerned about Russia flying Western-made planes European’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare parts and proper maintenance. The European Union and the United States have moved to restrict Russia’s access to spare parts following its invasion of Ukraine. “This is […] June 15, 2022
Tech Bahrain’s Investcorp sells German software developer for $125m Investcorp has sold German software firm softgarden for around 120 million euros ($125 million), said Hazem Ben-Gacem, co-chief executive officer of the Bahrain-based company. The sale to Poland’s Grupa Pracuj marks a three times return on investment for Investcorp, which bought its controlling stake in the human resources software specialist in 2018, Ben-Gacem said on […] June 14, 2022
Banking and Finance Saudi Telecom shares rise after $8bn capital increase proposal Saudi Telecom said on Sunday its board had proposed increasing the company’s share capital by 30 billion riyals ($8 billion), or 150 percent, driving the share price nearly 10 percent higher. The Riyadh-listed company had earlier announced the proposed capital increase would involve issuing 30 billion new shares, with shareholders offered 1.5 new shares for […] June 13, 2022
Analysis Space tech gives Gulf nations a launchpad for local talent Saudi Arabia aims to emulate UAE’s success In 1985, Sultan Bin Salman Bin Abdulaziz Al-Saud, a former Royal Saudi Air Force pilot, became the first Arab to go into space, flying aboard a US Space Shuttle mission as a payload specialist. He was appointed chairman of the Saudi Space Commission in 2018 and although he […] June 13, 2022
Analysis New deal allows Abu Dhabi to tap into global tech talent pool Abu Dhabi’s latest partnership agreement, part of its $545 million Innovation Programme, will help address urgent skill shortages in the technology sector and widen access to the global talent pool. The Abu Dhabi Investment Office (ADIO) yesterday announced a partnership with global in-house centre consulting firm ANSR and artificial intelligence-powered talent sourcing platform Talent500. ADIO […] June 10, 2022
Tech Lockheed to begin deliveries of F-16 combat jets in 2024 Lockheed Martin Corp expects to produce its new-build F-16 fighter jets next year and commence deliveries in 2024, its chief financial officer Jesus Malave said. The company has a list of key US allies including Bahrain, Taiwan, Slovakia, Jordan, the United Arab Emirates and the Kingdom of Saudi Arabia eager to purchase the jet. Malave […] June 10, 2022
Analysis Markets Boom time as TECOM leads the Gulf IPO resurgence As Dubai announced plans to sell a 12.5 percent stake in business park operator TECOM today – its second public offering this year after Dubai Electricity and Water Authority (DEWA) – Middle Eastern bourses have generally defied the downward international trend with increases in trading activity and values amid a robust pipeline of initial public offerings […] June 9, 2022
Abu Dhabi invests in Swedish fintech’s $100m funding round Swedish fintech firm Juni has raised $100 million in a funding round led by Abu Dhabi state investor Mubadala, and another $106 million in venture debt financing from Silicon Valley-based TriplePoint Capital. Juni’s existing investors – EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global – also participated in the funding round. Getting […] June 9, 2022
Dubai business park operator TECOM plans July listing Dubai plans to sell a 12.5 percent stake in business park operator TECOM Group in an initial public offering that will list its shares on the emirate’s exchange, the company said in a statement on Thursday. It is the second offering from the emirate this year after Dubai Electricity and Water Authority (DEWA) raised $6.1 […] June 9, 2022
