Dubai Science Park chief reveals ambitious plans for 20% growth Dubai Science Park is forecasting a 20 percent increase in the number of entities operating in the free zone, according to a senior executive. Innovative Life Sciences Lab announced this week it had opened a genomics testing lab there, with plans to initially create over 100 jobs, increasing its headcount by 200 percent. It joins […] February 3, 2023
Banking & Finance UAE telco buys more Vodafone shares to up stake to 13% UAE telecom operator e&, formerly Emirates Telecommunications Group Company, has upped its stake in the UK’s Vodafone Group for the second time this year. In a statement published on the Abu Dhabi Securities Exchange, the telco said it had purchased a total of 3.537 billion shares, representing 13 percent of Vodafone’s issued share capital, excluding […] February 3, 2023
Banking & Finance UAE capital markets set for ‘significant growth’, says regulator If 2022 was a year of recovery from the economic effects of the coronavirus pandemic, then 2023 will witness “significant growth” in the UAE capital markets. Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai that there are 11 initial public offerings (IPOs) […] January 25, 2023
Analysis Banking & Finance Rising global interest sets Dubai IPOs on course for strong 2023 Global stock markets may have suffered heavy losses but bourses in the Middle East and North Africa are thriving, recording 42 listings in 2022 and with a healthy pipeline of activity planned for the year ahead. According to Bloomberg data, Mena initial public offerings (IPOs) raised over $18 billion in 2022. This represents 47 percent […] January 20, 2023
Banking & Finance UAE telco increases stake in UK’s Vodafone to 12% UAE telecom operator e&, formerly Emirates Telecommunications Group Company, has increased its stake in the UK’s Vodafone Group. In a statement published on the Abu Dhabi Securities Exchange, the telco said it had purchased a total of 3.272 billion shares, representing 12 percent of Vodafone’s issued share capital, excluding treasury shares. The financial details of the […] January 18, 2023
Banking & Finance Mena to host first IPO summit with listings in high demand The Middle East’s first IPO-focused summit will take place in Dubai later this month after recent listings in the emirate proved a huge draw for international investors. Dubai Financial Market and the Dubai World Trade Centre (DWTC) have partnered to host the Mena IPO Summit – Dubai, which aims to unite the entire IPO value […] January 9, 2023
Tech IT firm Meeza to be Qatar’s first to use book building for IPO IT services firm Meeza is set to become the first Qatari company to use book building to carry out an initial public offering, it said in a statement, as the country aligns itself with international practices. The company, part-owned by telecoms operator Ooredoo, said it would be selling 50 percent of its share capital in […] January 9, 2023
Analysis Economy Chinese investors target Middle East for growth More than three-quarters of Chinese businesses are looking to expand their presence in Middle East markets or enter them. The UAE and Saudi Arabia were named as the top two destinations for Chinese investment over the next three to five years. According to a new survey – part of the Report on Chinese Investors’ Confidence […] January 4, 2023
UAE scores world’s second fastest 5G download speed The UAE has the second fastest median download speeds over 5G in the world, according to a new global report published this week. Research by Speedtest.net, also known as Speedtest by Ookla, a US-based web service that provides analysis of Internet performance, revealed that the UAE was among the countries at 511.70 mbps (megabytes per […] December 20, 2022
Real Estate Tecom Group invests $120m to expand Dubai innovation hub Tecom Group, the Dubai-based operator of business parks and free zones, has broken ground on the AED 442 million ($120.34 million) Innovation Hub Phase 2 in Dubai Internet City. Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces. It will provide more […] December 19, 2022
Real Estate Dubai co-working startup eyes new funding as it goes global Hotdesk, an on-demand workspace booking platform based in Dubai, is preparing to launch a Series A round of funding as the startup continues to enjoy exponential growth throughout the region and globally. The company, which provides access to co-working spaces at the click of a button, was launched in 2021. It has since expanded into […] December 16, 2022
Tech MTN lands subsea cable to boost Africa’s connectivity with Mideast MTN South Africa and MTN GlobalConnect, in partnership with a consortium, have landed a 45,000 km subsea cable in South Africa, part of plans to build a subsea network to connect African countries to Europe and the Middle East. Africa’s big economies have a fast growing population of internet users, with growth fuelled by rapidly […] December 14, 2022
Banking & Finance UAE telco e& ups stake in Vodafone Group to 11% UAE telecommunications major Emirates Telecommunications Group Company (e&) has increased its stake in Britain’s Vodafone Group. The state-owned telco currently holds more than three billion shares in Vodafone, representing 11 percent of Vodafone’s issued share capital, excluding treasury shares, it said in a statement published on the Abu Dhabi Securities Exchange (ADX). In May, e& […] December 8, 2022
Banking & Finance Saudi wealth fund PIF secures ‘record’ $17bn loan The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fun, announced on Wednesday that it has secured a new $17 billion, seven-year senior unsecured term loan. According to PIF, this represents the largest self-arranged term loan ever raised for general corporate purposes. It added that it is supported by “significant demand” from an international syndicate […] November 30, 2022
Analysis Business of Sport Nine ways the World Cup will transform Qatar Qatari strategists conceived the World Cup as a catalyser for long-term development ambitions. Across a range of economic sectors, the government has sought to embed the transitory impact of the tournament with longer-lasting side-benefits. None are more evident than in the tourism sector. As Berthold Trenkel, chief operating officer of Qatar Tourism, told AGBI: “The […] November 21, 2022
Tech India tech firm Wipro sets up regional headquarters in Dubai Indian services and consulting company Wipro Limited opened its Asia Pacific, Middle East and Africa (APMEA) strategic market unit headquarters in Dubai, the company said in a statement. Crown Prince of Dubai and chairman of the Executive Council, Sheikh Hamdan bin Mohammed, said that the establishment of Wipro’s new facility in Dubai reflects the emirate’s growing profile […] November 18, 2022
Real Estate Riyadh prime offices almost full as foreign firms flock to Saudi Unprecedented demand for prime office space in Riyadh has taken Grade A office occupancy levels close to 100 percent, driven by a massive increase in the number of foreign investment licences issued this year. More than 4,400 licences were issued in the second quarter of 2022, a rise of almost 700 percent on the same […] November 15, 2022
Analysis Development Ooredoo’s PIF deal is the latest in the ‘big telco tower sell-off’ State-owned Qatari telecoms firm Ooredoo’s planned sale of nearly 20,000 towers has attracted bids from some of the biggest names in the business. American Tower Corp, IHS Holding, Helios Towers and Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), are all competing for the acquisition, according to reports by Bloomberg. The newswire cited […] November 15, 2022
Energy PIF and BlackRock to explore Gulf infrastructure projects Saudi’s sovereign wealth fund PIF and BlackRock, the world’s biggest fund manager, have signed an agreement to jointly explore infrastructure projects in the Middle East. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said its non-binding memorandum of understanding will serve as “the anchor for BlackRock’s Middle East infrastructure strategy”. […] November 14, 2022
Banking & Finance PIF raises $612m as it reduces stake in Saudi bourse owner Saudi Arabia’s Public Investment Fund (PIF) has sold a 10 percent stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising SAR 2.3 billion ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares […] November 14, 2022
Banking & Finance Saudi PIF to consider bidding for Ooredoo’s tower unit Saudi Arabia’s Public Investment Fund (PIF) is weighing submitting the final bid for Qatari telecommunications firm Ooredoo’s network towers, Bloomberg reported, citing unnamed sources. American Tower Corporation, IHS Holding Limited and Helios Towers Plc are contemplating offers for all or part of the portfolio. Ooredoo’s tower assets, located in the Gulf and other markets, including Iraq […] November 8, 2022
Banking & Finance UBS to wind down Mena advisory and dealmaking operations UBS Group AG is planning to wind down its dealmaking and advisory operations in the Middle East and North Africa (Mena), Bloomberg reported, citing informed sources. The division’s last senior banker in the region has tendered his resignation recently, they said, adding a decision to retreat from in-person operations was taken in recently. Bankers and […] November 3, 2022
