Finance EIB to seek trading halt on Dubai bourse Emirates Islamic Bank (EIB) said it will seek suspension of its share trading on the Dubai Financial Market (DFM) from June 10, as it prepares to be fully merged with a rival lender. The decision comes after EIB or Emirates NBD (ENBD), Dubai’s largest bank by assets, received no objections to the latter’s mandatory acquisition announced […] June 9, 2025
Retail Investcorp nets fourfold gain on exit from India’s Citykart Bahrain-based asset manager Investcorp has reportedly sold its entire stake in Citykart, an Indian fashion retailer, making a fourfold return on its 2019 investment. The stake sale was part of the startup’s series B funding round, which saw Citykart raise INR5.4 billion ($63 million), local media reported. Investcorp acquired the stake from the asset management […] May 27, 2025
Utilities Abu Dhabi’s Taqa focuses on US market Abu Dhabi National Energy Company, or Taqa, is exploring buying companies in the US and elsewhere, its chief executive told Reuters. The state-owned utility is continuing its international expansion and is striving to reach ambitious growth targets. “The US is a key market for us,” and “if the right opportunity presents itself for Taqa, we […] May 27, 2025
Banking and Finance Kuwait-listed banks explore potential merger Kuwait-listed Gulf Bank and Warba Bank have agreed to undertake a feasibility study and due diligence on a proposed merger. The two banks announced the decision in disclosure to the local stock exchange on Monday, following which their shares were suspended for one hour under the capital markets bylaws. The potential merger offers growth and […] May 26, 2025
Energy Adnoc seeks EU approval for Covestro deal Abu Dhabi state oil company Adnoc on Thursday sought EU approval under the bloc’s foreign subsidies rules for its €14.7 billion ($16.4 billion) acquisition of German chemicals company Covestro, according to a filing on the European Commission site. Adnoc, which last week won the green light under EU merger rules for the deal, is making its biggest […] May 16, 2025
Food & Drink Bahrain’s Calo acquires UK meal delivery brands Calo, a Bahraini foodtech startup, is making its first foray outside of the Gulf by expanding into the UK. The company, which was founded in Bahrain but now has its headquarters in Saudi Arabia, is acquiring UK-based meal delivery brands Fresh Fitness Food and Detox Kitchen in the expansion. Caspar Rose, the former head of […] May 1, 2025
Oil & Gas Adnoc on shortlist to buy Shell South Africa fuel stations Abu Dhabi National Oil Company (Adnoc) has been shortlisted to acquire Shell’s fuel stations and other downstream assets in South Africa for as much as $1 billion. Shell’s portfolio in South Africa includes about 600 fuel stations and local trading operations, Bloomberg reported, without identifying its sources. Shell has appointed Rothschild to run the sale […] April 18, 2025
Banking and Finance Al Ansari says BFC buyout will lift revenues by a fifth Dubai-listed Al Ansari Financial Services expects a 13 percent rise in profits and a 20 percent increase in revenues following its acquisition of BFC Group Holdings, a competing money exchange business, the company CEO has said. “After completing the BFC deal, we have become the largest exchange company in the UAE and Bahrain and the […] April 15, 2025
Banking and Finance Takeover raises Oman bank competition concerns Oman’s second-largest lender by assets, Sohar International Bank, has secured approval from a smaller rival, Ahli Bank, for it to acquire Ahli. The takeover comes as concerns are raised that consolidation in the country’s banking sector could limit choice and competition, and raise costs for customers. Ahli Bank, which was set up in 2007, said […] April 11, 2025
Banking and Finance Oman’s Sohar International Bank targets rival Ahli Sohar International Bank, Oman’s second-biggest bank by assets, has expressed an interest in buying smaller rival Ahli Bank as it seeks to compete with its bigger competitor, Bank Muscat, and others. Sohar International has sent a letter of intent to Ahli, one of the smaller banks in the country. Ahli, which was set up in 2007, […] April 8, 2025
Banking and Finance IHC unit enters Egypt’s consumer finance sector 2PointZero, a subsidiary of Abu Dhabi-listed International Holding Company (IHC), has acquired ADVA, an Egyptian consumer finance company. The buyout by Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, is part of its parent company’s $1 billion investment plan, the state-run Wam news agency reported. ADVA will be Maseera’s technology and data analytics […] April 4, 2025
Oil & Gas EU to decide on Adnoc’s Covestro deal by May 12 European Union (EU) antitrust regulators will decide by May 12 whether to clear Abu Dhabi state oil major Adnoc’s €15.9 billion ($17.2 billion) takeover of German chemicals company Covestro, a regulatory filing on the European Commission website showed. Adnoc struck the deal for its biggest-ever acquisition last October as Middle East countries seek to reduce their […] April 2, 2025
Real Estate Tabreed explores buying Multiply’s cooling business National Central Cooling Company, also known as Tabreed, is exploring a bid for Multiply Group’s district cooling business that could be worth at least $1 billion, two sources with knowledge of the matter told Reuters. Dubai-listed Tabreed is working with Citi on the potential offer for Multiply’s PAL Cooling Holding (PCH), said the two sources. […] March 27, 2025
Tech MGX buys stake in Dubai’s Khazna Data Centers UAE technology investment company MGX and US private equity company Silver Lake have bought a minority stake in Dubai-based Khazna Data Centers. Following the deal, UAE telecommunications company e& – formerly known as Etisalat – has exited from its investment in Khazna but remains a major business partner, Khazna said in a statement. Transaction and financial […] March 27, 2025
Petrochemicals Borouge proposes share buyback after merger stock slide Abu Dhabi petrochemicals company Borouge will seek shareholder approval to buy back up to 2.5 percent of its shares, it said on Monday, after its share price plunged on this month’s news of its merger deal with Austria’s Borealis. Borouge’s majority shareholder Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV said they had agreed to merge […] March 17, 2025
Infrastructure Dubai’s Tabreed explores acquisitions for expansion Dubai-listed district cooling company Tabreed is aiming to expand through acquisitions and organic growth in the UAE and global markets. “We aim to grow our connected capacity by 3 percent to 5 percent annually over 2025 to 2027,” chief financial officer Adel Salem Al Wahedi wrote in the company’s 2024 annual integrated board report. The […] March 17, 2025
Oil & Gas Gulf Navigation buys Nasdaq-listed Brooge Energy Dubai-listed Gulf Navigation Holding is building its presence in the midstream oil and gas and logistics sectors following the acquisition of a Nasdaq-listed oil refining and storage company. Shareholders on Thursday approved the buying of assets and companies owned by Brooge Energy Limited, the company said in a statement to the Dubai stock exchange. This […] March 14, 2025
Banking and Finance Emirates NBD to buy stake in Egypt’s Banque du Caire Emirates NBD, Dubai’s largest bank by assets, has begun due diligence ahead of buying a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The purchase would be the latest sale of a government-owned asset in a stalled privatisation programme, according to regional media. Egypt agreed an expanded $8 billion loan from the International Monetary […] March 13, 2025
Finance Mubadala sells stake in UK smart meter provider Calisen Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has completed the sale of its indirect stake in Calisen, a UK supplier of energy smart meters. Private equity infrastructure investors EQT and Singaporean sovereign wealth fund GIC will buy Calisen in a deal that values the company at around $5 billion. Mubadala, BlackRock and Goldman Sachs […] March 10, 2025
Oil & Gas Aramco explores potential bid for BP’s Castrol unit Saudi Aramco is in the early stages of considering a potential bid for BP’s lubricant business Castrol, according to a person with knowledge of the matter. BP has been exploring all options around its Castrol business, including a possible sale, as part of a strategic review. The business would be expected to be worth around $6 billion to […] March 6, 2025
Transport UK company plans purchase of UAE car trade start-up Seez Seez, a Dubai-based start-up, has announced its proposed acquisition by UK-based automotive technology company Pinewood AI. The deal is worth $46.2 million and will comprise cash alongside shares, the company said in a statement. Seez is a technology company that provides digital services for car dealerships aimed at increasing sales, including an AI virtual assistant, […] February 28, 2025
Construction Barloworld rejects Zahid’s $1.25bn takeover bid Shareholders at South African construction equipment company Barloworld have voted against a takeover offer by Saudi company Zahid Group. The Jeddah-based conglomerate offered to buy shares of the South African listed company at 120 rand ($6.50) apiece, valuing it at around $1.25 billion. The deal failed to secure the majority required, Barloworld said in a […] February 27, 2025
