Food & Drink Americana acquires Pizza Hut business in Oman Americana Restaurants, the largest food service business in the Mena region, has acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group. The restaurant operator said the acquisition includes 46 Pizza Hut restaurants which had an annual revenue of approximately $11 million in 2024. The additional outlets increase its Pizza Hut restaurants across […] January 24, 2025
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] January 17, 2025
Business of Sport PIF close to $1bn stake deal in sports network Dazn Saudi Arabia’s Public Investment Fund is close to agreeing a deal to acquire a 10 percent stake in the UK-based global sports network Dazn. The deal, which has been under discussion for more than a year, is said to be worth at least $1 billion, which would value the broadcaster at $10 billion, the New […] January 15, 2025
Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] January 13, 2025
Infrastructure Arab Energy Fund-led group buys Dubai-based Metito A consortium led by the Arab Energy Fund (TAEF), formerly Apicorp, has acquired a 100 percent stake in Metito Utilities, a Dubai-based water and wastewater project developer. The acquisition was carried out in collaboration with Saudi Arabia’s Zamil Group Investment Company and the Ghandour family, the founders of Metito. No financial details were given. Metito […] January 9, 2025
Aviation DAE acquires Irish aircraft lessor Nordic Aviation Dubai Aerospace Enterprise, the Middle East’s largest aviation services company, has acquired aircraft leasing company Nordic Aviation Capital. No details on the terms of the transaction were disclosed. DAE said Nordic Aviation’s fleet in September 2024 comprised 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries. Based in […] January 8, 2025
Finance Adnoc L&S secures $2bn to fund expansion Adnoc Logistics & Services Plc (Adnoc L&S) has finalised up to $2 billion (AED7.3 billion) in new financing to support its growth initiatives. The company has signed a $1.1 billion-$2 billion Hybrid Capital Instrument (HCI). Initial drawing against the HCI will be $1.1 billion, leaving $0.9 billion capacity. Nearly $1 billion will be used to […] January 8, 2025
Analysis Finance Saudi startup funding tumbles as era of cheap money ends Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was […] January 8, 2025
Health UAE’s PureHealth expands US healthcare presence Abu Dhabi-listed PureHealth Holding has expanded its presence in the US healthcare sector. New York Stock Exchange-listed Ardent Health, a subsidiary of PureHealth, acquired 18 urgent care clinics across New Mexico and Oklahoma in the US from NextCare Urgent Care. In May 2023, PureHealth purchased a minority stake in Ardent Health for $500 million. The […] January 7, 2025
Banking & Finance Bahrain’s GFH buys $136m Dubai-based logistics fund GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired Manrre REIT, the Dubai-based fund with assets across the UAE and the GCC region. The fund’s portfolio is valued at AED500 million ($136.13 million), including 26 industrial and logistics properties in the Emirates. GFH Partners has assumed the fund manager’s role […] December 31, 2024
Opinion Energy DP World, energy and AI: five predictions for 2025 Let the guessing game begin – but no promises... December 27, 2024
Manufacturing EGA opts for green loan facility to buy Spectro stake Emirates Global Aluminium, the UAE’s biggest non-oil industrial company and one of the world’s largest aluminium producers, has used a green loan facility from global banks to buy an 80 percent stake in US-based Spectro Alloys Corporation. The green credit facility enables access to a larger liquidity pool to fund low-carbon projects and optimises borrowing […] December 26, 2024
Manufacturing Alba and Ma’aden delay merger to Q2 2025 The deadline on a potential merger between Aluminium Bahrain (Alba) and subsidiaries of Saudi Arabia’s Ma’aden has been extended into the second quarter of 2025. It had been hoped that a deal between the two manufacturing giants could be completed in the first quarter, according to Alba’s chief executive, Ali Al Baqali. But a note […] December 23, 2024
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
Banking & Finance Kuwait’s Burgan Bank to take over United Gulf in 2025 Burgan Bank, a subsidiary of KIPCO Group, is expected to complete the acquisition of Bahrain-based United Gulf Bank in the first quarter of 2025. The bank has received clearance from the Kuwaiti central bank to buy a 100 percent stake in United Gulf Bank, KIPCO Group said in a regulatory filing on Boursa Kuwait on […] December 19, 2024
Construction Zahid bids for South African equipment firm Zahid Group, a Jeddah-based conglomerate involved in everything from mining to hospitality, is leading a proposed $1 billion-plus takeover of Barloworld, a listed South African construction equipment company. Gulf Falcon Holding, a Zahid Group subsidiary, and Entsha, a South African construction company that is linked to Barloworld’s CEO, Dominic Sewela, have made an offer of […] December 13, 2024
Finance Mubadala to focus on Asia investments says CEO Abu Dhabi wealth fund Mubadala Investment Company will focus on investments across Asia, CEO and managing director Khaldoon Al Mubarak has said. “Asia in general, we are under-invested,” Reuters reported, quoting Al Mubarak at the Milken Institute Middle East and Africa summit. “You have to take a very strong view on India, you have to […] December 9, 2024
Tech Mubadala-led group buys stake in US company Zelis A consortium led by Abu Dhabi’s Mubadala Investment Company is to acquire a minority stake in Zelis, a US-based financial technology company. The other partners are Norwest and HarbourVest. Parthenon and Bain Capital remain the majority owners in Zelis. Zelis is helping to streamline the US healthcare financial experience, which is complex and needs technology-driven solutions, […] December 5, 2024
Petrochemicals Adnoc’s XRG to take over Germany’s Covestro XRG, the low-carbon and chemicals investment company founded by Abu Dhabi National Oil Company (Adnoc), is to become a major shareholder of German chemicals producer Covestro. The $16.3 billion takeover offer from Adnoc International Germany Holding, a wholly owned indirect subsidiary of XRG, has exceeded the minimum acceptance threshold, reaching 69.94 percent as of November […] December 3, 2024
Finance Qatar-backed consortium in play for Hong Kong’s ESR A consortium including Qatar Holding is planning to take Hong Kong-listed real estate fund manager ESR private, with the deal valued at more than $7 billion, according to Reuters. ESR stopped trading of its shares on Friday, “pending the release of an announcement in relation to inside information of the company”, it said in a […] November 29, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Renewable Energy Masdar takes majority stake in Greek clean energy player Abu Dhabi’s Masdar has acquired a majority stake in Greek clean energy company Terna Energy to propel its European expansion. The UAE renewables major purchased a 70 percent stake in the Greek company from Gek Terna and other shareholders at €20 per share, valuing Terna Energy at €3.2 billion ($3.4 billion). Following the transaction’s closing, Masdar will […] November 29, 2024
