Real Estate Aldar subsidiary buys FAB’s property management unit Aldar Estates, the property and facilities management arm of Aldar Properties, has acquired FAB Properties, the property management services unit of First Abu Dhabi Bank (FAB). The deal will see the Abu Dhabi-listed developer’s subsidiary manage 22,000 residential units across 600 properties in the UAE. The acquisition of FAB Properties follows the merger of Eltizam […] September 11, 2023
Renewable Energy Aramco and Dutch car maker make low-carbon fuel Saudi oil major Aramco and Dutch car maker Stellantis have developed an e-fuel that will work without modifications in the engines of some 24 million vehicles already on European roads and using conventional petrol. Recent tests showed the low-carbon fuel could reduce carbon dioxide emissions from existing internal combustion vehicles by at least 70 percent, […] September 6, 2023
Health TruDoc’s new owner seeks to expand virtual health provider Virtual healthcare provider TruDoc has been bought by a private equity company that aims to accelerate its growth across south Asia, the GCC and Africa. Pulsar Capital bought a minority stake in TruDoc last year and has increased its investment to take a controlling interest. TruDoc serves markets including the UAE, Saudi Arabia as well […] September 6, 2023
Finance Mena targets US as outbound M&A deals jump 53% Entities from the Middle East and North Africa agreed deals to purchase companies outside the region worth almost $31 billion in the first half of 2023 as cash-rich sovereign wealth funds and other government-related bodies shrugged off rising interest rates to expand their foreign portfolios. The outbound M&A total deal value was $30.6 billion, up […] August 31, 2023
Business of Sport Saudi Arabia pins down $100m MMA investment Saudi Arabia’s SRJ Sports Investments has acquired a minority stake in mixed martial arts (MMA) organisation the Professional Fighters League, reported to be worth $100 million. Founded in 2018, the PFL is second behind the Ultimate Fighting Championship (UFC) in terms of its global popularity. PFL Mena will begin in 2024 having launched in Europe […] August 30, 2023
Tech Saudi and Coursera to train 100,000 new tech workers Saudi Arabia is teaming up with online learning platform Coursera to train 100,000 new technology workers across the kingdom. Its Ministry of Communications and Information Technology and the National eLearning Center have launched a ‘Fuel’ programme offering training on the platform in various tech-related skills. Aimed at job seekers, graduates and those looking to improve […] August 30, 2023
Business of Sport Qatar buys rival padel tour after legal wrangling State-owned Qatar Sports Investments has agreed to buy the World Padel Tour and will launch a unified global circuit for the fast-growing racquet sport next year. QSI created a breakaway padel competition in early 2022, and the Qatari takeover of the sport mirrors Saudi Arabia’s controversial multimillion-dollar entry into men’s professional golf. Padel uses the […] August 25, 2023
Finance Abu Dhabi fund buys share of hotel group in Spain Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International have received approval to acquire a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands. Financial details around the acquisition were not revealed. The deal was given the green light by the European Commission under EU merger regulations. […] August 22, 2023
Banking & Finance Saudi insurance market braces for more mergers Saudi insurance companies expect an increase in mergers and acquisitions once a new independent insurance authority is fully operational by early next year, a spokesman said this week. On August 16 the Saudi cabinet gave its authorisation for the body’s creation, which central bank (Sama) governor Ayman Al-Sayari said would help improve efficiency in the […] August 18, 2023
Analysis Oil & Gas Saudi Arabia and Abu Dhabi bet on crude-to-chemicals Saudi Arabia and Abu Dhabi’s state-run oil companies both want to expand their chemicals production capacity in a strategic shift that will have huge implications for a petrochemicals industry already suffering from its lowest margins in two decades. Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) together provide around almost half of Opec’s crude […] August 18, 2023
Finance Islamic assets in Saudi Arabia exceed $827bn says Sama Saudi Arabia’s total Islamic assets exceed SAR3.1 trillion ($826.58 billion), said Ayman Al Sayari, governor of the Saudi Central Bank (Sama). “Saudi Arabia has a deep-rooted and historical relationship with Islamic finance. The Islamic banking sector alone accounts for 33 percent of the global Islamic bank assets,” Al Sayari said at the Islamic Financial Services […] August 18, 2023
Finance Insurers to get independent body in Saudi Arabia Saudi Arabia is to create an insurance authority independent from their central bank, as the sector undergoes a wave of consolidation that the government hopes will help make it a significant player in non-oil economic growth. The Saudi Press Agency (SPA) said on Wednesday that a cabinet meeting chaired by Crown Prince Mohammed bin Salman […] August 16, 2023
Energy Israeli startup hopes to take nuclear fusion mainstream This week US scientists announced they had achieved net energy gain in a fusion reaction for the second time since December. The Lawrence Livermore National Laboratory in California deemed the successful experiment “a major scientific breakthrough decades in the making that will pave the way for advancements in national defence and the future of clean […] August 11, 2023
Construction Jamal Omar loses petition against zakat claim of $95m Jamal Omar Development, the company which has led construction in the holy city of Mecca, must pay Islamic alms (zakat) of SAR357 million ($95 million) for the years 2012-2018, after losing a complaint against the Saudi government tax authority. The building firm, which is listed on the Saudi stock exchange, made the petition after it […] August 10, 2023
Retail Cenomi Centers doubles profit as mall visitors rise Cenomi Centers, the largest owner, operator and developer of shopping malls in Saudi Arabia, more than doubled net profit in the first half of 2023 as bosses predict a record post-pandemic year for footfall. The company reported revenue over SAR1 billion, a 5.5 percent year-on-year increase, while net profit increased 103 percent to SAR725 million […] August 9, 2023
Retail Store closures help Cenomi Retail return to profit Saudi franchise group Cenomi Retail posted net profit of SAR113 million ($30.1 million) during the first six months of 2023, compared with a small loss in the year-earlier period as the company closed dozens of stores. While 11 percent of its stores closed during the first half of the year, revenue only dipped by 1.9 […] August 8, 2023
Infrastructure GCC needs 1,127 new schools by 2027 as enrolment rises The Gulf will need over a thousand new schools by 2027, according to a new report published on Wednesday. The prediction is based on the total number of students in the GCC growing by 1.6 percent annually to reach 14.2 million by 2027. Growth in student enrolment numbers at K-12 (kindergarten to 12th grade, or […] August 2, 2023
Banking & Finance HSBC Oman’s final day on Muscat bourse draws near Shares in HSBC Oman will cease trading on the Muscat Stock Exchange on Thursday ahead of its acquisition by Sohar International Bank. Sohar, which is minority owned by Omani government institutions, has agreed a cash and share-swap deal to buy the HSBC unit. HSBC expects the merger to be completed on August 17, after which […] August 1, 2023
Banking & Finance Saudi insurers plan merger as consolidation grows The board of Al Sagr Insurance Company has backed a proposed merger with rival Gulf Union Ahlia Insurance Company as increased claims and rising regulatory costs spur consolidation among insurers in Saudi Arabia. A circular sent to shareholders of Al Sagr shareholders, seen by AGBI, concluded the offer from Gulf Union is “fair and reasonable” […] August 1, 2023
Real Estate Aldar targets China as sales to overseas buyers balloon Aldar Properties is working to attract more Chinese customers as it reports a fourfold increase in sales to overseas and expat buyers for the first half of the year. “One interesting demographic we are starting to see is the Chinese,” said Faisal Falaknaz, group chief financial and sustainability officer at the Abu Dhabi developer. “It […] August 1, 2023
Banking & Finance Bank of America ousts Goldman as top Mena M&A adviser Bank of America was the top M&A financial adviser in the Middle East and Africa during the first half of 2023, according to research from GlobalData. The US bank advised on two deals worth a combined $9.86 billion in H1. This was more than double the sum recorded by JP Morgan, which took second place […] July 31, 2023
Manufacturing Saudi pharma firm to buy manufacturing site in Algeria Jamjoom Pharmaceuticals Factory Company has increased capital in its joint venture in Algeria to help finance the acquisition of a manufacturing facility. In a filing to the Saudi Stock Exchange, the company, which raised $336 million in an initial public offering in May, announced the additional funding in Jamjoom Algeria Lil Dawa, in which it […] July 31, 2023
