Video length: 05:02 Food & Drink Agthia increases stake in Egyptian snack group Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022. In […] March 1, 2024
Banking & Finance Morgan Stanley latest US bank to set up in Abu Dhabi Morgan Stanley is opening an office in Abu Dhabi Global Market in a bid to win more business in the Middle East and North Africa. The latest international bank to set up shop in the UAE capital’s financial centre, Morgan Stanley already has offices in Dubai, Riyadh and Doha. The lender, ranked 31st worldwide in […] February 29, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Banking & Finance Merger activity tipped to rebound in Middle East Mergers and acquisitions executives are expecting activity in the Middle East to rebound this year, a survey has found. M&A deals slumped last year as rising borrowing costs, global recessionary fears and geopolitical uncertainty made prospective buyers more wary. In the first half of 2023, there were 318 deals worth a combined $43.8 billion in […] February 5, 2024
Industry e& unit buys Norway’s telecoms subsidiary in Pakistan e&, formerly known as Etisalat, said its subsidiary in Pakistan will acquire a 100 percent stake in Norway telecom-owned Telenor Pakistan Private Limited. The transaction has an enterprise value of PKR108 billion ($380.95 million) on a cash-and-debt-free basis, the Abu Dhabi-listed telco said in a statement. e& holds a 23.4 percent stake in Pakistan Telecommunication […] December 15, 2023
Renewable Energy TotalEnergies invests $25m in Xlinks TotalEnergies announced on Wednesday that it has invested £20 million ($25.4 million) to acquire a minority stake in Xlinks, the company overseeing the £22 billion Morocco-UK renewables project. The French oil and gas major joins fellow investors Octopus Energy and Abu Dhabi National Energy Company (Taqa), the UAE’s largest power producer, which gave a substantial […] November 29, 2023
Media & Advertising More deals likely to follow OSN+ and Anghami merger The merger last week between OSN+ and Anghami will lead to more consolidation in the region’s streaming sector, industry experts have said. Kuwait’s Kipco-Panther Media Group, which operates as OSN, will combine its streaming service OSN+ with Anghami’s music and entertainment business to create one of the Middle East’s largest streaming platforms. The Europe, Middle […] November 27, 2023
Media & Advertising UK regulator likely to review Telegraph bid Lucy Frazer, UK secretary of state for culture media and sport, has written to an Abu Dhabi-backed consortium warning that that she is likely to subject its bid for a leading British newspaper group to a public interest test. RedBird IMI, led by Jeff Zucker, a former president of CNN, has submitted a bid for […] November 23, 2023
Media & Advertising OSN+ and Anghami merge in $50m streaming service deal Middle East streaming service OSN is set to invest $50 million in music streamer Anghami as part of a deal to merge the two companies. Kuwait’s Kipco-Panther Media Group, which operates as OSN, will combine its streaming service OSN+ with Anghami’s music and entertainment business to create one of the Middle East’s largest streaming platforms. […] November 21, 2023
Health PureHealth plans to launch IPO on Abu Dhabi exchange Healthcare provider PureHealth Holding has announced plans to launch an initial public offering (IPO) on the Abu Dhabi Securities Exchange to fuel its global expansion efforts. The listing, likely to be in December, is subject to regulatory approvals, the UAE state-run Wam news agency reported. Existing shareholders are Alpha Dhabi Holding and International Holding Company […] November 21, 2023
Trade World’s biggest law firm sets up in Saudi Arabia Law firm Kirkland & Ellis is to open its first Middle East office in Riyadh ahead of new legislation which aims to make it easier for businesses operating in the kingdom. The office will serve as its regional headquarters. Kirkland & Ellis is the world’s largest international law firm by revenue and completed nearly 800 […] November 3, 2023
Finance Mena startup exit shortage looming – VC fund CEO The Middle East faces a looming shortage of startup exits, despite a substantial pool of capital available in the region, according to a leading venture capital fund CEO. In mature markets such as the US, private corporations routinely make multibillion-dollar bids to acquire potential future rivals or emerging startups poised for substantial growth. But this […] October 31, 2023
Energy Borouge quarterly profit falls 9% on lower sales prices Net profit at the Abu Dhabi petrochemicals firm Borouge for the third quarter 2023 fell 9 percent year-on-year to $282 million (AED1.04 billion) on a 15 percent drop in average selling prices. However, the company’s profits rose 22 percent quarter on quarter, driven by robust production performance and cost management. Third-quarter revenue fell 11 percent year on […] October 30, 2023
Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
Analysis Economy Egypt needs more dollars before devaluation, warn experts Egypt will devalue its currency further after December’s presidential election, as the country needs more time to increase its dollar reserves and give it a better chance of stabilising its ailing currency, analysts told AGBI. The Egyptian pound is linked to a basket of currencies in which the dollar is dominant. Policymakers have slashed the […] October 25, 2023
FII Banking & Finance Neom investment fund backs US futuristic transport firms The newly launched investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom has made its first commitments, backing two US-based transport companies. The Neom Investment Fund (NIF) announced on Wednesday that it had made a $100 million investment in the global autonomous driving company Pony.ai. A joint venture will be set up between the […] October 25, 2023
Banking & Finance US banks lead pack for M&A advice in Middle East US banks have been the top advisers for mergers and acquisitions in the Middle East and Africa this year, research has found. Bank of America advised on deals with a combined value of $9.9 billion in the first nine months of 2023, followed by JP Morgan at $7.6 billion and Citi at $6.3 billion. “Bank […] October 25, 2023
Finance Saudi National Bank profit up 6% on higher income Saudi National Bank (SNB) reported a six percent year on year rise in net profit for the third quarter of 2023, driven by higher operating income and lower impairment charges. The kingdom’s biggest lender by assets made a net profit of SAR5.01 billion ($1.34 billion) in the third quarter. Total operating income improved by three […] October 24, 2023
Employment Saudi Arabia should raise retirement age, study shows Saudi Arabia should raise the retirement age to create a sustainable pension system and institute other much-needed improvements, according to a study released this week. The Global Pension Index by Mercer, a New York professional services company, ranked Saudi Arabia – the leading Arab economy and world’s biggest oil exporter – at 28 out of […] October 20, 2023
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Video length: 23:02 Video Business of Sport Business of sport: Where the Middle East money goes The World Economic Forum has reported that the Middle East’s sports industry is expected to grow by 8.7 percent by 2026, compared with global sector growth of 3.3 per cent over the same period. AGBI recently hosted the Business of Sport roundtable covering a wide range of pressing topics, including M&A activities; outbound vs inbound […] October 15, 2023
Video length: 05:10 VIDEO Finance Explained: Green bonds and how they work The aggregate listing value of green bonds and sukuks on Nasdaq Dubai stands at around $24 billion, according to Christian Kunz, DIFC’s chief strategy, innovation and ventures officer. Regional conglomerates, as well as global companies, have recently used the exchange to raise funds to finance their green projects. Retail giant Majid Al Futtaim raised $500 […] October 6, 2023
