Analysis Banking & Finance Dealmakers expect record year for UK-GCC M&A The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […] October 6, 2023
Banking & Finance Abu Dhabi insurer Adnic takes over Saudi’s Allianz SF Abu Dhabi National Insurance Company (Adnic) is to take a majority stake in one of Saudi Arabia’s top insurance companies as it looks to increase its presence in the kingdom. Adnic announced to the Abu Dhabi Securities Exchange (ADX) on Thursday that it plans to acquire 51 percent of share capital of Allianz Saudi Fransi […] September 28, 2023
Markets Abu Dhabi deal could bolster ‘blank cheque’ companies The first so-called “blank-cheque” company to list in the Middle East this week signed a deal with United Printing & Publishing, an Abu Dhabi state investment fund business. Special purpose acquisition companies (SPACs) raise money through an initial public offering and then use the proceeds to acquire other companies. ADC Acquisition Corporation is the UAE’s […] September 22, 2023
Real Estate Dubai real estate is ‘fairly valued’ says UBS Dubai real estate still offers value for money compared with some of its global peers, a new report by investment bank UBS has claimed. But according to one real estate expert, residents in the emirate could soon be priced out of the market if the ongoing supply and demand imbalance continues. In the year leading […] September 22, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Business of Sport Saudi-backed martial arts league aims for $1bn business The Middle East arm of the Professional Fighters League will be a billion-dollar entity within the next decade, according to its founder. Mixed martial arts (MMA) organisation PFL Middle East is set to launch in the second quarter of 2024, spurred by a reported $100 million cash injection from Saudi Arabia’s SRJ Sports Investments. It […] September 18, 2023
Banking & Finance Standard Chartered still attractive to possible buyers Standard Chartered will remain in the sights of cash-rich potential buyers thanks to the bank’s relatively cheap valuation and hard-to-replicate footprint, analysts told AGBI. It is listed and headquartered in London, yet 87 percent of its half-year income was derived from Asia, the Middle East and Africa. Over the past decade, Standard Chartered has sold […] September 18, 2023
People & Lifestyle Amanat and Mada to develop Saudi health PPPs Amanat Holdings has partnered with Mada International Holding to develop public-private partnerships (PPPs) in the healthcare industry across Saudi Arabia. Amanat, a Dubai-listed healthcare and education investment company, and Saudi developer Mada are already considering a tender for the 900-bed PPP post-acute care facilities in Riyadh and Dammam. The tie-up is expected to fuel Amanat’s […] September 11, 2023
Energy Solar power scaled up at Amaala giga-project Saudi developer Red Sea Global has signed a 25-year concession agreement with France’s EDF and UAE’s Masdar to service its Amaala giga-project on the northwestern coast of the kingdom. The off-grid renewable energy system will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households, the companies said in […] September 11, 2023
People & Lifestyle Saudi’s Care buys Jeddah hospital for $52m Saudi Arabian hospitals operator National Medical Care Company (Care) has agreed to buy Saudi Medical Care Group’s 100 percent stake in a hospital in Jeddah for SAR193.22 million ($51.51 million). The acquisition of the Chronic Care Specialized Medical Hospital will support Care’s health service expansion strategy and take advantage of the growth opportunities available in […] September 11, 2023
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
