Banking & Finance ADQ expands investment reach in Canada ADQ, the Abu Dhabi sovereign wealth fund, has expanded in Canada with the acquisition of a stake in global asset management firm Sagard, which has $14.5 billion in assets. Sagard’s majority shareholder remains Power Corporation of Canada, an investor in Europe and North America. ADQ is joined as a new minority investor by the Bank […] July 6, 2023
Business of Sport PIF plans new subsidiary to boost sports investments Saudi Arabia’s Public Investment Fund (PIF) aims to establish a multi-billion-dollar investment company to expand its sports interests globally. The new entity will have a war chest to fund its expansion, the Financial Times reported, citing an informed source. The move reaffirms Riyadh’s drive to make more acquisitions, investments and joint ventures in football, tennis […] July 6, 2023
Oil & Gas Adnoc and OMV in talks to create $30bn chemicals giant State-owned Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV AG are in discussion over the possible merger of chemical companies Borouge and Borealis AG to create a chemicals and plastics giant worth more than $30 billion. Vienna-based Borealis is 75 percent owned by OMV, while Adnoc holds the remaining stake. Abu Dhabi-listed Borouge is […] July 5, 2023
Real Estate Merger will create GCC property management giant Plans have been announced to merge Abu Dhabi’s Aldar Estates and Eltizam Asset Management Group, creating the GCC’s largest property and facilities management company. Aldar Properties will hold a majority stake with the remaining shareholding held equally between International Holding Company and Adnec Group, Eltizam’s joint owners. According to a statement the merger will see […] July 4, 2023
Banking & Finance Investcorp buys $100m stake in comms firm SEC Newgate Bahrain’s alternative investment firm Investcorp has invested $100 million to acquire a controlling stake in communications and advocacy group SEC Newgate. Investcorp’s funding will help the Milan-based business accelerate its development strategy, the companies said on Monday. The group aims to expand in Europe, the Middle East, Africa and the Asia-Pacific region through organic growth […] July 3, 2023
Aviation Air India-Vistara scrutiny ‘is good news for Gulf carriers’ An inquiry into the planned merger between Air India and Vistara will be welcomed by Middle East airlines, as they look to increase their share of the lucrative Indian market, an aviation expert has said. India’s anti-trust commission is investigating the proposal over competition concerns, which could delay or even block the deal altogether. Previously […] July 3, 2023
Banking & Finance Qatari Islamic banks set for rebound on high demand Islamic banking made up 25 percent of total banking sector assets in Qatar in the first quarter of 2023, slipping from 27 percent in the same period a year earlier. This makes the Gulf state the fifth-largest Islamic banking market globally, Fitch Ratings said. The ratings agency expects the market share to increase overall in […] June 28, 2023
Employment Doha and Dubai most competitive cities for jobs Doha and Dubai are the top two most competitive cities in the world for applying for new jobs, according to a study from online resume builder Resume.io. The Gulf cities boasted the highest number of candidates per LinkedIn job posting in February this year. In Doha, the average listing received more applicants (399) within a […] June 26, 2023
Analysis Real Estate Affordable homes warning for Dubai private developers Private developers in Dubai must build enough affordable housing or the government may be forced to step in, a prominent business leader has warned. Nasser al Shaikh, who served as director-general of Dubai’s Department of Finance until 2009 and held senior roles at real estate finance firm Amlak Finance and property developer Deyaar Development, said […] June 26, 2023
Real Estate Taiba gets nod for $800m purchase of hotel group Dur Taiba Investments Co, one of the largest real estate developers in Saudi Arabia, said on Wednesday that its offer to acquire hospitality firm Dur in a SAR3 billion ($800 million) deal has been approved by the General Authority for Competition. In a filing to the Saudi Stock Exchange, Medina-based Taiba, which is best known for […] June 21, 2023
Banking & Finance UAE fund’s plan to take Lazard private falls apart Abu Dhabi’s sovereign wealth fund ADQ held a discussion with US investment bank Lazard Ltd to take it private earlier this year, but the talks fell apart, the Financial Times reported. The meetings were held between New York Stock Exchange-listed Lazard’s outgoing chief executive, Ken Jacobs, and ADQ’s chair Sheikh Tahnoon bin Zayed Al Nahyan, […] June 20, 2023
Opinion Media & Advertising Mena’s podcast gap: Music to investors’ ears or a bum note? The region has potential but advertisers will keep a close eye on the data June 19, 2023
Health PIF launches new pharma investment vehicle Saudi Arabia’s sovereign wealth fund, PIF, launched a new pharmaceutical investment company on Monday, as experts predict the country’s market will grow to $20 billion over the next decade. Lifera will make life-saving and essential products including insulins, vaccines and plasma therapeutics, PIF said in a statement. The company will create partnerships with leading local […] June 19, 2023
Tech UAE grocery delivery startup InstaShop buys GroCart Grocery delivery app InstaShop is expanding into the wholesale sector with the acquisition of B2B operator GroCart. The move comes as a new survey said that a third of UAE consumers are planning to spend more on food in the next year. Founded in 2015 in Dubai, InstaShop operates in the UAE, Bahrain, Egypt and […] June 19, 2023
Banking & Finance Shares in Etisalat slide after Vodafone’s UK deal Shares in UAE telco Etisalat, Vodafone’s biggest shareholder, fell on Thursday after the British firm announced it would merge its domestic mobile operations with those of rival CK Hutchison. The long-anticipated tie-up heightens uncertainty over the potential benefits to Abu Dhabi-based Etisalat, now branded as e&, of its stake in Vodafone. Since first announcing it […] June 15, 2023
Employment UAE talent drive continues despite rising living costs The UAE’s talent drive continues to record strong growth despite the Gulf state’s rising cost of living. Industry executives say that the number of overseas companies and candidates looking to join the labour market is at a record high. “Dubai is becoming increasingly more attractive for people to move here, with record levels of new […] June 15, 2023
Banking & Finance Rising costs spur Saudi insurance duo to merge Two Saudi Arabian insurance companies have signed a binding agreement to merge as increased claims and rising regulatory costs spur industry consolidation within the kingdom. Arabian Shield Cooperative Insurance Company will acquire Alinma Tokio Marine Co through a share swap agreement that will lead the latter firm to delist from Saudi’s bourse, the duo announced […] June 15, 2023
Oil & Gas Scottish firm buys Dubai oil and gas consultancy A Scottish company that trains drilling personnel for the energy sector has bought a Dubai oil and gas consultancy in an effort to double its customer base in the Middle East and North Africa. Aberdeen Drilling School said it will add services including new hire assessments, role-specific progression programmes and rig reactivation support following the […] June 15, 2023
Tourism Geneva’s Gulf visitors not put off by Swiss bank crisis Switzerland’s banking system may have suffered a dent to its reputation this year, but the headlines have not put off Gulf visitors from visiting Geneva. For the first 10 months of 2022, Gulf visitors accounted for 191,139 room nights in the European country’s second city, according to data from its official tourism body. Travellers from […] June 12, 2023
Construction Building firm targets rival in $145m deal to stem losses Saudi construction firm Red Sea International Co has announced plans to buy a majority share in a rival for more than SAR544 million ($145 million). The proposed deal to acquire 51 percent of The Fundamental Installation for Electric Work Company Ltd (First Fix) is part of a plan to turn around increasing losses at Red […] June 12, 2023
Banking & Finance UAE remittance market nears ‘saturation point’ The remittance and foreign exchange market in the UAE is “saturated” and will need consolidation as new businesses continue to emerge. “Either people will have to grow digitally [at scale] to capture market share or they’ll get amalgamated,” said Zahir Moghal, CEO of Abu Dhabi currency provider Delma Exchange. “It’s totally saturated. It’s completely over-supplied […] June 12, 2023
Business of Sport LIV Golf merger may face challenge from US authorities US competition authorities may intervene to prevent Saudi Arabia’s plans for a merger of two golf bodies and its own LIV Golf, under its own direction, industry experts have warned. Saudi Arabia’s LIV Golf series, backed by millions of dollars from the kingdom’s Public Investment Fund, announced on Tuesday plans to merge with the traditional […] June 9, 2023
