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Mergers & acquisitions

The UAE's Floranow becomes the largest importer and distributor of flowers in Saudi Arabia after this latest M&A in the Mena region

Mergers bloom in Mena with deals worth $26bn

The acquisition by Floranow, an online florist based in the UAE, of Bloomax, the largest wholesale distributor of fresh-cut flowers in Saudi Arabia, is among the latest mergers in the Mena region. The deal, announced on Monday, is funded by a combination of debt and equity and makes Floranow the largest importer and distributor of […]

Covid-19 appointment in Kabul

Gulf insurers paid out only $80m in Covid death claims

Gulf insurance firms paid out only around $80 million in Covid-19 death-related claims over the last three years, according to AGBI calculations based on industry data. The low amount in the Gulf reflects the low uptake of life insurance policies in the region, where the average life insurance penetration is only 0.1 percent compared with […]

man, sheikh

Qatar’s QIA challenges UBS Credit Suisse takeover

The Qatar Investment Authority (QIA) is said to be considering taking legal action against the Swiss financial authorities following the forced takeover of Credit Suisse by domestic rival UBS. The Qatari fund increased its stake in Credit Suisse in late 2022 as part of the ailing lender’s ultimately failed attempts to bolster its finances following […]

The Dubai Health Authority is making strides to give tourists better and quicker medical access

Healthcare tourism gives Dubai a shot in the arm

Medical tourism brought nearly AED1 billion ($272 million) to Dubai last year, up by more than a quarter, as the emirate aims to build its reputation as a destination for international patients.  Dubai welcomed 674,000 medical tourists in 2022, up from 630,000 the previous year, with 39 percent arriving from Asian countries, 22 percent from […]

Consortium to make bid for Oman’s Ahli Bank  

Oman International Development and Investment Company (Ominvest) is heading a consortium to acquire Ahli Bank in Oman. The consortium will make a cash offer of 185 baisas ($0.48) per share, representing a 28 percent premium over the bank’s average one-year market price of 144 baisas, the investment firm said in a statement to the Muscat […]

Wealthy individuals in the Gulf are turning to outsourced investment specialists to manage their portfolios

Gulf warms to outsourced investment market

A growing number of Gulf businesses and wealthy individuals are outsourcing their investment management, experts have told AGBI. Market volatility and a desire to invest in more complex assets are pushing up demand for outsourced chief investment officer (OCIO) services, they said. The Gulf’s increased focus on governance and compliance – plus a recognition that […]

Arab National Bank Saudi Arabia ANB

Saudi’s ANB invests $38.2m in new Iraqi bank

Saudi Arabia’s Arab National Bank (ANB) will invest $38.2 million to set up a new bank in Iraq, as it looks to boost trade exchange for its customers and expand into new markets. ANB, one of the kingdom’s largest lenders with assets of SAR214.04 billion ($57 billion), will own a 20 percent stake in the […]

Real Madrid Mubadala

Mubadala wins $440m court case against Real Madrid

An international court has ruled in favour of Abu Dhabi sovereign investor Mubadala in a $440 million case against Spanish football giants Real Madrid. The lawsuit surrounded a potential 20-year sponsorship deal for the naming rights to Los Blancos’ Santiago Bernabéu Stadium. Real Madrid claimed Mubadala had reneged on the agreement, which was originally struck […]

Cenomi Said retail

Saudi firms in talks to create retail powerhouse

Talks are under way for a potential merger between Saudi Arabia’s largest franchise retailer and shopping mall developer and operator. Cenomi Retail, formerly known as Fawaz Abdulaziz Alhokair Company, said in a filing to the Saudi Stock Exchange that it is in discussions with Cenomi Centers, also known as Arabian Centres Company, to create a […]

Credit Suisse bank headquarters in New York

SNB’s Credit Suisse holding to convert to 0.5% of UBS

Saudi National Bank’s (SNB) 9.88 percent shareholding in investment bank Credit Suisse will convert to nearly 0.5 percent of UBS following the merger of the two Switzerland-based lenders. The Saudi bank, a top shareholder in Credit Suisse, said the Swiss lender’s investment carrying value declined 70 percent to SAR1.3 billion ($346.63 million) as of March […]

UAE firm plans to bid for Thyssenkrupp steel stake 

UAE-based Emirates Steel Arkan is planning a potential investment in German conglomerate Thyssenkrupp’s steel business and could bid for a minority stake in the coming months. The company is emerging as the most serious contender to buy a stake in the Thyssenkrupp business, Bloomberg reported, citing informed sources. The Abu Dhabi-listed firm would produce energy-intensive […]

Ahli United Bank Manama

Mergers push Islamic banking forwards in Bahrain

Hundreds of Islamic banking executives are descending on Bahrain next month for the Islamic Finance Innovation Day on May 30. Under the patronage of the Central Bank of Bahrain, it will focus on embedding environmental, social and governance (ESG) investing into Islamic finance. The event comes as analysts predict that Islamic banking’s market share will […]

M42 CEO Hasan Jasem Al Nowais

M42 buys European dialysis group Diaverum

Abu Dhabi’s newest tech-enabled healthcare company, M42, has made its first investment with the acquisition of Diaverum, a global renal care service provider. The value of the deal for Bridgepoint Group’s European dialysis clinic chain was not disclosed, although previous reports by Bloomberg suggest it could be in the region of $2.5 billion. M42 launched […]

Amer Khansaheb, Board Member and Managing Director of Union Properties

Union Properties considers selling Dubai Autodrome

Developer Union Properties could sell racing circuit Dubai Autodrome as it seeks to offload AED1 billion ($272 million) worth of assets in the next two years as part of its ongoing recovery plan. Dubai Autodrome is a fully owned subsidiary of Union Properties. Managing director Amer Khansaheb revealed the company holds 15 million square feet […]

Digital payment at till

Network International confirms takeover bid

Digital payments provider Network International confirmed on Monday it has received a takeover proposal from a consortium of CVC Capital and Francisco Partners, valuing the company at about $2.6 billion. In a statement, the Dubai-based company said the proposal “is at a value that the board would be minded to recommend to Network shareholders”. The […]

As consumer spending on smartphones and laptops drops due to inflationary pressures, spending by businesses on data centre systems is also set to fall by 3.5% this year

Mena IT spending to lag behind global average

IT spending across the Middle East and North Africa is forecast to drop below the global average this year as rising inflation dents consumer spending. While global growth in IT spending is expected to hit 5.5 percent by the end of this year, predictions for the Mena region show just a 2 percent increase, according […]

Oman’s Ahli Bank rejects merger offer from Bank Dhofar

Oman-based Ahli Bank has rejected a non-binding offer from the sultanate’s second-biggest lender Bank Dhofar for a possible merger. “The Board of Directors has studied the proposal and decided not to accept it,” Ahli Bank said in a bourse filing, without providing a reason for the board’s decision. Bank Dhofar has assets worth $11.2 billion, […]

UAE telco announces cash dividend details 

UAE telco e& will pay a cash dividend for the second half of 2022 at AED0.4 per share, taking the annual dividend per share to AED0.8 for the last year. Jassem Mohamed Bu Ataba Al Zaabi, chairman of e&, said the company’s core businesses have sustained solid performance while new business verticals and merger and […]

Doctors in a hospital operating theatre

UK pharma startup targets Gulf for future IPO

UK pharmaceutical startup Ambrose Healthcare has revealed plans for a stock market listing in the Middle East. Ambrose Healthcare aims to provide treatments for rare diseases and address the unmet needs of patients in hospital or specialist care facilities. The Cambridge-based company is undertaking a six-month “small fundraising” of £1 million, and has so far […]