Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
Business
Initiative by Digital Economy Chamber to help firms set up in Dubai
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a...
Business
Business
Blackstone looks to buyout Dubai-based VFS Global for $1.2bn
Blackstone, the US-based alternative investment management company, is in discussion with VFS Global, the Dubai-based visa outsourcing company, to buy...
- The due diligence process for the acquisition is complete
- VFS Global is a spinoff of Swiss travel group Kuoni. It is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation
Economy
Oman readies roadmap for green economy
Oman’s Environment Authority and Petroleum Development Oman have reportedly discussed the policy draft with the United Nations Environment Program.
- The UNEP experts outlined the roadmap to EA and PDO during a virtual meeting that the Omani entities organized
- The first draft included the road ahead for the buildings, water, manufacturing, transportation, waste, and energy sectors
Business
DP World to invest $415m in a berth at London Gateway hub
DP World, the Dubai-based port operator, will invest $415 million in a new berth at its London Gateway logistics hub...
- Work on the new berth will begin next month
- The sum builds on the 2 billion GBP investment DP World has made in Britain over the last decade
Business
Saudi startup Unifonic raises $125m
The startup's latest funding is led by SoftBank and a unit of the PIF.
- The Series B funds will be used to grow Unifonic’s platform in the Middle East, and further expand to Africa and Asia
- The news of the deal was out in June, but it was confirmed on Wednesday only, making it the first investment of SoftBank in a Saudi startup.
Business
Egypt and Japan’s Toyota look to invest in blue ammonia
Egypt and Toyota of Japan are looking to explore investment opportunities in blue ammonia, and in this regard the Egyptian...
- Blue ammonia is made of hydrogen, a gas that is seen as key to a global energy transition, given that only water vapor is emitted from it upon combustion
- Securing blue ammonia and hydrogen among other cleaner fuels are a key part of Japanese efforts to decarbonize its society by 2050
Business
Minerals Development Oman to build titanium dioxide plant
DUBAI: Minerals Development Oman (MDO) will build a titanium dioxide production plant with an annual capacity of 150,000 tons in...
- The plant will have an annual production capacity of 150,000 tons.
- MDO will own 35 percent of the project shares, while the remaining shares will be owned by strategic partners.
Economy
Inflation eases in Saudi Arabia, lowest in 14 months
Inflation in Saudi Arabia is on the decline for the second month consecutively, dropping to the lowest level since June...
- The consumer price index (CPI) recorded a modest increase in August of 0.3 percent
- The slowdown was led by non-food prices, particularly by weaker inflation in the clothing and transport sectors
Business
Aramco taps Honeywell for sustainability, productivity
This cooperation builds on a 2017 MoU between Honeywell and Aramco to explore the benefits of Honeywell's Industrial Internet of...
- The two companies will look to explore the co-development and commercialization of next-generation digital technology solutions
- The solutions will be designed to help improve productivity, sustainability, and operational excellence of industrial companies
Powerbar Gulf, parent selling for $1.8bn
Vertiv Holdings Company is making the buy via its subsidiaries.
- The deal includes upfront consideration and the potential for $200 million in cash, based on achieving 2022 profit milestones
- The upfront consideration consists of $1.17 billion in cash and approximately $630 million of Vertiv’s common stock
Business
Kuwait’s Burgan Bank gets approval to issue $500m senior bonds
Kuwait's Burgan Bank has been allowed to issue up to $500 million senior unsecured bonds under its Euro Medium Term...
- The bank said the proceeds from the bond issuance will help it reinforce its long-term liquidity.
- The bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with redeem option.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
Business
Company News
Latest News
Zain Group Q2 net profit $165m
Business
UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments...
Economy
Future Investment Initiative Institute to hold events in Riyadh, New York
Riyadh, Saudi Arabia-- The Future Investment Initiative Institute said Thursday two of its major events will be held in September...
Geostrategy
Four Saudi universities among top 100 international universities
King Abdulaziz University achieved 4th place globally with 187 patents in one year.
Most Read
Business
UN says Iran can make a nuclear bomb in three weeks
The UN atomic watchdog has warned Iran has enough enriched uranium to make a bomb in three weeks and that...
- The IAEA has been demanding answers from Iran on the presence of nuclear material at three undeclared sites
- The latest reports come as talks to revive the 2015 nuclear deal to curb Iran’s nuclear program remain stalled
Business
UAE to deepen collaboration with India in education sector
The UAE has agreed to deepen collaboration with India in the field of education, and in this regard the two...
- An original MoU was signed in 2015 between India and the UAE in the field of education, but it expired in 2018
- It is expected to rejuvenate educational cooperation and increase academic mobility between India and UAE, besides facilitating exchange of information
Market Report
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED...
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED 350
- Among other stocks, the Emirates NBD and Mashreq Bank increased 1.92 percent, and 1.270 percent to AED13.250 and AED80.00 respectively