Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
Microsoft to train Philippine women in AI
It will partner with local schools to provide the training.
Business
Business
First Mills IPO price SAR60 per share
This implies a market capitalization of $888 million.
- The total offering size is SAR 999 million ($266 million). SNB Capital is the lead manager, financial advisor, book-runner and underwriter on the potential offering.
- A total of 1.67 million shares, representing 10 percent of the total offer shares, will be allocated to retail investors. The retail offering will run from June 6 to June 7.
Business
Dubai events generated $3.53 bn economic output in 2022
Dubai, UAE - The total economic output generated by 63 large-scale events hosted at Dubai World Trade Centre (DWTC) reached...
- A substantial $2.01 billion (AED 7.4 billion) was retained within the local economy, showcasing the venue's strong contribution to Dubai's GDP
- The events organized at DWTC attracted nearly 1.2 million attendees, with 40 percent of them coming from international locations
Business
Dubai records 27 million taxi rides taken in first quarter of 2023
Dubai, UAE-- Some 27 million taxi rides were undertaken in Dubai in the first three months of 2023, up one...
- According to RTA, the high amount of taxi journeys in the first quarter of the year is the highest since 2019, before the outbreak of the Covid-19 pandemic
- The authority said the review of figures suggest that the economy of Dubai is thriving, cementing its standing as a prominent global hub for investment and tourism
Business
Dana Gas to hike its foreign ownership limit to 100 percent
Sharjah, UAE--With an aim to bolster the country's capital markets, the Sharjah-based company Dana Gas has revealed that it will...
- Listed on the Abu Dhabi Securities Exchange, the firm said that it had secured the approval of the regulatory authorities ro raise the percentage of ownership from 49% to 100%
- The company's chairman said the decision will bolster the UAE's vision of strengthening its dynamic capital markets by attracting greater numbers of international investors
Business
Meeza to offer 50% shares in IPO
The company will follow it up with a listing on QSE.
- Meeza, in a statement, said that it will offer 50 percent of the shares, 324.49 million, at an offer price of QR 2.17 per offer share
- Before the offering, it doled out 37.41% of the offer shares to a set of qualified investors according to the book building mechanism
Business
DP World partners with Standard Bank to expand trade finance in Africa
Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the...
- Companies across the continent can now borrow working capital from Standard Bank through the DP World Trade Finance platform
- The group chairman of DP World said Africa is a key market for the company and the partnership will strengthen development in Africa
Business
Holiday homes in Dubai to get ‘QR Code’ to improve transparency
Dubai, UAE - Dubai on Monday launched a new QR Code initiative for holiday homes, as part of efforts to...
- As part of the initiative, owners of Holiday Homes will now be required to display a QR code on the main entrances of their vacation properties in Dubai
- This code enables visitors and guests to conveniently scan it and access essential information about the operator of the Holiday Home
Business
Coffee machines brew demand as global crises sip in
Key challenges faced by coffee equipment makers in the GCC include market competition, customer price sensitivity, and managing complex distribution...
- Key challenges faced by coffee equipment makers in the GCC include market competition, customer price sensitivity, and managing complex distribution and logistics networks.
- Csaba Henter, General Manager of La Marzocco in the UAE, sees a rising appreciation for specialty coffee and sustained demand for premium coffee machines in the Gulf region
Business
QCC, Setup in Abu Dhabi partner to strengthen SMEs export capability
ABU DHABI, UAE - Abu Dhabi Quality Conformity Council (QCC) has joined Setup in Abu Dhabi, a comprehensive SME enabling...
- The partnership will strengthen SMEs exporting capabilities by benefiting from in-depth consulting which is backed by research and expertise.
- Setup in Abu Dhabi was launched by Creative Zone in 2022 with Abu Dhabi Department of Economic Development, other government and private entities.
Business
Yanbu Cement to pay $62.93m in dividends
The cash dividend of SAR1.50 per share will be paid for H1 2023.
- In a Tadawul filing, the firm said the eligibility and distribution dates for the cash dividends will be 31 May and 20 June 2023, respectively.
- The company had posted a net profit of SAR51 million for the first quarter of 2023, a 31 percent increase from SAR 39 million in Q1 2022.
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
Business
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Beltone 9M net profit at $2.7m
Business
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UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
Business
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
Business
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Economy
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
- This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
- The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies
Business
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
- The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
- The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia