Business
Mubadala closes Brazil fund
Brazil Special Opportunities Fund I is Mubadala's first fund in Brazil.
- The fund raised capital from a diverse set of global investors, including a leading public pension fund, family offices and corporates among others.
- Mubadala Capital manages over $10 billion of assets in third-party managed funds across its Brazil, private equity, public equities and venture capital businesses.
Business
YGS awarded $247m mandate
The company will provide enhanced managed services to the UAE government.
- The agreement augments the previous operations and maintenance services provided, to include technology management support, from Jan 2022 until the end of 2026.
- Yahsat has been providing operations and maintenance services since 2011 on its first two satellites, Al Yah 1 and Al Yah 2.
Business
Apollo to invest in Aldar
Apollo-managed funds and clients will invest $1.4bn in Aldar.
- A total of $500 million would be invested into a land joint venture, $500 million are meant as perpetual Subordinated Notes issued by Aldar Investment Properties.
- Aldar said the land joint venture will allow it to realize long-term value tied up in its vast landbank while maintaining flexibility to develop or sell the land.
Business
DEWA expands fibre optic ducts
The company lays 394 kms of Fibre Optic ducts in 2021.
- The company increased the total length of these cable ducts since 2015 and until the end of last year to 3,275 kilometres
- The external FO ducts protect and direct all Fibre Optic Cables in communication, data transfer and remote operations.
Business
East Pipes to list on TASI
The offer comprised a total of 6.3 million shares.
- This came after the initial public offering of the company was 71.8 times oversubscribed, setting the final offer price at SR80 ($21.3)
- SNB Capital, as the financial advisor of the offer, led the book-building process, which started on Jan. 11 and ran through Jan. 17
Business
QLM net profit up 8 percent
The insurer reported a growth of 16 percent in underwriting income.
- The Company’s net profit for the Year 2021 is QAR 106.2 million compared to QAR 98 million in 2020, a growth of 8 percent.
- The company’s board has recommended a cash dividend of 22 percent (QAR 0.22 per share).
Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Arts & Culture
Novel crisis: Iran’s booking shrink as US sanctions bite
The price of a book in Iran depends on the fluctuation of its currency as the country relies on paper...
- Many publishing houses in Iran have been out of business as the economic crisis deepens
- Iranian publishers slash number of titles published and cut the number of pages which they print by shrinking the font size
Business
Big oil firms rebuked
Big oil companies said their 2021 profits were $66.7 billion.
- The whopping 2021 profits of Shell and BP triggered calls for a windfall tax on the profits of energy firms in the UK
- French Presidential candidate Yannick Jadot also spoke out against profits made "on the back of French men and women"
Business
IHC reports $3.08bn profit
The company posted an all-time-high annual revenue in 2021.
- IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion)
- This beat its previous year’s revenue record of AED 7 billion ($1.91 billion)
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Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
Business
FAB net profit up $3.4bn in 9M 2023
The bank reported total revenue of $5.6 billion.
- The bank reported total revenue of $5.6 billion, marking a 38% year-on-year growth
- The return on tangible equity improved to 18.3%, with Group CET1 reaching 14.2% as of September 2023