Category: Business

First Abu Dhabi Bank PJSC , the largest lender in the United Arab Emirates by assets, is undergoing another wave of executive departures as it implements a significant internal restructuring aimed at reinforcing its regional dominance and enhancing shareholder value.Chief Credit Officer Neil Barrable is stepping down less than a year after his appointment, citing personal reasons. Barrable joined FAB in June 2024 from HSBC Holdings Plc and previously held positions at JPMorgan Chase & Co., Barclays Capital Inc., and

Amazon.com Inc. is contemplating a substantial $15 billion investment to establish approximately 80 new logistics facilities across urban and rural areas in the United States. This initiative marks a significant shift from the company's post-pandemic construction slowdown and aims to enhance its delivery infrastructure nationwide.The proposed expansion includes a mix of delivery hubs and large fulfillment centers equipped with advanced robotics technology. Amazon has invited potential capital partners to submit proposals for these facilities and is open to leasing them

European Union antitrust regulators are set to announce by May 12 their decision regarding the Abu Dhabi National Oil Company's proposed €15.9 billion acquisition of German chemicals manufacturer Covestro. This transaction, initiated in October 2024, represents ADNOC's most significant foray into the European chemicals sector.The European Commission, responsible for ensuring fair competition within the EU's 27 member states, faces several options: granting unconditional approval, approving the deal with specific conditions, or launching an in-depth four-month investigation to scrutinize

Absa Group Ltd., South Africa's third-largest bank by assets, plans to open a representative office in Dubai during the first quarter of 2026, pending regulatory approval. Yasmin Masithela, CEO of Absa's corporate and investment banking division, stated that the move aims to capitalise on the growing trade and investment flows between Africa and the Middle East.The strategic decision positions Absa alongside South African banking counterparts such as Investec, Standard Bank, Rand Merchant Bank, and Nedbank, all of which have established

EDGNEX Data Centers, the digital infrastructure arm of DAMAC Group, has solidified its position in the European market with the acquisition of Hyperco, a data centre company founded in Finland. The acquisition marks a significant step in EDGNEX's strategy to enhance its global footprint, particularly within Europe, which is known for its robust digital infrastructure and commitment to sustainability.Hyperco operates cutting-edge data centres across Finland and Sweden, leveraging the region’s rich renewable energy resources and well-established digital ecosystem. These locations

Abu Dhabi-based Agthia Group PJSC has acquired a 100% stake in Riviere Mineral Water Desalination & Filling Factory LLC, a prominent player in the United Arab Emirates' bottled water home and office delivery sector. This strategic move is anticipated to expand Agthia's Water & Food segment revenues by approximately 6.5% and triple its household customer base.Established in 2003, Riviere serves customers across Abu Dhabi, Al Ain, Dubai, and Sharjah, primarily in the mainstream segment. The company operates three bottling facilities

Abu Dhabi-based Agthia Group PJSC has acquired a 100% stake in Riviere Mineral Water Desalination & Filling Factory LLC, a prominent UAE mineral water desalination company. The acquisition, executed through Agthia's subsidiary Al Ain Food & Beverages, is anticipated to expand Agthia's Water & Food segment revenues by approximately 6.5%.Agthia, a leading food and beverage company in the Middle East and North Africa, has been actively pursuing growth through strategic acquisitions. In 2024, the company reported a 7.7% year-on-year increase

Abu Dhabi-based Agthia Group has approved the acquisition of a 100% stake in Riviere Mineral Water Desalination & Filling Factory, including its branches and subsidiaries, through its subsidiary Al Ain Food & Beverages. This strategic move is set to expand Agthia's footprint in the UAE's water and food sector, aiming for a revenue increase of approximately 6.5%.The acquisition is anticipated to be immediately accretive to Agthia's earnings, delivering both short- and long-term value through cost and revenue synergy opportunities.

Drake & Scull International PJSC , the Dubai-based construction and engineering firm, has announced a net profit of AED 3.76 billion for the fiscal year ending December 31, 2024, marking a significant turnaround from the AED 366.87 million loss reported in the previous year.The company's revenue increased to AED 103.67 million, up from AED 86.29 million in 2023. Total assets rose to AED 647 million, compared to AED 315.4 million year-on-year.This positive financial outcome is largely attributed to

Dubai-listed National Central Cooling Company PJSC, known as Tabreed, has obtained shareholder approval to issue up to $2 billion in additional non-convertible debt instruments, including bonds or sukuk. The authorization was granted during the company's Annual General Assembly meeting held on Tuesday. This strategic move aims to bolster Tabreed's financial flexibility and support its ongoing expansion initiatives.The planned debt issuance may occur in one or more tranches, providing the company with the agility to respond to market conditions and investment

Investcorp, a global alternative investment firm, has acquired a majority stake in Miebach Logistik Holding GmbH, a leading German supply chain and logistics consultancy. The transaction, announced on 17 March 2025, will see Miebach's existing equity partners retain a significant minority share. Financial details of the deal have not been disclosed, and completion is anticipated in the second quarter of 2025, pending regulatory approvals.Established in 1973 by Dr. Joachim Miebach, the Frankfurt-based consultancy has grown into a global entity, employing

Aramco Ventures, the investment arm of Saudi Aramco, has invested in Berlin-based startup Ucaneo, aiming to accelerate the development of Germany's largest Direct Air Capture demonstration plant. This strategic move underscores Aramco's commitment to innovative carbon removal technologies in the global effort to combat climate change.Ucaneo, established in Berlin, is pioneering a biomimetic DAC technology that mimics the human lung's natural ability to manage carbon dioxide . By utilizing electricity and a specialized biomimetic solvent, Ucaneo's system efficiently removes atmospheric

Abu Dhabi-based technology investment firm MGX has invested $2 billion in Binance, the world's largest cryptocurrency exchange, marking Binance's first institutional investment. This landmark deal, finalized on March 12, 2025, represents the largest investment ever made in a cryptocurrency company and was conducted entirely using stablecoins.MGX, chaired by Sheikh Tahnoon bin Zayed al-Nahyan, has traditionally focused on artificial intelligence and next-generation technologies. This investment signifies a strategic expansion into the fintech sector, underscoring MGX's commitment to integrating AI, blockchain technology,

Abu Dhabi-based technology investment firm MGX has invested $2 billion in Binance, marking the first institutional backing for the world's largest cryptocurrency exchange. This unprecedented move underscores the growing convergence between traditional finance and the digital asset industry.The investment, finalized on March 12, 2025, was transacted entirely in stablecoins—a category of cryptocurrencies pegged to traditional fiat currencies. While the specific stablecoin utilized remains undisclosed, this method reflects the increasing acceptance of digital currencies in substantial financial dealings. Binance, established in

Dubai's Roads and Transport Authority has formalised nine cooperation agreements with prominent property developers and free zone authorities, aiming to streamline infrastructure project approvals and bolster road safety across the emirate.The entities involved in these agreements include Emaar Properties, DAMAC Properties, Majid Al Futtaim Properties, Nshama, Al Futtaim Properties, Dubai Multi Commodities Centre, Dubai Healthcare City, Dubai Investments Park, and the Dubai Integrated Economic Zones Authority.These partnerships are designed to create a unified platform for managing infrastructure

UAE-based healthcare payment solutions provider Klaim has successfully secured $10 million in Series A equity funding, supplemented by an additional $16 million financing fund, to drive its regional expansion and transform the healthcare financial landscape in the Middle East and North Africa region.Founded in 2019, Klaim has rapidly positioned itself as an innovative force in the fintech sector, offering a cutting-edge payment platform that leverages artificial intelligence and extensive data analytics. The company's technology predicts insurance payment

Wealth management firm Capital Haus has acquired an 11.6% stake in Equity Story Group Ltd, an Australian Securities Exchange -listed financial media and investment advisory company. The transaction involved the purchase of 19,230,770 shares at 2.6 Australian cents per share, aligning with the last traded price on the ASX. These shares will be held in escrow for 12 months. Additionally, Capital Haus secured 12,820,513 options at an exercise price of 5 cents, set to expire in December 2026.Capital Haus, based

Talabat, the prominent Middle Eastern online food delivery platform, has completed the acquisition of InstaShop, a leading online grocery marketplace in the region, for $32 million. This strategic move, effective from February 25, 2025, aims to bolster Talabat's presence in the grocery and retail sectors across the Middle East and North Africa region.The acquisition was fully financed through Talabat's internal cash reserves, resulting in InstaShop becoming a wholly-owned subsidiary. Despite the change in ownership, InstaShop will continue to operate

Dubai's exclusive toll gate operator, Salik, reported a net profit of AED 1.16 billion for the fiscal year ending December 31, 2024, reflecting a 5.6% increase from the previous year's AED 1.1 billion. The company's total revenue grew by 8.7% year-on-year, reaching AED 2.3 billion, up from AED 2.1 billion in 2023.Earnings before interest, taxes, depreciation, and amortisation for the full year amounted to AED 1.6 billion, marking a 13.6% rise compared to the prior year. In the

DP World has achieved a significant milestone in 2024, handling a record 1.3 million vehicles across its Dubai terminals. This represents a substantial 53.6% increase compared to the previous year, marking the highest vehicle throughput in the company's history.The flagship Jebel Ali Port played a pivotal role in this achievement, processing nearly 960,000 roll-on, roll-off units. This reinforces its status as the region's premier automotive hub. The remaining vehicle volumes were managed at Mina Al Hamriya and Mina Rashid,

GEMS Education, a prominent Dubai-based private school operator, has unveiled plans to invest approximately $300 million over the next two to three years to drive organic growth. CEO Dino Varkey detailed this strategic initiative, emphasizing the company's intent to capitalize on the region's burgeoning population and the influx of affluent residents.This substantial investment aligns with GEMS Education's broader strategy to enhance its educational offerings and infrastructure. The company aims to meet the increasing demand for quality education driven by demographic

International Holding Company has unveiled its financial results for 2024, showcasing a substantial 54.2% increase in revenue, reaching Dhs92.7 billion, up from Dhs60.1 billion in 2023. This impressive growth is attributed to strong performances across various sectors, notably real estate and construction, marine and dredging, and hospitality and leisure.The company's net profit stood at Dhs25.7 billion, indicating a strategic shift towards value-driven investments. Total assets expanded by 52% to Dhs401.8 billion, bolstered by strategic acquisitions and enhanced operational efficiencies.

e&, formerly known as Etisalat Group, has reported a consolidated net profit of AED 10.8 billion for the fiscal year 2024, marking a 4.3% increase compared to the previous year. This financial milestone underscores the company's strategic transformation over the past three years, solidifying its position as a global technology conglomerate.The group's consolidated revenues reached AED 59.2 billion, reflecting a 10.1% year-over-year growth. When adjusted for constant exchange rates, this growth stands at 12.6%, driven by robust performance across all

MG Motor has achieved a significant milestone in the Middle East automotive market, recording 70,033 vehicle sales in 2024. This figure represents a 10% increase compared to the previous year, underscoring the brand's growing popularity in the region.The Kingdom of Saudi Arabia emerged as MG's largest market, contributing over 30,000 units to the total sales. This robust performance solidifies MG's position among the top car manufacturers in the Gulf Cooperation Council countries. The brand secured the 6th position in

French defence and technology conglomerate Thales has announced plans to commence production of radar antennas in the United Arab Emirates within this year. This strategic initiative aims to cater to both domestic requirements and international export demands, marking a significant expansion of Thales' footprint in the Middle East.Pascale Sourisse, President and Chief Executive Officer of Thales International, detailed the company's commitment to establishing a radar manufacturing facility in the UAE. This facility is poised to serve as a hub

RAKBANK has entered into a strategic partnership with Faturalab, a prominent provider of smart supply chain solutions, aiming to transform supply chain finance for businesses across the UAE. This collaboration seeks to enhance financial workflows between buyers, suppliers, and banks, promoting operational efficiency and compliance with relevant regulations.Established in 2016, Faturalab has evolved from an invoice financing platform into Turkey's leading finance technology provider. The company automates financial processes, ensuring seamless digital transactions among stakeholders. Faturalab's expansion into the UAE

Khalifa Economic Zones Abu Dhabi Group and ETG Bio Green Polymer have signed a 50-year land lease agreement to establish a cutting-edge compostable polymers factory in KEZAD Al Ma’mourah. This strategic partnership aims to produce 100% sustainable polymers, facilitating manufacturers' shift towards eco-friendly, plastic-free packaging solutions.The forthcoming facility is poised to significantly enhance the region's sustainable manufacturing capabilities. By producing compostable polymers, it will address the escalating global demand for environmentally responsible packaging alternatives. This initiative aligns with global

Gulf Craft, a prominent yacht and boat manufacturer, has entered into a partnership with the Dubai Institute of Design and Innovation to advance innovation and nurture talent within the maritime industry. This collaboration, formalised during the Dubai International Boat Show on February 21, 2025, marks the third consecutive year the two institutions have joined forces.The agreement was signed at Gulf Craft's stand on the second day of DIBS, underscoring the company's commitment to integrating fresh design perspectives into

Bengaluru-based digital payments firm Cashfree Payments has raised $53 million in a Series C funding round led by South Korean gaming giant Krafton, with participation from existing investor Apis Partners. This investment aims to accelerate Cashfree's product development, market expansion, and global growth initiatives.Established in 2015, Cashfree Payments has become a significant player in India's digital payments landscape, processing $80 billion annually for over 800,000 businesses. The company's comprehensive platform offers over 100 payment methods, facilitating seamless transactions for businesses

Burjeel Holdings, a prominent super-specialty healthcare provider in the MENA region, has announced that its Board of Directors has authorised management to explore a share buyback programme of up to 10% of the group's share capital. This initiative is pending approval from shareholders and the Securities and Commodities Authority.The company plans to execute the buyback through open market purchases, fully funded by its operating cash flow. Following the repurchase, management is evaluating various options for the acquired shares, including potential

Etihad Airways has reported a record net profit of $476 million for 2024, marking a significant milestone in the airline's financial performance. This achievement reflects a more than threefold increase from the $143 million profit recorded in 2023. The surge is attributed to a 32% rise in passenger numbers, with the airline serving 18.5 million travelers over the year. Total revenues reached nearly $6.9 billion, up from $5.5 billion the previous year.The airline's cargo operations also experienced substantial growth, contributing

Sharjah Islamic Bank has successfully issued a $500 million sukuk, marking its sixth offering under the bank's $3 billion Trust Certificate Issuance Programme established in 2013. The five-year Islamic bond, maturing in July 2029, attracted robust interest from both regional and international investors, with orders reaching $1.5 billion, resulting in an oversubscription rate of three times the offered amount.The sukuk has been dual-listed on Nasdaq Dubai and Euronext Dublin, reinforcing SIB's commitment to broadening its investor base and enhancing

UAE defence authorities announced the signing of 13 major contracts worth Dh4 billion on the opening day of the International Defence Exhibition and Conference 2025, the largest defence expo in the Middle East. The deals highlight the UAE’s strategic efforts to enhance its defence capabilities, focusing on advanced technology, military equipment, and international collaborations.The exhibition, taking place at the Abu Dhabi National Exhibition Centre, marks a significant milestone in the region’s defence industry, attracting global attention with a

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