Category: Business

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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The International Air Transport Association has reported that global air passenger traffic in 2024 exceeded pre-pandemic figures, marking a significant milestone in the aviation industry's recovery. Total passenger traffic, measured in revenue passenger kilometers , increased by 10.4% compared to 2023, surpassing 2019 levels by 3.8%. Capacity, assessed in available seat kilometers , grew by 8.7%, leading to a record-high load factor of 83.5%.IATA's Director General, Willie Walsh, commented on this achievement, stating, "2024 made it absolutely clear that

Deyaar Development PJSC, a prominent Dubai-based real estate developer, has unveiled plans to initiate five new property projects in 2025, collectively valued at approximately Dh8 billion . This strategic move aims to capitalize on the robust demand within the emirate's property market.The company's Chief Executive, Saeed Mohammed Al Qatami, highlighted that these forthcoming projects will encompass a diverse range of residential, commercial, and hospitality developments. He emphasized that the initiative aligns with Deyaar's commitment to contributing to Dubai's urban development

The Saudi Export-Import Bank and the International Islamic Trade Finance Corporation have formalized a $5 million financing agreement with Alizz Islamic Bank in Oman. This initiative is part of the KSA SMEs Export Empowerment Program, aiming to facilitate Saudi non-oil exports' entry into Omani markets and enhance export opportunities for the Kingdom's small and medium-sized enterprises .The agreement was signed by Mohammed AlAbdulmohsen, Director of the Financial Institutions Department at Saudi EXIM, and Ahmed M. Yousef Jan, General

Abu Dhabi National Energy Company PJSC has announced its financial results for the year ending 31 December 2024, reporting a 6.7% increase in revenues to AED55.2 billion. This growth is attributed to sustained expansion in the Transmission & Distribution sector and the consolidation of TAQA Water Solutions .The company's net income reached AED7.1 billion, marking a 1.5% rise compared to the previous year, excluding one-off items. These exceptional items include a AED10.8 billion gain from acquiring a 5%

Abu Dhabi-based Ittihad International Investment LLC has secured a $450 million sustainability-linked revolving credit facility with a consortium of local banks. The facility was arranged by Emirates NBD, Commercial Bank of Dubai, and First Abu Dhabi Bank, serving as mandated lead arrangers and bookrunners, as well as sustainability joint coordinators. Additionally, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Emirates Islamic acted as joint arrangers.The senior unsecured committed RCF has a five-year tenure, with an initial commitment of

HP Inc. has announced plans to establish a state-of-the-art manufacturing facility in Riyadh, Saudi Arabia, marking a significant expansion of its global operations. The facility is scheduled to commence production of personal computers , printers, and other computing devices within the year. This move aligns with Saudi Arabia's Vision 2030 initiative, which aims to diversify the nation's economy and bolster its technological capabilities.Enrique Lores, President and CEO of HP Inc., unveiled this initiative during his address at the LEAP25 technology