Category: Business

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

DP World has achieved a significant milestone in 2024, with its container handling volumes soaring to new heights. The global trade enabler announced that its ports and terminals have surpassed previous records, signalling a recovery in the global supply chain and a positive outlook for the industry’s future. The company’s strategic expansion and continued investment in infrastructure have positioned it as a leading player in the global logistics sector. DP World’s port operations witnessed a surge in demand for container handling

First Abu Dhabi Bank has announced a net profit of Dhs17.1 billion for 2024, demonstrating solid financial performance despite ongoing economic challenges. The UAE’s largest lender in terms of assets reported an increase in its year-on-year profits, signalling strong resilience in its core operations and strategic initiatives. FAB's total operating income reached Dhs31.5 billion, marking a 5% increase compared to the previous year. The bank’s cost-to-income ratio also improved, reflecting enhanced operational efficiency and successful cost control measures. As the

IBM has unveiled an ambitious plan to develop a 4,000-qubit quantum processor by 2025, marking a significant leap from its current 127-qubit 'Eagle' processor. This initiative underscores IBM's commitment to advancing quantum computing capabilities and addressing the challenges inherent in scaling up quantum systems. The company's roadmap outlines a progression through intermediate processors, including the 1,121-qubit 'Condor' slated for 2023 and the 1,386-qubit 'Flamingo' expected in 2024. Achieving these milestones will involve a modular architecture, connecting multiple chips via short-range couplers

Modon Holding, an Abu Dhabi-based investment firm, has secured a deal to acquire Arena Events Group, a prominent player in the temporary infrastructure and event solutions sector. The acquisition also includes Theta Bidco, the parent company of Arena, marking a significant expansion for Modon in the global events industry.With the acquisition, Modon aims to enhance its portfolio and increase its involvement in the rapidly evolving events sector, which has seen consistent demand for large-scale infrastructure solutions. Arena Events Group, known

The UAE further consolidates its position as a global business hub with the launch of its ambitious ‘Future Free Zone’ initiative in 2025. The World Free Zone Organization announced this visionary project to transform the free zones of the nation into international focal points of innovation. Fostering entrepreneurship, the UAE continues to stride toward sustainable growth. The ‘Future Free Zone’ project has been launched to drive advancements in critical sectors like healthcare, sustainable energy, agro-industries, advanced manufacturing, and tourism. The UAE

Umm Al Qura for Development and Construction has announced plans to launch an initial public offering on the Saudi Exchange, aiming to raise capital for the MASAR Destination project, a significant redevelopment initiative in Mecca valued at 100 billion riyals . The company intends to offer 130.8 million new shares, representing 9.09% of its post-capital increase, with the proceeds earmarked for infrastructure development, land settlements, and project expansion. The MASAR Destination project spans 1.2 million square meters and is designed

Mashreq Bank announced a significant financial performance in 2024, with its net profit reaching AED 9 billion, reflecting a 4 percent increase compared to the previous year. The bank's net profit before tax stood at AED 9.9 billion, marking a 12 percent rise. This robust growth highlights Mashreq’s continued strength in the face of global financial challenges, including interest rate cuts. The bank reported an impressive AED 13.4 billion in revenue, a remarkable 24 percent year-on-year increase, further demonstrating its

HSBC is focusing on enhancing its presence in Asia, leveraging strong growth from its Middle East and North Africa investment banking operations. By capitalizing on the economic momentum in the MENA region, the banking giant seeks to extend its influence in Asia, where it has a long-established footprint. The move is seen as a strategic effort to position HSBC as a leading financial institution in both regions, creating synergies that could accelerate the company’s global aspirations. The MENA region has

The Star Entertainment Group has revealed plans to offload its key theatre and event centres in Sydney, marking a significant move as it looks to raise funds amid ongoing financial pressures. The sale, expected to fetch around $60 million, comes as the casino operator continues to face a challenging financial environment following a series of regulatory and operational hurdles. The assets for sale include some of the most prominent event venues in Sydney, such as The Star Event Centre, which has

Pure Health, a prominent UAE-based healthcare provider, is set to acquire a controlling stake in Greece’s Hellenic Healthcare Group, marking a significant milestone in its international expansion strategy. The move is poised to strengthen Pure Health’s presence in Europe, opening doors to new growth opportunities in the rapidly evolving healthcare sector. The acquisition, which is expected to be finalized in the coming months, will give Pure Health a dominant role in Greece’s healthcare market. Hellenic Healthcare Group, a leading healthcare provider

Bank of Singapore has strengthened its presence in Dubai with the appointment of six new professionals across various functions. This move is part of the bank’s ongoing efforts to bolster its regional operations and cater to the growing demand for wealth management services in the Middle East. These appointments are seen as a strategic push to expand the bank's footprint in a market that has become a key hub for international finance. The six new hires bring a wealth of expertise

Reliance Industries, under the leadership of Mukesh Ambani, is set to construct the world's largest data center in Jamnagar, Gujarat. This ambitious project aims to bolster India's artificial intelligence (AI) capabilities and digital infrastructure. The data center is projected to have a capacity of three gigawatts, significantly surpassing existing facilities globally. This development aligns with Reliance's strategic focus on AI and digital services, reflecting a substantial investment in India's technological future. In September 2024, Reliance and NVIDIA announced a partnership to develop

Investcorp, a global alternative investment firm, has signed a definitive agreement to acquire Epipoli, a leading Italian alternative payments enabler. The acquisition includes the stakes held by private equity firm Bregal Milestone and Epipoli's founder and CEO, Gaetano Giannetto. Giannetto will retain a significant minority share and continue to lead the company. The financial terms of the transaction have not been disclosed. Established in Milan in 2000, Epipoli has developed Italy's largest customer relationship management (CRM) and loyalty program, serving

Salik, the Dubai-based road toll operator, is set to introduce a dynamic toll pricing system by the end of January. This move is part of the company’s broader strategy to adjust its toll fees based on traffic flow and demand. However, as the company prepares to launch this pricing model, there are growing concerns over the valuation of its stock, which has been a standout performer on the Dubai Financial Market (DFM). Since its debut on the market, Salik’s stock has

AD Ports Group, a leading player in the global ports and logistics sector, has announced a major investment of $30 million in the construction of a greenfield grain terminal in Kazakhstan. The total investment for the project is expected to exceed $50 million, with the remaining funding being sourced from local partners and stakeholders. The grain terminal, to be developed in two phases, is strategically located in Kazakhstan's Aktau port on the Caspian Sea. The first phase will focus on the

Steam turbines are essential to modern power generation, transforming the thermal energy of steam into mechanical energy that generates power. Their design depends on the precise coordination of various components, each crafted to maximize performance and sustainability. A deeper understanding of the key components of steam turbines reveals how they work together to improve energy efficiency and foster progress in green technology.  Rotors and Blades: The Core of Energy Conversion The rotors are the most crucial parts of steam turbines, a central

GFH Financial Group, a prominent Bahrain-based investment firm, has strategically invested in Invenergy, a leading global developer and operator of sustainable energy solutions, through a partnership with Blackstone Infrastructure Partners. This collaboration underscores GFH's commitment to expanding its renewable energy portfolio and capitalizing on the growing demand for clean energy infrastructure worldwide. Invenergy, headquartered in Chicago, has a robust track record in the renewable energy sector, with over 30,000 megawatts of projects developed across wind, solar, transmission infrastructure, natural gas power

Arf, a blockchain-powered fintech platform, has entered into a significant strategic partnership with LuLu Financial Holdings to transform global payment systems. The collaboration will focus on enabling T-0 settlement for cross-border transactions, aiming to revolutionize the speed and efficiency of payments across international borders. This innovative solution seeks to provide businesses and consumers with real-time settlement options, eliminating delays traditionally associated with international payments. Arf, known for leveraging blockchain technology to streamline financial services, aims to integrate its cutting-edge payment infrastructure

Saudi Arabia's Public Investment Fund (PIF) has made a significant investment of $200 million into the first globally listed exchange-traded fund (ETF) based in the Kingdom. The strategic move aims to bolster Saudi Arabia’s ambitions of diversifying its economy beyond oil and positioning the nation as a key player in global financial markets. This infusion of capital marks a notable step in the PIF’s growing efforts to promote financial markets development and attract international investors. The ETF, known as the Saudi

Emirates NBD Bank PJSC, a leading financial institution based in Dubai, has announced the issuance of five-year notes, set to be listed on the Taipei Stock Exchange (TPEx) in Taiwan. This strategic move aims to diversify the bank's investor base and enhance its presence in the Asian financial markets. The notes, denominated in U.S. dollars, are scheduled for listing on TPEx on or about January 31, 2024. This initiative underscores Emirates NBD's commitment to expanding its global footprint and offering investment

Mashreq Bank, a leading financial institution in the Middle East and North Africa (MENA) region, has completed the sale of a majority stake in its digital payments subsidiary, NEOPAY, for $385 million. The stake was acquired by a consortium comprising Arcapita Group Holdings Limited, a global alternative investment firm based in Bahrain, and DgPays, a prominent financial infrastructure technology provider in the Europe, Middle East, and Africa (EMEA) region. Despite the divestment, Mashreq retains a significant minority stake in NEOPAY,

Shuaa Capital, a leading investment firm based in the UAE, has announced the resignation of its Managing Director, following the completion of a significant debt restructuring process. The move marks a turning point for the company, which has faced challenges in the aftermath of the financial overhaul. The board of Shuaa Capital confirmed that the resignation came after the successful conclusion of the restructuring process, which was seen as a crucial step toward stabilizing the firm’s finances. The debt restructuring,