Manufacturing Saudi pharma firm to buy manufacturing site in Algeria Jamjoom Pharmaceuticals Factory Company has increased capital in its joint venture in Algeria to help finance the acquisition of a manufacturing facility. In a filing to the Saudi Stock Exchange, the company, which raised $336 million in an initial public offering in May, announced the additional funding in Jamjoom Algeria Lil Dawa, in which it […] July 31, 2023
Banking & Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023
Banking & Finance Gulf central banks follow US Fed by lifting key rates Most GCC central banks have increased their interest rates in line with the US Federal Reserve decision to hike rates by a quarter of a percentage point. The Fed raised its rate by 25 basis points (bps) on Wednesday, the highest US central bank policy rate in 16 years due to elevated inflation. The central […] July 27, 2023
Markets Saudi bourse owner’s profit dips 24% to $28m in Q2 2023 Net profit at Saudi Tadawul Group Holding Company, the holding company of the Saudi stock exchange, fell 23.6 percent year on year to SAR 105.2 million ($28.05 million) in the second quarter, down from SAR 137.7 million. The lower profit was driven by a 15.5 percent year-on-year drop in operating revenue to SAR 252 million, […] July 24, 2023
Tech US and UAE supercomputer venture advances AI training US artificial intelligence tech firm Cerebras signed a $100 million deal with UAE tech holding company G42 on Thursday to supply the first of three AI supercomputers. A planned network of nine interconnected supercomputers, Condor Galaxy (GC) will be the largest of its kind in the world, and will significantly reduce AI model training time. […] July 21, 2023
Energy BlackRock appoints Aramco CEO as board director BlackRock, the world’s largest asset manager, has named Amin Nasser, president and CEO of Saudi Arabian Oil Company (Aramco), as an independent director. The appointment reflects the importance of the Middle East to the firm’s long-term strategy, it said in a statement. Nasser oversaw the successful public listing of the Saudi oil company in 2019, […] July 18, 2023
Development Egypt explores plans for new free zones Egypt is weighing plans to build three new free zones to stimulate foreign direct investments, according to Prime Minister Mostafa Madbouly. The new free zones will be established in Alexandria, the 10th of Ramadan and the 6th of October cities, Ahram Online reported, citing an official statement. No project or cost details were given on […] July 17, 2023
Opinion Media & Advertising Marketers are grappling with AI’s role in advertising Artificial intelligence relies on data but the data has to be valuable July 14, 2023
Economy Egypt to sell stakes in 3 oil firms to ADQ for $800m Egypt has signed contracts with the private sector to sell state-owned entities worth $1.9 billion under its initial public offering (IPO) privatisation programme, said Prime Minister Mostafa Madbouly. The government has received $1.65 billion and the remaining $250 million will be received in the Egyptian pound, Ahram Online reported, citing Madbouly. The new contracts include […] July 12, 2023
Banking & Finance Schools operator Taaleem enjoys profit rise of 35% Taaleem, the Dubai-listed schools operator, posted a surge in net profit for the nine months up to 31 May, driven by a strong increase in student enrolment. The company also benefitted from unrealised gains from its initial public offering (IPO) last November. Net profit rose 35 percent year on year to AED199.8 million ($54 million) […] July 11, 2023
Analysis Banking & Finance Middle East IPO drive likely to cool in second half of 2023 The wave of listings on Middle East markets will slow down as the year progresses, with initial public offerings being pushed to 2024 instead, say industry experts. Last year 71 IPOs were completed in the Middle East, for a combined transaction value of more than $25 billion, according to S&P Global Market Intelligence. That compares […] July 10, 2023
Health PIF’s Lifera and Sanofi join hands to produce vaccines A subsidiary of Saudi Arabia’s sovereign wealth fund has signed an agreement to increase the local production of vaccines. Lifera, wholly owned by the Public Investment Fund (PIF), French pharma major Sanofi and Arabio, majority owned by Riyadh-based Tamer Group, will set up manufacturing facilities in the kingdom to produce vaccines for Saudi citizens. No details were […] July 7, 2023
Markets Banks and property lead Dubai bourse to eight-year high Dubai’s stock index hit eight-year highs this week, extending a bull rally that has enabled the once-beleaguered bourse to outperform its regional rivals in 2023. The emirate’s benchmark rose 1.0 percent to 3,962 points on Thursday, its highest close since July 2015 to take its gains this year to 19.9 percent. Saudi Arabia’s index is […] July 7, 2023
Banking & Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Markets UAE stock markets surge $60bn in value in H1 2023 The market value of UAE stock exchanges rose by AED220 billion ($59.89 billion) in the first six months of 2023 to AED3.43 trillion, boosted by higher demand from foreign investors and new listings. Four new listings boosted the market value of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), the UAE […] June 28, 2023
Banking & Finance Abu Dhabi-backed Swiss skincare group raises $1bn A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign […] June 27, 2023
Retail LuLu Group to invest $1.2bn in India by 2026 LuLu Group will invest Rs 100 billion ($1.22 billion) in India over the next three years, chairman MA Yusuff Ali has confirmed. The UAE retail major has already put over Rs 200 billion in the country, state-owned Press Trust of India reported. The company has committed Rs 35 billion in Telangana state in south India […] June 27, 2023
Manufacturing Coca-Cola subsidiary in Turkey plans expansion The Coca-Cola subsidiary in Turkey is in advanced talks to expand in existing and new markets, with a potential acquisition deal in Bangladesh possible within the next few months. Coca-Cola İçecek (CCI) is headquartered in Istanbul and operates in Turkey, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. With 30 plants in […] June 26, 2023
Banking & Finance PIF sells McLaren stake to Bahraini fund for $510m Saudi Arabia’s Public Investment Fund (PIF) will sell preference shares and warrants worth £400 million ($510.48 million) in British supercar maker McLaren Group to Bahrain’s investment fund Mumtalakat. The deal is likely to be announced on Thursday, Sky News reported. The private transaction will not result in new money being injected into McLaren. The stake sale comes almost two […] June 22, 2023
Video length: 00:59 Aviation Neom’s flying taxi takes to the skies Plans to introduce flying taxis to Saudi Arabia’s $500 billion Neom development have accelerated after a series of successful test flights in the kingdom. Neom entered into a $191.2 million investment and joint venture with German aircraft manufacturer Volocopter in 2021. The tests lasted over a week and built on 18 months of collaboration between […] June 22, 2023
Health PIF launches new pharma investment vehicle Saudi Arabia’s sovereign wealth fund, PIF, launched a new pharmaceutical investment company on Monday, as experts predict the country’s market will grow to $20 billion over the next decade. Lifera will make life-saving and essential products including insulins, vaccines and plasma therapeutics, PIF said in a statement. The company will create partnerships with leading local […] June 19, 2023
Banking & Finance Egypt gets IFC on board to help monetise state assets The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […] June 19, 2023
