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In the wake of recent extreme weather events, including unprecedented flooding, UAE insurers are gearing up for an influx of claims. The country experienced its heaviest rainfall in over 75 years, causing widespread disruption and damage. A report by AM Best, a leading credit rating agency specializing in insurance, highlights the potential impact on insurers. […]

In a strategic move indicative of its ambitious expansion plans, Abu Dhabi National Insurance Co. (ADNIC) has successfully acquired a controlling stake of 51% in Allianz Saudi Fransi Cooperative Insurance Co., a prominent insurer listed in Saudi Arabia. The transaction, valued at a significant $133.1 million (499 million riyals), marks a substantial milestone for both […]

Saudi Ground Services Company has announced a contract renewal with flynas, solidifying their partnership in aviation services. The agreement, disclosed via a bourse filing on April 13, 2024, extends Saudi Ground Services’ provision of ground handling services to flynas for domestic and international flights across the Kingdom’s airports. Valued at approximately $533 million (SAR 2 […]

Sanad, a prominent aerospace engineering and leasing solutions provider owned by Mubadala Investment Company PJSC, has announced a significant contract extension with Asiana Airlines, the second-largest airline in South Korea. The five-year deal, valued at $145 million, solidifies Sanad’s commitment to providing Maintenance, Repair, and Overhaul (MRO) services for V2500 engines. The agreement, revealed during […]

Costco, the retail giant known for its value offerings, has made a strategic move into the precious metals market, and it’s paying off handsomely. According to reports from Wells Fargo’s equity research note, the company is reaping significant monthly revenues, estimated between $100 million to $200 million, from the sale of gold bars. This venture […]

HSBC Holdings unveiled its plan today to divest its Argentina business to Grupo Financiero Galicia in a deal valued at $550 million. The move underscores HSBC’s strategic shift towards consolidating its focus on its core Asian operations, marking a significant step in its ongoing strategy. Anticipating a $1 billion pre-tax loss linked to the transaction […]

In a strategic move to expand its international footprint, First Abu Dhabi Bank (FAB), the UAE’s largest lender, is considering potential acquisitions in Turkey. Sources close to the matter revealed that FAB is currently exploring various targets in Turkey, including Yapi Ve Kredi Bankasi, the seventh-largest lender in the country by assets. Reports from Bloomberg […]

UK investors displayed a strong preference for US equities in March, injecting £2.30 billion into equity funds and contributing to a robust start for Q1 2024. According to Calastone’s Fund Flow Index (FFI), this surge propelled total inflows to £6.97 billion since January. North American funds emerged as the top choice, attracting an unprecedented £5.72 […]

Blackstone, a global private equity firm managing $1 trillion in assets, has unveiled its ambitious investment strategy for India, with a commitment of $25 billion over the next five years. This announcement positions India as a key destination for Blackstone’s capital, following the US and UK. Jonathan Gray, Blackstone’s Chief Operating Officer, highlighted India’s attractive […]

In a significant move aimed at enhancing its global energy footprint, Saudi Aramco has announced contracts worth $7.7 billion for the expansion of its Fadhili gas plant.  The expansion will increase the plant’s processing capacity from 2.5 to 4 billion standard cubic feet per day and is scheduled for completion by November 2027. The contracts […]