Fakeeh Care Group, a prominent private hospital chain in Saudi Arabia, has declared its intention to go public through an Initial Public Offering (IPO). The company, known for its family-owned heritage and strong presence in key cities like Jeddah and Riyadh, plans to offer a 21.47% stake through a combination of new and existing shares. […]

Malaysia has unveiled the ‘Golden Pass’ scheme, a strategic initiative aimed at positioning the country as a prime destination for unicorn start-ups and venture capitalists (VCs). Spearheaded by Malaysian Economy Minister Rafizi Ramli, the scheme is part of a broader effort to stimulate the growth of high-skilled, high-value job opportunities in Southeast Asia’s business hub. […]

Fortis, a Dubai-based fintech firm specializing in retail solutions, has successfully closed a $20 million Series A funding round. Led by Opportunity Venture (Asia), a prominent fund based in Hong Kong, this investment is earmarked for accelerating Fortis’s expansion across the Middle East and North Africa (MENA) region. Alberto Caruso, Founder and CEO of Fortis […]

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 […]