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10 June 03:04 PM

Latest News

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2 hours ago Yahsat partners with Airbus to build $1.1bn new satellites
Abu Dhabi – Mubasher: Al Yah Satellite Communications Company (Yahsat) contracted Airbus Defence and Space SAS for its new geostationary telecommunications satellites, Al Yah 4 (AY4) and Al Yah 5 (AY5). The step follows the signing of an …
Companies Investments
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4 hours ago Stake raises $14m Series A funding co-led by Aramco-run Wa’ed Ventures
UAE – Mubasher: UAE-based proptech Stake closed a $14 million Series A funding round, led by MEVP Middle East Venture Partners (MEVP), along with Aramco-backed  Wa'ed Ventures, Mubadala, and Republic. The funds will support the platform’s …
Companies Investments
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4 hours ago Expo Centre Sharjah partners with MIE to launch major EV show
UAE – Mubasher: Expo Centre Sharjah (ECS) has signed an agreement with MIE Events to launch the Middle East Electric Vehicle Show (MEEVS) in 2025, aiming to be the largest exhibition for the industry in the region. Over 100 global brands are …
Event
Mohamed Abbas Fayed, CEO of FABMISR, and Mahmoud Hassan, Founder and CEO of Cayesh.
09:47 AM FABMISR, Cayesh team up to reshape fintech finance in Egypt
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, penned a deal with Cayesh, the first supply chain finance company in Egypt. The two entities will join forces to leverage innovative …
Companies Investments
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09:10 AM GCC dominates Forbes Middle East’s 2024 top 100 listed companies list
Mubasher: The GCC region has reigned over Forbes' 2024 list of top 100 listed companies in the Middle East by sales, assets, and profits. The list was led by the UAE with 32 firms, followed by Saudi Arabia with 31, according to a press release. …
Global Economy
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9 June 03:51 PM El Ebour announces project contracts in Saudi Arabia, UAE
Cairo - Mubasher: El Ebour Real Estate Investment agreed to conclude contracting agreements in Saudi Arabia and the UAE, according to a bourse disclosure. The EGX-listed firm plans to ink a subcontracting contract between the company’s branch in …
Companies Investments
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9 June 11:13 AM Takaful - ASCANA Insurance unveils rebranding
Dubai – Mubasher: Arabian Scandinavian Insurance Company (Takaful - ASCANA Insurance) has rebranded itself to Sukoon Takaful, embracing the Sukoon Takaful brand in its entirety. The DFM-listed company has fully embraced the Sukoon Takaful brand …
Companies Investments
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9 June 10:57 AM Tabreed cuts carbon emissions by 1.5m tonnes in 2023
Dubai – Mubasher: National Central Cooling Company (Tabreed) has reduced its energy use by 2.52 billion kilowatt-hours (kWh) in 2023. Tabreed slashed CO2 emissions by 1.50 million metric tonnes, equivalent to powering 143,000 homes, according to …
Companies Investments
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9 June 10:26 AM Al Ahly FC names UAE’s Palms Sports official operator of mega sports complex
Cairo – Mubasher: Al Ahly FC has appointed UAE’s Palms Sports, a subsidiary of International Holding Company (IHC), as the official operator of the El-Qalaa El-Hamraa mega sports complex project. This partnership is set to enhance the value of …
Companies Investments
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9 June 09:44 AM Elevate fuels expansion plans via $5m funding round
UAE – Mubasher: Elevate, a London and Dubai-based fintech, has secured $5 million in a pre-Series A funding round to boost its expansion into the Middle East and Africa, according to a press release. Founded in 2021 by Faris Keenan, Khalid Keenan, …
Global Economy
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9 June 09:43 AM Majid Al Futtaim partners with Checkout.com to enhance experience of 15m customers
UAE – Mubasher: Majid Al Futtaim has entered into a partnership with global digital payments provider Checkout.com to streamline and secure checkout experiences for more than 15 million customers. The agreement will enhance the safety and …
Companies Investments
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6 June 03:37 PM Saudi Arabia, UAE, Egypt secure 92% of MENA’s VC funding in 2023 – Report
Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the …
Banking and Finance
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6 June 03:31 PM DFM, ADX close Thursday in red zone
UAE – Mubasher: The main index of Dubai Financial Market (DFM) ended Thursday’s trading session lower by 1.57 points (0.03%) at 3,978.75 points. A total of 512.02 million shares were exchanged during the session at a value of AED 423.74 million. …
Trading Activities
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6 June 02:50 PM Dubai Investments’ EBS secures project contracts worth AED 225m
Dubai – Mubasher: Emirates Building Systems (EBS), a wholly-owned subsidiary of Dubai Investments, has secured major contracts exceeding a value of AED 225 million, according to a press release. The new projects include Advanced Manufacturing …
Real estate
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6 June 01:53 PM Parkin boosts portfolio via 7,500 new spaces in Dubai
Dubai – Mubasher: Parkin Company has entered into an agreement with a private developer to offer parking services at new six key locations in the Emirate of Dubai, according to a press release. In line with the company’s targeted growth strategy, …
Companies Investments
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6 June 12:51 PM Etihad Airways, China Eastern Airlines ink JV deal
UAE – Mubasher: Etihad Airways has signed a joint-venture (JV) agreement with China Eastern Airlines, marking the first such partnership between a Middle Eastern and Chinese carrier. The JV aims to jointly develop and expand routes connecting the …
Companies Investments
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6 June 12:45 PM Fitch maintains GFH's IDR rating at 'B'; outlook stable
Mubasher: Fitch Ratings affirmed the long- and short-term Issuer Default Ratings (IDR) rating of GFH Financial Group at ‘B’,  with the outlook on the long-term IDR remaining stable. Fitch has also maintained the senior unsecured long-term rating …
Companies Investments
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6 June 11:42 AM Nasdaq Dubai lists 1st sustainability sukuk from Emirates Islamic
Dubai – Mubasher: Nasdaq Dubai has welcomed Emirates Islamic Bank's debut $750 million sustainability sukuk issuance under its $2.50 billion programme. The five-year sukuk took the bank's total listings on Nasdaq to $2.02 billion across four …
Banking and Finance
Sunita Bottse, the CEO for Ooredoo's Mena Digital Hub
6 June 11:35 AM Ooredoo names Bottse as CEO of Mena Digital Hub
Mubasher: National Mobile Telecommunications Company (Ooredoo) appointed Sunita Bottse as the CEO for Mena Digital Hub, which became effective on 26 May 2024, according to a press release. Mena Digital Hub, Ooredoo’s carrier-neutral data centre …
Corporate Actions
Founders of qeen.ai
6 June 09:20 AM UAE’s qeen.ai raises $2.2m fundraising to anchor e-commerce in MENA
UAE – Mubasher: Dubai-based AI startup qeen.ai has secured a $2.20 million pre-Seed funding round to reshape the global e-commerce landscape in the MENA region, according to a press release. The fundraising was led by Wamda Capital, along with …
Companies Investments
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5 June 03:43 PM DFM, ADX close Wednesday’s session mixed
UAE – Mubasher: The main index of Dubai Financial Market (DFM) lost 5.65 points (0.14%) on Wednesday and closed  the trading session at 3,980.32 points. A total of 347.98 million shares were exchanged during the session at a value of AED 417.19 …
Trading Activities
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5 June 02:55 PM UAE’s May PMI records decline in output growth
UAE - Mubasher: The UAE’s seasonally adjusted Purchasing Managers' Index (PMI) was kept unchanged from April 2024 at 55.3 in May, according to the latest S&P Global PMI data. The reading was still higher than its long-run average of 54.4, …
Sector Reports
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5 June 12:51 PM Presight creates IntelliGrid to reinforce energy distribution sector
Abu Dhabi – Mubasher: Presight AI Holding and Esyasoft formed a new joint venture (JV) named IntelliGrid during the Baku Energy Week in Azerbaijan, according to a press release. This strategic partnership will deploy smart gas grids, enhanced …
Companies Investments
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5 June 12:22 PM UAE rises to 6th biggest tourism revenue earner globally – Report
UAE – Mubasher: The UAE climbed from 13th to 6th globally for international tourism receipts in 2023 after logging $51.90 billion. Leading the rankings were the US at $176 billion, followed by Spain, the UK, France, and Italy, according to the UN …
Macroeconomics
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5 June 11:22 AM UAE, Malaysia in talks for comprehensive economic partnership agreement
UAE – Mubasher: Malaysian Prime Minister Anwar Ibrahim met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi to deepen economic relations between the countries. Al Zeyoudi also held talks with Malaysian Investment, Trade, …
Macroeconomics