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19 April 07:22 PM

North africa news

Founders of Halo AI
14 January 2025 08:37 AM Halo AI secures $6m funding to scale business across MENA
Riyadh – Mubasher: Saudi Arabia-based AI-powered networking platform Halo AI closed a $6 million Seed funding round led by Raed Ventures and Shorooq, along with other investors, according to a press release. The investment will fuel Halo AI's …
Global Economy
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13 January 2025 05:05 PM DSI, El Amar Group to expand business in Egypt, Saudi Arabia
Dubai – Mubasher: Drake & Scull International (DSI) has entered into a strategic memorandum of understanding (MoU) with El Amar Group to collaborate on key initiatives across Egypt and Saudi Arabia. This partnership aims to leverage the strengths …
Companies Investments
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13 January 2025 04:11 PM PIF acquires 23% shareholding in MENA-focused Saudi Re
Riyadh – Mubasher: The Public Investment Fund (PIF) has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, according to a press release. PIF’s capital investment aims to …
Mergers and Acquisitions
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13 January 2025 02:53 PM Aramco pens $9bn agreements at iktva 2025 forum
Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) signed 145 agreements and memoranda of understanding (MoUs) valued at around $9 billion, according to a press release. This came on the sidelines of the In-Kingdom Total Value Add (iktva) Forum …
Companies Investments
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13 January 2025 01:00 PM Aldar secures largest sustainability-linked facility by property company in Middle East
Abu Dhabi – Mubasher: Aldar Properties has closed an AED 9 billion ($2.45 billion) sustainability-linked syndicated senior unsecured committed multi-tranche revolving credit facility (RCF). The facility marks the largest sustainability-linked, …
Global Economy
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13 January 2025 11:35 AM CBE auctions T-bonds, floating-rate note on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned fixed treasury bonds (T-bonds) at a total value of EGP 12.50 billion through two issues on Monday, 13 January 2025. The first tranche stood at EGP 2.50 billion and will mature in two …
Banking and Finance
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13 January 2025 09:05 AM Ford reshapes region’s logistics landscape via new distribution centre in Dubai
UAE – Mubasher: Dubai South has partnered with DB Schenker to inaugurate a Parts Distribution Center (PDC) for Ford, according to a press release. The 42,000-square-metre facility, which leverages advanced Material Handling Equipment (MHE), …
Global Economy
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13 January 2025 08:08 AM MAFI’s new industrial complex targets global markets; major banking alliance leads financing
Cairo - Mubasher: MAFI Agricultural Produce Industries secured long-term joint financing of $108 million from an alliance led by Banque Misr, Suez Canal Bank and Al Baraka Bank-Egypt. MAFI also obtained $72 million through equity investments from …
Banking and Finance
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12 January 2025 08:21 PM GFH unveils investment in US-based Invenergy
Mubasher: Cross-listed GFH Financial Group has made an investment in Invenergy, the largest privately-held developer, owner, and operator of clean energy solutions, with headquarters (HQ) in the US. The transaction was carried out through …
Companies Investments
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12 January 2025 04:31 PM Multinational company LG launches business in Saudi Arabia
Riyadh – Mubasher: LG Electronics has launched its first brand shop in Saudi Arabia, expanding its retail presence in the Kingdom, according to a press release. Located in Khobar, this flagship store aligns with the company’s commitment to …
Global Economy
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12 January 2025 10:45 AM CBE unveils T-bills worth EGP 55bn on Sunday
Cairo - Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a total value of EGP 55 billion through two issues on Sunday, 12 January 2025. The first tranche stood at EGP 20 billion and will mature in 91 days on 15 April …
Treasury Bills
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12 January 2025 10:25 AM Saudi ADES Holding boosts global expansion plans via launching into West Africa
Riyadh – Mubasher: ADES Holding Company has expanded its global footprint after launching its oil and gas business in the eleventh country, according to a press release. The company’s offshore jackup rig Admarine 504 has been awarded a drilling …
Companies Investments
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12 January 2025 08:37 AM ADNOC Gas unveils $2.1bn deals to enhance global LNG supply infrastructure
Abu Dhabi—Mubasher: ADNOC Gas and its subsidiaries awarded three contracts for an LNG pre-conditioning plant (LPP) with a combined value of $2.10 billion. The awards cover the compression facilities and transmission pipelines to supply feedstock …
Companies Investments
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9 January 2025 08:18 PM MENA-focused HyperPay licensed from SAMA to expand digital payment services
Riyadh – Mubasher: HyperPay, the Saudi payments services provider in the MENA region, obtained a license from the Saudi Central Bank (SAMA) to boost the diversification and development of the financial sector in Saudi Arabia. In line with its …
Banking and Finance
Michael Hilton, business manager atSkadden's ADGM office
9 January 2025 07:33 PM Skadden expands business in Middle East via ADGM office
UAE – Mubasher: Skadden has opened an office in Abu Dhabi Global Market (ADGM), the financial centre in the UAE’s capital, marking its first office in the Middle East. The office will be led by corporate transactional attorney Michael Hilton, who …
Companies Investments
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9 January 2025 04:09 PM Top MENA PMIs for December 2024 – Recap
Mubasher: A report by Emirates NBD Research summarized the Purchasing Managers’ Index (PMI) data for the top MENA countries, with the S&P Global PMI survey for the UAE ending 2024 on a high note as it picked up to 55.4. The UAE’s December PMI was …
Macroeconomics
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9 January 2025 03:55 PM Arab Energy Fund leads consortium to fully acquire Metito Utilities
Riyadh – Mubasher: The Arab Energy Fund (TAEF), formerly known as APICORP, has successfully led a consortium to acquire a 100% stake in Metito Utilities and provide further growth capital to the global investor, developer and operator of …
Mergers and Acquisitions
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9 January 2025 03:22 PM Aldar issues $1bn hybrid notes; regional, international investors partake in issuance
Abu Dhabi – Mubasher: Aldar Properties has priced its inaugural $1 billion hybrid capital issuance, attracting robust demand from a wide range of regional and international investors, according to a press release. The issuance by Aldar at a public …
Companies Investments
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9 January 2025 01:59 PM Al Masaood Group forges strategic partnership with region-focused Deep to enhance oil, gas solutions
UAE – Mubasher: The Projects, Engineering, and Services Division (PESD) of Al Masaood Group has entered into an exclusive agency agreement with Deep International, a renowned provider of gas compression and processing solutions. Upon the …
Global Economy
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9 January 2025 00:51 PM CBI invests in Boomitra to enhance regenerative agriculture in Middle East, beyond
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has injected an investment in carbon project developer Boomitra to advance regenerative agriculture initiatives across the Middle East, Africa, and Asia. The investment aims to utilise …
Banking and Finance
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9 January 2025 06:43 AM CBE auctions EGP 80bn T-bills end-week
Cairo - Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a combined value of EGP 80 billion through two auctions on Thursday, 9 January 2025. The first offering stood at EGP 40 billion, holding a 182-day tenor until 15 …
Macroeconomics
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9 January 2025 06:35 AM Saudi flyadeal add 5 new routes to enhance global network
Riyadh – Mubasher: flyadeal launched five routes from its operating bases of Dammam, Riyadh and Jeddah in 2025, according to a press release. This aligns with the company’s expansion plans that include entry to Pakistan in February as well as …
Global Economy
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9 January 2025 06:18 AM Mintiply Capital, Fuel Venture Capital to foster entrepreneurial landscape in GCC
UAE – Mubasher: Mintiply Capital, a leading advisory and investment banking firm in the UAE, teamed up with US-based Fuel Venture Capital to support the region’s entrepreneurial ecosystem. The exclusive partnership aligns with the UAE’s vision to …
Global Economy
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9 January 2025 06:12 AM Apaya, Telr join forces to boost e-commerce ecosystem in MENA
UAE– Mubasher: Apaya, a commerce automation platform, entered into a strategic partnership with MENA’s online payment gateway Telr to accelerate digital commerce growth in the region. The collaboration will allow merchants to instantly access …
Companies Investments
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8 January 2025 07:50 PM ACWA Power unveils update on Middle East’s largest single-contracted wind farm in Egypt
Riyadh – Mubasher: Private water desalination company ACWA Power together with consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, have achieved the financial close for the 1.1-gigawatt GW Suez Wind Farm in Egypt. The renewables …
Global Economy