The Red Sea Development Company Announces First Joint Venture Agreement with Al Mutlaq Group for Red Sea Project Almutlaq Real Estate Investment Co. (“AREIC”), a subsidiary of the Al Mutlaq Group (“AMG”), has entered into a joint venture agreement worth SR1.5 billion (USD400 million) with The Red Sea Development Company (“TRSDC”), a closed joint-stock company […]
Deal & transactions
Insurance
United Arab Emirates
Dar Al Takaful and Watania merge to create UAE’s largest
Shari’ah-Compliant insurance companies Dar Al Takaful (“DAT”) and National Takaful Company (“Watania”) have completed their merger effective on 01 July 2022 pursuant to the merger plan announced on 3 March 2022. As part of the merger completion
UAE-based fintech YAP, a digital banking platform, has raised USD41 million in a pre-series A funding round to fund its operations and growth. The round was led by Saudi Arabia’s investment company Aljazira
Banking & Finance
Deal & transactions
United Arab Emirates
Bahrain Bourse and ADX launch Tabadul Exchange Hub
Bahrain Bourse (BHB) and Abu Dhabi Securities Exchange (ADX) have launched the GCC’s first digital exchange hub – Tabadul. The exchanges commemorated this landmark achievement towards the launch of Tabadul with an official
Banking & Finance
Food & Beverage
United Arab Emirates
Food tech startup Supy raises USD8m in seed financing round
UAE-based B2B food marketplace, Supy, raised USD8 million in a Seed round led by Beco Capital with participation from existing investors including Valia Ventures and Cotu Ventures, Global Ventures and Amk Investment Office.
The winners of the Iberian Lawyer IP&TMT Portugal Awards 2022 were announced during the gala ceremony held at the Museu do Oriente in Lisbon, on July 6th 2022. Once again, the IP&TMT Awards
Deal & transactions
Energy & Trading
Other
Siemens Energy to build a stable energy infrastructure in Yemen
Siemens Energy and the Republic of Yemen have signed a Memorandum of Understanding (“MoU”) for the re-electrification of the country. The MoU focuses on the essential elements of the electrification of Yemen. This includes the
Banking & Finance
Deal & transactions
United Arab Emirates
Emirates NBD Group and BNY Mellon announce strategic alliance
Global investment company, BNY Mellon and Emirates NBD, a banking group in the MENAT (Middle East, North Africa and Turkey) region, have entered a strategic alliance aimed at accelerating the growth
Italian luxury sports car manufacturer, Ferrari, in collaboration with Egyptian Automotive Importer Ezz Elarab Group, launched its official service center and authorized showroom in Egypt. The new partnership with Ferrari was celebrated with a grand
Deal & transactions
TMT
United Arab Emirates
AIQ and MBZUAI collaborate to energize research into AI technologies
AIQ, a joint venture between ADNOC and G42, and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) have signed a memorandum of understanding (MoU) related to joint research into AI related technologies with an emphasis
