The state remains the largest shareholder in Aramco after the transfer, as it retains more than 90 per cent of the company’s shares
The post Saudi Arabia transfers 4% Aramco stake to PIF appeared first on Gulf Business.
The post Saudi Arabia transfers 4% Aramco stake to PIF appeared first on Gulf Business.
Category: Business
Insights: AI is booming – so is its carbon footprint
AI uses more energy than other forms of computing, and training a single model can gobble up more electricity than 100 US homes use in an entire year
The post Insights: AI is booming – so is its carbon footprint appeared first on Gulf Business.
The post Insights: AI is booming – so is its carbon footprint appeared first on Gulf Business.
UAE President receives President Lula of Brazil
The UAE is one of Brazil’s largest trading partners and President Lula’s visit is expected to boost bilateral relations between the two countries
The post UAE President receives President Lula of Brazil appeared first on Gulf Business.
The post UAE President receives President Lula of Brazil appeared first on Gulf Business.
Morgan Stanley sees cash buyers and Chinese buoying Dubai property
Demand for Dubai real estate is booming after the government’s handling of the pandemic and its liberal visa policies attracted more foreign buyers
The post Morgan Stanley sees cash buyers and Chinese buoying Dubai property appeared first on Gulf Business.
The post Morgan Stanley sees cash buyers and Chinese buoying Dubai property appeared first on Gulf Business.
Dubai: Meeting the demand for luxury real estate
The city remains a lucrative luxury property market, where proactive government policy are fuelling demand from buyers and investors alike
The post Dubai: Meeting the demand for luxury real estate appeared first on Gulf Business.
The post Dubai: Meeting the demand for luxury real estate appeared first on Gulf Business.
Air Canada to connect Vancouver-Dubai with Boeing 787
The carrier will use Boeing 787 Dreamliner aircraft on Vancouver and Dubai flights, which features three cabins services
The post Air Canada to connect Vancouver-Dubai with Boeing 787 appeared first on Gulf Business.
The post Air Canada to connect Vancouver-Dubai with Boeing 787 appeared first on Gulf Business.
Is Dubai payments firm Network International going to be a buyout target?
CVC Capital Partners is reportedly interested in taking London-listed Network private.
Dubai headquartered – and London-listed – payment processing firm Network International has received buyout interest from the private equity investor CVC Capital Partners, according to a Bloomberg report. If the deal goes ahead, it would be the second such involving a global investment firm and a UAE payment entity.
CVC Capital Partners is a French private equity firm with more than $130 billion as assets under management. Emirates NBD holds 6 per cent in Network International.
Early last year, Abu Dhabi mega-bank FAB sold 60 per cent in Magnati to Brookfield Business Partners, with the payment firm valued at around $1.5 billion. The deal was also one of the drivers behind FAB’s sterling results for 2022.
“Network’s growing reach in the region and in a high-potential growth market like Africa is what could be drawing buyout interest,” said a Dubai-based analyst. “CVC Capital Partners can’t be the only bidder for Network, and it could make for an interesting deal – if it happens.”
In a recent statement, Network International had said it would continue an aggressive share buyback program this year as well. The buyback would total $100 million. At the time, some analysts had talked about a potential stake sale by Network, which has been expanding in Saudi Arabia, Egypt and other African markets while building on its strengths in the home market of the UAE.
According to Bloomberg, Network has been speaking with advisers after attracting takeover interest from CVC. The Network stock closed 23 per cent up on FTSE, for a market value of 1.6 billion pounds.
The digital payments scene in the UAE and wider regional markets have been getting sizeable investor interest, with consumer financing platforms offering ‘buy now pay later’ solutions leading the way. Next week, Abu Dhabi based MBME – a digital payment solutions provider – is listing on ADX’s ‘Growth Market’, which is the stock exchange’s secondary market for private listings.
Dubai records 2,246 real estate transactions valued at Dh11.6 billion during the week
Palm Jumeirah remains top spot for villa and apartment sales.
Dubai recorded 2,246 real estate and properties transactions valued at Dh11.6 billion during the week ending April 14, data from the Dubai Land Department showed on Friday.
Overall, 226 plots were sold for Dh5.76 billion, 2,019 apartments and villas were sold for Dh4.42 billion.
The top three transactions were a plot of land in Mugatrah sold for Dh3.87 billion, followed by a plot that was sold for Dh630.8 million in Al Layan1, and a plot sold for Dh91 million in Al Barsha South Fourth in third place.
Al Hebiah Fifth recorded the most transactions for this week by 74 sales transactions worth Dh198.41 million, followed by Madinat Hind 4 with 34 sales transactions worth Dh44.36 million, and Al Hebiah Fourth with 27 sales transactions worth Dh251 million in third place.
The top three transfers for apartments and villas were sold in Palm Jumeirah for Dh76 million, Dh58 million and Dh50 million respectively.
The sum of the amount of mortgaged properties for the week was 1.31 billion, with the highest being a land in Al Thanayah Fourth, mortgaged for Dh91 million.
68 properties were granted between first-degree relatives worth Dh144 million.
Karm Legal’s Kokila Alagh on advancements in virtual assets regulation
VARA has come out with detailed regulations and rulebooks for the virtual assets sector, indicating just how fast things are moving
The post Karm Legal’s Kokila Alagh on advancements in virtual assets regulation appeared first on Gulf Business.
The post Karm Legal’s Kokila Alagh on advancements in virtual assets regulation appeared first on Gulf Business.
Will AI define the loyalty programmes of the future?
Brands that want to retain or win back customer loyalty must deliver meaningful offers and experiences at the right time and place
The post Will AI define the loyalty programmes of the future? appeared first on Gulf Business.
The post Will AI define the loyalty programmes of the future? appeared first on Gulf Business.