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Category: Business
American multinational business Parsons buys $475 million worth of contracts from Saudi Arabia and the UAE. The contracts are for work in technology, defense, intelligence, and infrastructure engineering. In Saudi Arabia in the fourth quarter of 2024, the business won two big deals worth a total of $275 million. The work that goes along with...
Niantic, the U.S. company that made Pokémon Go, is allegedly in talks to sell its video game business to a division of Savvy Games Group, which is a branch of Saudi Arabia’s Public Investment Fund (PIF). The planned $3.5 billion deal could be completed in the next few weeks, according to Bloomberg report. The deal...
Saudi Arabia’s integrated utility company, ACWA Power, has signed a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets valued at $693 million. This acquisition marks ACWA Power’s entry into the Kuwaiti market. The deal includes significant operating capacities, comprising 4.61 gigawatts (GW) of gas-fired power generation and...
Lulu Retail Group, based in the United Arab Emirates, is set to expand its operations into the suburban areas of major Emirati cities. The company plans to establish 15 new retail locations in Dubai and the northern Emirates. This expansion aligns with a demographic trend where residents are increasingly moving away from crowded urban centers,...
Egyptian Prime Minister Mostafa Madbouly met with Saudi Energy Minister Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud on Monday at the Al Manara International Conferences Center. This meeting occurred alongside the 8th Egypt Energy Show (EGYPES 2025), which was inaugurated by Egyptian President Abdel Fattah Al-Sisi. During the meeting, Madbouly reaffirmed Egypt’s commitment to...
The Dubai International Financial Centre (DIFC) has reported its strongest annual financial performance in 2024, with combined revenues reaching AED 1.78 billion. This impressive figure comes from nearly 7,000 registered companies operating within the center. In 2024, DIFC welcomed a record-breaking 1,823 new company registrations, marking a 25 percent increase from the previous year. His...
Dubai has announced a new Golden Visa Scheme specifically for yacht owners, allowing them long-term residency in the emirate. This initiative follows a similar scheme launched recently in Abu Dhabi, aimed at attracting high-net-worth individuals to the region. The announcement was made by the General Director of Residence and Foreigners Affairs. Further details of the...
InCred Group, a diversified financial services firm, has announced its acquisition of Arrow Capital (DIFC) Limited, a prominent boutique financial services provider based in Dubai. This acquisition, revealed on February 17, 2025, is a strategic move aimed at enhancing InCred’s global capabilities in wealth management, investment banking, and asset management. Arrow Capital, established in 2016...
ASB Capital, a newly established asset management firm, has officially commenced operations in the Dubai International Financial Centre (DIFC) with an impressive $4.5 billion in assets under management (AUM). Licensed by the Dubai Financial Services Authority (DFSA), the firm plans to provide a range of wealth and asset management solutions, which include offerings in public...
Maestral, a shipbuilding joint venture based in Abu Dhabi between Fincantieri and EDGE, has secured a significant contract for an ‘In-Service Support Strategic Partnership Project’ aimed at enhancing the entire fleet of the United Arab Emirates (UAE) Navy. This contract is valued at over $520 million and will be implemented over a five-year period. The...