Wednesday 19 February 2020

Investcorp acquires top US food distributor

Bahrain-based Investcorp, a leader in alternative investment, said that it has acquired Fortune International, a leading super-regional speciality distributor of seafood and gourmet food products. Terms of the transaction were not disclosed. Fortune was founded in


Vezeeta announces $40m Series D Round

Vezeeta , Middle East and Africa’s leading digital healthcare platform secured $40 million in its Series D round led by Gulf Capital, the Middle East’s largest and most active alternative asset management firm. The round had strong support from existing investor, Saudi Technology


Jones Day names Shadmand Mideast Partner-in-Charge

The global law firm Jones Day has appointed Sheila Shadmand as Partner-in-Charge of its Middle East region.She succeeds Javade Chaudhri who will continue as a partner advising clients on matters related to transactions, compliance, and investigations in Saudi Arabia and Africa. &


Adnic reports net profit of $77.4m in 2019

The Abu Dhabi National Insurance Company (Adnic) has reported its full year financial results for the year ended December 31, 2019, announcing a net profit up 20.7 percent year-on-year to Dh284.3 million ($77.4 million). Gross written premium increased by 29 percent year-on-year


Bank ABC unit ila Bahrain appoints CEO

Ila Bank Bahrain, a wholly owned retail subsidiary of Bank ABC, has appointed Mohamed Al Maraj as its CEO.    Launched in November 2019, ila marks the ABC’s foray into retail banking space with a fully-digital mobile only proposition, with a roadmap t


Sovereigns remain ‘resilient to coronavirus impact’

While the coronavirus outbreak poses increasing risks to the growth outlook for a number of countries, the credit profiles of the most-exposed sovereigns remain resilient, Moody’s Investors Service said in a new research report.  Key points: • 


Three factors could hit GCC insurers in 2020: S&P

Intensifying competition, increasing asset risk, and more onerous and costly regulations are among the key risks that could affect GCC insurers' earnings and credit conditions in 2020, S&P Global Ratings said in a new report. "Despite these challenges, our ratings ar


ADFD signs agreement with US development agency

Abu Dhabi Fund for Development (ADFD) has signed a strategic agreement with the United States International Development Finance Corporation (DFC),an independent agency of the Government of the United States of America. The areas of collaboration outlined by the memorandum of unde


UAE unveils $500m ‘Consortium for Africa’ initiative

The UAE has unveiled a new initiative titled “Consortium for Africa” with a committed investment of $500 million to help fulfil the vision of a "turbocharged" and connected new Africa, driven by its youth at the African Union (AU). The UAE Minister for Inter


NMC muddle: Shetty, Al Muhairi asked to stay away

The UAE-based NMC's board has asked its joint non-executive chairman Dr B R Shetty and vice-chairman Khaleefa Butti Al Muhairi to absent themselves from board meetings while their shareholdings in the company are reviewed.    The company announced that

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