Indian CARS24 raises $20m from the Commercial Bank of Dubai

Indian CARS24 raises $20m from the Commercial Bank of Dubai
Image: Shutterstock
Short Url
Updated 01 December 2021

Indian CARS24 raises $20m from the Commercial Bank of Dubai

Indian CARS24 raises $20m from the Commercial Bank of Dubai
  • The funding came following CARS24 's $450 million funding round last September

RIYADH: India-based automotive e-commerce platform CARS24 raised 75 million dirham ($20 million) in local debt funding from the Commercial Bank of Dubai.

The debt funding fuels the company’s operational expansion in the UAE and provides it with significant funding flexibility, Wamda reported. 

The funding came following CARS24 's $450 million funding round last September, and its announcement of further investing $23 million in the UAE and other GCC countries to expand its presence.

“Since last year, there has been a huge increase in the number of online2offline businesses, partially due to the recent global pandemic.  We see a clear need to back these businesses and provide them with the funds they require to scale up and expand,” 

 CBD chief Bernd van Linder said. 

Founded in 2015, CARS24 launched its operations in the UAE market in May 2021 with a presence in Australia, Saudi Arabia, Thailand, allowing its customers to buy and sell pre-owned vehicles online.


Kuwait’s budget deficit 682 million dinars in 9 months

Kuwait’s budget deficit 682 million dinars in 9 months
Updated 9 sec ago

Kuwait’s budget deficit 682 million dinars in 9 months

Kuwait’s budget deficit 682 million dinars in 9 months

KUWAIT CITY: Kuwait’s oil revenue reached 11.5 billion dinars ($38.10 billion) in the nine months to the end of December, the Ministry of Finance said in a report on Monday.
The Gulf OPEC member recorded a budget deficit of 682.4 million dinars in the first nine months of its financial year, which ends in March 2022, the ministry’s preliminary report said.
($1 = 0.3019 Kuwaiti dinars)


Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM
Updated 17 January 2022

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

RIYADH: Some military affiliated companies operating in the economy and civil sectors are being restructured to be listed on Cairo's Stock Exchange next year, Egypt's Prime Minister, Mostafa Madbouly, said.

The companies will be available to all Egyptians, not just the private sector,  he added during his interview on a BBC program, citing President Abdel Fattah El Sisi’s statement. 

Soliman did not disclose the names of other companies affiliated with the Egyptian army that are planned to be listed, until the validity of their legal structures is verified. 

“We have offered more than 25 percent of the wholly state-owned e-finance company on the EGX, and many companies, including companies affiliated with the armed forces, are scheduled to be offered on the stock exchange next year,” Madbouly said.  

He added that the size of the armed forces' institutions represents less than 1 percent of the Egyptian economy.

Ayman Soliman, the CEO of the Sovereign Fund of Egypt had previously revealed the organisation was in the process of completing the legal restructuring of two affiliated companies, namely the Safi food company and the Watania petroleum distribution company, with both set to be listed on the stock exchange.


UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister
Updated 17 January 2022

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

RIYADH: UAE-owned renewable energy company Masdar wants to see its global projects produce up to 200 gigawatts of electricity, the country’s Industry Minister Sultan al-Jaber said on Monday in Dubai.

Al-Jaber, who is also the CEO of Abu Dhabi National Oil Company (ADNOC), was speaking at the Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai.

He said  Masdar has invested in wind and solar projects in 40 countries around the world, according to Reuters, adding: “Our ambition is to accelerate this development globally to reach 100 GW and ultimately double that again to 200 GW.”

No timeframe was set out for the growth, but last month the  Abu Dhabi government confirmed plans to increase Masdar's capacity to more than 50 gigawatts by 2030.


Tanmiah Food appoints Ahmed Osilan as managing director

Tanmiah Food appoints Ahmed Osilan as managing director
Updated 17 January 2022

Tanmiah Food appoints Ahmed Osilan as managing director

Tanmiah Food appoints Ahmed Osilan as managing director

RIYADH: Saudi-listed Tanmiah Food Co. will see executive board member Ahmed Sharaf Osilan take over as managing director for the ongoing term, which shall end on April 4, 2022.

The decision was approved by the company’s board of directors today, Jan. 17.  

The newly elected member, Osilan, will replace Muhammad Sajid Saeed.

Osilan holds a bachelor’s degree in industrial management, and has 20 years of experience in the investment field, having held many leadership positions in the past.

The Riyadh-based food company, which employs more than 1,500 people, has grown to become a major supplier of chicken products.

It operates a veterinary services unit and food processing business.

 


General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president
Updated 17 January 2022

General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president

RIYADH: Automotive company General Motors Africa and Middle East, or GM AMEO, has appointed Sajed Sbeih to the role of vice president of strategy, product & operations at GM Europe. 

Sbeih was previously serving as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa, according to the company’s statement.

Currently named as GM AMEO chief financial officer, Albert Nazarian has been named as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa.

Also, Ajai Shankar, former finance director, is appointed as the company’s new chief financial officer.  

This comes in line with the company’s global growth strategy and efforts to support its vision of Zero Crashes, Zero Emissions and Zero Congestion.