UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 
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Updated 07 December 2021

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

RIYADH: Egyptian billionaire Naguib Sawiris has announced a $100 million deal with Abu Dhabi’s Chimera for investment in Egypt’s real estate.

Through its subsidiary, Chimera subscribed to a capital increase in Egypt’s Gemini Global Development in return for acquiring a minority stake in the company, Asharq reported.

This capital increase aims to develop and expand the real estate activities of Gemini Global Development Egypt through Ora Developers.

Naguib Sawiris said Ora Developers has always aimed to search for opportunities that expand their offerings to a larger base of customers in various markets, while partnering with global investors, contractors and retailers. 

“Through this partnership, Chimera continues to grow and further enhance its global portfolio by investing in a prominent player operating in a high growth sector in Egypt,” Chimera Chairman Syed Basar Shueb said. 


Abu Dhabi takes a step towards emerging ETF industry in the Gulf region

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region
Image: Shutterstock
Updated 13 sec ago

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region
  • The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index

RIYADH: A new investment product will allow traders in the UAE to track Saudi stocks via the local bourse — a first for the Gulf region’s fledgling ETF market.

Chimera Capital LLC, an Abu-Dhabi-based investment management firm and a subsidiary of Chimera Investment LLC, has launched its Chimera S&P Saudi Arabia Shariah Compliant Exchange Traded Fund (ETF).

The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index, which is up 44 percent over the past year.

The gauge tracks the top 30 largest and most liquid Shariah-compliant stocks listed in Saudi Arabia.

“We are pleased to have launched our fifth ETF, which is the first to track non-UAE-listed equities. The fund will cater to the growing appetite for diversified investments among UAE and regional investors, providing them with an innovative tool to capitalize on the economic prospects of Saudi Arabia,” Sherif Salem, Chief Investment Officer – Public Markets at Chimera Capital said

The fund’s assets under management rose to 70 million dirhams ($19 million) by the end of the week, he said.

Gulf investors can choose between eight different equity-focused ETFs in the region, with three in Saudi Arabia, two in Qatar and three in the UAE.


IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave
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Updated 15 min 50 sec ago

IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave

RIYADH: Amid a wave of initial public offerings in the Kingdom, many companies are to kick off the book-building process on Saudi Arabia’s main and parallel indexes this month.

Al Dawaa Medical Services Co. has announced its intention to debut 25.5 million shares, representing 30 percent of capital, on the main stock index, TASI.

The pharmaceutical retailer will allocate the full offer during the IPO bidding session, which will run from Feb. 13 to Feb. 17, 2022, according to a statement by the company.

Dammam-based Gas Arabian Services started the qualified investors’ book-building session today, Jan. 23, amid plans to list 790,000 shares on Saudi Arabia’s parallel market, Nomu.

The session will take place for four days until Jan. 27, 2022, the bookrunner of the offer, FALCOM Financial Services Co., said in a bourse statement.

The offering price range has been set between SR75 and SR90 per share.

Qualified investors will be entitled to the full offer of 790,000 shares and each shall subscribe to a minimum of 10 shares and a maximum of 789,990 shares.

Arabian International Healthcare Holding Co., better known as Tibbiyah, will begin the book-building process on Jan. 30. The period will last for five days, offering 5 million shares, or 25 percent of capital, on the parallel market Nomu.

Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.


Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
Updated 20 min 35 sec ago

Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
  • The Ready-made Garments Export Council has attracted 23 new factories in 2021

The value of Egyptian ready-made garment exports set an all-time high record during 2021.

They increased to $2.49 billion, up from $1.457 billion the previous year, amounting to a 41 percent increase.

The Ready-made Garments Export Council has attracted 23 new factories in 2021, with 11 facilities from small and medium factories re-attracted, the head of the council, Marie Lewis, revealed. 

Lewis added that services provided by the council are being expanded, to include promotional and marketing services. It has prepared a number of initiatives to develop e-marketing tools for its exporters.

The council has also participated in four international and local exhibitions, and has provided 33 export opportunities. It also arranged 22 bilateral meetings between its exporters and buyers.

It organised 32 workshops and training programs to enhance the export capabilities and production efficiency of the council's exporters, she added. 


MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services
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Updated 23 January 2022

MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.

This followed the approval of the company’s board of directors.

As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.

In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.

MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.

The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.  

Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.


UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head
Updated 23 January 2022

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

RIYADH: Network International, a Middle East and North Africa digital commerce enabler, has appointed Abdulaziz Al Dahmash as managing director for Saudi Arabia, it said in a statement. 

Al Dahmash will be responsible for developing and implementing a comprehensive strategy to drive the company’s business growth and increase digital payments adoption in the Kingdom.

He has previously served as head of digital banking and payments in Saudi British Bank, or SABB and prior to that he contributed to developing the Saudi National Card Payment Network at the Saudi Central Bank. 

“As the Kingdom moves towards a less cash environment, it presents a significant opportunity for us to support the nation with its 2030 Vision and the goal of increasing the number of non-cash transactions to 70 percent in 2025,” CEO of the company, Nandan Mer, commented.