Middle East hospital operator VPS Healthcare considers Abu Dhabi IPO: sources

Middle East hospital operator VPS Healthcare considers Abu Dhabi IPO: sources
Image: Shutterstock
Short Url
Updated 22 February 2022

Middle East hospital operator VPS Healthcare considers Abu Dhabi IPO: sources

Middle East hospital operator VPS Healthcare considers Abu Dhabi IPO: sources

DUBAI: Middle Eastern hospital operator VPS Healthcare is considering an initial public offering in Abu Dhabi and has invited a select number of banks to pitch for roles, two sources told Reuters.


A request for proposals was sent to the banks earlier this month, said the sources with knowledge of the matter, declining to be named as the matter was not public.


The owner of the company is considering the possibility of a deal this year, they said, adding that no final decision had been made regarding the initial share sale.

They did not provide further details.


VPS did not respond to a request for comment when contacted by Reuters on Monday.


The company, which manages the UAE’s Burjeel hospitals, has a network of 24 hospitals and 125 clinics across the Middle East and India.


VPS had previously planned to go public with a listing in London but in 2019 was forced to reconsider due to uncertainty surrounding Brexit.


Investor interest is gaining momentum in Abu Dhabi after a slew of listings last year including ADNOC Drilling , Fertiglobe and Yahsat.


Traded value on the Abu Dhabi bourse increased five-fold last year to 739 billion dirhams ($201.22 billion).


Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 
Updated 15 sec ago

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

RIYADH: The Saudi Ports Authority, Mawani, has inked a deal with Globe Group to establish a fully integrated logistics zone at Jeddah Islamic Port to enhance its competitive edge and support logistics-related companies on the ground.

This comes as a continuation of Mawani’s initiative to turn the Kingdom into a global logistics hub by creating such zones inside and outside ports.

Mawani said it aims to increase the contribution of the private sector to economic development and diversification in Jeddah Islamic Port, as well as provide and localize job opportunities in the logistics sector.

Jeddah Islamic Port is witnessing development operations aimed at improving its operational processes and increasing its capacity in an effort to make it among the top 10 ports in the world.

The port accounts for 75 percent of inbound maritime and transshipment trade in the Red Sea, making it the first re-export point in the region.

Recently, Mawani announced the signing of exceptional agreements to establish five promising logistic areas in Jeddah Islamic Port with an investment value of approximately SR2 billion ($532 million).

It also provides 6,000 direct and indirect job opportunities in the first phase, in an integrated partnership with local and international companies, including Maersk, CMA CGM, LogiPoint, DB World, Bahri.


B.TECH to drive more growth and expansion following investment by SEIC

B.TECH to drive more growth and expansion following investment by SEIC
Updated 22 min 32 sec ago

B.TECH to drive more growth and expansion following investment by SEIC

B.TECH to drive more growth and expansion following investment by SEIC

RIYADH: Egypt’s omnichannel retailer and consumer finance platform B.TECH is expected to drive more growth and expansion following the investment by the Saudi Egyptian Investment Co., a wholly-owned subsidiary of the Public Investment Fund, its CEO told Al-Arabiya.

B.TECH aims to increase its revenues by 30 percent by the end of 2022 to $1.5 million, while it aims to increase its locations to 153 by the end of the year.

Currently, B.TECH opens one location every ten days, according to B.TECH CEO Mahmoud Khattab.

B.TECH CEO Mahmoud Khattab (Supplied)

SEIC has acquired 34 percent of Egypt’s omnichannel retailer and consumer finance platform B.TECH.

SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International.

B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company.

“In recent years, we have achieved significant milestones, rapidly expanded our e-commerce business and grew our store footprint, distribution and service centers, while also enhancing our digital capabilities,” Khattab said.

Working with SEIC, he said B.TECH will continue to accelerate its innovative growth strategy, its digitization efforts, while scaling new business verticals and existing core operations. 

Khattab added: “B.TECH will also invest in increasing financial inclusion efforts, supported by the growth of B.TECH’s digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions.”


Saudi telecom operator stc launches $1bn subsidiary to create regional media hub

Saudi telecom operator stc launches $1bn subsidiary to create regional media hub
Updated 04 October 2022

Saudi telecom operator stc launches $1bn subsidiary to create regional media hub

Saudi telecom operator stc launches $1bn subsidiary to create regional media hub

RIYADH: Saudi telecommunication firm stc has launched a new subsidiary, Center 3, linking Asia, Africa, and Europe through a regional media hub aiming to enhance the growth of the digital economy in the Kingdom.

Center 3 is a group of carrier-neutral data centers and a provider of international communication for the telecommunications sector through a submarine fiber-optic network.

The subsidiary firm was unveiled during a ceremony held in the Hilton hotel, nine months after the Center 3 MENA Hub initiative was initially announced.

“This is an initiative that is solidifying our digital offering not only to Saudi Arabia but far beyond to all of the global and digital ecosystem leveraging on being at the center of three continents,” Olayan Alwetaid, stc group CEO said.

Mohammed Alabbadi, stc group chief carrier and wholesale officer, added: “With an initial investment of $1 billion we are aiming to build the future; a future of unparalleled customer experience, carrier neutrality, and ensuring business continuity backed by a resilient and diverse network of sub-sea cables that connects Europe, Africa, and Asia."

Through the investment of $1 billion, stc aims to drive the growth of the Kingdom's economy and its gross domestic product.

“Today the real journey starts; the journey to solidify Saudi Arabia’s position at the heart of the ICT landscape in the region and the stepping stone beyond the region,” Alabbadi said.

He added: “Our vision is to create a digital community linking and hosting all stakeholders of the industry in one place — carriers, cloud, content, gaming all.”

The stc group chief carrier officer explained that the MENA HUB was inspired by the Kingdom's Vision 2030 in order to be an integral driver of connectivity between the three continents.

He added: “Today we are very proud to see stc deliver on its mission with an aim to help accelerate and drive these results even further.” 

During the ceremony, Fahad Alhajeri, Center 3 CEO, highlighted the subsidiary's business model, which includes the customer segments of hyperscalers and data center players, Tier 2 cloud, content and gaming, content delivery network, international carriers, local and regional carriers, and international enterprises.

“Our main objective is to make Saudi the digital hub in the region,” the Center 3 CEO said.

He noted that Saudi is forecasted to have the highest market share in the region. 

“We will continue in advancing our country's position and we are investing in 16 subsea cables, and nine lading stations by 2025. We will increase our connectivity capacity from 30TB to 130TB, and with our sub cables systems, we have access to more than 100 plus landing cities globally.” 

Center 3 CEO highlighted how the Middle East and Africa are underserved while the average global carrier of international connectivity from 2019 to 2025 is forecasted at 10 percent.

“The Middle East and Africa are growing two times faster than that at 20 percent and of course, among other factors, it's an indication of the gap in content localization. It is evident that a primary digital hub will evolve in the MENA region, creating a well-suited opportunity for the Kingdom,” Alhajeri said.

Center 3 aims to provide the three essential components in establishing a digital hub including media centers to store and process data, international connectivity to connect to international and regional markets, and active internet exchange.

“Usually these components are provided by multiple entities in different countries and regions that are the digital hub, we provide them all. Center 3 is the one-stop shop in the region,” he added.


Cybersecurity negligence from workers putting firms at risk in ME, survey finds

Cybersecurity negligence from workers putting firms at risk in ME, survey finds
Updated 04 October 2022

Cybersecurity negligence from workers putting firms at risk in ME, survey finds

Cybersecurity negligence from workers putting firms at risk in ME, survey finds

RIYADH: Hybrid working is increasing cybersecurity negligence by employees across the Middle East region, according to a survey. 

Research by global cybersecurity company Proofpoint revealed that some 51 percent of employees in the UAE admit to connecting to home or public Wi-Fi networks without knowing if they are secure, while 44 percent of Saudi Arabia-based employees make use of insecure networks. 

Other risky behaviors include using USB drives, downloading attachments and files from unknown sources, and clicking on malicious URL links.

According to the survey, only 17 percent of employees in the UAE and 14 percent in Saudi Arabia felt that they share the responsibility for cybersecurity in their organization, with a majority believing the information technology team was ultimately responsible for online safety.

Adenike Cosgrove, Proofpoint’s vice president for cybersecurity strategy for the region, said: “Employees must understand that they play a critical role in preventing data breaches and that this isn’t just an IT problem.

“As traditional working models evolve, the old ways of protecting data no longer work.”

It is not just lapses with connections that were unearthed by the survey, with the research showing 38 percent of the participants in the UAE and 36 percent in Saudi Arabia admitting that they would take documents they created with them when they started a new job.

Cosgrove added: “Organizations will need to work together with their employees to up their game and adapt data loss prevention and insider risk solutions to protect endpoints, cloud apps, email, and the web.” 

On the positive side, 53 percent of the participants in both the UAE and Saudi Arabia said that they check the email address of a sender before opening an attachment or clicking a link. 

Moreover, 65 percent of the employees in the UAE and 58 percent in Saudi Arabia said that their organization delivered cybersecurity awareness training to mitigate cyber-attacks. 


UAE In Focus — Multiply Group acquires 80% of International Energy Holding 

UAE In Focus — Multiply Group acquires 80% of International Energy Holding 
Updated 04 October 2022

UAE In Focus — Multiply Group acquires 80% of International Energy Holding 

UAE In Focus — Multiply Group acquires 80% of International Energy Holding 

DUBAI: Abu Dhabi-based holding company Multiply Group has acquired 80 percent of International Energy Holding LLC, according to Emirates News Agency WAM.

International Energy Holding recently secured a 50 percent stake in Kalyon Enerji Yatrimlari A.Ş., one of Turkey’s leading clean and renewable energy companies.

As part of IEH, Multiply Group intends to continue expanding its global investments in utilities and energy.

Through Kalyon Enerji's portfolio, the company owns a PV power plant with a capacity of 1,347.734 megawatt peak/1,000 megawatt electric in Konya's Karapinar region. 

This facility alone will meet the annual electrical needs of approximately 2 million people when it is completed in 2023, the statement added. 

In addition, the company has a 1 gigawatt wind project in Ankara developed by Turkey’s Renewable Energy Resources Zone, a 100 MW solar project in Nide, a 50 MW solar project in Gaziantep; and other renewable energy projects in Turkey.

A 7.3 percent stake in Abu Dhabi National Energy Company was recently acquired by Multiply Group for 10 billion dirhams ($2.7 billion). 

Additionally, the company owns 100 percent of the district cooling company PAL Cooling Holding, as well as 367 million dirhams in the initial public offering of Dubai Electricity and Water Authority, one of the largest fully integrated utility companies in the UAE.

The remaining 20 percent of International Energy Holding has been acquired by Alpha Dhabi Holding, an Abu Dhabi-based conglomerate and subsidiary of the International Holding Company.

Arada awards two contracts valued at $123m to build 740 homes in Sharjah’s Aljada 

Two major contracts have been awarded to Arada for the construction of nine premium apartment blocks in Aljada, the 24 million square foot mixed-use megaproject in Muwaileh, according to Emirates News Agency WAM. 

There are 740 homes in total and nine buildings include five Sokoon blocks, two apartment buildings located near the museum of Aljada, and two Gate buildings.

Sokoon is a newly launched family-friendly development concept by Arada of 1, 2 and 3 bedroom apartments

Airolink Building Contracting LLC won the contract to build the five Sokoon apartment buildings and the two apartment blocks adjacent to the museum for 377 million dirhams.

Building work on the Sokoon buildings, which consists of 482 homes, and the museum-facing buildings, which will include 138 homes, will begin immediately and be completed in 20 months. Aljada's cultural district, Naseej District, is home to both sets of buildings.

As part of the contract, Airolink Building Contracting LLC will also construct The Gate, which consists of two apartment buildings located at the entrance to Aljada, valued at 77 million dirhams. The Gate's 120 homes will also be constructed immediately and will be completed within 16 months.

Arada has completed almost 1,500 homes at Aljada, including all 14 apartment blocks, a garden villa community, and both phases of SABIS International School-Aljada.

A 16-building East Village complex, a 12-building Nest student housing community and a second Sarab villa community at Aljada are also expected to be completed by the end of the year.