Latest news with #Dh16
The National
26-04-2025
- Automotive
- The National
UAE's IPO pipeline set for growth with potential Cafu stake sale
The UAE's initial public offering pipeline is set to become more diverse as Dubai-based fuel delivery start-up Cafu told Bloomberg that a stake stale is on the cards amid strong investor appetite for new listings in the Emirates. The fuel delivery and vehicle service company is looking to raise funds by selling a stake in the business for the first time, Bloomberg reported, quoting sources. The start-up is working with financial advisory and asset management firm Lazard for the IPO, but the discussions are at a preliminary stage, and no final decisions have been made, Bloomberg added. However, the company has not confirmed the exact details of the amount or the date of the IPO. Cafu has been delivering fuel to customers' doorsteps at the same price as petrol stations, without charging an extra markup. In recent years, it has also introduced an at-home car services package, which consists of on-demand battery, tyre change services, engine oil change, and emergency rescue services. The company was launched in Dubai in 2018 by entrepreneur Rashid Al Ghurair, who comes from one of Dubai's most prominent business families, and has operations in Oman and Egypt. Cafu charged basic delivery fees from 2018 until the start of the Covid-19 pandemic. However, since the pandemic, the company waived its delivery charges. But in a shift in its business model, the company said in a circular to clients on Thursday that it will reintroduce fuel delivery service charges. 'Keeping a service like this running, citywide 24/7, … takes a lot behind the scenes. We've absorbed those costs for as long as we could. Now to continue delivering the experience you rely on, we are reintroducing a small delivery fee,' the Cafu note said. The priority slab, which promises full delivery in 20 minutes, will be charged at Dh20 per delivery. Standard delivery, between 30 minutes and two hours, will be charged at Dh16. For overnight orders between 12am and 6am, a Dh12 fee will be applied, the note stated. 'The UAE's mega IPO bull wave will likely see another addition to its kitty. Interestingly, for Lazard, which has recently opened its office in the UAE, the transaction's success would mark its entry into the region, where its prolific competitors like Rothschild hugely dominate,' said Vijay Valecha, chief investment officer at Dubai investment company Century Financial. 'Apart from these revised slabs, the company has already earned revenue streams from multiple verticals introduced over the past few years. These include the battery, car wash, tyre change, engine oil replacement, and emergency rescue services. The app also allows for third-party partner advertisement, a likely advertisement and loyalty-related revenue stream for the company.' While Cafu is the leading fuel delivery operator in this region, globally, the space is dominated by a couple of players, Mr Valecha said. The latest market reports point to North America as the biggest market for this segment. The US is dominated by many apps, including Yoshi, Gaston, Ez Fill, Booster and Fuelster. Besides these start-ups, major American oil companies Shell and Mobil have introduced services in this segment, he added. The global on-demand fuel delivery market size is projected to touch $2.37 billion by 2033, recording a compound annual growth rate of 15.97 per cent from 2025 to 2033, according to market intelligence firm Business Research Insights. There has been a listings boom in the UAE in the past few years as the Arab world's second-largest economy continues to grow amid diversification efforts. There were seven IPOs across the UAE last year, including Talabat Holding, major retailer Lulu Group, ADNH Catering, NMDC Energy and Alef Education. IPOs in the UAE accounted for 47 per cent, or $6.2 billion, of total Gulf proceeds last year, PwC said in a report. Overall, 2024 saw the highest Gulf IPO volumes on record, with 53 listings across the region and a total of $13.2 billion raised, the report said. In 2021, the Dubai Financial Market unveiled an incentives programme to encourage new IPOs from private sector companies in key economic sectors that contribute to the country's gross domestic product. The incentives included financial support to the cost of listing on the bourse, post-listing support through participation in its international roadshows regionally and globally, and a three-year waiver on listing fees. The same year, Dubai revealed plans to list 10 government and state-owned companies on the DFM as part of a broader strategy to double the financial market's size to Dh3 trillion.
Gulf News
24-04-2025
- Automotive
- Gulf News
UAE fuel delivery service Cafu confirms delivery charge resumption – Here's how much it will cost you
Dubai: Fuel delivery service provider Cafu has announced it will be reintroducing a delivery fee for its services, effective today (April 24), a company spokesperson has confirmed to Gulf News. A more detailed statement from Cafu awaited. In a newsletter shared with Cafu customers, the company said this "small change" is intended to enhance its service and keep up with 'growing demand for more flexible and reliable options.' Previously, Cafu had offered free fuel delivery. The new fee structure will vary depending on the service selected by the customer. Priority delivery, which brings home the delivery in 20 minutes will now cost customers Dh 20. Standard delivery (up to 2 hours) will cost Dh16, and overnight delivery (12 am to 6 am) will be priced at Dh 12. In an announcement regarding the change, Cafu highlighted its 'commitment to continuous innovation and premium service, indicating that the adjustment in pricing reflects this commitment and will support continued investment in its service offerings.' Cafu began offering free fuel delivery in July 2020, during the Covid-19 pandemic. Before that, they had delivery charges, which included options for a per-order fee or a monthly subscription when they first launched in 2018. Over the years, Cafu has expanded its offerings beyond just fuel delivery. The company provide mobile car washing, oil changes, battery replacement, tire services, and EV charging, which are a major part of the company's revenue stream.
Al Etihad
22-04-2025
- Business
- Al Etihad
Consumer Cooperative Society for Food Industries holds its general assembly, elects new board of directors
22 Apr 2025 13:36 ABU DHABI (ALETIHAD)The UAE Consumer Cooperative Society for Food Industries held its general assembly and elected a new board of directors. The meeting was attended by board members and shareholders, along with representatives from the Ministry of Economy and the financial audit Emirates Consumer Cooperative Society for Food Industries held its fourth ordinary general assembly meeting for the fiscal year 2024 on Wednesday, April 16 at the Emirates Consumer Cooperative's headquarters in the Band Al Hamar area. During the meeting, the Board of Directors reviewed its most notable achievements over the past year, during which the Association succeeded in reducing expenses by 18% compared to 2023, through systematic monitoring and analysis of weekly Board of Directors further discussed and approved several substantive reports and decisions, including the minutes of the previous meeting, the Board of Directors' report on the Association's activities, and the auditor's report for the fiscal year ending December 31, 2024, in addition to approving the budget and loss account for the same year, and discharging the Board of Directors and auditors from association witnessed a significant expansion in its product offerings, with the addition of 1,750 new products, a 30% increase over the previous period, focusing on key brands and providing a variety of wholesale and retail part of developing the shopping environment, management updated the store's interior design and added new shelving to display products in an innovative way. It also developed a plan to manage inventory launched its Cooplus. An app, which provides a comprehensive online shopping experience and home delivery service, helping boost sales and facilitate product access for wholesale sales, the association established a specialised department and appointed a team of experienced professionals. This contributed to the signing of contracts with three food supply companies in Dubai and Abu Dhabi, with an annual value ranging between Dh12 million and Dh16 million. This was in addition to meeting the needs of some government offices and entities at competitive attendees also discussed expansion plans across the country's various emirates. The previous board of directors, headed by Dr. Ahmed Hassan bin Al Sheikh, emphasised the continuation of efforts to find new locations in cooperation with relevant entities, with a focus on developing the online platform for retail and wholesale sales and planning to open new branches in residential areas across the country's various meeting concluded with the election of a new Board of Directors for the next three years, and the formation of administrative positions for the upcoming period. The following were elected:Jassim Mohammed Al Bastaki: Chairman of the Board of DirectorsAhmed Ali Al Serkal: Vice Chairman of the Board of DirectorsHamda Khalil Al Mansouri: TreasurerAli Abdulaziz Al Ali: SecretaryMohammed Salem Al Dhaheri: Board MemberMohammed Abu Bakr Al-Siyari: Member of the Board of DirectorsMohammed Ahmed Hassan bin Al Sheikh: Member of the Board of DirectorsJassim Al Bastaki, Chairman of the Board of Directors, expressed his thanks and appreciation to the former Board of Directors and its Chairman, Dr. Ahmed Hassan Bin Al Sheikh, for their efforts in supporting the cooperative's progress during the past period. He stressed that the new management will continue to work on developing the cooperative's business expanding its horizons, in line with the aspirations of members and enhancing the cooperative's presence in the UAE market. Al Bastaki futher said, "This will be achieved by launching a new methodology and qualitative initiatives that contribute to enhancing the quality of services and expanding the beneficiary base, in addition to exploring innovative investment opportunities that support financial sustainability and achieve added value for the community." Source: Aletihad - Abu Dhabi
Khaleej Times
24-02-2025
- Entertainment
- Khaleej Times
'Wouldn't he have been perfect?': Sharon Osbourne on Ozzy's audition for 'Pirates of the Caribbean'
Actress Sharon Osbourne revealed that she regrets stopping her husband, singer Ozzy Osbourne, after he received a chance to join the successful Pirates of the Caribbean franchise, said The Hollywood Reporter. Sharon was a guest on a recent episode of The Magnificent Others With Billy Corgan podcast. She revealed that her husband was offered to read for the film, and she regrets stopping it. "Do you want to know the biggest mistake I ever made with Ozzy? He got offered to go and read for Pirates of the Caribbean — and I've never said this to anyone," said Sharon. Along with the audience, the host, Corgon, was also shocked by this revelation. He asked, "And you said no? " Sharon confirmed, saying, "I said no. Now, wouldn't he have been perfect?" The pair laughed at what could've been and Sharon noted, "Because when Johnny [Depp] ... wanted Keith to be a pirate, you remember?" She was referring to Keith Richards, the guitarist of the Rolling Stones. Depp, who starred in the Pirates films as Captain Jack Sparrow, brought his long-time friend Richards on board to play his dad, Captain Teague. According to The Hollywood Reporter, producer Jerry Bruckheimer said last year that the future of the Pirates of the Caribbean franchise — which has earned more than $4.5 billion (Dh16 billion) worldwide — involves a reboot. In 2022, Bruckheimer said that he thought they were "getting very close to" developing a sixth instalment. "We have a very good script. We developed two of them — the one with Margot Robbie and one with a younger cast," he continued. "The Margot Robbie one needs a little more work. The younger cast one is close. Hopefully, we'll get both of them."
Khaleej Times
19-02-2025
- Entertainment
- Khaleej Times
Abu Dhabi F1 Grand Prix tickets now on sale, starting at Dh1,025
Ethara, the organisers of Formula 1 Etihad Airways Abu Dhabi Grand Prix, has officially launched ticket sales for the race, inviting fans to experience the season finale at Yas Marina Circuit from December 5 to 7, 2025. Tickets start at Dh1,025, with some categories going up to Dh16,060. Multiple ticket types offer 3-day access, including general admission on all after-race concerts, along with complimentary access to theme park and cultural attractions in Abu Dhabi. While passes in the general admission and grandstand category are priced below Dh5,000, the passes for the 'Deck at Nine', 'Luna Lounge', 'Shams Suite' and others in the hospitality category are priced above Dh10,000. Following record-breaking attendance in 2024, where over 192,000 spectators gathered at Yas Marina Circuit, Saif Rashid Al Noaimi, CEO of Ethara, said: "With unprecedented demand already recorded, we anticipate another incredible year of world-class racing and entertainment." With Formula 1 set for one of its most competitive seasons in history, major driver moves, including Lewis Hamilton's highly anticipated switch to Ferrari, have set the stage for an intense championship battle, with the possibility of another title-deciding finale in Abu Dhabi.
