Latest news with #Dubai-headquartered
Fibre2Fashion
14 hours ago
- Business
- Fibre2Fashion
Nigeria's Ogun state & Dubai-based company to build garment factory
Nigeria's Ogun state government and Dubai-headquartered Arise Integrated Industrial Platform (Arise IIP), recently decided to start work on a $2-billion garment unit, the biggest such factory in Africa. The team is preparing for the ground-breaking ceremony of the project in September this year. Nigeria's Ogun state government and a Dubai-headquartered company, have decided to start work on a $2-billion garment unit, the biggest such factory in Africa. The team is preparing for the ground-breaking ceremony of the project in September this year. With a capacity to produce about 350,000 tonnes of garments per year, the factory would employ between 120,000 to 150,000 direct and indirect workers. Arise IIP's shareholders are Africa Finance Corporation (AFC), Dubai-headquartered Equitane and Fund for Export Development in Africa (FEDA), a subsidiary of Afreximbank. With a capacity to produce about 350,000 tonnes of garments per year, the factory would churn out about 4.4 million units of garments every day and employ between 120,000 to 150,000 direct and indirect workers, said state governor Prince Dapo Abiodun, who recently met an Arise IIP delegation led by its president Gagan Gupta. The project will resuscitate cotton production in Nigeria and would have ripple effects on the economy, he was cited as saying by domestic media reports. The unit would be located at the Special Agro Processing Zone at the airport city and would turn the state into a garment hub in the continent, he added. Fibre2Fashion News Desk (DS)
Tourism Breaking News
5 days ago
- Business
- Tourism Breaking News
Mercure Dubai Barsha Heights celebrates a decade of sustainability excellence
Post Views: 49 Mercure Dubai Barsha Heights Hotel Suites and Apartments has enhanced its sustainable credentials by achieving platinum certification from the internationally renowned Green Globe Certification (GGC). The hotel is now one of only three hotels throughout the UAE that has achieved platinum certification and is in the top 5% globally, within the Green Globe programme, which is specifically designed for the travel and tourism industry. During an independent audit and assessment carried out by Green Globe's preferred partner in the Middle East, Dubai-headquartered sustainability consultancy Farnek, the property had complied with or exceeded more than 380 rigorous sustainability indicators. Farnek's dedicated team also supported hotel management with its Hotel Optimizer, a comprehensive and data-driven energy performance monitoring software tool. Through efficient measuring, tracking, monitoring, and benchmarking of energy and water consumption, as well as waste management, the hotel was able to calculate its carbon footprint during 2024 and then make an accurate comparison with its 2014 performance. • Total Energy Consumption reduced by 18.02% • Water Consumption trimmed by 4.1% • Total Utility Costs cut by 12.61% • CO2 emissions from utilities lowered by 6.53 % • CO2 emissions per guest reduced by 30.46% • Total waste generation slashed by 72.48% • Waste rebates increased by 48.08% • Waste diversion rate improved by 178.2% To achieve this outstanding performance, the hotel carried out multiple retrofits, such as chiller optimisation, frequency controls for fresh air handling units, and LED light installation. The hotel also managed to reduce water consumption by fitting 300 tap aerators and diverting its waste from landfills through innovative reduction and recycling initiatives. The hotel also offset 100% of the carbon emissions generated from business travel made by its management team. Levent Tasbas, General Manager at Mercure Dubai Barsha Heights, said: 'We are proud of our sustainability achievements over the past decade and we have now achieved platinum certification, one of only three hotels in the UAE to do so, which demonstrates our commitment to our long-term sustainability strategy.' The Mercure Dubai Barsha Heights Hotel Suites and Apartments is located on Sheikh Zayed Road in Barsha Heights, close to Mall of the Emirates, Dubai Media City and Dubai Internet City. The four-star hotel consists of 1,015 suites and apartments over 41 floors and offers guests a variety of food and beverage options, a fitness centre and spa, outdoor swimming pool and meeting spaces for 100 delegates. Muna Al Nahdi, Director of Sustainability & Consultancy, Farnek, said: 'The management team at the Mercure Dubai Barsha Heights had a clear vision and long-term strategy to adopt sustainable practices, to not only reduce its impact on the environment, but to reduce its operational costs as well. 'By following its strategic path over the last ten years, the hotel has consistently improved its performance levels year after year, which has culminated in these exceptional results. In essence, this is a win-win situation, for the environment and the hotel's bottom line.' Having signed its original partnership agreement with Green Globe in 2009, Farnek has certified well over 100 hotels and leisure facilities in 38 cities across the MENA region. This has enabled members to save in excess of 180 million kWh of energy, worth over $20 million, and more than two million cubic metres of water, valued at approximately $5 million.
Arabian Post
6 days ago
- Business
- Arabian Post
DP World Platform Surpasses $1bn Trade Finance Milestone
DP World Trade Finance has crossed the $1 billion threshold in working capital provided to businesses in emerging markets, marking a significant milestone just four years after launching its integrated logistics-finance platform. The achievement reflects growing momentum behind digital trade finance solutions aimed at bridging the $2.5 trillion global trade finance gap, which continues to weigh heavily on small and medium-sized enterprises in developing economies. The platform, operated by Dubai-headquartered DP World, leverages its international logistics network to offer businesses easier access to working capital by connecting them to a wide range of financial institutions. The model blends supply chain data with financing, offering lenders real-time visibility into shipments, payment cycles, and trade routes, effectively mitigating credit risk in previously underserved markets. Since its inception, DP World Trade Finance has built partnerships with more than 32 global and regional banks and financial institutions, including major players such as J. P. Morgan, Standard Bank, and NedBank. These collaborations, coupled with DP World's own lending operations, have enabled the platform to unlock capital across Asia, the Middle East, Africa, and Latin America. ADVERTISEMENT Small and medium-sized businesses, often constrained by insufficient collateral, weak credit histories, and limited financial disclosure, face structural challenges in obtaining trade finance. DP World's platform seeks to address these barriers by leveraging the company's position as a global logistics operator to provide data-backed financing alternatives, thereby reducing underwriting friction and enhancing lender confidence. The company stated that it is not merely offering credit but transforming the financing ecosystem by making trade finance an integrated part of the logistics value chain. By embedding financial tools within supply chains, businesses are able to finance imports and exports with faster turnaround times and lower administrative burdens, contributing to more resilient cross-border trade in challenging environments. Despite the ongoing growth in global merchandise trade, access to affordable credit remains elusive for many firms, particularly in Africa and South Asia. Traditional lenders frequently shy away from these markets due to perceived risks, regulatory complexities, and lack of reliable credit data. DP World's platform intervenes at this intersection, using shipment visibility and trade documentation to create a more transparent credit environment. The platform's model benefits lenders by reducing default probabilities through continuous cargo tracking, document authentication, and end-to-end logistics monitoring. For borrowers, the approach improves access to working capital at competitive rates without the need for excessive collateralisation. This innovation is particularly critical for export-oriented SMEs whose liquidity cycles are directly linked to the movement of goods. DP World executives underscored that the $1 billion milestone demonstrates the scalability of their approach and its relevance to global development goals. As more businesses come online through the platform, the data generated enhances the predictive power of risk assessment tools, allowing for further expansion of credit services to previously excluded sectors. ADVERTISEMENT As global interest in digital trade finance grows, DP World's integrated offering positions it as a unique player capable of combining infrastructure, technology, and financial services under one roof. The initiative is aligned with broader trends in trade digitalisation, where supply chain finance is evolving from siloed, paper-based processes into data-driven, platform-oriented ecosystems. In a statement outlining the growth strategy, DP World confirmed it will continue deepening relationships with existing financial partners while exploring new alliances in frontier markets. The company is also expanding its suite of services to include invoice discounting, buyer-led financing, and trade credit insurance, targeting a more comprehensive set of use cases tailored to the realities of smaller exporters and importers. Analysts tracking the trade finance space have noted that such platform-led models are redefining the competitive landscape by enabling greater financial inclusion through data interoperability and workflow automation. DP World's infrastructure-led approach provides a critical anchor in this evolving market, particularly for trade corridors linking South-South economies that suffer from chronic financing shortages. The trade finance gap, which widened during pandemic-induced disruptions, remains one of the biggest constraints on global development and inclusive trade. Multilateral institutions and development finance agencies have called for stronger public-private collaboration to address structural imbalances. DP World's milestone reflects the growing role that corporates with global infrastructure can play in accelerating financial access, especially in jurisdictions where traditional banking penetration is low. The initiative also comes at a time when economic recovery in many emerging markets depends on the ability of SMEs to restart cross-border trade. With inflation and currency pressures squeezing cash flow, platforms offering collateral-light, shipment-backed financing are emerging as vital instruments to support the continuity of supply chains.
Arabian Post
22-07-2025
- Business
- Arabian Post
Titan Expands Middle East Reach with Damas Deal
Arabian Post Staff -Dubai Titan Company has struck a deal to acquire a 67% stake in Dubai-headquartered luxury jeweller Damas from Qatar-based Mannai Corporation in a transaction valued at 1.04 billion dirhams, or approximately $283.2 million. The move is poised to significantly strengthen Titan's footprint in the Gulf region, positioning the Tata Group company among the largest subcontinent-origin jewellery players operating in the Middle East. The acquisition agreement, announced on Monday, marks a pivotal expansion for Titan beyond its current presence in the UAE, where it has operated under the Tanishq brand since October 2020. The transaction is expected to close by 31 January 2026, subject to regulatory approvals and customary closing conditions. Titan will also retain an option to purchase the remaining 33% equity in Damas after 31 December 2029, effectively laying the groundwork for full ownership over time. ADVERTISEMENT The deal will give Titan direct access to Damas' well-established network of 146 outlets across the six Gulf Cooperation Council nations — United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. With only seven Titan-operated Tanishq stores currently open in the region, the acquisition presents a strategic leap in scale, market share, and regional brand visibility for the Bengaluru-based jeweller. Damas, founded in 1907, is one of the most recognisable names in the Middle East's luxury jewellery market. It has developed a reputation for catering to the region's taste for high-end gold and diamond jewellery, and is known for its broad in-house product range and partnerships with international luxury brands. Mannai Corporation, which has owned Damas since 2012, has been looking to streamline its portfolio, prompting the divestment. For Titan, the acquisition offers both a fast-track into the premium Gulf retail market and an opportunity to accelerate synergies across procurement, branding, and customer experience. The company is expected to retain Damas' brand identity and existing management structure, allowing the Dubai-based business to continue leveraging its established reputation while benefitting from Titan's supply chain and operational expertise. The Middle East has been a target market for Titan's international ambitions, driven by the strong presence of the South Asian diaspora and a deep-rooted cultural affinity for gold. The GCC region's jewellery market is estimated to be worth over $10 billion, with gold accounting for a large share of consumer demand. Analysts view Titan's acquisition of Damas as a strategically sound move in an environment where cross-border consolidation is becoming increasingly common in luxury retail. Titan has grown to become one of the most dominant jewellery retailers in South Asia through its flagship brand Tanishq, which is positioned as an accessible luxury label offering a blend of traditional and contemporary designs. The company also operates sub-brands such as Mia and Zoya, each catering to specific consumer segments. Over the past decade, Titan has expanded into new domestic categories and entered select global markets, but the Damas deal marks its most ambitious international push yet. ADVERTISEMENT The acquisition is being viewed by market observers as a significant play within the broader Tata Group strategy of boosting global brand equity across consumer-facing businesses. Following the group's international expansions in hospitality, automotive, and technology, Titan's move consolidates Tata's multi-sectoral presence in the Gulf and taps into a region with rising demand for premium lifestyle offerings. Financial analysts have underscored the deal's strategic value, citing Damas' established customer base and premium positioning, which could drive faster break-even timelines than greenfield expansion. Furthermore, the GCC's favourable demographic trends and consistent gold demand have added to investor optimism around the deal's long-term prospects. Despite geopolitical uncertainty and fluctuations in gold prices, jewellery retail in the Gulf continues to enjoy high volumes due to cultural norms and steady tourist inflows, especially in the UAE. Titan's increased footprint through Damas will place it in a better position to cater not just to residents but also international shoppers across the region's major commercial and tourist hubs. Titan has confirmed that the acquisition will be funded through internal accruals and debt, with no equity dilution expected in the near term. The company's board has approved the investment, and the transaction is aligned with its long-term capital allocation strategy. Executives at Titan have expressed confidence in Damas' future growth trajectory and have indicated that the company will invest further in marketing, store refurbishment, and digital initiatives to modernise the customer journey. Damas' product portfolio, which includes bridal sets, heritage pieces, and limited-edition designs, will remain intact as Titan aims to preserve the local flavour while infusing global best practices.
CairoScene
09-07-2025
- Business
- CairoScene
UAE Proptech Huspy Raises $59M to Expand Into Spain & Saudi Arabia
The funding will support Huspy's rapid expansion in Spain, Saudi Arabia, and other key markets, as the proptech startup scales its platform and agent network. Jul 09, 2025 Dubai-headquartered proptech startup Huspy has raised $59 million in a Series B funding round led by Balderton Capital. Founded in 2020, Huspy offers an integrated digital platform for real estate transactions and mortgage services, catering to agents, buyers, and property owners. The company currently operates in the UAE and Spain, with a growing presence in Madrid and Valencia. The latest funding will allow Huspy to accelerate its rollout in Spain, expanding its footprint to at least eight more cities including Costa Blanca and Costa del Sol. The company is also preparing to launch operations in Saudi Arabia as part of a broader strategy to become a leading proptech player in both Europe and the Middle East. To support this growth, Huspy will invest in hiring across its UAE and Spanish offices, with a focus on product, engineering, operations, and business development. The startup aims to enhance its tech-enabled services for agents while improving transaction efficiency and client experiences. Huspy reports over $7 billion in annual transaction volume and is continuing to scale its tools and networks to meet rising demand across the property sector.
