Latest news with #Gulf-based
Yahoo
5 days ago
- Business
- Yahoo
Gulf firms approach Italy to buy UniCredit's Russia business, document shows
By Giuseppe Fonte ROME (Reuters) -Three companies based in the United Arab Emirates have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy's government to quit Russia, where it runs a commercial lender. It has so far resisted leaving at a loss, insisting instead on a gradual disengagement. This month it targeted ending its Russian retail business by mid-2026. Under the plan, Dubai-based investment firms Asas Capital and Mada Capital would set up a special purpose vehicle and team up with Inweasta, an advisory and investment firm which already operates in Russia, the document showed. The Gulf-based investors are relatively small and little-known. Mada manages the equivalent of $639 million in assets and focuses on regional markets. Asas Capital was founded in Dubai in 2009 and says it focuses on capital markets, private equity, advisory and entrepreneurship. Unspecified Italian partners would also take part in the deal, with the task of securing approvals from the ECB, Italy and European Union and U.S. regulators. "All parties involved in the transaction are not subject to sanctions and are in full compliance with the applicable sanctions regime," the document said. "The source of funds originates from the United Arab Emirates," it added. News of the proposal was first reported by Italian daily Il Messaggero. Asas, Mada and Inweasta did not immediately reply to requests for comment. UniCredit declined to comment. Inweasta specialises among other things in cross-border disputes resolution. Last year it bought Czech group PPF's Russian PPF Life Insurance LLC business, securing approval from the central bank and the Foreign Investment Subcommittee. "Inweasta facilitates obtaining all necessary regulatory approvals and transaction documentation in Russia," the document said. A presidential decree and a green light from the Bank of Russia are necessary for Western companies to dispose of Russian assets. The UAE consortium is proposing the acquisition of UniCredit's Russian business at a 60% discount to market value, the document showed. UniCredit has been steadily reducing its Russian operations though it has challenged the stricter exit deadlines demanded by the European Central Bank through the European General Court. The Italian government has also asked UniCredit to exit Russia by early 2026 as part of conditions to authorise its buyout offer for smaller domestic rival Banco BPM. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Daily Tribune
7 days ago
- Business
- Daily Tribune
17 Companies set sights on Saudi
TDT | Manama Seventeen Bahraini companies are preparing to establish a formal presence in the Saudi market through the Overseas Expansion Program led by Tamkeen in partnership with Gulf-based platform AstroLabs. Now entering its second phase, the initiative aims to support the regional growth of high-potential Bahraini enterprises. It reflects Tamkeen's 2025 strategy to enhance the role of Bahrainis in the private sector while promoting enterprise sustainability, digitisation, and workforce development. AstroLabs Chief Strategy Officer Joe Kobrianos said the collaboration will provide the selected companies with a smooth entry into Saudi Arabia. 'From registration to market access, we're here to guide them,' he said, noting the readiness of Bahraini businesses to scale up. Second Cohort Among the newly selected firms are Creative Matter Advertisement, Fathom Media, and Gems Industrial Services, each bringing niche expertise in creative services, technology, and engineering. They are joined by Braxtone Group, an insurance solutions provider, and DOO, a startup using AI to enhance customer engagement. Also in the cohort are Alfaa Graph, which designs architectural scale models, IT solutions provider Nexcel Computer Solutions, and mobile loyalty platform Loyale. Many of these firms already operate in the Kingdom and are now formalising operations by setting up legal entities. AstroLabs is providing end-to-end expansion support, from compliance to market introduction. First Batch The first cohort saw ten companies make the leap, including packaging manufacturer Bahrain Pack, dietary service Right Calories, 3D manufacturing firm Xtrude, and City Glass, a producer of decorative and architectural glass. Other members included Tanami Capital, Oreem, Boxon Vision, Cinqo Media, and Al-Anzour Physiotherapy and Rehab Complex. These firms helped prove the model's success, achieving early gains in Saudi Arabia. Strategic Fit The two cohorts now join more than 800 companies that have expanded into the Kingdom through AstroLabs. The company has assisted over 1,800 businesses in entering markets across the Gulf, particularly in Saudi Arabia and the UAE. Tamkeen's Director of Workforce, Enterprise, and Startup Enablement, Marwa AlEskafi, said the results affirm Tamkeen's strategy. 'We are proud to see the impact of the first cohort and look forward to the growth of this new batch,' she said.
Business Wire
26-05-2025
- Business
- Business Wire
Turkcell Secures USD 150 Million Murabaha Financing From Dubai Islamic Bank PJSC to Accelerate Growth and Innovation
ISTANBUL--(BUSINESS WIRE)--Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye's leading technology and communications company, has secured USD 150 million in Murabaha financing from Dubai Islamic Bank PJSC, a prominent bank in the Gulf region. At the signing ceremony, Turkcell Chief Executive Officer Dr. Ali Taha Koç stated: "Our goal and priority is to bring the most innovative technologies to our country and to provide the highest quality service to our customers. This transaction, which is based on interest-free Murabaha principles, will accelerate our infrastructure investments and serve as a significant resource to support our long-term growth objectives. It also demonstrates the strong investor appetite for Turkcell in the Gulf region." Turkcell has signed a landmark strategic financing agreement to bolster its infrastructure investments and support its long-term strategic growth objectives. This milestone deal broadens Turkcell's investor base and enhances its debt portfolio through a diversified range of financing instruments. By leveraging both conventional and Islamic financing, as well as international and local bond issuances, development bank loans, export credit agency facilities, and sustainability-linked financing, Turkcell strengthens its financial foundation. This diversified approach is essential for Turkcell's proactive balance sheet management, ensuring optimal resource utilization, enhancing financial resilience, and supporting long-term growth strategies. As part of the agreement reached with Dubai Islamic Bank PJSC, one of the Gulf region's leading financial institutions, Turkcell secured USD 150 million in Murabaha financing, in line with its commitment to diversifying funding sources. Turkcell CEO Dr. Ali Taha Koç, Turkcell CFO Kamil Kalyon, Dubai Islamic Bank's Group CEO Dr. Adnan Chilwan, and the Bank's Chief of Investment Banking Ali Ahmad attended the signing ceremony in Istanbul. "It will pave the way for new collaborations for Turkcell" In his speech at the signing ceremony, Turkcell Chief Executive Officer Dr. Ali Taha Koç said: "Turkcell is in an investment phase, focusing on strategic areas such as data centers, cloud technologies, and renewable energy while continuing to strengthen its core telecommunication services, including mobile and fixed broadband. This strategic five-year bullet structure financing opens doors to new Gulf-based investors and reinforces our commitment to sustainable and diversified growth. The Murabaha structure, based on interest-free financing principles, not only highlights Turkcell's global credibility but also serves as a gateway to future strategic partnerships across the Gulf region. As Turkcell accelerates its investments in next-generation technologies, this agreement is a key pillar of its ongoing mission to deliver value for stakeholders and shape Turkcell's digital future." Dubai Islamic Bank's Group Chief Executive Officer Dr. Adnan Chilwan commented at the signing ceremony: "We are delighted to have closed another deal from a GCC bank today via a USD 150 million Murabaha financing facility. Türkiye is a key pillar of DIB's cross border strategy, as a part of which DIB is delighted to have supported Türkiye's leading technology and communications company in its growth plans. I am confident we will continue to build a strong partnership with more landmark transactions for Turkcell." Turkcell is a technology and telecommunications company headquartered in Türkiye, offering a unique portfolio of voice, data, and IPTV services over its mobile and fixed networks along with digital consumer, enterprise, and techfin services. Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at
Arabian Post
15-05-2025
- Business
- Arabian Post
Apple Leads Global Brand Rankings with Saudi Aramco in Top 100
Apple continues to hold its position as the world's most valuable brand, maintaining a dominant lead in the annual Kantar BrandZ rankings. The technology giant's brand value remains firmly ahead of its competitors, driven by sustained innovation, strong consumer loyalty, and expanding services. Among the global giants, Saudi Aramco stands out as the only company from the Gulf Cooperation Council and Middle East region to secure a spot within the Top 100, reflecting its growing international recognition amid shifting energy markets. The Kantar BrandZ report evaluates thousands of brands worldwide based on consumer perceptions, financial performance, and market presence. Apple, which has consistently topped the rankings for several years, saw its brand value strengthen further due to its diversified product ecosystem and significant investments in augmented reality, artificial intelligence, and subscription services. Its ability to integrate hardware, software, and services continues to set it apart, contributing to record-breaking revenues and reinforcing customer engagement across the globe. The inclusion of Saudi Aramco in the Top 100 highlights the resilience and strategic positioning of this energy giant amid global transitions. As the world accelerates its shift towards renewable energy, Saudi Aramco's presence in the rankings underscores its efforts to diversify and adapt to evolving demands. The company has been investing heavily in cleaner energy technologies and sustainability initiatives, while still capitalising on its vast oil reserves and refining capabilities. This dual approach has helped maintain its strong financial standing and global brand stature. Saudi Aramco's entry into the list marks an important milestone for the GCC and the Middle East, regions that have been working to boost their global business profiles beyond the traditional hydrocarbon sector. The company's brand value benefits from its critical role in global energy supply chains and its status as one of the largest integrated energy and chemicals companies worldwide. Its prominence in the BrandZ ranking reflects the ongoing transformation of the regional economy and the growing importance of Gulf-based enterprises in international markets. Technology companies dominate the upper echelons of the BrandZ Top 100, with Apple's closest rivals including Microsoft, Amazon, Google, and Samsung. These brands owe their high valuations to their broad global reach, innovation pipelines, and ability to capture consumer attention in a fast-evolving digital landscape. The report shows a marked increase in the value of brands involved in cloud computing, software services, and digital entertainment, signalling shifts in consumer behaviour and business investment. Financial services and luxury goods brands also feature prominently, with firms such as Visa, Mastercard, and Louis Vuitton holding strong positions. These sectors benefit from sustained consumer demand and adaptation to digital channels, including e-commerce and fintech innovations. Luxury brands have further capitalised on expanding affluent markets in Asia and the Middle East, contributing to their steady brand valuation growth. Saudi Aramco's inclusion is particularly notable given the absence of other Middle Eastern brands in the Top 100, illustrating the challenging environment for regional companies in competing at this global scale. Despite high national revenues and significant economic influence, many Gulf firms have yet to establish the kind of global brand recognition needed to appear alongside the world's largest multinational corporations. This reflects broader economic and strategic factors, including the diversification efforts underway across GCC countries and their focus on building competitive industries beyond energy. The report also highlights evolving consumer expectations around sustainability and corporate responsibility, with brands that demonstrate genuine commitment to environmental and social governance increasingly favoured in valuation metrics. For energy companies like Saudi Aramco, this presents both challenges and opportunities, as stakeholders scrutinise their environmental impact and transition strategies. The company's public commitments to reducing carbon emissions and investing in alternative energy projects are critical to its ongoing reputation and brand strength. Among the factors contributing to Apple's sustained brand leadership is its capacity to maintain premium pricing while expanding its user base globally. Its flagship products such as the iPhone, iPad, and Mac continue to enjoy strong demand, while services like Apple Music, iCloud, and the App Store generate consistent recurring revenue streams. Innovations in health technology, privacy features, and integration with smart home devices further deepen consumer engagement and brand loyalty. See also Abu Dhabi's Strategic Investment Signals Renewed UK Engagement The Kantar BrandZ rankings serve as a barometer for global business trends, reflecting shifts in consumer sentiment, technological advancement, and economic power distribution. Apple's dominance underlines the continuing importance of technology innovation as a driver of brand value, while Saudi Aramco's position signals the evolving role of energy companies in the global economy. As the world grapples with climate change and digital transformation, these rankings highlight how adaptability and strategic vision underpin the most valuable brands. The presence of Saudi Aramco in the Top 100 is likely to inspire other Gulf-based companies to pursue greater international brand recognition through strategic investments, partnerships, and innovation. Governments across the region have increasingly prioritised economic diversification and global competitiveness, aiming to foster industries such as technology, finance, tourism, and renewable energy. Building strong, globally respected brands will be essential to this long-term vision. This year's BrandZ report underscores the growing concentration of brand value among a relatively small group of global leaders, with the top 10 brands accounting for a significant share of total valuation. While new entrants occasionally disrupt the rankings, the core list remains dominated by technology firms and consumer-focused corporations with expansive ecosystems and high consumer trust. Saudi Aramco's performance within this competitive context is a testament to its strategic management and financial robustness. It reflects its ability to navigate geopolitical uncertainties, market volatility, and the pressures of a shifting energy paradigm. As international investors and consumers become more conscious of sustainability, Saudi Aramco's ongoing brand strategy will likely focus on balancing its traditional strengths with innovation in low-carbon energy solutions. The Kantar BrandZ Top 100 also illustrates broader global economic trends, including the rise of Asian brands and the shifting influence of different markets. Chinese companies such as Tencent, Alibaba, and Huawei continue to climb the rankings, leveraging vast domestic markets and aggressive expansion strategies. Meanwhile, European brands have seen mixed fortunes amid economic challenges and regulatory shifts, emphasising the competitive pressures on established global players.
Time of India
15-05-2025
- Business
- Time of India
Telangana forms NRI panel to address Gulf workers' woes
Hyderabad: With as many as 14 lakh workers from Telangana employed in the Gulf and other Middle Eastern countries, the state is yet to establish a fully-fledged official mechanism to address their issues. While some initial steps have been taken, they are not comparable to the comprehensive systems in place in Andhra Pradesh and Kerala, which are equipped to respond promptly to needs of their diaspora, wherever they may deadlineOn April 10, the state govt formed an NRI Advisory Committee with former Ambassador Dr BM Vinod Kumar as Chairman. The committee has been granted two years to conduct a thorough study of the problems faced by the diaspora and to propose appropriate solutions. Although the committee has not yet scheduled its first official meeting, members have already met with chief minister A Revanth Reddy and recommended the formal establishment of a Gulf Board. This board would be on par with similar bodies in AP, Kerala, and Punjab, where robust systems are already Vinod, an Indian Foreign Service (IFS) officer, had previously served as India's ambassador to Algeria and as Joint Secretary in the Ministry of External Affairs (MEA) before his retirement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cost Of Amusement Park Equipment From Mexico Might Surprise You - See Tips Amusement Park Equipment | search ads Click Here Undo "While in the MEA, I also handled issues concerning Indian workers in the Gulf. Although the state govt has given us two years to come up with our recommendations, we hope to present a clear direction sooner than expected," he recently, workers from Telangana experiencing difficulties in Gulf countries had no clear point of contact. Many resorted to making videos in the hope that their appeals would reach the authorities. In cases where families had political connections, those leaders would intervene on their behalf. Now, however, the Pravasi Praja Vani, held twice weekly in Hyderabad, provides a platform for families to approach the govt directly."Under this system, pleas are addressed promptly, and letters are sent to embassies or NGOs to provide the necessary assistance. However, going forward, we would like to see a help desk established in every district so people are not required to travel all the way to Hyderabad to submit their petitions," said Dr Vinod. Following the Congress party's rise to power in Telangana, the state began offering an ex gratia payment of 5 lakh each to families of Gulf workers who died abroad, regardless of the cause of death. To date, 165 families have received this aidNonetheless, much more remains to be done. For instance, Gulf-based organisations and volunteers believe legal aid should be made available to workers who find themselves imprisoned. "In some cases, there are false allegations, or a worker becomes an undocumented migrant after their visa expires. These individuals need legal support," said Dr Vinod. Providing assistance to hospitalised workers is another area that organisations believe the govt should address. One of the immediate measures being considered is offering school admissions in govt residential institutions to the children of Gulf the previous BRS govt, a delegation of officials, including chief secretary Somesh Kumar, special advisor Rajiv Sharma, and CMO official Narsing Rao, visited Kerala to study the mechanism there. The current Telangana committee also plans to visit Kerala, Punjab, and AP to learn from their models. Additionally, the committee may travel to Gulf countries such as the UAE, Saudi Arabia, Oman, Bahrain, Kuwait, and Qatar to interact directly with workers there.
