M&A-

#1- We now know the size of Alpha Dhabi’s stake in NCTH: Alpha Dhabi Holding upped its stake in National Corporation for Tourism andHotels (NCTH) to 73.73%, according to a regulatory filing (pdf) to the exchange. Both companies are ADX-listed.

ICYMI- NCTH raisedits capital to AED 2.2 bn, up from AED 899 mn, through the issuance of 1.3 bn new shares last week, all allocated to Alpha Dhabi Hospitality Holding, a subsidiary of Alpha Dhabi.

The transaction saw Alpha Dhabi transfer four premium hotel assets to NCTH including the St. Regis Saadiyat Island Resort, luxury collection desert resort Al Wathba, and ultra-luxury Cheval Blanc Randheli in the Maldives along with Cheval Blanc Seychelles, consolidating its hotel business under NCTH. This boosts NCTH’s portfolio to eight hotels with 1.5k keys.

#2- Tadawul-listed Fakeeh Care Group’s subsidiary Fakeeh Health acquired 100% of MediCentres, a Dubai-based primary care clinic network, from Everest Health Investments for an undisclosed sum, according to a press release. Medicenters is now Fakeeh Medicentres.

MediCentres operates clinics in Motor City, Jumeirah Park, Al Furjan and Dubai Silicon Oasis and Dubai Mall. The network of clinics offers comprehensive medical and dental services including pediatrics, physiotherapy, dermatology, among other fields, according to its webpage.

ICYMI- Fakeeh Care took a 21.5% stake to market in June 2024 through an offering of both new and existing shares. The IPO was priced top of the range, giving the family business a market cap of 13.3 bn at listing. The Abu Dhabi Investment Authority (Adia) was a key buyer in the IPO with a cornerstone investment of 1.04 mn shares.

INVESTMENTS-

Dubai welcomes new Sub-Sahara-focused lender: Standard Chartered’s ventures arm SCVentures and Dutch digital lending platform Yabx signed USD 10 mn shareholder and collaboration agreements to launch Sub-Saharan Africa-focused lender Furaha in the Dubai International Financial Center (DIFC), SC Ventures said in a statement. The investment saw SC Ventures funnel USD 7 mn into the company, while Yabx contributed USD 3 mn in technology transfer. Uganda was the first market where Furaha started offering its services.

CAPITAL MARKETS-

#1- Dubai-based trading platform Equiti introduced contract for difference (CFD) options for Mena stocks listed on the ADX and DFM, according to a press release. The move will allow investors to speculate on future market prices.

Not the only company to start rolling out CFDs: Cyprus-based broker Scope Markets launched the first CFD products for trading in DFM and ADX indices in October. A month later, UK-based Plus500 launched the Dubai Index CFD to track the performance of key sectors in the emirate’s economy.

#2- DFM-listed BHM Capital Financial Services joined the Bahrain Bourse (BHB) as an external market maker, according to a press release. BHM Capital’s membership at BHB aims to support the financial market’s infrastructure, boost liquidity levels, attract regional and global investors, and integrate BHB with other GCC markets.

REMEMBER- BHM Capital has also been eyeing entering the Egyptian market through a JV, with the company’s CEO saying in June that it is in advanced talks with multiple parties.

HEALTHCARE-

State-owned health-tech firm M42 will support Uzbekistan’s Genome Program under a partnership with the country’s Health Ministry, according to the Abu Dhabi Media Office. The partnership will see the manufacturing of screening and diagnostics tools locally and regionally to support early detection and prevention initiatives of genetic diseases.

AVIATION-

dnata renews catering agreement for Jordan’s JV: Homegrown air services provider dnata will continue to be in charge of the operations of Jordan Flight Catering Company — a JV between dnata, Jordan’s flag carrier Royal Jordanian, and Eastern Aviation Investments — after renewing its partnership with Royal Jordanian, according to a press release. The pair also renewed a 10-year agreement to provide inflight caterer’s service for the airline.

The agreement came on the same day Royal Jordanian upped its stake in the JV to 51%. Dnata currently owns a 25% stake in Jordan Flight Catering Company.

Tags: