Companies listed on the local financial markets continue to expand through acquisitions, which strengthens the country’s position as a global investment destination, and favors it as a supportive business environment that allows it to expand to new horizons.
Emirates Today monitored – according to disclosures and statements issued by companies, from the beginning of 2024 until the beginning of the last week of this December – 16 companies listed on the local financial markets announced 21 acquisitions, the most recent of which was the announcement of “Tecom Group”, listed on the Dubai market. On October 16, the Finance Ministry announced the approval of the General Assembly of “Emirates REIT Company” for its acquisition of the “Office Park” building in Dubai Internet City, and the two parties then began the necessary procedures. To complete the acquisition process, the details of the acquisition will be disclosed once all procedures are completed.
Early last October, TECOM Investments Company, a subsidiary of TECOM Group, signed a binding memorandum of understanding with Emirates REIT to acquire the Office Park building in Dubai Internet City at a value of 720 million dirhams.
On August 22, 2024, TECOM Group, listed on the Dubai Financial Market, announced the investment of two billion dirhams in acquisitions and new strategic projects, as part of the next phase of its growth journey, and indicated that its completion of acquisitions of new commercial and industrial assets comes in the wake of… Within the framework of its strategic expansion plan worth 1.7 billion dirhams, announced last May, in addition to the development of office space worth 340 million dirhams in Dubai Internet City.
In addition, on September 24, the European Union approved the Emirates Telecommunications Group’s acquisition of the assets of BBF Teleco, for 2.2 billion euros.
On September 19, 2024, GFH Financial Group and Ithmaar Holding Company, which are listed on the Dubai Financial Market, confirmed that talks are still ongoing, and the group’s acquisition of Ithmaar’s finance and investment portfolios is currently being negotiated, which is subject to regulatory approval. The total book value of the assets to be sold is about $691 million, while the liabilities proposed to be transferred are about $680 million, according to their value on March 31. 2024.
At the beginning of last August, the Board of Directors of Al-Ittihad Real Estate Company, listed on the Dubai Financial Market, approved a subsidiary company to study the acquisition of a company specialized in supplying domestic workers.
In turn, ADNOC Logistics and Services Company, listed on the Abu Dhabi Stock Exchange, last June, signed an agreement to acquire “Navig 8” company, which specializes in managing clusters of maritime shipping activities and is headquartered in Singapore. It owns 32 modern tankers, according to a previous disclosure, and under the terms of the agreement, it acquires “ADNOC Logistics and Services” will acquire 80% of “Navig 8”, for 3.8 billion dirhams, and will acquire the remaining 20% in the year 2027, for a deferred amount ranging between 1.2 and 1.7 billion dirhams.
Ras Al Khaimah Ceramics Company, listed on the Abu Dhabi Stock Exchange, announced at the beginning of last June that it had successfully completed the acquisition of 100% of the capital of “Ras Al Khaimah Porcelain Company”, at a time when the Board of Directors of the “Emirates Driving Company”, listed in The Abu Dhabi Securities Exchange, on June 6, agreed to proceed with the procedures for acquiring a stake in a company within the country, explaining that it will fully disclose this once the official procedures are completed.
Menzies Aviation, one of the Agility Global companies listed on the Dubai Financial Market, also announced on June 6 its expansion into Southern Europe, by completing the acquisition of a 50.1% stake in Groundforce Portugal Aviation Services.
In turn, “Presight AI Holding PLC”, listed on the Abu Dhabi Securities Market, announced in early June that it had completed the transaction to purchase an indirect share of 51% of the issued capital of “Matrix JV Co. Ltd” from “G42 Company”. Investments AA Holding Limited.
Omorphia Group, which specializes in the field of personal care and is a subsidiary of Multiplay Holding Group, listed on the Abu Dhabi Stock Exchange in June 2024, announced the acquisition of 100% of The Grooming Buildings Holding Company, one of the companies specialized in providing services. Beauty and personal care salons in the UAE.
Last March, the Agthia Group, listed on the Abu Dhabi Securities Market, announced that it had completed the merger of an additional 10% stake in the “Awf Group”, which specializes in manufacturing healthy snacks, coffee, and retail trade in Egypt, raising its stake to 70%.
Also in March, Abu Dhabi Ports Group, listed on the Abu Dhabi Securities Market, announced the signing of an agreement with Inveco to acquire a 60% ownership stake in the Tbilisi Dry Port in Georgia.
Abu Dhabi Ports also announced, in early February, that Maqta Gateway, the group’s digital arm, had acquired a 60% stake in Dubai Technology, the company specialized in developing trade and transportation solutions, based in Dubai, in a deal worth a total of 28 million dirhams. .
In the first quarter of 2024, Abu Dhabi Ports also completed the acquisition of ABM Terminals Castellon in Spain, Cisse Vehicle Logistics in Europe, Karachi Gateway Multi-Purpose Terminal Limited in Pakistan, and G. FS” in the Emirates.
In January 2024, Palms Sports Company, listed on the Abu Dhabi Stock Exchange, announced that it had completed the acquisition of 100% of the ownership shares of “Learn Educational Investment Company, which owns” the brands “Al Rabie School” and “Al Rabie Academy.”
Share purchase agreement
Food Holding Company, listed on the Abu Dhabi Securities Market and a subsidiary of International Holding Company, announced last January that its subsidiary, AeroInvest Holding, had entered into a share purchase agreement starting February 1, 2024, to acquire a 44% stake in the airline. MNG, the Turkish commercial shipping company, while the value of the acquisition amounted to $211.2 million.
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