The government introduces measures to boost job creation in the public and private sectors amid rising discontent over unemployment. In addition, the government is looking to raise alternative
revenue streams through taxation, and to issue more debt to ease pressure on public accounts.
DP World Begins $3 Billion Investment Push In India DP World began a new investment push in India this week with the acquisition of a Mumbai-based logistics company—the first investment to emerge from a joint venture between the Dubai-based port operator and India’s National Investment and Infrastructure Fund (NIIF). In January 2018, DP World teamed up with the fund to create Hindustan Infralog Private Limited (HIPL), an investment vehicle focused on India with plans to invest up to $3 billion in ports, logistics and related sectors.With its first investment, HIPL acquired 90% of Continental Warehousing Corporation, a logistics provider of warehousing, container freight stations, inland container depots, private freight terminals and integrated logistics solutions. Continental Warehousing’s founders, the Reddy family, will retain a 10% stake in the company and will remain involved in the business operations.
ADIB Funds $26.9 Million Acquisition Of Atkins’ Bristol Office For Saudi Investor
Abu Dhabi Islamic Bank (ADIB) has arranged a structured Islamic financing transaction to fund the acquisition of The Hub, which is the regional UK office, multinational design, engineering and project management consultancy firm Atkins.The Hub, which is located at the Aztec West Business Park in Bristol, was purchased for a sum of £19.35 million (equivalent to $26.9 million) on behalf of a private Saudi based client.The Hub is a regional U.K. office for Atkins, multinational design, engineering and project management consultancy firm and is well known for its sustainability. The building has been awarded a BREEAM excellent rating—the U.K.’s most widely used environmental assessment for buildings—and overall carbon emissions are more than a third lower than expected for a building of its size.
Formula One’s $2.6 Billion Boost From The Middle East
New research by Formula One’s industry monitor Formula Money has revealed that businesses based in the Middle East have generated $2.6 billion in revenue for the motor sport since 2004 when it hosted its first race in the region, the Bahrain Grand Prix.The landmark deal was signed by F1’s former chief executive Bernie Ecclestone and it drove local interest in the sport. Over the past 14 years since the first Bahrain Grand Prix took place around 1.1 million spectators have visited the race which will be held again next month.The ticket sales are kept by the Bahrain International Circuit (BIC) which doesn’t receive many of F1’s other revenue streams due to the sport’s byzantine business model. Unlike many hosts of sports events, Grand Prix organizers don’t usually receive a cut of the income from broadcasting, official corporate hospitality or even advertising at the race. Instead, these revenues head in the direction of F1’s rights holder which is owned by American investment firm Liberty Media.
Lebanon based Interior Design Platform Moodfit, Secures $400K from Regional Investors
Moodfit, an online interior design platform based out of Lebanon, announced today that it closed a seed investment worth over $400,000 from Seeders Angel Group and including IM Capital, Impact Fund by Middle East Venture Partners (MEVP) and iSME Capital.This investment comes after more than a year of operating in Beirut and Dubai, during which Moodfit proved its model and gained traction in both countries. This round also coincides with several significant investments in similar companies in the U.S. such as Havenly and Modsy.The funds received will be used to help the company grow in Lebanon and to begin scaling across the GCC starting with the U.A.E. The interior design and furniture industry in the MENA region is estimated at $20B+ and it is yet to be disrupted by technology. Moodfit aims to take this industry online and democratize interior design.
Dubizzle Cashes In On Growing Used Car Sales With Two New Acquisitions
Dubizzle, an online classifieds platform in the U.A.E., acquired two Dubai-based car resellers, Expat Wheels and Wecashanycar for an undisclosed sum. These acquisitions provide dubizzle the offline expertise that complement its core online ad listings of automobiles and indicates its ambitions to expand within the growing used car market in the region.While dubizzle leads the market in terms of the number of listings, traffic and users, it is facing stiff competition from websites such as sellanycar.com that offer instant cash when a car sale is done. These deals will help the company become more of an automobile marketplace, rather than just a classified page. dubizzle declined to comment on the price of these acquisitions.dubizzle’s latest deals help fill a gap in the online car market. Many customers find it hard to sell of their cars in distress situations. The Wecashanycar acquisition will help close this gap as they provide instant cash to sellers who need the cash. Meanwhile, on the back end, they have a large network of dealers bidding for their used car inventory.
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