Search Results for:Alexander Cornwell

UAE court dismisses criminal case against Abraaj founder

The dismissal of the case provides breathing room for Naqvi as Dubai-based Abraaj tries to sell its investment management business.


Careem said to allocate $150m for food delivery biz launch

Careem, the main Middle East rival of Uber Technologies, has been trialing food delivery services after announcing in February it had acquired regional online restaurant listing platform RoundMenu.


Dubai’s financial regulator probes Abraaj over alleged mismanagement

The Dubai Financial Services Authority (DFSA) has interviewed the firm’s founder, Arif Naqvi, and other senior executives in the past few months as part of the probe.


India’s Carnival in discussions to purchase cinemas in UAE, Bahrain

India’s Carnival Cinemas and a partner in the United Arab Emirates (UAE) are in talks to buy Qatar-based Novo Cinemas‘ theatres in the UAE and Bahrain, three sources familiar with the matter told Reuters. The potential deal highlights moves to separate cross-border businesses in the Gulf following a boycott imposed… Read more »


DP World JV buys 90% stake in Indian logistics firm Continental Warehouse

The acquisition was the first made by the JV, which plans to invest up to $3 billion in ports, logistics and related sectors.


Uber’s Middle-East rival Careem acquires restaurant listing platform

Careem would start trialing food delivery services through the restaurant listing and reservation online platform this month.


Didi Chuxing invests in Uber-rival Careem to expand into the Middle East

Chinese ride-sharing firm Didi Chuxing has invested in Middle East ride-hailing firm Careem as part of a new partnership agreement between the two companies. Didi is investing in Careem to strengthen the Dubai-based company’s position in the market and improve its services, the two companies said in a statement. An… Read more »


Qatar Airways drops plan to buy into American Airlines

Qatar Airways said the investment in the US carrier “no longer meets (its) objectives”.


Amazon clinches deal to acquire Dubai-based online retailer Souq.com

Amazon.com has agreed to acquire Middle East online retailer Souq.com, the two companies said in a joint statement on Tuesday. The value of the deal was not disclosed. “By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well… Read more »


Zain Saudi in talks to sell mobile towers to TASC and ACWA

Zain Saudi is in talks to sell its mobile transmitter towers to a consortium comprised of TASC SAL and ACWA Holding, Saudi Arabia’s No. 3 telecoms firm by revenue said in a bourse statement on Thursday. The company, 37 percent-owned by Kuwait’s Zain Group , has been exploring the sale… Read more »