The 7th Burj CEO Awards& Business Summit trademarked and pioneered by one of the largest networking organizations in the world, CEO Clubs Network, will be celebrating the outstanding achievements of CEOs and organizations from around the world. Under the theme “Bridging Continents, Celebrating Excellence,” this prestigious event will take place over five days and four nights in the vibrant city of Istanbul, Turkey, in collaboration with its local partner Manifesto Group, from October 22-26, 2024.
Dubai, UAE, August08, 2024: Protiviti Member Firm for the Middle East region, a global consulting firm, proudly announces its role as the exclusive financial advisor to Al Ansari Financial Services PJSC (AAFS) in successfully signing a sales and purchase agreement to acquire BFC Group Holdings W.L.L. (BFCGH). The transaction, valued at $200 million (AED 735 million), marks a significant milestone for AAFS, positioning the company as the largest remittance and foreign exchange provider in the GCC region by branch network.
This acquisition involves the purchase of 100 percent of BFCGH, a leading foreign exchange and remittance group headquartered in Bahrain. The deal enables AAFS to expand its footprint across the UAE, Bahrain, Kuwait, and India, bringing the combined entity’s branch network to over 410 locations — a 60 percent increase from AAFS’s current presence. Additionally, the merger will bolster the workforce to approximately 6,000 employees, enhancing service capabilities and operational efficiency.
George Thomas, Managing Director of Protiviti Member Firm for the Middle East region, commented: “Protiviti played a pivotal role in this landmark transaction. We were involved right from identifying the opportunity, determining synergies and value creation opportunities, and carrying out comprehensive due diligence on behalf of the buyer. Protiviti has advised diverse businesses on several successful deals in recent years, with a particular focus on the financial services industry. This deal is the third transaction in the currency exchange segment in the past two years, which is a testament to our dominance in this space in the Middle East. Our team worked closely with AAFS and external advisors to facilitate a seamless and smooth transaction.”
High Demand for Union Coop’s Upcoming Mall in Al Khawaneej-2
Dubai, UAE:
Dr. Suhail Al Bastaki, Chief Community Relations Officer at Union Coop, has announced the initiation of construction for the Al Khawaneej Mall project located in Al Khawaneej 2, Dubai. The mall is expected to be completed and open in the second quarter of 2025. Dr. Al Bastaki confirmed that 70% of the mall’s retail space has already been leased following the start of construction.
The new mall in Al Khawaneej 2 aligns with the ongoing development in Dubai’s retail sector. The mall will have a total construction area of approximately 70,698.69 sq. ft., featuring a spacious parking area for up to 92 vehicles. It will house a Union Coop hypermarket, covering about 28,253.09 sq. ft., along with 6 kiosks and 19 retail stores. This variety of retail options aims to meet the needs of all residents in the area.
Andromeda, India’s largest loan distributor, makes strategic move to serve the Middle East’s NRI population after steep growth in FY24
Dubai-based Wealth Link Solutions to bring its financial expertise in the region as strategic partner
Andromeda’s loan portfolio, which eclipsed $9000 million in FY24, expected to help 9.55 million NRIs with real estate investments in India
August 7, Dubai, UAE: Andromeda Sales & Distribution, India’s premier loan distribution network, is pleased to announce its strategic expansion into the Middle East, a move fuelled by its exceptional domestic performance. The company recorded over 23% growth in loan disbursals, reaching $9,048 million (Rs. 75,397 crore) during the Financial Year 2023-24. This notable growth was primarily driven by the home loan segment, which increased by over 22% to approximately $4,070 million (Rs. 33,918 crore) in FY24 from $3,336 million (Rs. 27,798 crore) in FY23.
Ajman, UAE (August 8, 2024): Bahi Ajman Palace Hotel, managed by Hospitality Management Holding (HMH), has taken a significant step towards environmental responsibility and sustainability by collaborating with Dr. Linen ™ in their innovative 360 Weave ™ Textile Recycling Initiative.
A total of 745 kilograms of linens and uniforms, which had reached the end of their useful life cycle, were handed over to Dr. Linen™, a company renowned for its expertise in handling and recycling textiles. The discarded linens and uniforms will be processed and repurposed, demonstrating a practical approach to managing end-of-life materials and extending their lifecycle.
UAE News 24/7 