Category Archives: Business & Investments

Business & Investments

Fitch upgrades United Arab Bank’s Viability Ratings  to ‘bb-‘ and affirms Long-term Ratings  at ‘BBB+’, outlook Stable

Fitch upgrades United Arab Bank’s Viability Ratings  to ‘bb-‘ and affirms Long-term Ratings  at ‘BBB+’, outlook Stable

The upgrade of UAB’s VR reflects the bank’s improved asset quality and profitability metrics.

UAE, 19 March 2025: United Arab Bank (UAB) announced that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at ‘BBB+’ with a Stable outlook and upgraded its Viability Rating (VR) to ‘bb-‘ from ‘b+’.

The upgrade of the VR reflects the bank’s improved asset quality and profitability metrics, which Fitch expects to be sustained in the medium term, resulting from the bank’s loan book clean-up process, and tightening of underwriting standards, but also underpinned by favorable operating environment in the UAE.

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Business & Investments

Hotpack Global Commissions 2.2 MW Rooftop Solar Project at National Industries Park Facility

The new installation has been dubbed one of the largest rooftop solar projects in National Industries Park, Dubai

Dubai, UAE – March 19, 2025: Hotpack Global, the UAE-based leader in sustainable packaging solutions, has successfully completed the installation of a 2.2 MW rooftop solar power system at its cutting-edge manufacturing facility in National Industries Park (NIP), Dubai. This milestone marks one of the largest solar energy installations in the NIP area, reinforcing Hotpack’s commitment to environmental sustainability and renewable energy adoption.

The solar installation is projected to generate approximately 3.52 million kilowatt-hours (kWh) of clean energy annually, significantly reducing Hotpack’s dependence on conventional power sources. Additionally, the initiative is expected to cut 2,992 metric tons of CO₂ emissions each year, equivalent to planting over 142,476 trees annually.

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Business & Investments

IIHL completes US$1.17 billion Reliance Capital Acquisition

Acquisition to Catalyse Global Expansion of IndusInd Holdings in Banking & Finance Sector

IIHL which has a significant shareholder base in the UAE is targeting a Valuation of US$50 billion by 2030: Chairman Ashok Hinduja

Chairman Ashok Hinduja

Dubai, March 19,2025: IndusInd International Holdings (IIHL), which has a significant shareholding from the UAE out of the 600 plus globally dispersed Ultra HNWI stakeholders today said it has completed the acquisition of Anil Ambani’s Reliance Capital (RCAP) at US$1.17 billion, strengthening its resolve for global expansion in the Banking, Financial Services and Insurance (BFSI) sector.

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Business & Investments

Yousif bin Saeed Lootah’s Ramadan Majlis Discusses Sustainability and the Circular Economy in the UAE

In the Presence of Government Officials and Business Leaders

Yousif bin Saeed Lootah’s Ramadan Majlis Discusses Sustainability and the Circular Economy in the UAE

Dubai, United Arab Emirates – March 18, 2025

Yousif bin Saeed Lootah hosted a distinguished gathering of high-ranking government officials, business leaders, academics, and media representatives to discuss key topics related to sustainability, the circular economy, and renewable energy. The Ramadan Majlis was held on March 17 2025 at Yousif Bin Saeed Lootah’s Residence in Dubai.

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Business & Investments

Malabar Gold & Diamonds to Open 12 New Showrooms in March, Expands Global Retail Network to 391 showrooms across 13 countries

Malabar Gold & Diamonds, the world’s 6th largest jewellery retailer, is set to launch 12 new showrooms by March 2025 to further strengthen its presence across India. The latest expansion drive will take the total international showroom count to 391 showrooms across 13 countries, with presence in 19 states across India.

The new showrooms will be located at Panvel in Mumbai, Sinhagad Road in Pune, Brahmapur and Soubhagya Nagar in Odisha; Dhanbad in Jharkhand, Hospet, Nagarbhavi and Chitradurgain Karnataka; Nandyal, Amalapuram, Machilipatanam in Andhra Pradesh and Varanasi in UP.

Malabar Group has invested over USD 69 Millionfor this expansion phase and has hired 406 employees in various roles this financial year.

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