Arab News Headlines
Doha: HE Minister of State for Energy Affairs Eng. Saad bin Sherida Al Kaabi met in Doha Monday with HE Minister of Industry and Trade of the Czech Republic Jozef Sikela.
The meeting discussed aspects of cooperation between the State of Qatar and the Czech Republic in the energy field, and ways to develop them.
Source: Qatar News Agency
New York, Dr. Abdullatif bin Rashid Al Zayani, the Minister of Foreign Affairs, met with Dr. Constantinos Kombos, the Minister of Foreign Affairs of Cyprus, on the sidelines of the 79th session of the United Nations General Assembly.
The meeting reviewed the historical relations between the two countries and means to enhance cooperation in various domains.
The two sides discussed recent regional developments and their implications on regional security and stability, the war in the Gaza Strip, and the Arab and international efforts aimed at achieving a permanent ceasefire, protecting civilians and civil properties, releasing hostages, and delivering humanitarian aid to the civilian population.
Ambassador Jamal Faris Al Rowaiei, the Permanent Representative of the Kingdom of Bahrain to the United Nations in New York, and Ambassador Shaikh Abdullah bin Ali Al Khalifa, the Director General of Bilateral Relation at the Ministry of Foreign Affairs, attended the meeting.
Source: Bahrain News Agency
Doha: The general index of Qatar Stock Exchange rose 16.59 points, or 0.16%, at the start of trading on Monday, to reach the level of 10,455 points, compared to Sunday’s closing.
QSE index was supported by a rise Telecoms by 0.97%; Banks and Financial Services by 0.32%; Insurance by 0.15%; and Consumer Goods and Services by 0.07%. On the other hand, the index saw a decline in Industrials by 0.03%; Real Estate by 0.04%; and Transportation by 0.15%.
By 10:00 am, 19.832 million shares were traded in 1,453 transactions valued QR 33.841 million.
Source: Qatar News Agency
Manama, Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board (Bahain EDB), highlighted Bahrain’s advancement in the 2024 UN E-Government Survey, where the Kingdom advanced 36 places to join the ranks of the world’s leading nations.
The minister said that this achievement reflects Bahrain’s progress across various sectors, as recognised in international reports.
Alkhulaif attributed this success to the unwavering support of His Majesty King Hamad bin Isa Al Khalifa, and the continuous follow up of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
She noted that this accomplishment, alongside advancements in telecommunications infrastructure, electronic services, and human capital, has accelerated Bahrain’s progress towards the Sustainable Development Goals (SDGs), reflecting the Kingdom’s commitment to the 2030 Sustainable Development Agenda and its efforts towards the Digital transformation of g
overnment services.
Alkhulaif also underscored Bahrain’s commitment to strengthening its partnership with the United Nations by adopting best practices from leading nations in digital transformation.
The minister highlighted that this achievement will further strengthen Bahrain’s position in digital transformation and ensure its continued presence among the top ranks in the UN E-Government Development Index (EGDI).
Source: Bahrain News Agency
Gold prices rose to record highs Monday, amid signs in the market that more interest rate cuts are on the horizon, in addition to traders exploiting the momentum generated by the Federal Reserves decision to cut US interest rates.
Spot gold rose to $2,625.71 per ounce, while US gold futures fell 0.1% to $2,643.90.
The US Fed began easing monetary policy with a half-percentage-point rate cut on Wednesday, forecasting a further half-point reduction by year-end, a full point next year, and an additional half-point in 2026.
Spot silver was down 0.2% to $31.06 per ounce, platinum fell 0.8% to $967.81 and palladium shed 1.3% to $1,053.67.
Source: Qatar News Agency
Dubai, Arcapita Group Holdings Limited (“Arcapita”), the global alternative investment firm, and Dgpays, a leading financial infrastructure technology provider in the EMEA region, (together in equal partnership, the ‘Consortium’) and Mashreq, one of the UAE’s leading financial institutions, jointly announced today the Consortium’s agreement to acquire a majority stake in NEOPAY, the UAE’s fast-growing payment solutions provider, while Mashreq retains a significant minority interest. The transaction implies an approximate enterprise value for NEOPAY of $385 million, and the closing is subject to necessary regulatory approvals.
The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East. The strategic support of the Consortium, positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ cutting-edge technology.
NEOPAY is the UAE’s fastest growing payment solutions
provider, with a strong foothold among merchants and e-commerce players. The UAE’s card transaction value is expected to grow at double-digit rates over the next five years, presenting substantial opportunities for NEOPAY to capture further market share.
Founded as a strategic division within Mashreq, NEOPAY experienced significant growth in recent years, serving a diverse client base across key sectors such as retail, hospitality, government, and e-commerce. NEOPAY’s expansion is driven by the UAE’s dynamic economic landscape, which is characterized by a young, digitally literate population, robust GDP growth, and the government’s ongoing initiatives to promote digital transformation and a cashless economy.
‘We are excited to support NEOPAY’s transformative journey in partnership with Mashreq. NEOPAY has demonstrated exceptional growth and innovation in the UAE’s digital payments landscape, and we see tremendous potential in expanding this success across the broader Middle East region. At Dgpays, our missi
on has always been to drive digital transformation in financial services through cutting-edge technology and strategic partnerships. By integrating our fintech solutions with NEOPAY’s robust platform, we aim to unlock new opportunities for growth and innovation and present these innovative solutions to the enterprise and SME market of the UAE and broader GCC market’ Serkan Omerbeyoglu, CEO of Dgpays, said.
‘NEOPAY is fully aligned with Arcapita’s investment strategy which focuses on acquiring companies that are not only market leaders but also have strong growth potential driven by favorable macroeconomic trends. NEOPAY is well-positioned to benefit from the UAE’s ongoing shift towards digital payments, supported by rising GDP, a tech-savvy young population, and government-led initiatives for digital transformation. Arcapita will support the next phase of NEOPAY’s growth into value-added services and new markets’ Atif A. Abdulmalik, CEO of Arcapita, commented.
‘This transaction is a key milestone in NEOPAY’
s journey, allowing it to continue its strong growth trajectory as a regional leader in digital payments. We are confident that Arcapita and Dgpays have the right expertise and vision to help NEOPAY achieve its ambitious expansion plans across the Middle East. While Mashreq retains a significant stake in NEOPAY, we are excited to see the company reach new heights as it scales its operations and reinforces its market leadership’ Ahmed Abdelaal, Group CEO, Mashreq, said.
‘We are thrilled to embark on the next chapter of NEOPAY’s growth with the support of Arcapita and Dgpays. NEOPAY has established itself as a leader in the digital payments sector by consistently innovating and delivering value to our clients. With the technological and financial backing of our new shareholders, alongside Mashreq’s continued support, we are well-positioned to accelerate our growth in the UAE and expand our footprint across the Middle East. We remain committed to advancing e-commerce payments and driving the broader adoption of
digital payments across the region’ Vibhor Mundhada, CEO of NEOPAY, also said.
This acquisition signifies a strategic alignment between Arcapita, Dgpays, and Mashreq, highlighting a shared commitment to driving innovation and growth in the digital payments industry throughout the Middle East.
Goldman Sachs International, DIFC Branch acted as financial advisor to the seller, while deNovo Partners advised the Consortium. Clifford Chance acted as legal counsel to Mashreq while Freshfields was legal counsel to the Consortium. Mashreq’s Investment Banking arm facilitated the closure of the transaction between the parties.
Source: Bahrain News Agency
Oil prices gained slightly during early trade on Monday, boosted by expectations the US interest rate cut last week will support demand.
Brent crude futures for November were up 20 cents, or 0.3% at $74.69 a barrel. US crude futures for November were up 22 cents, or 0.3%, at $71.22.
Both contracts rose in the previous session on support from the US interest rate cut and a dip in US supply.
Last Wednesday, the US Federal Reserve cut interest rates by half a percentage point. Interest rate cuts typically boost economic activity and energy demand.
Source: Qatar News Agency
Doha: Rates against US Dollar as issued on Wednesday by Qatar National Bank (QNB) are as following: Currency Buying Selling QAR 3.64000 3.64150 SAR 3.75130 3.75210 AED 3.67280 3.67330 BHD 0.37697 0.37701 KWD 0.30473 0.30573 GBP 1.34150 1.34230 EUR 1.11950 1.11960 CHF 0.84160 0.84210 JPY 143.43000 143.44000 GOLD 2660.89000 2661.30000 SILVER 31.93000 31.98000
Source: Qatar News Agency
Manama, His Majesty King Hamad bin Isa Al Khalifa received a cable of thanks from His Excellency President Abdelmadjid Tebboune of Algeria, in response to HM’s congratulations on his re-election as President of Algeria.
Source: Bahrain News Agency
Manama, Bahrain Mumtalakat Holding Company (“Mumtalakat”) in partnership with Amana Healthcare, part of the M42 group, celebrated a groundbreaking ceremony to mark the start of construction on the Amana Healthcare facility in Al Jasra, Bahrain.
This milestone signifies Amana Healthcare’s entry into Bahrain and its commitment to delivering world-class health solutions and specialised care for the health and wellbeing of people in the Kingdom.
Among the ceremony attendees were members of Amana Healthcare – Bahrain’s Board of Directors, including Khalid Hussain Taqi, Managing Director – Local Impact Investments at Mumtalakat and Dr. Mohamed AlSaati, Acting CEO of M42 Bahrain and CEO of Amana Healthcare Bahrain.
Taqi said that Mumtalakat is committed to investing in key sectors of Bahrain’s economy to benefit and enrich the lives of its people.
“The launch of Amana Healthcare will allow us to leverage M42’s expertise in delivering world-class care, ensuring that technology and innovation are at the forefront
of one of the most vital sectors – healthcare.The groundbreaking ceremony marks the start of the project, which will ensure the efficient use of resources and further elevate the accessibility and quality of healthcare provided to all citizens and residents. Furthermore, this aligns with our mandate to create sustainable, long-term partnerships that deliver valuable services, while creating highly skilled job opportunities,” he added.
Dr. AlSaati said, “This highly specialised new facility will address a critical need in Bahrain, particularly long-term complex medical needs and post-acute rehabilitation. We are proud to be partnering with Mumtalakat to address crucial gaps in the healthcare landscape, support the vision of the country and create jobs for Bahrainis. The groundbreaking will mark the first step in this journey, with momentum maintained through a Recruitment Day on 12 October 2024 in Manama to engage and recruit the Kingdom’s most skilled local professionals. We’re looking forward to seeing Aman
a Healthcare take shape in Bahrain ready to positively impact people in the Kingdom.”
Scheduled to commence operations in 2025, the new facility will be the first international premium provider of specialised long-term care and post-acute rehabilitation services in Bahrain – an innovative approach set to revolutionize healthcare in the region and beyond.
The 15,000-square-meter, 100-bed facility will feature two large gyms, a hydrotherapy pool, two majlises and gardens. The facility aims to offer world-class, tech-enabled services across its three wings.
Source: Bahrain News Agency