IHC Food Holding acquires controlling stakes in Abu Dhabi Vegetable Oil Company

IHC Food Holding, a subsidiary of International Holding Company (IHC), has acquired 75 per cent of Abu Dhabi Vegetable Oil Company (ADVOC), IHC has announced, Zawya reports. The conglomerate did not provide details on the operation but indicated that the Read more

Eight countries including Iran lose right to vote at UN over unpaid dues

The United Nations have suspended the right to vote of eight countries including Iran over unpaid dues, reports say. The UN Chief, Antonio Guterres in a letter to the General Assembly, said 11 countries are behind in their payments, Arab Read more

Oman to organize first IPO in three years as Barka Desalination Co. plans to float 40 per cent of shares

Oman will stage its first Initial Public Offering (IPO) in three years with Barka Desalination Company (BDC), owner of Oman’s largest operating water desalination plant Barka IWP getting ready to sell 40 per cent of its shares. The 40 per Read more

Saudi Arabia sets up first private equity fund to develop tourism

Tourism Development Fund (TDF), Saudi Arabia’s fund for tourism development, has agreed with investment solutions firm Derayah Financial to establish a SR100 million ($26 million) private close-ended equity fund – first private equity fund focused on tourism, reports say. The Read more