News

Bloomberg Swedish fintech company iZettle AB announced its intention to file for an initial public offering on the Nasdaq Stockholm stock exchange. The company, which competes with Square Inc. and Canada’s Shopify Inc, is seeking to raise 2 billion kronor ($226.6 million) and in a statement on Tuesday said it expected its IPO to be completed this year. Carnegie Investment ...

Bloomberg Social Finance Inc (SoFi), a startup looking to offer a range of banking services to millennials, is working on a credit card and is bringing in a former Citigroup Inc. executive to help oversee the initiative, said people familiar with the matter. The San Francisco-based company hopes to offer credit cards within the next year, said the people, who ...

Bloomberg Athenahealth Inc. surged after activist investor Elliott Management Corp bid to acquire the medical company for $160 a share, saying executives had “failed to correct a host of operational issues.” Elliott, the New York hedge fund led by billionaire Paul Singer, said that it made an all-cash takeover offer, which would value Athenahealth at $6.46 billion. Athenahealth, which makes ...

DUBAI / WAM Dubai Holding has announced that it will invest up to AED1 billion over the next five years to launch a next-generation digital bank for the UAE, with plans to expand services across the Middle East and North Africa region. The announcement is in line with the UAE’s goal of becoming a cashless digital economy, guided by the ...

Dubai / Emirates Business Siemens Postal, Parcel and Airport Logistics (SPPAL) opened a new MindSphere Application Center (MAC) in Dubai to further expand its digital portfolio. The MAC is used to develop future-oriented analytics and IoT solutions for airports, airlines, cargo service providers and ground handlers. The MAC in Dubai is part of the global network of a total of ...

ABU DHABI / WAM Abu Dhabi’s total trade with Saudi Arabia amounted to AED1.4 billion during January, an increase of 3.7 percent over the same month 2017. According to Statistics Centre — Abu Dhabi figures, the Kingdom of Saudi Arabia comes on top of Arab and Gulf countries with the largest trade volume with the Emirate of Abu Dhabi, accounting ...

DUBAI / WAM Dubai Investments has announced strong Q1 financial results, announcing that net profit increased by 25% to AED362 million as compared to AED289 million for Q1 2017. Khalid bin Kalban, Managing Director and CEO of Dubai Investments, said, “Dubai Investments is pleased to announce strong Q1 results which has been driven by the strategic acquisition of additional 50% ...

TOKYO / WAM An Abu Dhabi delegation to Tokyo, headed by Abu Dhabi Investment Office of the Department of Economic Development (DED), held a coordination meeting on Monday in Tokyo. The delegation conducted a series of bilateral meetings between the participating bodies with Japanese investors and businessmen in order to familiarise them with the best investment opportunities that the government ...

Abu Dhabi / WAM Abu Dhabi Ports signed a 30 year concession agreement with Mediterranean Shipping Company (MSC), a Swiss-based leader in global transportation and logistics, to establish a new container terminal in the UAE located at Khalifa Port. The new terminal will benefit from Khalifa Port’s advantages as one of the region’s most technologically-advanced ports and one of the ...

ABU DHABI / WAM The UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) has expressed surprise over the statement issued in the name of Yemeni Prime Minister Ahmed bin Dagher and published on his official social media account where he is attacking the UAE in a manner that goes counter to reason and realities on ground and does not do ...