Kinderini Crowned Product of The Year 2025 Gulf in the ‘Biscuits' Category
Made with a combination of plain and cocoa shortbread – with tasty Kinder milk and cocoa details –Kinderini is a unique addition to the Kinder family, offering a simple yet fun biscuit experience for children. Each pack features many different expressions, making afternoon snack time an opportunity for storytelling, laughter, and family bonding.
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Al Bawaba
21 minutes ago
- Al Bawaba
Cenomi Retail announces the signing of a share purchase agreement between its founding shareholders and Al-Futtaim for the sale of 49.95% stake to Al-Futtaim
Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.'Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.'Salim Fakhouri, Chief Executive Officer at Cenomi Retail: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.'Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction.
Al Bawaba
2 days ago
- Al Bawaba
Dubai land Department recognises 10 real estate firms surpassing Emiratisation goals under the ‘Dubai Real Estate Broker Programme'
In a move that reflects Dubai's commitment to promoting professional empowerment and the active participation of Emiratis in key economic sectors, Dubai Land Department (DLD), represented by the Real Estate Regulatory Agency, organised a special ceremony to honour the real estate brokerage firms most dedicated to hiring UAE nationals, as part of the 'Dubai Real Estate Broker Programme.'The ceremony was held on Thursday at Dubai Land Department's headquarters, in the presence of His Excellency Omar Hamad BuShehab, Director General of DLD, along with several CEOs and representatives from the real estate sector.10 leading real estate brokerage firms were honoured during the ceremony in recognition of their pioneering role and active contribution in exceeding the programme's key Emiratisation targets. This achievement qualifies them for additional points that enhance their classification with DLD, reflecting a genuine commitment to advancing Emiratisation in the real estate sector and boosting the participation of national talent across its various list of honoured companies included Harbour Real Estate Broker, On Plan Real Estate, Dirham for Real Estate Brokerage, AlRuwad Real Estate, AKN Properties, Exp Real Estate, FAM Real Estate Broker, Real Estate Codes, PSI Real Estate, and D&B Ali Al Badwawi, Acting CEO of the Real Estate Regulatory Agency (RERA), said: 'What we are witnessing today is a true example of a conscious partnership between the public and private sectors. As a result, each honoured company under the 'Dubai Real Estate Broker Programme' has successfully employed more than twenty Emirati men and programme has exceeded its targets in a short period, thanks to the pivotal role of these companies, which have demonstrated that investing in Emirati talent is a strategic choice that reflects institutional maturity and long-term vision. We reaffirm our commitment to expanding this programme and enhancing its impact in building a more balanced and sustainable real estate market.'This achievement marks a significant milestone in the programme, led by Dubai Land Department, to open new career opportunities for Emiratis and prepare them to take on leadership roles within the real estate brokerage sector. The programme is built on an integrated system of training, qualification, and professional support, in close collaboration with private sector companies that serve as key partners in realising its recognition embodies the principle of responsible partnership with real estate brokerage firms that believe Emiratisation is a strategic necessity for the future and promising prospects of the market. It reflects an ambitious vision aligned with the Dubai Real Estate Strategy 2033, by focusing on human capital development and ensuring market sustainability. It also supports the Dubai Social Agenda 33, which aims to achieve transformative progress in employment, skills development, and empowering every citizen's potential. In this context, Dubai Land Department continues to invite all real estate companies in Dubai to join the programme and contribute to this ambitious national initiative, which aims to build a more inclusive and sustainable work environment while providing quality opportunities for Emiratis in a vibrant and growing sector. Participating in the programme enhances institutional balance, strengthens a company's position in the market, and represents a genuine contribution to realising Dubai's vision of becoming the best city in the world to live and work.
Al Bawaba
2 days ago
- Al Bawaba
United Arab Bank Net Profit up by 50% for the First Half of 2025
United Arab Bank PJSC (UAB or 'the Bank') has announced its financial results for the six months ended 30th June 2025. UAB posted a net profit of AED 208 million for the first half of 2025, compared to AED 139 million for the same period last year, representing a 50% YoY increase. Total income rose by 24% YoY to AED 374 increase in net profit reflects significant growth in total assets—up 11% from December 2024—and the Bank's disciplined approach to risk management. UAB's balance sheet was further strengthened through a continued focus on asset quality and capital results underscore the Bank's solid momentum and strategic readiness for future growth.H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: 'The Bank's exceptional financial performance in the first half of 2025 underscores the effectiveness of our strategic vision and the strength of our governance framework. Looking ahead, we are unwavering in our commitment to advancing the UAE's economic agenda while creating enduring value for all stakeholders. We will continue to lead with discipline, resilience, and an uncompromising focus on innovation, digital transformation, and operational excellence.'Shirish Bhide, Chief Executive Officer of United Arab Bank, said: 'Our first-half results reflect robust operational performance and the growing impact of our transformation agenda. The strong growth in profitability and total assets highlights the success of our strategic execution and our unwavering focus on customer value, efficiency, and prudent risk-taking.'He added: 'As we move forward, we will continue to scale our digital capabilities, introduce innovative products, and further strengthen our control environment—while keeping the customer at the center of everything we do.' United Arab Bank is in the process of enhancing its capital by up to AED 1.03 billion through a Rights Issue offered to existing shareholders. This capital injection will increase the total share capital by up to AED 3.09 billion, subject to completion of the process and necessary regulatory approvals, strengthening the Bank's capital adequacy and enhance its resilience to any adverse macro-financial shocks, while enabling future asset growth towards achieving its strategic and financial goals.
