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LG Display has finalized the sale of its Guangzhou LCD production facility to TCL CSOT for approximately $1.7 billion, marking its exit from the large-size LCD market. This strategic move allows LG Display to focus on high-margin OLED and automotive displays, as Chinese manufacturers increasingly dominate the LCD sector. The Guangzhou plant, capable of producing 180,000 TV panels monthly, significantly enhances TCL's manufacturing capabilities in China.
Al Ansari Financial Services has successfully acquired Bahrain-based BFC Group Holdings for $200 million, enhancing its customer base by 29% and expanding its branch network by 60%. This positions Al Ansari as the largest non-banking financial institution in the GCC by branch count, with over 410 branches and around 6,000 employees.The acquisition is projected to boost operating income by 20% and increase both EBITDA and net profit after tax by 13% in 2024. Al Ansari plans to integrate digital platforms and AI-driven services to improve operational efficiency and customer engagement while leveraging economies of scale for profitability and revenue growth.
Polish insurtech startup Ominimo has secured its first external funding from Zurich Insurance Group, which acquired a 5% stake for €10 million, valuing the company at €200 million. Founded a year ago, Ominimo specializes in car insurance and has already signed 300,000 policies, achieving profitability in Hungary. With Zurich as its risk carrier, the firm plans to expand into over 10 markets, starting with Poland, Sweden, and the Netherlands.
Singapore's SC Capital Partners is reportedly considering a bid for UK data center operator Global Switch, currently owned by Jiangsu Shagang Group, with a potential deal valued between $4 billion and $5 billion. This interest comes amid rising demand for digital infrastructure driven by AI and cloud computing, despite a significant decline in Global Switch's valuation due to geopolitical and security concerns. The company has already sold its Australian operations for A$1.94 billion, reflecting ongoing scrutiny over data center ownership.
Egypt's Sovereign Fund has signed agreements with the Armed Forces' National Service Projects Organization (NSPO) to manage and restructure the public offering of five military-affiliated companies, including Chillout and Silo Egypt for Food Industries. The listings, overseen by local and international consultants, are set to begin in 2025 and continue into 2026 as part of the government's privatization program aimed at transferring state-owned companies to private sector management.
ShopUp and Sary have merged to form SILQ, aiming to create the largest B2B commerce ecosystem in the Middle East and Emerging Asia, projected to reach $682 billion. Backed by major investors, SILQ will enhance financial services for SMEs and establish a regional headquarters in Qatar.Meanwhile, Saudi Arabia's STUCK? has raised a high six-figure pre-seed round to innovate Arabic content creation through AI, while UAE's Rentify has secured $500,000 to digitize the rental market with AI-driven solutions, enhancing tenant and landlord experiences.
Pine Labs has received the final approval from the National Company Law Tribunal (NCLT) for its reverse flipping process to India. This move marks a significant step in the company's strategic operations and expansion within the Indian market.
ShopUp and Sary have merged to create SILQ Group, backed by $110 million in funding from investors including Sanabil Investments and Valar Ventures. This new entity will operate regionally while maintaining original brand identities and aims to expand into Qatar, targeting a projected $682 billion trade corridor. With over $5 billion in transactions and 600,000 clients, SILQ will also launch SILQ Financial to enhance embedded finance solutions for small businesses in the Gulf and South Asia.
Saudi Aramco and Sinopec have signed a Venture Framework Agreement to expand the Yasref petrochemical complex in Yanbu, Saudi Arabia. The expansion will include a mixed-feed steam cracker with a capacity of 1.8 million metric tons and an aromatics complex with a capacity of 1.5 million metric tons, integrated with the existing refinery that processes 400,000 barrels per day of Arabian heavy crude oil.
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LG Display sells Guangzhou LCD plant to TCL for 1.7 billion dollars
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08:44 11.04.2025
Al Ansari completes 200 million dollar acquisition of BFC Group Holdings
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05:00 11.04.2025
Singapore firm considers bid for UK data center operator Global Switch
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04:00 11.04.2025
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12:37 10.04.2025
Pine Labs secures approval for reverse flipping to India
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