Switzerland's third largest wealth manager Julius Baer Group Ltd said it has already acquired the Middle Eastern wealth management units of Merrill Lynch located in Lebanon, Bahrain and the United Arab Emirates.
Middle East
Han's Laser purchases Israel's Nextec as overseas expansion effort
China-based professional laser equipment manufacturer Han's Laser Technology Co bought Israel-based Nextec Technologies in its effort for expansion amid slow growth in the Chinese laser measurement devices market.
Report finds developing countries lose nearly $1 trillion to illicit money flows in 2011
Global Financial Integrity, a Washington-based group that tracks illicit financial flows from developing countries, reveals that nearly $1 trillion were lost to illicit transactions in 2011.
Abu Dhabi wealth fund to invest $250 million in Hines India Real Estate
Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is investing $250 million in Hines India Real Estate, the Indian unit of American property management firm Hines, according to a source familiar with the investment.
Israel's Cellcom enters sharing agreement with rivals for creation of 4G network
The largest mobile phone operator in Israel, Cellcom, has entered an agreement to share the costs with its two rivals for the creation of a new 4G network, Reuters reported.
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Shares of Israel-based Given Imaging got a boost after news broke that Dublin, Ireland-based Covidien would be buying the firm's outstanding shares at a premium.
Saudi International Petrochemical Company and Sahara Petrochemical Company agreed to start due diligence over a planned merger deal. The deal is reportedly worth SAR6.67 billion.
A revival in public listings is set to take place in the Middle East and North Africa or MENA with the improvement in capital markets conditions, a report in Gulf Business said.
Israel-based global buyout firm Apax Partners is planning to raise USD300 million for the country's first private equity fund dedicated to mid-market buyouts, sources familiar with the matter said.
Months after receiving a USD1 million in seed investment, Israeli startup Carambola Media raised USD4 million in a Pitango Venture Capital-led Series A funding round.
Dubai state fund Investment Corp of Dubai (ICD) announced on Thursday that it has purchased the Atlantis hotel from a Dubai World unit for an undisclosed amount.
Fondo Strategio Italiano, one of the bidders for a 20% stake in Versace, is willing to put in a bid valuing the Italian fashion house at EUR1.1 billion. Versace earlier said that it seeks a valuation of at least EUR1 billion.
Ireland's Ryanair on Tuesday announced that it won't participate in Italian airline Alitalia's EUR300 million emergency cash call. Other carriers including Lufthansa, Etihad Airways, Aeroflot and Alitalia shareholder Air France-KLM have also turned down the deal.
An article published by the New York Times said that the Versace deal may not please investors. Versace valued itself at over EUR1 billion (USD1.36 billion), which is 14 times its current-year EBITDA at EUR70 million.
