INDIA > Asian Development Bank (ADB) approves funding for the Second Rural Connectivity Investment Program totaling $500 million in India

Adb logo To improve rural roads in five Indian states, ADB approves a multitranche financing facility (MFF) for the Second Rural Connectivity Investment Program. The investment program is set to construct and upgrade over 12,000 kilometers of rural roads in five Indian states of Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal. The program builds on the first Rural connectivity investment program More …

SCOTLAND > Dublin based Staycity Aparthotels is set to open its first premium Wilde Aparthotels in Scotland’s historic King’s Stables Road

staycity logo Dublin based Staycity Aparthotels is opening a premium Wilde Aparthotels in the site currently owned by the City of Edinburgh Council which has been vacant since 2009. This historic location in King’s Stables Road in Edinburgh, Scotland hotel will offer apartments together with lounge, café and gym facilities. Expected to start development at the end of 2017 and expected to More …

SAUDI ARABIA > British Billionaire Richard Branson to invest in tourism project in Saudi Arabia Red sea

saudi red sea Founder of Virgin group, Richard Branson becomes the first international investor to commit to Saudi Arabia’s Red Sea project that will transform a 200 kilometer stretch of Red Sea Coastline into a luxury destination. The stretch will feature hotels, residences and transport hubs. The initial investment for the project will be from Saudi Arabia’s sovereign wealth fund, The Public Investment More …

NORWAY > France based Saint-Gobain finalizes acquisition of Glava

Saint Gobain logo After receiving permission from the Norwegian Competition Authority, Saint- Gobain has announced that it has been holding exclusive talks with the founding families and shareholders of Glava. Glava is one of the market leading companies in the insulation market in Norway and has reported sales of over  €140 million ($185.5 million) in 2016. Glava has two glass wool plants in More …

NETHERLANDS > Germany based Thyssenkrupp and India based Tata Steel sign an MOU to create Europe’s No. 2 steelmaker

tata steel logo Germany’s Thyssenkrupp and India’s Tata Steel have signed a MOU to create a 50-50 joint venture to create Europe’s No.2 steelmaker after ArcelorMittal. The expected synergies of the two Europe steel giant is supposed to be 400- 600 million euros ($480-720 million) worth. The consolidation of the two companies will be headquartered in Amsterdam, The Netherlands to address overcapacity in More …

UK> Israel based co-working space provider Mindspace set to open new location in London

Mindspace logo Israel based Mindspace is set to open its UK co-working space that is a little over 30,000 square feet in Whitechapel, London. Spanning two floors, the new location is capable of accommodating 700 members from startups to global enterprises and is scheduled to open in December 2017 This co-working space is expected to have boutique styled offices, meeting rooms and More …

Singapore > New York based WeWork Acquires Spacemob as part of $500 million east Asian expansion investment

weworklogo Due to the growing demand for shared office space in Asia, WeWork is going to invest $500 million to provide workspace for users as varied as freelancers, entrepreneurs and corporations. Concentrating in Singapore, South Korea and Southeast Asia, WeWork is set to buy Singaporean peer Spacemob for an undisclosed amount, retaining the Spacemob’s management team. Turochas “T” Fuad, founder of More …

UAE > JOCIC, a consortium of Chinese firms, invests $300 million in Abu Dhabi Ports

kizid Jiangsu Provincial Overseas Cooperation & Investment Company (JOCIC) has signed a 50 years agreement with Abu Dhabi Ports to initially invest $300 million to lease and develop 0.8 square miles (2.2 square kms) Abu Dhabi port. At Khalifa Industrial Zone Abu Dhabi (Kizad), according to Reuters, Mohamed Juma al Shamisi, Chief executive officer of Abu Dhabi Ports told that this More …