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Kiklabb, NY Koen Group Announce Deal to Attract Israeli Investors to UAE

KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)
KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)
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Kiklabb, NY Koen Group Announce Deal to Attract Israeli Investors to UAE

KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)
KIKLABB and NY Koen Group sign deal to attract Israeli investors to the UAE. (WAM)

KIKLABB and NY Koen Group have announced a partnership agreement which aims to facilitate cultural understanding, foreign investment and business development between the business communities of the UAE and Israel.

The agreement will see the launch of several initiatives that coincide with the normalizing of diplomatic relations between the UAE and Israel.

This includes the launch of a center for the Jewish community in Dubai to provide support and resources for business, tourism and travel along with strategic advisory to Israeli investors wishing to launch in the UAE via KIKLABB, state news agency WAM reported.

In line with religious beliefs, the center also includes facilities to provide Israeli tourists with their needs, including kosher dining, during their visit to Dubai.

NY Koen Group will support KIKLABB in expanding its presence in Israel and introduce Israeli entrepreneurs and businesses to the benefits of working with the Dubai government-owned licensing and workspaces entity.

Commenting on the partnership, Tasawar Ulhaq, the CEO of KIKLABB, said: "We are excited by the numerous opportunities that this can bring for both of us. The exchange of ideas and knowledge is something that KIKLABB always strives for. This partnership can provide Israeli companies with not only a UAE trade licence but the tools they need to promote their products, services and increase Foreign Direct Investment and expertise within the region. With estimates suggesting that trade with the UAE could reach four billion dollars a year, the opportunities are infinite."

"Our partnership with KIKLABB comes at an important time as the region's two most innovative economies start working more closely together," said Naum Koen, CEO of NY Koen Group.

"There is immense potential for economic co-operation and investment. With KIKLABB, we can expect to see thousands of Israeli companies expand into the UAE market. We are keen to help those wishing to trade in the UAE and give them the support they need to thrive and expand their businesses."

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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)

Aramco, one of the world's leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.

The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction's completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco's investment is based on Horse Powertrain's €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake, SPA reported.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: "Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing several potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world's leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward."
For his part, CEO of Horse Powertrain Matias Giannini said: "We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint."

CEO of Valvoline Global Operations Jamal Muashsher said that as a technical partner and supplier to Horse Powertrain, "we look forward to applying Valvoline Global's 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global's strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility."

Aramco's investment is expected to accelerate Horse Powertrain's efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.
Thanks to its technology leadership, global manufacturing, and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible, cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.