Multiply Group, the Abu Dhabi-based investment holding company, has signed an agreement to acquire a majority stake in Italy’s ISEM Packaging Group, a leading European packaging manufacturer, marking its expansion into a fifth consumer-focused vertical.

Under the terms of the deal, Multiply Group will hold a 60.8 per cent stake in ISEM, while European private equity firm Peninsula Capital and minority investors will retain the remaining 39.2 per cent.

The transaction, which is subject to regulatory approvals, represents Multiply’s sixth global partnership since its listing on the Abu Dhabi Securities Exchange in December 2021.

Multiply Group enters into the packaging sector

The acquisition signals Multiply Group’s entry into the packaging sector, complementing its existing consumer-focused businesses in beauty and apparel. The company said the move aligns with its strategy of building scalable platforms in high-growth industries and reflects its ambition to broaden its global footprint.

Founded in 1949 and headquartered in Bologna, Italy, ISEM Group is a highly automated packaging specialist renowned for its craftsmanship and “Made in Italy” design standards.

Its key clients include LVMH, Kiko, Gucci, L’Oréal, Puig, and Coty Lancaster.

The group manufactures rigid boxes, folding cases, silk paper, and dust bags, operating 11 production facilities across more than 100,000 square metres.

“This transaction is our second in Europe this year as we continue with our global growth ambitions,” said Samia Bouazza, group CEO and MD of Multiply Group. “With 3x revenue and 4x EBITDA growth from 2021 to 2024, a long-standing blue-chip client base, a highly automated industrial footprint, and strong fundamentals, we believe ISEM Group is a great fit for our portfolio. With this acquisition, alongside Peninsula Capital and the management of ISEM, we see opportunities to maximise competitive advantages, elevate value creation, and create synergies within the industry and potentially with our beauty and apparel sectors.”

Multiply and Peninsula said their partnership combines Multiply’s long-term investment approach and experience in platform building with Peninsula’s sector knowledge and reach across Southern Europe.

Multiply, Peninsula Capital investment to help ISEM grow industrial platform

“We are proud of the journey accomplished together with ISEM Packaging Group, which has become a European leader in packaging and a partner of choice for global beauty and fashion leading brands,” said Borja Prado, founding partner of Peninsula Capital. “Since our entry, revenues have tripled through strong organic growth and targeted M&A. Confident in its future, we are pleased to reinvest in the group through our latest flagship fund and join forces with Multiply Group – a strategic global investor with a strong track record in scaling businesses.”

Francesco Pintucci, CEO of ISEM Group, said Multiply’s investment will enable ISEM to grow its industrial platform and global reach. “This important step represents full continuity with our long-term vision and growth strategy – to build the world’s leading industrial group capable of supporting our customers at 360°, combining the highest standards of quality, innovation, and service with a strong ESG commitment,” he said.

Multiply Group continues to expand its portfolio through targeted global partnerships while aligning its investments with the UAE’s broader economic diversification goals.

Riyadh Air, owned by Saudi Arabia’s Public Investment Fund (PIF), will begin operating daily flights between Riyadh and London Heathrow on October 26 as part of its operational readiness programme ahead of its full commercial launch.

The flights will be operated using a Boeing 787-9 Dreamliner named Jameela, the airline’s reserve aircraft. The inaugural service, flight RX401, will depart King Khalid International Airport at 3:15 am local time and arrive at Heathrow at 7:30 am, according to a statement.

The return flight RX402 will leave London at 9:30 am and arrive in Riyadh at 7:15 pm local time.

Tickets for the route will initially be available only to select passenger groups and Riyadh Air employees as the airline tests systems, crews and service procedures. The airline said the London route forms part of an evaluation process before it begins commercial operations with its own fleet of Boeing aircraft.

Riyadh Air plans to introduce additional flights to Dubai following the London service. The operations will support a comprehensive review of flight performance, crew training and ground handling as part of a wider readiness programme for the upcoming winter 2025 and summer 2026 schedules.

The carrier also unveiled its new loyalty programme, Safeer, which will offer digital membership services and personalised rewards. The launch of Safeer is part of Riyadh Air’s broader effort to build customer engagement ahead of its global rollout.

Riyadh Air was established in 2023 by Crown Prince Mohammed bin Salman to strengthen the kingdom’s aviation sector and position Riyadh as a global transport hub. The airline aims to fly to more than 100 destinations worldwide by 2030, supporting Saudi Arabia’s Vision 2030 plan to diversify the economy and boost tourism.

The soft launch from Riyadh to London marks the first step in testing the airline’s operational systems and customer experience before public ticket sales begin.

Riyadh Air is one of several major aviation projects backed by the PIF, which has invested heavily in airports, airlines and logistics infrastructure as part of efforts to attract 330 million passengers annually by the end of the decade.

Saudi Arabia is on track to sustain annual non-oil growth of between 4.5 and 5.5 per cent through the coming decade, according to a new cross-sector report published by Moody’s Ratings on Wednesday.

The ratings agency, through its latest sector report, says the kingdom’s economic diversification drive under Vision 2030 is “advancing and supporting the country’s medium-term economic prospects,” even as funding constraints and uneven project progress present challenges.

Moody’s adds that Saudi companies “continue to have robust credit ratios,” though it warns that rapid expansion in the credit and insurance markets “will carry risks for companies in those sectors.”

In its report, which consists of four key questions around Vision 2030, the ratings agency provides insight and a series of charts that highlight the country’s economic advancement.

What progress is Saudi Arabia making on its Vision 2030 strategy to diversify the economy?

Non-oil growth remains the backbone of Saudi Arabia’s transformation.

Moody’s highlights that “non-oil economic growth, particularly in the services sector, will remain robust as the large-scale projects are implemented and gradually commercialise.”

Since 2016, services have been the fastest-growing non-hydrocarbon segment, expanding at 8 per cent annually, ahead of construction (6.6 per cent) and manufacturing (4.8 per cent).

Reforms have also paid off: the female labour participation rate has more than doubled since 2016, while unemployment among Saudis has dropped to record lows, falling under 10 per cent.

However, Moody’s cautions that “progress is uneven on some major projects, partly reflecting supply-side and funding constraints.”

Fiscal trade-offs will persist, with government debt likely to rise from 26 per cent of GDP in 2024 to more than 36 per cent by 2030, but Moody’s says Saudi Arabia will “continue to support economic diversification while preserving robust government finances.”

Who is funding Vision 2030 investments and what is the impact on Saudi company balance sheets?

The Public Investment Fund (PIF) remains at the centre of Vision 2030 financing. With assets exceeding SAR 3.4 trn ($913 bn), PIF has invested more than SAR 642 bn over the past five years to build sectors from retail and telecoms to mining, aviation and technology.

Moody’s estimates that “investment from PIF alone will reach SAR 1 trillion during the 2025–30 period.” Despite higher capital expenditure and borrowing, most rated corporates are expected to “maintain their credit quality,” supported by “strong starting balance sheets and access to diversified funding channels.”

Private capital is gradually gaining ground. Domestic non-oil investment has grown around 25 per cent a year over the past four years, outpacing government investment. Moody’s notes that the “gradual shift toward private co-investment and public-private partnerships is helping sustain credit quality.”

How are banks dealing with funding challenges amid sustained credit growth?

Credit expansion remains one of the fastest in the region. Moody’s reports that Saudi credit growth has averaged 12–14 per cent annually over the past five years, driven by giga-projects and mortgages, while deposit growth trails at 6–9 per cent.

As a result, the loan-to-deposit ratio has exceeded 100 per cent since 2021, prompting lenders to diversify funding. “Saudi banks are diversifying their funding sources beyond traditional deposits to include capital market issuance and syndicated loans,” the report says.

In 2024, Saudi bank issuance hit SAR 56 bn, more than doubling the previous year’s total. However, Moody’s warns that “a rapid acceleration of market-based funding could heighten refinancing risks.”

The Saudi Real Estate Refinance Company is helping by developing the kingdom’s first residential mortgage-backed securities market, while the Saudi Central Bank has introduced new macroprudential measures, including a 100 basis-point countercyclical capital buffer to curb overheating.

What is the insurance sector’s role in Vision 2030 and what challenges does it face?

The insurance industry is expanding rapidly as Vision-related projects demand complex coverage and as regulatory reform boosts participation. “The insurance sector is undergoing rapid expansion with an increasingly diverse range of products and growing demand,” Moody’s notes.

New rules have made multiple covers compulsory — from motor and domestic worker to pilgrimage and travel protection — while the regulator now requires local insurers to offer at least 30 per cent of reinsurance to domestic firms.

Competition will keep premiums low, and smaller insurers face pressure as claims and reinsurance costs rise. Yet Moody’s says the long-term outlook remains positive: “As more of the population becomes insured, premium income will stabilise,” while consolidation through M&A “supports the market and enhances financial resilience.”

SAS, a global leader in data and AI, has announced the opening of its new Middle East and North Africa Regional Headquarters in Riyadh, Saudi Arabia.

The announcement was made during SAS Innovate on Tour in Riyadh, the company’s flagship regional event attended by senior government officials, industry leaders, and technology experts.

The establishment of the new headquarters reinforces SAS’s long-standing presence in Saudi Arabia and highlights its commitment to supporting governments and enterprises across the region in leveraging AI and advanced analytics to drive innovation, operational efficiency, and sustainable growth.

“Saudi Arabia is rapidly emerging as a hub for innovation and digital transformation. By establishing our regional headquarters in Riyadh, we are positioning ourselves at the heart of this growth. Our investment underscores SAS’s belief in the Kingdom’s potential and our commitment to supporting Vision 2030,” said Alexander Tikhonov, regional director, Middle East Türkiye & Africa, SAS.

Mohammed Kiki, country manager, Saudi Arabia, SAS, added: “From Riyadh, SAS will partner with governments, enterprises, and academia across the Middle East to deliver cutting-edge AI and analytics solutions. This headquarters will also serve as a hub for knowledge sharing, skills development, and regional collaboration.”

The new regional headquarters will house leadership, consulting, innovation, and customer engagement teams, enhancing collaboration with local partners and clients across key industries including banking, government, energy, utilities, and telecommunications.

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At SAS Innovate on Tour in Riyadh, discussions focused on the role of advanced analytics and emerging technologies such as Agentic AI, Generative AI, and Digital Twins in shaping the future of decision-making. Global SAS experts shared insights on how organizations can simplify complexity, boost productivity, and implement responsible AI practices grounded in trust, transparency, and governance.

As part of its $1bn, three-year global investment plan announced in 2023, SAS outlined its strategy to drive customer success, build strategic partnerships, nurture the next generation of innovators, and preserve its culture of innovation. The company’s latest developments include trusted generative AI tools, synthetic data generation, Viya Copilots, and digital twin advancements in manufacturing, alongside research in quantum computing for industries such as life sciences and banking.

Presented in collaboration with Microsoft, Intel, AWS, RedHat, and other regional partners, SAS Innovate on Tour in Riyadh underscored how data-driven transformation and AI innovation can help organisations accelerate growth, enhance competitiveness, and contribute to a future where data and AI power progress across the Middle East.

Billionaire Nikolay Storonsky, the CEO and co-founder of financial technology business Revolut, has changed his residence from the UK to the United Arab Emirates, according to filings in Britain’s corporate registry.

Storonsky, who was born in Russia, changed his residence status in October 2024, a Companies House filing published on Tuesday shows.

A spokesperson for Revolut declined to comment. The filing did not give a reason for the move.

Revolut was valued last month at $75bn. Storonsky, who co-founded Revolut in 2015, owns more than 25 per cent of the company, directly or indirectly, according to the company’s latest annual report.

London-based Revolut is Europe’s most valuable fintech company, having expanded aggressively in recent years as it seeks to take on traditional banks and trading platforms. Last month, while unveiling a new London headquarters, it announced it had more than 65 million customers and said it planned to enter 30 new markets by the end of the decade.