Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.Company News Business
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Saudi ministry explores investment with Chinese groups in aquaculture
Shenzhen, China - Saudi Ministry of Environment, Water and Agriculture discussed ways to enhance investments between the Kingdom and China...The National Fisheries Development Program, a delegation of Saudi ministry, participated in the Global Investment Promotion Conference.
The conference was held in the Chinese city of Shenzhen, and the two sides discussed investment opportunities and improving investment relations between the two countries.
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.The dual tranche borrowing comprises a conventional tranche and a commodity Murabaha financing facility has been concluded at competitive pricing.
The facility also includes a green-shoe option to increase the size up to AED 1.3 billion. Proceeds of the facility will be used for general corporate purposes.
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
This achievement adds to the recent major records, including a score of 77.66 during Q3.
MBC IPO retail subscription begins
MBC Group runs a group of TV and radio channels.The subscription process for the retail tranche of MBC Group will run for five days until December 18.
The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.
OPEC+ cartel’s grip on oil market loosening as demand slows: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.
Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.
Arab Union for International Exhibitions & Conferences approves 2024 plan
Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab...AUIEC plan for next year focuses on attracting new memberships in order to expand its network and active participation in union members' activities and events
The union is set to organise prominent events like the Arab Industries Exhibition in the UAE and Iraq and the Conference of the Exhibition Industry in the Arab World
Tesla files recall on 2m vehicles to fix autopilot software
Tesla's Autopilot program has spurred numerous government investigations as well as media exposes focusing on misuse or vulnerabilities. The system...The recall affects models across Tesla's portfolio and will be addressed by an "over-the-air software remedy" typically performed remotely
The recall covers 2.03 million Tesla vehicles and includes Models S, X, Y and 3. Authorities in Canada said they were recalling 193,000 vehicles there
NEOM unveils Utamo, a $500bn project to showcase world’s mega artists
NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...Described by NEOM as "an innovative and multipurpose event and performance space," Utamo features VIP lounges and signature restaurants
NEOM envisions Utamo as a venue where "reality and the digital realm converge," aiming to redefine entertainment benchmarks
