Samsung TV pioneer Han Jong-hee dies of heart attack at 63
Samsung Electronics co-CEO Han Jong-hee, credited with boosting the South Korean tech giant's television business on the global stage, died...Business
Al Ansari approves $85m dividend
This is approx 78% of the company's net profit after tax.Company News Business
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.
Modon attracts new investments via partnerships with China, Japan
Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering...The agreements are in line with the objectives of the logistics hub master plan launched by Crown Prince Mohammed bin Salman bin Abdulaziz in August 2023.
The master plan stipulates logistics centers in 17 industrial cities affiliated with Modon, including 11 internal distribution centers.
Invest AD to launch debt fund
Invest AD Blackstone Debt Fund is an SCA-regulated fund.The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
GCC unified tourist visa to be introduced within 2 years, says UAE minister
ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council...The new visa will open doors to travelers, granting them access to six countries under a single, unified tourist visa.
The minister said the UAE is getting ready to welcome the new flow of international tourists with the new unified visa.
Yansab 9M net loss $134 million
The company had posted net earnings of $136m in 9M 2022.In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
Aldar achieves record occupancy in Grade A commercial properties in Abu Dhabi
Abu Dhabi, UAE - Aldar Properties achieved a 97% occupancy rate across its prime Grade A commercial properties, which includes...Occupancy rates at the towers located at ADGM, the international financial centre on Al Maryah Island, stand at 99% compared to 79% when acquired by Aldar in 2022
Aldar’s other Grade A commercial properties in Abu Dhabi, HQ and International Tower currently hold an average occupancy rate of 95%
Knowledge E and HBMSU sign agreement to ‘reshape future of education’
Dubai, UAE-- Hamdan Bin Mohammed Smart University (HBMSU) and Knowledge E have signed a memorandum of understanding to reshape the...Vice Chancellor of HBMSU said the MOU is a step in the university's march toward transforming education in a way that brings smart learning innovation into the sector
As per the terms of the agreement, both sides will collaborate in several key areas - including content digitisation and self-paced courses, management of HBMSU's journal system
PIF and Hyundai to set up JV vehicle-manufacturing plant in Saudi Arabia
Riyadh, Saudi Arabia--The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have signed a joint-venture agreement to establish an...The investment in the joint-venture project is expected to exceed $500 million with PIF to hold 70 percent stake and Hyundai the remaining 30 percent
The JV project will speed up Saudi Arabia's automotive industry in addition to creating thousands of jobs and allowing for the transfer of knowledge and expertise
EHS and Burjeel Hospital for Advanced Surgery sign MoU
Dubai, UAE--Emirates Health Services (EHS) and Burjeel Hospital for Advanced Surgery have signed a memorandum of understanding (MoU) to bolster...The MoU is designed to improve the delivery of health services in government schools in accordance with sustainable development goals in public health
Both the sides maintained that the objective is to strengthen cooperation between the EHS and Burjeel Hospital for Advanced Surgery in healthcare and continuous development
