Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.Company News Business Energy Global
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...Business
TCS Q1 profit at US$1.35bn
Revenue from operations was US$7.2 billion.TCS, India's second-most valuable company by market cap, reported a net profit of 110.7 billion rupees ($1.35 billion).
TCS was boosted by 16.1 percent growth in its UK market, while North America and Europe grew by 4.6 percent and 3.4 percent.
DEWA, Huawei ink deal to bolster digital change, decarbonization
Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences...An agreement was signed between Digital DEWA and Huawei which focuses on accelerating digital transformation.
The deal is a step towards supporting supports DEWA's efforts in energy transformation, sustainability, and achieving Net-Zero.
Broadcom to acquire VMware after EU okays deal
BRUSSELS, BELGIUM- The European Commission approved US chipmaker Broadcom's planned $61 billion takeover of cloud computing firm VMware on Wednesday, conditional...The massive deal had raised concerns about competition, prompting probes by antitrust watchdogs in the European Union and Britain.
As a remedy, Broadcom offered interoperability commitments to rival Marvell Technology and any other potential competition.
OECD says sizeable progress made on sharing tax revenue on multinationals
Nearly 140 countries have taken a first step towards reaching agreement on a fairer distribution of tax revenues from multinational...Multinationals, especially tech firms, are currently able to easily shift profits to countries with low tax rates.
In 2021, in talks led by the OECD, an agreement was reached on a minimum tax rate of 15 percent on multinationals.
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.
Saudi cinema sector grows by 28 percent by second quarter end
Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of...The highest regions in terms of records are Riyadh with 953 records, Makkah Al-Mukarramah (501), Eastern (155), Madinah (51) and Qassim with 22 records.
In 2022, more than 14 million cinema tickets were sold, up from 13 million in 2021, according to data from the General Authority for Audiovisual Media.
Qatar to take hold of 40% share in future LNG market
"We are increasing production to 126 MTPA, and we have another 16-18 metric tons per annum (MTPA) out of the...QatarEnergy will supply 40% of all new LNG entering the market by 2029, says Qatar's Minister of State for Energy Affairs
The firm plans to increase production to 126 MTPA, with an additional 16-18 MTPA from the US coming online next year
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.There is no change in the associated costs related to the event, Maaden noted.
Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
ADIB raises $750 million in dollar-denominated tier-one sukuk
Dubai, UAE -- Abu Dhabi Islamic Bank (ADIB) has raised $750 million in the world’s first dollar denominated additional tier-one...ADIB priced the perpetual non-call, five and half-year sukuk at a profit rate of 7.25 percent per annum payable semi-annually.
The final order exceeds $7 billion more than nine times over-subscribed and final pricing 62.5 bps tighter than the initial pricing thoughts.
