Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...Business Economy Geostrategy Global
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.Company News Business
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Virgin Galactic re-opens ticket sales for $450,000
Previously, only people who had paid a deposit to be on a waiting list could buy new tickets -- but...The company is looking to build on the success of a test mission last July, which saw its founder Richard Branson beat Blue Origin founder Jeff Bezos in their space race.
In October it announced it was entering an "enhancement period" to make safety upgrades to its fleet, and pushed back a planned test flight with the Italian Air Force to this year.
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
Trade between Brazil and Arab countries grew by 44 percent in 2021
Trade between Brazil and Arab countries grew by 44 percent during 2021, with food exports alone reaching an estimating $14...Food exports alone reached an estimating $14 billion, said Tamer Mansour, CEO of the Brazilian Chamber of Commerce.
January reports revealed that trading between Brazil and Arab countries could increase further, by 2 to 4 percent in 2022, he added.
Construction of $834m steel casting plant in Saudi to begin this year
A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost...The plant will be constructed at the King Salman Global Maritime Industries Complex by South Korea’s Doosan Heavy Industries.
The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028.
Amanat Holdings income leaps up
Amanat Holdings has posted a huge jump in its income for the year ended December 31, 2021 to AED367 million...Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders' approval
The company reported a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020
Erdogan invites UAE business leaders to invest in Turkey
Turkish President Recep Tayyip Erdogan called on business leaders in the wealthy United Arab Emirates Tuesday to invest in his country,...Erdogan arrived in the UAE capital Abu Dhabi on Monday for a two-day visit to revive relations that were long strained by regional disputes
Turkey-UAE trade topped 26.4 billion dirhams ($7.2 billion) in the first half of 2021. The UAE hopes to double or triple trade volume with Turkey
Engie posts €4.2bn profit
It pointed to energy prices and good asset performance for the rise.The firm posted a net profit of €3.7 billion ($4.2 billion) after a loss of €1.5 billion in 2020
The emergence of the Covid-19 pandemic had roiled the global economy and energy prices
Investcorp acquires 64 industrial properties in US for US $640 million
The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across approximately 32 million square feet comprised...The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across 32 million square feet comprised of more than 425 buildings
The latest acquisitions provide Investcorp with Class B+/B industrial warehouses that are 95 percent leased
