Business - TRENDS Mena

SAMI of KSA and a French firm set up a joint venture
The Saudi Arabian Military Industries, a subsidiary of the Public Investment Fund, launched a joint venture with French company Figeac...
The company said that the joint venture’s revenue would reach $200 million by 2030 and the ownership would be divided among the two countries
SAMI also signed an agreement with Airbus to form a joint project specialized in military aviation services and maintenance
Egypt to boost cotton gins capacity to 4.4m kantars
Egypt will increase cotton gins capacity to 4.4 million kantars annually up from 1.5 million kantars, according to a government...
A kantar is the official Egyptian weight unit for measuring cotton
It is equal to either 157 kg of seed cotton or 50 kg of lint cotton
Mubadala signs two deals to facilitate investments in France
Mubadala Investment Company (Mubadala) has revealed that it signed two agreements to facilitate investments in sectors of mutual priority and...
The agreements are part of economic deals valued at more than €15 billion signed between Emirati and French companies
The first agreement between Mubadala and Bpifrance will see the co-investment partnerships between the two companies extended by an additional €4 billion
BuzzFeed to go public after raising less money than expected
American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised...
BuzzFeed said it had finalized a merger with 890 5th Avenue Partners, a special purpose acquisition company (SPAC), which aims to raise funds through an initial public offering
Its shares are expected to start trading on the Nasdaq on Monday under the ticker symbol "BZFD"
Online food delivery infra a necessity now
‘The delivery sector has become critical to the hospitality industry's survival,’ says Deliverect Middle East General Manager Naji Haddad.
The explosive rise of online food delivery is forcing restaurants to change how they operate
Restaurants needed to survive through the pandemic, and now they need to stand out from the competitors
Jordan woos Russia for local investment
Russian representatives from three provinces met with commissioner general of the Jordan Pavilion at Expo 2020 Dubai.
Jordan has invited investment from an industrial and economic delegation from Russia
The Russian delegation represented three Russian provinces
Twitter admits policy ‘errors’
Extremists are abusing its new photo-sharing rule.
Twitter has noted that its teams have made errors in enforcing its new policy that disallows posting images of people without their consent
It said it has corrected those, errors and is undergoing an internal review to make certain that this policy is used as intended
WTO deal saves businesses $150bn a year
The deal with members including the US, EU, and Saudi Arabia agreeing to new ways to help businesses.
The agreement is said to have called for members countries and groupings to create domestic regulation for services
Such regulations would ‘improve the business climate, lower trade costs, and cut red tape so as to facilitate services trade worldwide’
Samsung bags Aramco project
Samsung Engineering has bagged a $1.23 billion contract from Aramco to develop Jafurah Gas Process Package 1, a major project...
It is part of the Jafurah shale gas field development located 400 km east of capital Riyadh and is expected to be completed in 2025
The goal of the project is to produce shale gas, natural gas liquids (NGL), ethane, sulphur and stabilized condensate
DEWA inaugurates visitors center at Al Maktoum solar park
Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA), has inaugurated the ‘Noor Energy 1 Visitors Centre’...
The Noor Energy 1 Visitors Centre features an exhibition that chronicles the history of energy as well as future energy technologies.
When fully operational, Noor Energy 1 will be the largest single-site concentrated solar power plant in the world.

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