Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.
Business
Business
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
Business
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
Business
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
Business
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"
Interview
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
Economy
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
Business
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
Business
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’
Business
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
Business
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.
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Company News
Latest News
All eyes on tech firms as strict EU digital rules come into effect
The landmark Digital Services Act (DSA) compels tech companies to better police content to protect European users against disinformation and...
Geostrategy
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
Business
Dubai records realty deals worth $6.28 bn during week ending 25 Aug
Dubai, UAE -- A total of 3,229 real estate transactions worth over AED 23.1 billion ($6.28 billion) were conducted during...
Business
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Geostrategy
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
- The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
- The aim of trade exchange and joint investment is achieving sustainable development in the region.
Business
Mawani and Rotterdam Port partner to develop smart ports
Jeddah, Saudi Arabia-- The Saudi Ports Authority (Mawani) has reached a partnership deal with Port of Rotterdam to collaborate in...
- The deal will enhance cooperation between both entities in port corporatization, a widely-adopted business model based on outsourcing terminal operations to the private sector.
- Mawani had earlier inked a deal with Port of Antwerp International (PAI) to bolster mutual cooperation in the domains of port optimization and digital transformation.
Business
Saudi industry ministry and German firms to develop human resources
Berlin, Germany -- A delegation of Saudi Ministry of Industry and Mineral Resources, which visited Germany, discussed enhancing cooperation to...
- The delegation met with officials of the German automobile manufacturer Porsche at the company’s headquarters.
- The delegation discussed cooperation opportunities as well as initiatives and programs for developing human capacities with the German companies Schüller, Festo and KSB.