Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Business
ACC of Saudi Arabia expects a rebound in business
Arabian Centres Company (ACC), the Saudi mall operator, is expecting an improvement in the business in the wake of the...
- “ACC will continue to operate in accordance with the updated government guidelines"
- The company has 21 commercial centers and complexes in its portfolio
Business
Dubai’s consumer confidence index jumps to 10-year high
Dubai’s consumer confidence index rose to its highest level in a decade during the third quarter of 2021, the Dubai...
- The positive sentiment has been fueled by increased economic activity
- Most consumers in Dubai are now feeling positive about current and job prospects
Business
Savola Group of Saudi Arabia buys out Bayara for $260m
Savola Group of Saudi Arabia has bought out the Emirati snack maker Bayara Holding for $260 million.
- The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations
- Bayara is a major manufacturer and distributor of branded snacks in the UAE and the Kingdom
Business
Al Dahra opens five animal feed plants
The plants are located in Serbia, Romania and Bulgaria.
- The new plants have a capacity of 500,000 tonnes per annum of clover and more than 15 types of feed and concentrated grains.
- The firm recently added some 11,000 hectares of clover to its existing plants in Romania.
Business
SABIC stock leaps up to 7-year high, trades at SR134.60
For the first time in nearly seven years, the stock of Saudi Basic Industries Corporation (SABIC) has touched its highest...
- The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far
- Today’s rise has pushed the stock up a staggering 120 percent since March 2020
Business
Work on $6.5 billion green hydrogen project in NEOM to begin in H1 2022
The work on a $6.5 billion green hydrogen plant in Saudi Arabia's planned futuristic city NEOM is likely to begin...
- ACWA Power expects to finalize financing in Q1 2022. The project is a joint venture with NEOM Co. and American industrial gas company Air Products.
- The plant will need around 4.3 GW of clean energy to power it and ACWA plans to use solar in the day and wind in the night.
Business
SIB profit up 30 percent in nine months
The bank said it continued hedging policy despite corona recovery.
- Operating profits increased by 29.3 percent to reach AED 652.9 million.
- The bank's board has approved a proposal to allow foreign investors to trade in 40 percent of the bank’s shares.
Business
Oman takes centre stage as T20 World Cup gets underway
Originally scheduled to take place in Australia and then India, before being chased out of both by Covid-19, the seventh...
- Oman are playing in their second T20 World Cup having shocked Ireland at the 2016 tournament
- The eight teams in the first round of qualifying are chasing four places in the Super 12 round-robin stage
Business
SODIC lands $100m loan
This will finance SODIC’s West Cairo flagship project.
- The Arab African International Bank and Banque Misr is providing this facility to SODIC
- SODIC is expected to use this facility to finance its West Cairo flagship development known as SODIC West
Expo 2020 DUBAI
Slovakia debuts its first Hydrogen car at Expo 2020
The car has an aerodynamic design and is a sports model, and does not produce dangerous emissions.
- The vehicle, called the MH2 Hydrogen car, has been designed by Branislav Mauks
- He is a Slovakian designer who since 2007 has contributed in designing each of Ferrari’s models
Company News
Alcoa, EGA ink supply pact
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Turkey, Saudi Arabia exports vault 630% after normalization in ties
Istanbul, Turkey - Turkey's exports to Saudi Arabia have skyrocketed by an astonishing 630 percent in the first seven months...
- Data compiled by the Turkish Exporters Assembly (TIM) revealed that exports to the kingdom reached an impressive $1.25 billion
- Saudi Arabia's move to invest in Turkey's central bank with a $5 billion deposit earlier this year has contributed to stabilizing Turkey's economy
Business
Saudi real estate gets non-oil boost
The Saudi commercial real estate market is set for a significant upswing in 2023, propelled by the government's vision to...
- With the office market seen as the most lucrative and the luxury retail sector witnessing a surge, the Kingdom's real estate landscape is undergoing a transformative phase
- The Saudi commercial real estate market is on the brink of a significant expansion in 2023, driven by the government's economic diversification efforts, suggest reports
Business
EIH gives $27.2m dividend
The company's net profit for H1 2023 stands at US$121.221 million.
- The company's net profit for H1 2023 stands at US$121.221 million, up from US$6.535 million in 2022
- EIH's assets grow from US$21.171 million in H1 2022 to US$607.19 million in the first half of 2023