Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
Business
Business
Madayn lands Oman solar deal
Madayn has signed a deal to build a 100MW solar PV farm.
- Oman-based Madayn has signed an agreement with Mubadrah and Solar Wadi to build a solar farm
- Madayn, also known as Public Establishment for Industrial Estates, will build the farm in the Suhar Industrial City
Business
Jarir posts $194m net profit in nine months
Q3 net profit surges 44 percent compared to Q2.
- The increase in net profit was attributed to a decrease in selling and marketing expenses and financing costs.
- The net comprehensive income grows by about 2 percent.
Business
ArcelorMittal arm buys Sharjah mill
ArcelorMittal Projects is a part of the ArcelorMittal Group.
- ArcelorMittal Projects has also leased 1.38 million sq ft of industrial land in the zone
- The entire transaction, to be concluded in two phases, has a price tag of AED90 million ($24.51 million)
Business
DP World and UK’s CDC Group to create Africa investment platform
DP World will contribute its stakes in three existing ports and invest $1 billion over the next few years through...
- DP World will contribute its stakes in three existing ports and invest $1bn over the next few years.
- CDC is committing $320 million initially and a further $400 million over the next several years.
Economy
Samsung boss goes on trial on drugs charges
Lee Jae-yong is accused of having repeatedly taken anaesthetic propofol at a plastic surgery clinic in Seoul in 2017 and...
- Lee Jae-yong is accused of having repeatedly taken anaesthetic propofol at a plastic surgery clinic in Seoul in 2017 and 2018
- Propofol is normally a medical anaesthetic but is also sometimes used recreationally
Business
ACWA Power to enter Saudi Arabia’s main market from Oct. 18
Riyad-based ACWA Power will enter Saudi Arabia’s main market from the start of trading on Oct.18 and also join the...
- After debut on the Saudi exchange, ACWA shares jump by 30 percent.
- ACWA Power is selling an 11.1 percent stake at SR56 ($14.93) per share. It is the third-largest listing on the bourse.
Business
UAE and Italy’s export credit agencies review progress of joint initiatives
Etihad Credit Insurance (ECI), the UAE Federal export credit company, and SACE, the Italian export credit company (CDP Group), have...
- Etihad Credit Insurance chief says significant gains made in Halal-certified businesses.
- The two sides explored how they can help boost the flow of goods, services and investment capital worldwide.
Arts & Culture
‘No Time to Die’ wastes no time topping US box office
The latest installment in the James Bond movie franchise shot straight to number one in North America's box office on...
- The movie shot straight to number one in North America's box office on its opening weekend, netting $55.5 million
- The latest James Bond film sees Ian Fleming's spy hero dragged out of retirement to face off against old foes Blofeld, the criminal network SPECTRE and Safin
Business
Is Binance moving headquarters to Dubai?
The world’s largest cryptocurrency exchange recently registered three companies in Ireland and is currently setting up several regulatory companies worldwide....
- Binance CEO Changpeng Zhao, according to sources, may move the operations of the world’s largest cryptocurrency exchange from Seychelles to the UAE city.
- The cryptocurrency exchange is banned by several governments, while other countries are open to investigations into allegations such as market manipulation
Business
IHC of Abu Dhabi acquires 51 percent of Bin Suhail Group to form beauty joint venture
International Holding Company (IHC), Abu Dhabi conglomerate, has agreed to acquire 51% of Bin Suhail Group through a subsidiary to...
- IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group
- The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Company News
GIG to pay $49m in dividends
Business
Latest News
Stock markets advance on US debt, elections
Market Report
Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...
Business
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Business
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
- Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
- Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
- The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
- The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.