Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
Business
Business
Aramco taps Honeywell for sustainability, productivity
This cooperation builds on a 2017 MoU between Honeywell and Aramco to explore the benefits of Honeywell's Industrial Internet of...
- The two companies will look to explore the co-development and commercialization of next-generation digital technology solutions
- The solutions will be designed to help improve productivity, sustainability, and operational excellence of industrial companies
Powerbar Gulf, parent selling for $1.8bn
Vertiv Holdings Company is making the buy via its subsidiaries.
- The deal includes upfront consideration and the potential for $200 million in cash, based on achieving 2022 profit milestones
- The upfront consideration consists of $1.17 billion in cash and approximately $630 million of Vertiv’s common stock
Business
Kuwait’s Burgan Bank gets approval to issue $500m senior bonds
Kuwait's Burgan Bank has been allowed to issue up to $500 million senior unsecured bonds under its Euro Medium Term...
- The bank said the proceeds from the bond issuance will help it reinforce its long-term liquidity.
- The bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with redeem option.
Economy
Dubai 11th popular city for investment visa programs, second for Covid safety
Henley & Partners’ Best Residence-by-Investment Cities for Business Index ranks cities according to lifestyle, tax, education, real estate, healthcare, security,...
- Dubai scored highest overall in the index in the tax category.
- The emirate was second on the index for Covid-19 safety.
Business
Instagram to curb mental harm
Instagram has worked to address problems of bullying, suicide
- Instagram is now exploring ways to understand what kinds of posts make viewers feel bad in comparison and then "nudge" people to content more likely to make them feel good
- Social media giant is making a version of the social network for children 13 years old or younger, a move opposed by child safety advocates
Business
UAE’s non-oil trade weathers pandemic to reach $371 billion in 2020
DUBAI: The UAE's non-oil trade rose to AED 1.403 trillion ($371 billion), reflecting the country's robust trade exchanges despite the...
- Imports have hit AED 785 billion, accounting for 56 percent of total merchandise trade.
- China was UAE's main trading partner with the bilateral trade value reaching AED174 bn.
Analysis
The Grand Renaissance Dam: Egypt’s Nile nemesis
Ethiopia's refusal to sign a binding agreement on the dam has dashed hopes of a settlement with Egypt and Sudan.
- Egypt's area under agriculture could lose by up to 72 percent in case of short filing of the dam.
- Ethiopia has said earlier treaties on Nile waters have undermined its rights and the dam will help in the country's development.
Geostrategy
UAE, Israel eye trillion-dollar business
The UAE marks one year since normalising ties with Israel today as the leaders hope the Abraham Accords could reap...
- The economic benefits have come quickly for the UAE and Israel after the US-brokered Abraham Accords
- Both have signed a series of deals ranging from tourism to aviation and financial services
Business
Chevron plans ‘lower carbon’ ventures
The activists want the company to do more to address climate concerns
- The US oil giant said it would more than triple spending through 2028 to $10 billion on its "lower carbon” businesses.
- Like its US rival ExxonMobil, Chevron has faced intensifying pressure from environmentalists
Apple’s iPhone 13 set to capture 5G potential
Apple Inc today revealed iPhone 13, Series 7 smart watch, and an iPad Mini with 5G connectivity. The iPhones will...
- iPhone 13 will have custom 5G antennas and radio components
- The Series 7 smart watch will feature a larger display and will start at $399
Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
Business
Company News
Latest News
Maersk Q1 profit dips
Business
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
Geostrategy
PIF-funded Nesma & Partners to acquire services provider Kent
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...
Business
Most Read
Business
Alpha Dhabi’s H1 net profit $2.8bn
The company's revenue grew by 29 percent year on year.
- The Group's total assets were AED 127.9 billion and cash position strong with AED 17.6 billion.
- Alpha Dhabi joint venture with Mubadala Investment Company aims to co-invest in credit opportunities.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.