Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Eni Q3 profit drops
Business
Equinor profits tumble
Business
UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
Interview
Economy
Jordan and Saudi Arabia to boost cooperation, strategic ties
Amman, Jordan— Jordan and Saudi Arabia held discussions on enhancing bilateral cooperation in various fields and boosting strategic ties between...
- Both countries reaffirmed their keenness to enhance cooperation and bilateral integration, and to leverage available and joint opportunities in various fields
- The two sides discussed projects that would deepen bilateral cooperation in economic, investment, trade, energy, water, and transportation
Business
FTX founder Sam Bankman-Fried arrested in the Bahamas
Nearly a month after the downfall of FTX, its founder Sam Bankman-Fried was arrested in the Bahamas at the request...
- He had in recent weeks defied legal advice and multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas
- The price of FTT plunged in early November, roiling both Alameda and FTX, where Alameda had large trading positions
Infographics
Abu Dhabi, Dubai gain as realty prices rise in UAE
The UAE’s real estate market flourished during November as sales in Dubai alone crossed 10,000 transactions, the highest recorded since...
- The UAE’s real estate market flourished during November as sales in Dubai alone crossed 10,000 transactions, the highest recorded since 2011, says a latest report
- In November, the off-plan market witnessed the highest value of transactions in a decade by recording AED 12.7 billion for the first time
Business
Resilience helps UAE banks face global challenges
Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in...
- Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in the world, say key bankers
- The CEOs Advisory Council, in a recently held meeting, had called for continued efforts to protect the banking sector’s digital infrastructure in the Gulf country
Business
EDB, ADCB ink pact for UAE SMEs
The MoU will enable SMEs access to financing options.
- The scheme is in line with EDB’s mandate to provide AED 30 billion towards the development of the UAE economy in five strategic sectors.
- The Memorandum of Understanding (MoU) will enable SMEs in the UAE to have improved access to strategic financing options.
Business
Microsoft to buy 4% stake in LSE
Microsoft will acquire a holding worth $1.8 bn at current prices.
- The long-term partnership focuses "next-generation data and analytics and cloud infrastructure solutions" including artificial intelligence (AI).
- Microsoft CEO said advances in cloud and AI technology would "fundamentally transform how financial institutions research, interact, and transact".
Business
Mercedes plans $1.05 bn investment
It will build a plant in Poland to build fully electric vans.
- The site will be located in Jawor, southwestern Poland, where the group has already been manufacturing combustion engines since 2019.
- It comes as Mercedes and rival automakers globally are spending vast sums as part of a major industry-wide shift towards electrification.
Business
DEWA approves special $552m dividend
The record date for the dividend is 22 Dec. 2022.
- DEWA, which is listed on the Dubai Financial Market, held its second general assembly for 2022 under the chairmanship of Matar Humaid Al Tayer, Chairman of the Board of Directors.
- “This dividend yield is more attractive than most companies listed on the ADX, DFM, and Tadawul, as well as other global utility companies,” said Al Tayer.
Business
Amgen to buy Horizon Therapeutics
The US biopharma firm will pay US$28 billion for the deal.
- This is the biggest acquisition of the year in the health sector.
- The deal is subject to approval by US regulators and if all goes well it should be concluded in the first half of 2023, Amgen said.
Business
TotalEnergies to start drilling in offshore Lebanese gas project in 2023
Paris, France--- French energy giant TotalEnergies said Monday that several teams were working in collaboration with the Lebanese Petroleum Administration...
- TotalEnergies owns 60 percent of Block 9 and its partner in the project, Eni, the remaining 40 percent.
- Block 9 is within the territorial waters of Lebanon, which reached a maritime agreement with Israel.
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Company News
Eni Q3 profit drops
Business
Equinor profits tumble
Business
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Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...
China unveils new gaming curbs, sending tech stocks tumbling
Beijing first moved against the gaming sector in 2021 as part of a sprawling crackdown on big tech, including a...
Tesla launches Shanghai battery plant project
The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...
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Business
44 large direct deals on IHC worth $1.205 bn at ADX Thursday
Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...
- Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock
- They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
- Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
Economy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
- Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
- GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.