ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
Geostrategy
UAE-India manpower technical panel discuss collaboration
DUBAI, UAE - The UAE-India joint technical committee for manpower held its first meeting where it explored areas of collaboration...
- Both parties highlighted their keenness to enhance cooperation to ensure a safe, organized and legal transition of Indian laborers.
- The UAE delegation presented key insights on its job market, which is one of the preferred global destinations for work.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
Business
BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.
- The company attributed the weak figures to lower gross profit and higher operating expenses combined
- For the third quarter of the year, BinDawood accrued losses of $12.80 million from profits of $18.66 million in the same period of last year
Business
Sony to begin plastic packaging phase-out next year
The Japanese conglomerate wants to eliminate the material from all containers for newly designed smaller goods by 2025, a spokeswoman...
- From April 2023, plastic packaging will not be used for some new products weighing one kilogram or less
- Sony eventually wants to eliminate plastic packaging for larger products like televisions, but no specific time frame has been decided yet
Business
Al-Othaim’s profit up by 436%
Its profit rose to $235m in the first nine months of 2022.
- The company’s share price went up 1.57 percent to SR116.80, after releasing its earnings report on Monday
- Thanks to a 13 percent increase in revenue to $1.86 billion, the retailer’s profit surged 486 percent from $40 million in the same period last year
Business
Investcorp of Bahrain to boost India investments to US$5bn
The company hopes to elevate its investments in India to $5 billion within the next five years, up from just...
- Manama-based private equity company's investments in India represents just 1.5 percent of the $42.7 billion in assets managed by the firm globally
- The plan to ramp up investments in India is a part of Investcorp’s strategic move to expand its assets to $100 billion
Business
Renault to reorganize towards electric future
The electric vehicle market is expected to grow rapidly in response to consumers' worries about climate change, putting pressure on...
- Investors on Monday expressed their interest in Renault's transformation, with the group's shares climbing 3.77 percent on the Paris stock market
- Renault still needs large investment to accelerate its electric transformation, according to plans it presented in 2020
Business
ITA Air chief quits amid clash over sale
Chairman Alfredo Altavilla was accused of obstructing an offer by US investment fund Certares, Delta Airlines and Air France-KLM in...
- According to Italian media, the Certares consortium had proposed buying nearly 56 percent of ITA for around 600 million euros ($599 million)
- Lufthansa and Swiss-Italian shipping group MSC had meanwhile offered 850 million euros for 80 percent of ITA, which replaced loss-making national carrier Alitalia
Business
Global financial industry leaders set to descend on Abu Dhabi
Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem...
- Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem Ben-Gacem, Co-CEO of Investcorp
- The event now has Abu Dhabi Islamic Bank (ADIB), HSBC Bank, Mubadala and Standard Chartered as official partners, MidChains and OKX as supporting partners
Business
US seizes US$3.4bn in bitcoin stolen from Silk Road
New York, United States— The US government announced Monday it had seized $3.4 billion in bitcoin from a real estate developer...
- Agents recovered the digital money when they raided Zhong's house in Gainesville, Georgia, in November last year
- Prosecutors say Zhong defrauded Silk Road by triggering quick transactions from roughly nine anonymous accounts
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
Company News
Phoenix set for IPO on ADX
Business
Latest News
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
COP28 UAE
Bahrain and Germany look to boost cooperation in health sector
Manama, Bahrain-- Bahrain and Germany have held discussions to boost ties in the health field as the two countries seek...
Business
UAE’s GCAA signs MoUs with Brazil, Switzerland in air-transportation sector
Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and...
Business
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Business
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
- The report says that demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock.
- Across the six primary submarkets tracked by Knight Frank in Abu Dhabi, rents have remained unchanged thus far during H2.
Business
Vietnam TikTok entrepreneurs turn job losses into livestream gains
Bac Giang, Vietnam - Vi Thi Anh spent half a decade doing monotonous low-paid work in industrial hubs near Vietnam's capital...
- Vietnam is one of the world's top 10 growth markets and turnover is expected to reach more than $20 billion this year, according to the ministry of industry and trade.
- Nearly 80 percent of Vietnam's 100 million people have access to the internet, and according to a recent survey by the data agency Statista.
Business
Shell eyes $6bn in Nigeria
The investment opportunities are being explored in offshore gas projects.
- Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
- OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.