Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
Business
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
DEWA Q3 2023 revenue $2.5bn
Business
MIS net profit $7.1m in 9M 2023
Business
Emaar 9M net profit $1.1bn
Business
AstraZeneca Q3 profit swells
Business
Al Ansari 9M profit US$105m
Business
Business
AstraZeneca buys US firm CinCor
The acquisition has been finalized at $1.8billion.
- The takeover marks the latest push by Astra chief executive Pascal Soriot to bolster the company's pipeline of new products.
- Massachusetts-based CinCor focuses on developing treatments for hypertension and chronic kidney disease.
Business
Alpha Dhabi and Mubadala form JV
They will co-invest in global credit opportunities.
- Mubadala will hold 80 percent ownership in the Abu Dhabi Global Market-based joint venture entity, with the remaining 20 percent to be held by Alpha Dhabi.
- The venture will leverage Mubadala’s long-term and strategic partnership with Apollo, one of the world’s largest alternative asset managers.
Business
ADIB ups ownership in ADIB Egypt
ADIB acquired 9.6m shares from National Investment Bank.
- ADIB acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB Egypt’s share capital.
- The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 percent.
Business
dnata begins building warehouse
The facility will be capable of processing 100,000 tons of cargo annually.
- The facility represents an investment of US$14 million and will create up to 50 additional, direct jobs with dnata in Iraq.
- The foundation stone for the cargo warehouse is scheduled for completion in September 2024.
Business
Ducab partners with Vestas
Ducab's supplying medium voltage and earthing cable.
- Ducab Group is one of the UAE’s largest industrial manufacturing businesses.
- The move reinforces the strong industrial partnership between the UAE and Egypt.
Business
Flynas passenger growth 91% in 2022
The airline launched 16 new destinations and 30 new routes.
- It reported an increase of 91 percent in its passengers to 8.7 million.
- The firm's flights expanded by 45 percent to 66,000 and seat capacity by 46 percent.
Business
TSMC begins making 3nm chips
TSMC operates the world's largest silicon wafer factories.
- TSMC is also Apple's primary chip supplier.
- Its 3nm-process chips are expected to have more processing power while using less power, boosting battery performance.
Business
AD Ports, KMTF sign pacts
They will launch a joint venture to provide services for energy companies.
- AD Ports, which will own 51 percent, and KMTF, which owns 49 percent, also signed an agreement to pool tanker resources.
- The two companies also signed a seven-year vessel pooling agreement, which includes the provision of several tankers for the transportation of crude oil internationally.
Business
SALIC completes acquisition of Olam
SALIC had signed the acquisition pact in March.
- SALIC is wholly owned by the Saudi sovereign wealth fund, the Public Investment Fund.
- Olam is present in more than 30 countries around the world and has the capacity to handle more than 40 million tons of food commodities annually.
Business
FAB, Magnati, PayRow join hands
The move will help Dubai in becoming a cashless economy.
- Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified and secure manner.
- The new payment ecosystem is set to transform the existing gateway.
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Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
Business
Company News
Burgan Bank Sells 52% stake
Business
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
DEWA Q3 2023 revenue $2.5bn
Business
Latest News
MIS net profit $7.1m in 9M 2023
Business
Emaar 9M net profit $1.1bn
Business
AstraZeneca Q3 profit swells
Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
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Business
IsDB, SWCC sign agreement
The collaboration will involve efforts from both parties.
- The agreement includes a mechanism for exchanging knowledge and experiences.
- It would involve transferring the experience of SWCC to the member countries of IsDB.
Saudi Chemical Co announces dividend
The company will distribute $11,385,120 to its shareholders.
- Shareholders possessing a portion of the 843,200,000 shares eligible for dividends will benefit from this payout
- Each share is set to receive a dividend of 0.05 SAR, which represents a 5% dividend relative to the share par value
Business
GIB, KSA wrap up Sukuk debut
Gulf International Bank is a merchant bank in the Middle East
- The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives
- GIB Capital’s CEO Osamah Shaker said that the bank is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance