MIS net profit $7.1m in 9M 2023
Business
Emaar 9M net profit $1.1bn
Business
AstraZeneca Q3 profit swells
Business
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
Business
Business
BHP to face trial in UK
The firm must stand trial to face US$12 billion damages claim
- More than 400,000 claimants could eventually join the compensation claim against the Australian company in London's High Court.
- The 2015 tragedy unfolded after the dam in Brazil's Minas Gerais region ruptured.
Business
DP World sells assets stake to Saudi Hassana Investment Company
Saudi Hassana will invest $2.4 bn in some of DP World's assets.
- Hassana is the investment manager for the General Organisation for Social Insurance (GOSI), which owns one of the world’s largest pension funds.
- The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets.
Business
ADNOC acquires 24.9% stake in OMV
After the transaction, OMV will hold 31.5 percent.
- Through this investment in OMV, which holds a 75 percent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge.
- ADNOC will acquire the stake from Mubadala. Financial details of the transaction are not being disclosed.
Business
Aramco, SABIC sign pacts
They will explore refining and petrochemical projects in China.
- Aramco and Sinopec have signed heads of agreement for a greenfield project in Gulei in Fujian province.
- Additionally, Aramco, SABIC and Sinopec signed an MoU to study the economic and technical feasibility of developing a new petrochemical complex.
Business
KEZAD Group signs lease
The 50-year lease was signed with Star Paper Mill.
- Under the agreement, Star Paper Mill in collaboration with RC Paper Machines, will expand its existing capacities with an investment of AED200m.
- Star Paper Mill’s new facility would have installed capacity of 135,000 tons to manufacture recycled semi kraft liner, white top liner and testliner.
Business
AMEA Power wins bid
The company will build a 120MW solar project in South Africa.
- The Doornhoek PV Project will sell electricity to the state utility, Eskom, under a 20-year Power Purchase Agreement.
- AMEA Power is the majority shareholder in the $120 million project and has partnered with a consortium wholly owned by African women.
Business
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.
- This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
Business
BEEAH inks three-way pact
The three firms will produce fuel cell grade hydrogen from waste.
- The three firms will form a consortium that will advance progress on the Middle East’s first waste to hydrogen plant, located in Sharjah.
- The plans for the plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles.
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".
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
MIS net profit $7.1m in 9M 2023
Business
Emaar 9M net profit $1.1bn
Business
AstraZeneca Q3 profit swells
Business
Latest News
Al Ansari 9M profit US$105m
Business
ADIB issues green sukuk
Business
Apple to appeal US watch ban
The company contends that the ITC finding was in error.
Saudi Chemical Co announces dividend
The company will distribute $11,385,120 to its shareholders.
Most Read
Business
KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
- The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
- The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach
Business
Al Saqr names chairman of board
The insurance firm made a slew of new appointments.
- Saud Saleh Al-Arifi, an independent member, will be the new chairman of the board of directors
- The company named Naif Rashed Alarfaj, also an independent member, as new vice chairman
Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai.
- The MoU outlines the commercial objectives for the project and provides a framework for further negotiations
- Deyaar has developed strategic partnerships with renowned real estate entities in the region and beyond