Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
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
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.
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.
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
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
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
Business
Most Read
Apple to appeal US watch ban
The company contends that the ITC finding was in error.
- The ban on Apple's latest smartwatch models came into effect Tuesday, with the Apple Watch Series 9 and Apple Watch Ultra 2 no longer available in stores or online
- The ban is the latest legal tussle involving big tech companies over valuable patents that has also seen Google battle in court against Sonos in a fight over speaker tech
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