Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Amlak Q3 net profit AED $73m
Business
Rabigh 9M net loss $879m
Business
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
ABB to pay US$315m fine
Two affiliates of ABB pleaded guilty to bribery charges.
- Two affiliates of ABB each pleaded guilty to one count of conspiracy to violate the US Foreign Corrupt Practices Act
- In October eight people, including former Eskom CEO Matshela Koko, were arrested on corruption charges linked to the ABB work.
Business
SABIC signs pact with Aramco, PKN ORLEN
They will study feasibility of Polish petrochemical sector investment.
- The agreement laid the first cornerstones towards a potential partnership with Aramco and PKN ORLEN in petrochemical production, said SABIC acting CEO.
- In August, Aramco and SABIC Agro-Nutrients Company obtained the world's first independent certifications recognizing the production of blue hydrogen and blue ammonia.
Business
Jazeera Airways expands to Tajikistan
A direct flight from Kuwait to Dushanbe will be operated.
- The route launches on December 29 and will be operated on Thursdays and Saturdays. Flights land at the Dushanbe International Airport.
- The new route that connects pilgrims to Saudi Arabia besides offering a new travel destination for nature and adventurous culture seekers.
Business
TotalEnergies cuts UK investment
Move comes UK imposes windfall tax on energy firms.
- Total will cut its North Sea investment by US$123 million in 2023 over windfall tax.
- The move of windfall tax in last month's budget was aimed at helping fund support for British consumers hit by rocketing energy bills.
Business
SAS reports deeper losses
The airline's net losses amounted to more than $117 million.
- Net losses amounted to more than 1.2 billion Swedish kronor ($117 million) in the August-October period
- The airline, however, saw the "highest number" of passengers since the beginning of the Covid pandemic
Business
HSBC sells Canada ops for $10bn
Bank will use funds for core business, give cash to investors.
- The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia.
- The Canadian divestment is expected to be completed in late 2023.
Business
ENBD REIT announces H1 NAV
The company achieved a gross rental income of $15 million.
- The property portfolio value increased by $4.7 million from the previous quarter to $362 million
- The company achieved a gross rental income of $15 million, up 0.7 percent from the same period last year
Business
Americana UAE IPO share price is $0.75
The company is the largest quick service restaurant operator in MENA.
- Americana is the largest out-of-home dining and quick service restaurant operator in the MENA region
- The concurrent book building process generated orders of approximately AED 386 billion
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Business
ECI, African TIA sign pact
They will strengthen trade ties and boost exports between the two markets.
- The deal follows the MoU each entity signed in March last year to enhance the global competitiveness of exporters by improving their awareness of export credit.
- Trade between the UAE and Africa has registered steady growth in recent years, with the Emirates becoming the fourth-biggest investor in Africa last year.
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Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
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Dana Gas 9M net profit $126m
Business
Amlak Q3 net profit AED $73m
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Rabigh 9M net loss $879m
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IHC 9M net profit $4.13bn
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Amanat net profit up 73%
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Fertiglobe Q3 revenue of $525m
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Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai.
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
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Economy
Saudi EXIM Bank, DBK sign MoU
It will boost the trade between Saudi Arabia and Kazakhstan.
- Under the MoU, both banks have also agreed to exchange information, experiences, and best practices to enhance the development of services and products
- It will also facilitate collaborative research efforts and knowledge sharing to design export credit policies and practices and provide workforce training opportunities
Business
Warner Brothers Discovery explores merger
Warner Brothers Discovery brands include CNN and HBO.
- Warner Brothers Discovery chief executive David Zaslav met with Paramount Global boss Bob Bakish for several hours to discuss the possibility of merging the companies
- Warner Brothers Discovery brands include CNN, HBO, and its eponymous film studios, while Paramount’s properties include its movie studios of the same name
Business
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
- Aldar intends to utilize the proceeds to finance sustainable projects such as green buildings, property upgrades to enhance energy efficiency.
- The company also intends to use the proceeds to finance sustainable water management, pollution control measures and renewable energy sources.