Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
Business
Abu Dhabi Ship Building signs MoU
The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
- They will build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements.
- ADSB operates three main naval programmes: Corvettes, offshore patrol vessels and fast interceptor vessels.
Business
Fertiglobe Q3 revenues up $1.32bn
Adjusted EBITDA grew 64 percent to US$606 million.
- Free cash flow increased to US$189 million from US$56 million in Q3 2021
- The company will pay US$700 million, equivalent to AED0.31 per share, to shareholders in April 2023
Business
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion.
- The bank said its Polish unit took a US$334 million hit from new regulations allowing borrowers to suspend mortgage loan payments.
- ING said that it benefited from higher interest rates, which central banks have been hiking aggressively in efforts to tame inflation.
Business
BMW Q3 net profit US$3.1bn
Profit was due to high demand for pricier luxury models.
- Car deliveries were down nearly one percent over the period as the industry continues to grapple with supply chain disruptions.
- BMW said higher prices for its premium vehicles had helped deliver a solid third quarter.
Business
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.
- The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
- Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.
Business
JAHEZIYA, Enekom ink pact
Pact aims to expand railway solutions, technology in region.
- As per the agreement, JAHEZIYA will be Enekom’s exclusive distributor of the patented RailAcoustic Sensors in the GCC to enhance railway security.
- The partnership was announced during ADIPEC, an exhibition in which the world’s energy ecosystem assemble.
Business
Emirates Steel Arkan Q3 net profit $28m
The net profit for the first nine months of 2022 was $104m.
- Revenues for the first nine months of 2022 rose to AED7.12 billion, while the revenues rose 29 percent to AED2.51 billion in the third quarter.
- The Group's Q3 2022 EBITDA gained 224 percent year-on-year (YoY) to AED269 million. The Group reported EBITDA of AED863 million.
Business
BP underlying Q3 profit at $8.2bn
BP, flush with cash, revealed a $2.5 billion share buyback.
- Profits were weaker than the second quarter due to a dip in oil prices.
- BP is meanwhile seeking to pivot towards cleaner energy and away from fossil fuels.
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Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
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Business
Pfizer set to acquire Seagen
The drugmaker will complete its US$43bn buyout this week.
- Pfizer Chief Executive Albert Bourla said the buyout of Seagen is "good for patients in the battle against cancer"
- Based in Washington state, Seagen came to major drugmakers' attention with its work on antibody-drug conjugates
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
- This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
- This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants
Business
UAE, Korean firms ink pact
The partnership will utilize low-cost indoor farming solution.
- The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.
- The facility will be using 95 percent less water per kilogram versus traditional farming means.