Stora Enso posts loss again
Business
DEWA okays H1 dividend of $843m
Business
Aramco, ENOWA ink pact
Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Business
Wio Bank, Stripe sign partnership
Will enable SMEs to access e-commerce faster.
- They will also ensure easy onboarding and a simple pay-as-you-go pricing model.
- Users can soon sign up on the Wio Business app and be set up with a payment gateway to optimize payments within minutes.
Business
ADNIC, JAFZA sign insurance pact
JAFZA is home to over 9000 companies, including Fortune 100 firms.
- ADNIC will provide pre-underwritten insurance products for health and office insurance with exclusive pricing.
- Through this partnership, the Jafza community will benefit from hassle-free online enrolment for health insurance policies.
Business
Burjeel begins trading on ADX
Shares closed the debut session up 15 percent ($0.62).
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO.
- It was oversubscribed 29 times to over AED32 billion after seeing a significant demand from UAE and outside investors.
Business
ADNEC, MICCO sign agreement
Logistics solutions will be developed for ADNEC events.
- The agreement will focus on the development of integrated services including, shipping, transport and other logistics operations.
- MICCO Logistics, which is part of AD Ports Group’s Logistics Cluster, claims a fleet of more than 400 vehicles and specialised storage facilities.Â
Business
TSMC Q3 revenue at US$19.4bn
The firm operates the world's largest silicon wafer factories.
- The Taiwanese firm controls more than half of global foundry output, with clients including Apple and Qualcomm.
- TSMC produces some of the most advanced and smallest chips which are still highly sought after and in short supply.
Market Report
ADX adds 5 single stock futures
The move will help develop ADX derivatives market.
- The addition of new contracts has doubled the total number of derivative products on ADX to 10 in less than a year.
- Market participants will be able to trade on leverage and hedge their equity exposure using these contracts.
Business
TAQA to sell Netherlands business
TAQA Energy will sell upstream oil and gas business to Waldorf.
- The financial terms of the deal were not disclosed. TAQA said the sale was made following its 5 July 2022 announcement that it had completed a review of oil and gas business.
- On September 23, TAQA and ADNOC announced the financial closing of their $3.8 billion project to power and decarbonize ADNOC's offshore production operations.
Business
Mubadala Health, G42 to form new firm
Both companies will merge their healthcare businesses.
- Hasan Jasem Al Nowais has been appointed CEO of the new entity and will continue to lead Mubadala Health.
- The new entity will also focus on collaboration with leading researchers and pharmaceutical and health-tech ecosystems.
Business
Alpha Pharma signs MoU for plasma
It becomes first Saudi firm to enter plasma products' field in GCC region.
- Under the MoU, Biotest AG will provide the knowledge and technical expertise and supply plasma medicines to Saudi until Alpha Pharma becomes capable of producing them.
- Biotest AG will continue to guarantee the supply of plasma-derived products to the kingdom through the supply and distribution agreement with Cigalah Healthcare.
Business
Burjeel IPO raises $300m
VPS Healthcare Holdings will continue to own a 70 per cent stake.
- Oversubscribed 29 times, the total gross demand for the IPO was more than AED32 billion ($8.7 billion).
- Based on the Final Offer Price, Burjeel’s market capitalization upon listing is expected to be approximately AED10.4 billion.
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General Motors Q3 profit surge
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Stora Enso posts loss again
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DEWA okays H1 dividend of $843m
Business
Aramco, ENOWA ink pact
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Business
ENEC, Kazatomprom ink pact
The move will ensure a secure supply of nuclear fuel.
- ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
- This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.
Alaska Airlines to buy Hawaiian Airlines
Based in Seattle, Alaska Airlines serves the western US.
- Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize
- The combined airlines would have a fleet of 365 narrow and widebody aircraft and reach 138 destinations
Presight AI, Samruk-Kazyna launch JV
The partnership aims to accelerate digital transformation in Kazakhstan.
- Revealed at COP28, the venture aims to deploy advanced AI and big data solutions.
- Energy, public services, and transport in Kazakhstan to benefit from big data analytics.