Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
Chevron to acquire Hess
Business
Invest AD to launch debt fund
Business
Nedaa, Dubai Customs ink MoU
Business
Yansab 9M net loss $134 million
Business
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.
Business
Multiply Group buys 80% of IEH
Firm aims to expand its utilities, energy investments.
- Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
- Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.
Business
Arada awards two contracts
Under the $123m project, nine apartment blocks will be built.
- Consisting of 740 homes in total, the buildings include the five Sokoon blocks, two new apartment blocks located close to Aljada’s museum and the two Gate buildings.
- Valued at AED377 million, the contract to build the five Sokoon apartment buildings and the two apartment blocks located next to the museum was won by Airolink Building.
Business
SAFEEN, Amaan Baghdad sign MoU
The agreement relates to fuel oil transport and storage.
- SAFEEN Feeders, a subsidiary of SAFEEN Group, will manage the entire project, providing three Very Large Crude Carriers (VLCCs) and one Medium Range (MR) tanker.
- SAFEEN Feeders will transport fuel oil from terminals in Port of Khor Al Zubair and Umm Qasr South Port to Iraqi territorial waters using the MR tanker.
Business
Tesla Q3 deliveries increase
The company delivered a total of 343,380 vehicles
- While the Q3 results show a return to growth for Tesla deliveries, the total number was at the very bottom end of analyst estimates, which were between 343,000 and 370,000
- The company said it was facing headwinds with regard to "vehicle transportation capacity," which it hoped to resolve with better distribution among its factories
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Company News
RSG, KHC set up joint venture
Business
British Steel to cut 2000 jobs
Business
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Qatar Airways’ CEO to quit
Business
Chevron to acquire Hess
Business
Invest AD to launch debt fund
Business
Nedaa, Dubai Customs ink MoU
Business
Alaska Airlines to buy Hawaiian Airlines
Based in Seattle, Alaska Airlines serves the western US.
Presight AI, Samruk-Kazyna launch JV
The partnership aims to accelerate digital transformation in Kazakhstan.
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Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
- The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
- flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.