BAE to acquire Ball Aerospace
Business
DP World H1 EBITDA $2.6bn
Business
Tencent Q2 net income $3.6 bn
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
Business
4.4m travel by SAR in H1 2023
Business
Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
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Business
Shell joins Qatar gas project
Shell is the fifth and final international partner in the North Field expansion.
- The British-based company took a 6.25 percent stake for an undisclosed sum, joining TotalEnergies, Eni, ConocoPhillips and ExxonMobil in the North Field East project.
- The North Field expansion is the biggest liquefied natural gas (LNG) project ever seen, Qatar Energy said. It comes at a time of intense geopolitical tensions over energy supplies.
Business
Siemens writes off $2.8 billion
The move came after share price of its former energy unit fell sharply.
- The drop in the value of Siemens Energy meant the parent company's 35 percent holding in the spin-off at "significantly below the book value".
- Siemens Energy's wind-energy subsidiary Siemens Gamesa has struggled to turn a profit despite surging demand for renewable energy.
Business
AD Ports acquires stake in IACC
AD Ports Group's cash reserves to fully fund the deal.
- It is the first international acquisition by AD Ports Group.
- IACC wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International S.A.E.
Business
DP World, NIIF expand ties
NIIF Master Fund will invest $300m in DP World subsidiary HPPL.
- With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million.
- HPPL is one of India’s leading container terminal platforms with a proven track record of growth over the long-term.
Business
Drydocks World, KANFA AS sign contract
This is the first collaboration between Drydocks World and KANFA AS.
- Under the contract, the M10 module will be placed on the main deck of a floating production, storage and offloading (FPSO) vessel.
- It will be used to process crude oil received from oil wells, which will be dewatered and stabilized to meet export quality specifications.
Business
Invictus listed on ADX’s Growth Market
Invictus Investment specializes in agro-food commodities, raw materials.
- The company was established in Jebel Ali Free Zone in 2014 to manage raw material import requirements for large manufacturers in Sudan.
- The company also operates Invictus Trading FZE, a fully owned subsidiary whose activities include non-manufactured precious metals trading.
Business
Schneider, ADH sign MoU
They will collaborate on a number of projects within Egypt and beyond.
- Utilizing and building EcoStruxure platforms will be the cornerstone of these collaborations, said a Schneider executive.
- He said these platforms are designed to enable the use of innovations like the Internet of Things.
Business
SAFEEN acquires two Supramax vessels
The firm says there is high demand for maritime services.
- Since being acquired, these ships have been deployed as part of a collaboration between SAFEEN Feeders and Saif Powertec Limited.
- SAFEEN Feeders provides feeder and dry bulk services linking Abu Dhabi to ports serving the UAE, the broader Gulf region, and the Indian Sub-Continent.
Business
‘World’s most efficient AC’
Strata, Hyperganic and EOS will partner to build the energy-efficient AC.
- Strata Manufacturing is a UAE-based Digital Factory pioneer, Hyperganic an AI-based engineering platform company EOS a German industrial 3D printing company.
- Media reports said the partnership is a result of the Ministry of Industry and Advanced Technology’s efforts to facilitate industrial collaboration.
Business
SARCO, Christof Global sign MoUs
Renewable energy projects costing $301 million will be built.
- The first project is to study an investment partnership to build a refinery producing the ‘biodiesel’ biofuel carbon.
- The second project, aims to study the investment in the technology of slop oil to convert waste oil wells, oil from shipping ships.
Company News
BAE to acquire Ball Aerospace
Business
DP World H1 EBITDA $2.6bn
Business
Tencent Q2 net income $3.6 bn
Business
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4.4m travel by SAR in H1 2023
Business
Yalla Group H1 revenue $152m
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
Business
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Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
Delta posts Q3 profits of $1.1b Â
The company’s revenues rose 11 percent to $15.5 billion.
- Delta and other US carriers have pointed to pent-up travel demand as a driver of strong results in recent quarters.
- The company described overall demand as "strong," domestic demand as "steady" and international strength as "extending through fall."
EasyJet, Airbus sign US$20bn deal
The no-frills airline will buy 157 aircraft from Airbus.
- The airline on Thursday said it had "entered into conditional arrangements" with European planemaker Airbus for 157 aircraft
- Together the deal was worth $19.9 billion and "will deliver lower fuel burn, CO2 emissions and operating costs per seat", EasyJet said