Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
Business
4.4m travel by SAR in H1 2023
Business
Yalla Group H1 revenue $152m
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
Business
APIC H1 net profit down 39%
Business
Estithmar opens branches in Iraq
Business
AD Ports Q2 revenue grows 66%
Business
Ma’aden, BADC ink agreement
Business
Business
Alpha Dhabi ups stake in Aldar
After the deal, Alpha Dhabi becomes Aldar's parent company.
- Aldar will be treated as a subsidiary in Alpha Dhabi's consolidated financial statements.
- The additional shareholding came through the acquisition by Alpha Dhabi of an entity already holding shares in Aldar.
Business
Chimera Capital launches two funds
The funds are Shariah-compliant and fully fungible exchange-traded funds.
- Both funds will be listed on Abu Dhabi Securities Exchange (ADX).
- The new Shariah-compliant ETFs will offer UAE investors direct access to US equity markets, further expanding Chimera’s product offering, the company said.
Business
EGA holds wearable tech trial
Trial aimed at preventing heat-related illness in workers.
- 50 volunteers working in EGA's hottest operations are wearing devices to monitor critical health indicators.
- Data is transmitted in real-time to supervisors and EGA's occupational health team, with alerts to variations of potential concern.
Business
SVC to invest in Venture Debt Fund
The fund will offer venture debt tools to startups and SMEs.
- SVC CEO Nabeel Koshak said the investment is part of the company's program to invest in funds.
- Koshak said funds offering venture debt tools provide financing solutions for startups, and SMEs, known for their quick growth rates.
Business
Careem acquires MUNCH: ON
MUNCH: ON offering will be rebuilt on the Careem app.
- MUNCH: ON, a subscription-based food delivery platform which connects customers to meals at a discount by tapping into underutilized kitchen capacity.
- Careem said the two firms will work together to deliver even greater value by introducing low-cost meal segments.
Business
EGA to produce silicon metal
Silicon metal is added to aluminum to create high-strength alloys.
- Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
- The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.
Business
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.
- EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
- EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
Business
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.
- The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
- ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
Business
ADNOC signs manufacturing pacts
Identifies $19bn worth of products that can be manufactured in UAE.
- The agreements, which were signed at the “Make it in the Emirates Forum”, will see the UAE and international companies set up and expand manufacturing facilities in the UAE.
- The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC's full value chain.
Business
Al Seer acquires 2 VLCCs
Each carrier has a carrying capacity of 320,000 deadweight tonnage.
- The VLCCs allow for crude oil cargo, provisions, lubricant and fuel.
- Under current market conditions, these newly acquired tankers are expected to provide estimated returns of more than 20 percent.
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
Business
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4.4m travel by SAR in H1 2023
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Yalla Group H1 revenue $152m
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KIB posts $19.5m net profit
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APIC H1 net profit down 39%
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Estithmar opens branches in Iraq
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AD Ports Q2 revenue grows 66%
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Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
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Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Business
Birkenstock to list on NYSE
The German sandals maker has set its share price at $46.
- A total of 32.26 million ordinary shares will be offered in its initial public offering, trading under the symbol BIRK
- Birkenstock recorded revenues of $1.17 billion for the nine months ending June 30, up 21 percent from the same period in 2022
Business
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.
- ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5.
- ExxonMobil said the takeover is the company's biggest since the late 1990s acquisition of Mobil by Exxon.