Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
Business
SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
Business
OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
Business
Etihad Cargo revenue grows 49 percent
The company recorded 27 percent YOY rise in freight carried.
- In Q1, Etihad Cargo temporarily modified five Boeing 777 aircraft to support cabin-loaded cargo.
- By mid-2021, Etihad Cargo had announced the recovery of more than 90 percent of its network compared to pre-COVID.
Business
Arada awards two contracts
The $32.13m contracts are aimed at development in Masaar.
- Work by both contractors is scheduled to be completed by end of April, in time for the opening of the Masaar Experience Center in June.
- Masaar is AED8 billion($2.18b) forested megaproject located in the Suyoh district of Sharjah.
Business
Emirates opens office in Fujairah
The office is located in Al Ghilaila Building, overlooking the Fujairah corniche.
- Emirates has worked in partnership with dnata Representation Services as its General Sales Agent (GSA) in Fujairah for the past three decades.
- The new retail sales office four customer service counters dedicated to flight reservations, ticketing, and general customer enquiries.
Business
Yahsat revenue $123m in 2021
The company signed several contracts in Data and Mobility solutions businesses.
- Yahsat said it is well-positioned to grow in 2022, with approximately 70 percent of the Group's 2022 projected revenues contracted as of 31 December 2021.
- In 2021, Yahsat achieved an Adjusted EBITDA margin of 59 percent with Adjusted EBITDA of AED883.2 million [$240.5 million].
Business
Boeing halts Russia support
It has stopped its Moscow operations and support for Russian airlines.
- Boeing suspended parts, maintenance, and technical support services for Russian airlines over Putin's invasion of Ukraine
- Apple has already stopped all its products sales in Russia while the EU has banned Russian state media from streaming
Business
Master Works raises $40m
The transaction was done by Merak Capital.
- Founded in 2010, Master Works offers products and services across multiple technology fields
- They include data management, AI, data strategy, API management, software development, and RPA
Business
Apple pauses Russia sales
Apple Pay and other services are also limited in Russia.
- Western governments, sporting organizations, and big companies have cut Russia off
- They have also sanctioned Russia over the internationally condemned attack Ukraine
Business
ExxonMobil out of Russia
It has offices in Moscow and St Petersburg with 1,000 employees.
- The US oil giant deplored Russia's action in Ukraine and underlined that it will no longer invest in Russian projects
- ExxonMobil had earlier pulled out two joint ventures during the previous round of sanctions against Russia
Business
Emirates Steel and Mauritania’s sign MoU
The two companies will form a joint venture company.
- The two companies will study joint plans to produce iron oxide pellets, the primary feedstock required for Direct Reduction steel plants.
- At 1.5 billion tons, Mauritania has the largest iron reserves in the Arab world and Africa.
Business
Mubadala invests in SX Global
Media reports said Mubadala will be investing at least $50 million.
- The investment will support SX Global’s expansion plans for a global supercross series in a new competitive format.
- Mubadala has previous experience in the sports industry. It invested in talent agency Endeavor, which subsequently bought the UFC and the Professional Bull Riders tour.
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
Business
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SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
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Riyad Bank H1 profit up 27%
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OQGN inks $1.2bn financing deal
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Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
- Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
- The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.