Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
Business
Business
TikTok videos get longer
The app is now letting users upload videos as long as 10 minutes.
- Longer videos could also enable TikTok creators make more money and boost the platforms advertising business
- YouTube recently laid out goals for this year that included making the lives of creators easier and boosting a popular format
Business
Nadec appoints new CEO
The Riyadh-based firm has appointed Solaiman Abdulaziz Altwaijri as its CEO
- Hadsbjerg resigned for "personal reasons", and also left the company's board, according to a bourse statement
- The National Agricultural Development Company is one of the biggest agricultural and food-processing share stock companies in the MENA region
Business
Amiantit appoints new CEO
Feras Bin Ghassab Al-Harbi has held several leadership positions.
- The company took the decision after resignation of its previous CEO.
- The new CEO is already working with Amiantit Co. as the Group CFO.
Business
AD Ports acquires Divetech
Divetech is a UAE-based topside-subsea solutions provider.
- The acquisition will be fully funded from AD Ports Group’s existing cash reserves.
- Divetech delivered revenue of AED 87 million and EBITDA of AED 20 million in 2021.
Business
Adnoc arm inks storage deal
AG&P will use an Adnoc L&S vessel as a floating storage.
- The agreement is valid for 11 years, with the option of extension by 4 years
- The two parties have a 2021 agreement to provide another FSU in India
Business
Russia penalizes Facebook
FB is accused of not stopping fact-checkers on its platform.
- Moscow's move comes days after Russia staged a large-scale invasion of neighboring Ukraine
- It follows the government in recent years taking measures to limit online freedoms for Russians
Business
e& 2021 net profit $2.53 bn
The net profit was 3.2 percent higher than in 2020, the company said.
- UAE’s largest telecom operator said that foreign ownership limit in share capital from 20 pc to 49 pc increased ownership stake in Maroc Telecom Group from 48.4 pc to 53 pc.
- The company has proposed a dividend of AED 0.4 per share for the second half of 2021, representing a total dividend for FY2021 of AED 0.8 per share.
Business
PIF opens 3 overseas firms
The new companies’ offices are in London, New York, and Hong Kong.
- The PIF is an active investor in several industries and businesses, including in the UK, Europe, the US, Asia, and South America
- The new subsidiary companies’ offices are expected to enable the PIF to continue to work with partners across these regions
Business
Borouge opens fifth polypropylene unit
PP5 will increase Borouge’s PP annual production capacity by 25 percent.
- Its total polymer capacity of polyolefins will also be increased by 11 percent from 4.5 to 5 million tons per year.
- Raw materials produced at PP5 would be enough for making water supply pipes for 6,500 Burj Khalifa buildings.
Business
Aramco closes deal with consortium
The Global Investor Consortium acquires 49pc stake in Aramco Gas Pipelines.
- This lease and leaseback deal between the two companies was previously announced on December 6, 2021.
- Global Investor Consortium is an international investor consortium led by affiliates of BlackRock and Hassana.
Company News
Riyad Bank H1 profit up 27%
Business
OQGN inks $1.2bn financing deal
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ADNOC L&S buys VLCC
Business
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
Business
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Business
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.
- The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
- The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.