Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
Business
Lordstown sues Foxconn
Business
Aquaterra gets UAE contract
Business
SPARK, Hutchinson Ports ink pact
Business
Business
DEWA launches nanosatellite
DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket.
- DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket from the Cape Canaveral Space Launch Complex (SLC-40) in Florida in the US
- The launch made DEWA the world’s first utility to use nanosatellites to improve the maintenance and planning of electricity and water networks
Business
Facebook antitrust suit
James Boasberg's ruling is a blow to Facebook.
- The US Federal Trade Commission has alleged the social media giant, which has renamed itself Meta, holds an illegal monopoly
- The judge rejected Facebook's argument that the case should be dismissed because the commission's decision to amend and refile was fueled by bias
Business
Zoho inks Dubai deal
The agreement will help Dubai’s creative entrepreneurs.
- The agreement aims to support the emirate's creative entrepreneurs through their digital transformation journey
- It will also look to enhance the efficiency of their businesses, and simplify daily operations
Business
Nokia expects strong 2022
The company said as a supply chain crunch and inflation are set to ease.
- The announcement follows a string of quarterly earnings surprises for the network equipment maker, which last October managed to boost its third quarter profits.
- Nokia now expects an operating margin ranging between 11 percent and 13.5 percent in 2022.
Business
Take-Two to Zynga for $12.7bn
The GTA-maker plans more smartphone versions of its games.
- Take-Two is a leader in console and personal computing games like Grand Theft Auto, Red Dead Redemption, and NBA2K
- Zynga is known for its mobile-device games, like Farmville, which became a phenomenon in the 2010s on Facebook
Business
Silal picks new CEO
Alameri has 20 years of experience in leading management positions across key economic sectors.
- Alameri will work to drive the company's strategic growth, harness leading capabilities and deploy advanced technology to secure strategic food reserves
- The responsibility of ensuring access to safe, nutritious and high-quality food for citizens and residents of the UAE will also lie with the CEO
Business
GMG to foray into North Africa
Plans to open more than 100 stores in Egypt within next five years.
- The group plans to introduce its sneakers-focused concept, dropkick, and its Nu Athlete concept catering to a youth demographic.
- Recently, GMG said that by 2025, it aims to double its global workforce through acquisitions, developing fresh concepts, and entering new geographies.
Business
AWPT wins $52.17m Makkah contract
The company will manage all components of Zamzam water well.
- The company will manage, operate, and maintain the project’s facilities, which include all components of the Zamzam water well
- The move comes in line with AWPT’s strategic plan and objectives as well as Vision 2030 to develop all aspects of water sector
Business
Investcorp acquires Resa Power
Resa serves over 6000 clients across the US and Canada.
- Investcorp’s partnership with Resa will focus on continuing the Company’s organic growth, expanding geographically across North America.
- Resa provides maintenance and testing, systems integration, and related distribution services to clients across the renewables, commercial markets in North America.
Business
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans.
- KCB spokesperson Habari Al-Khashti said the effectiveness of the bank's electronic services saved time and effort for citizens
- She also indicated that 99 percent of the bank’s credit services have become electronic
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
Business
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H&M shares up
Business
Lordstown sues Foxconn
Business
Aquaterra gets UAE contract
Business
SPARK, Hutchinson Ports ink pact
Business
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Vodafone, Microsoft ink pact
Business
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
Business
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Business
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
- The company has asked to extend payment on a 3.9 billion yuan ($535 million) note until 2026, originally setting an online vote among bondholders to end on Friday.
- Country Garden's cash flow problems have ignited fears that it could collapse and spread turbulence through China's economy and financial system.
Business
Saudi EXIM Bank, Evonik sign pact
The insurance policy will protect the risk of non-payment.
- The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
- Al-Khlab said the collaboration is an extension of the bank's commitment to bolster the export endeavors of national institutions.
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
- Its Zalo is one of the most popular messaging platforms in the country, with 75 million monthly active users.
- VNG plans to sell nearly 22 million shares in the IPO, according to a US Securities and Exchange Commission filing, with the proposed price range not yet set.