Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
Business
Business
Gulf Navigation to issue $41m bonds
The company is calling a meeting of all stakeholders for this.
- The company said the date of issuance of the bonds is March 9
- The conversion period of the bonds would be three months from the issuance date
Business
EMC picks Mohammad Ghazi as GM
Momani will manage Mercedes-Benz's overall performance at EMC.
- Mohammad Ghazi Al Momani possess an experience of 20 years in motoring and a degree from the University of Technology in Baghdad, Iraq
- Momani specializes in strategic planning, marketing, sales, after sales and operations, and good knowledge of the Middle East
Business
Red Sea signs $19.49m deal
It is a seven-year extension contract with Schlumberger.
- As part of the deal, RSI is expected to provide facility management services for its specialized modular camps
- This will reportedly support Schlumberger's oil drilling operations in the Eastern region of the country
Geostrategy
High gas prices boost Shell
The company slumped into a huge loss in 2020.
- Shell expects "significantly higher" gas revenues in the three months to December thanks to the "high liquid natural gas spot price environment"
- Shell, like its rivals, slumped into a huge loss in 2020 as the long-running coronavirus pandemic slashed energy demand and crude prices
Business
Samsung sees 52% jump in profits
The firm was boosted by record sales in 4th quarter.
- The world's biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last
- The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the company’s statement.
Business
Many firms to join Pure Health
ADQ signs pact to create UAE's biggest healthcare platform.
- Under the pact, Abu Dhabi Health Services Company (SEHA) and The National Health Insurance Company PJSC (Daman) will merge into Pure Health.
- Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cell Centre will also join Pure Health, which already has a diversified services portfolio.
Business
ADNOC awards $946m EPC contract
The contract awarded to NPCC for the development of Umm Shaif field.
- Over 75 percent of the total award value will flow back into the UAE economy under ADNOC’s In-Country Value (ICV) program.
- The award covers engineering, procurement, fabrication, installation and commissioning activities required to maintain Umm Shaif’s 275,000 mbd of crude production.
Business
Sony arm to make EVs
The Sony Mobility subsidiary will be created in spring 2022.
- The Japanese firm Sony announced the founding of a new EV company to dive into the world of electric mobility
- Sony's Vision-S electric vehicle, with internal and external sensors, is being used to test autonomous driving technologies
Business
Alpha Dhabi acquires stake in Al Qudra
Deal part of ADH's $2.17 billion investment plan.
- Al Qudra Holding is an Abu Dhabi-based private joint-stock company, which has focused on sustainable development in the region.
- Last month, Al Qudra Holding completed the acquisition of Tamouh Investments from International Holding Company.
Business
Sonatrach plans $40bn investment
The Algerian firm will make the investments over five years.
- The $40 billion plan includes a refinery project at the largest oil field of Algeria, as well as an extension of the Skikda refinery to convert derivatives into fuel
- Sonatrach has also planned to put into service the fourth turbocharger of the Medgaz pipeline, which transports gas to Spain and Portugal
Company News
Vodafone, Microsoft ink pact
Business
Latest News
Sipchem to pay 12.5% H1 dividend
Business
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
Business
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
Business
Most Read
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
Business
Microsoft submits new Activision deal
A previous version of the acquisition deal was blocked.
- Xbox-owner Microsoft launched a bid for Activision Blizzard early last year, seeking to establish the world's third biggest gaming firm by revenue.
- Britain's Competition and Markets Authority said it has "opened a new phase 1 investigation into the restructured deal by Microsoft to buy Activision".
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme