Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
Business
TAQA H1 net income $3.67bn
Business
Air Arabia Q2 profit $125m
Business
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.
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
Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
Business
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TAQA H1 net income $3.67bn
Business
Air Arabia Q2 profit $125m
Business
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DEWA Q2 revenue $2bn
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
Business
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Business
British Steel to cut 2000 jobs
British Steel is battling losses of $36 million a month.
- The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
- The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
Business
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.
- According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
- Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
Business
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.
- Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
- The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.