ADNOC L&S gets new VLCC
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ADIB, ADIO to fund businesses
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PIF to set up pharma firm Lifera
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Apple hits $3trn valuation
It has become the first US company to reach that valuation.
- The iPhone-maker scaled the record level near 1845 GMT on Monday, January 3
- It reached $182.88 a share before slipping back slightly to end at $182.01
Business
MAWANI and SCCA sign MoU
Both will create an environment for the settlement of disputes.
- The two sides agreed upon developing the skills of authority staff and those concerned with the maritime transport and ports sector.
- The pact also contributes to SCCA's endeavor to develop national ADR capacities by providing ADR services.
Business
Huawei revenues down 29%
Huawei is the world's biggest supplier of telecoms network gear.
- Huawei revenues went 29 percent down this year as US has barred Huawei from acquiring crucial components such as microchips
- Chief financial officer Meng Wanzhou, the daughter of Huawei founder released this year after spending three years under US extradition warrant house arrest in Canada
Business
AT&T, Verizon defy 5G block
The US had asked them to delay 5G rollout by 2 weeks.
- The US introduction of the high-speed mobile broadband technology had been set for December 5
- It was delayed to January 5 after concerns were raised that the new system might interfere with alitmeters
Business
Emaar Development CEO resigns
Bader Hareb resigned with effect from December 30 for ‘personal reasons.’
- The resignation was announced in a letter addressed to DFM Chief Executive Officer Hamed Ahmed Ali
- The letter did not give any detail of a successor to Hareb, or an interim appointment till one was named
Business
Ikea to hike prices by 9%
The hike is due to pandemic-fueled supply-chain snarls.
- Ikea faced higher operating costs in North America and Europe
- It is now passing on that cost burden to its customers
Business
NMDC wins $354m contract
The contract is for the Shamal Development marine works.
- The Shamal Development is part of the Khalifa Port located in Taweelah in Abu Dhabi
- It was built on a reclaimed artificial island reaching 4.5 km offshore
Business
Samsung eyes Biogen for $42bn
Biogen is known for its Alzheimer’s drug Aduhelm.
- Biogen is known for medicines to treat multiple sclerosis in addition to Aduhelm
- It was founded in 1978 by a team that included Nobel Prize winners Walter Gilbert and Phillip Sharp
Business
Multiply to invest in Getty Images
The deal is expected to close in the first half of 2022.
- The deal is expected to close in the first half of 2022, after which a newly formed parent company of Getty Images is expected to be listed on the NYSE
- The merger, which was announced in early December, involves a total equity investment of $1.3 billion, valuing Getty Images at US$4.8 billion, including debt
Business
Etihad signs China deal
The airline will work with the Henan Province Airport Group.
- The virtual MoU was signed during the virtual Zhengzhou Week event at the China Pavilion at Expo 2020 Dubai
- It is said to contain plans for Etihad’s potential operation of regular cargo services between Abu Dhabi and Zhengzhou
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Sipchem to pay 12.5% H1 dividend
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ADNOC L&S gets new VLCC
Business
ADIB, ADIO to fund businesses
Business
PIF to set up pharma firm Lifera
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
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Microsoft submits new Activision deal
A previous version of the acquisition deal was blocked.
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DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
- The novel liquid is an effective and safe solution for energy storage systems operations, notably lithium-ion batteries and fuel cells.
- DEWA chief Al Tayer said the patent supports its commitment to promoting energy security and sustainability.
Business
SAB sees $26m negotiated deal
The deal does not directly impact the last deal price.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
- Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
- Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
- Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.