Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
Italy’s Eni Q2 profits down
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Tabreed H1 23 net profit $105m
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SAB H1 profit up 59%
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Borouge Q2 net profit $231m
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Aramco signs 10 Korea deals
The signings took place at the Saudi-Korean Investment Forum.
- The deals aim to advance Aramco’s downstream strategy and support the development of low-carbon energy solutions
- They are also expected to create new financing options for the world’s largest oil and gas company
Business
ExxonMobil to go net-zero by 2050
The net-zero target is only for its operations, not products.
- Chief executive of ExxonMobil confirmed that the company has committed to have a Permian operations at net-zero carbon by 2030
- The company will release "detailed roadmaps" addressing 90 percent of operations-related greenhouse gas emission by the end of 2022
Business
Microsoft to buy Activision Blizzard
The $69-billion deal is the largest acquisition in the gaming world.
- The deal will make Microsoft the third-largest gaming company by revenue, behind Tencent and Sony
- This will be the largest acquisition in the industry, far ahead of Take-Two's $12.7-billion purchase of Zynga
Business
Emaar EC inks $16m contract
Emaar EC signed the $16-million contract with SAFE.
- As part of the contract, SAFE will provide security services at the King Abdullah Economic City
- It has a duration of five years from the date of signing, which happened on Monday, January 17
Business
Arada enters Dubai market
Full details will be revealed at the sales launch, scheduled to take place in the third quarter of 2022.
- Design work on Arada’s mixed-use project on Palm Jumeirah has begun and will contain residential, leisure and F&B components
- Arada’s projects include Aljada, Sharjah’s largest ever mixed-use megaproject where 5,000 units are currently under construction
Business
TAQA Group, EWEC price green bond
The bonds were 1.8 times oversubscribed.
- The bonds, one of TAQA’s first forays into green financing, will refinance existing debt facilities of SPPC.
- TAQA is one of the largest listed integrated utility companies in the Europe, the Middle East and Africa.
Business
HP, UAE sign education MoU
MoU aimed at enhancing cyber skills training in UAE schools.
- HP and the Cyber Security Council will launch various initiatives nationwide and expect to work with more than 500 students a year.
- The partnership with the Cyber Security Council has three separate elements that support schoolchildren, university students, and graduates.
Business
FB ad policy irks Iraq NGO
Facebook has been mired in global controversies for its ad policies.
- The most prominent Facebook ads controversy was when Cambridge Analytica targeted political ads at users after collecting their data without consent
- The results were advertisement that led to Donald Trump winning the US presidential election, and Britain voting to exit the EU
Business
Securrency Capital picks advisor
Ryan Lemand has joined the brokerage as a board advisor.
- Lemand holds a PhD in financial econometrics, and is the author of two books on financial contagion
- Securrency Capital is a blockchain-enabled brokerage providing access to trading in traditional and digital assets
Business
Google buys $1bn London office
It is buying the Central St Giles office site, where it is a tenant.
- Google, however, stressed it remained committed to new hybrid working patterns in the wake of Covid-19
- It said it would give the site a multi-million-pound overhaul for flexible working patterns, including outdoor work spaces
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PIF sets up tourism firm Asfar
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Italy’s Eni Q2 profits down
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Tabreed H1 23 net profit $105m
Business
SAB H1 profit up 59%
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
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Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.