PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
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Tabreed H1 23 net profit $105m
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Borouge Q2 net profit $231m
Business
Aston Martin H1 revenue up
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NBF H1 net profit up 120 percent
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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
Business
Citi to sell SE Asian biz for $3.6 bn
Singapore's United Overseas Bank will buy the franchises
- The total price of the Singapore's United Overseas Bank acquisition is Sg$4.9 billion ($3.6 billion).
- As part of the deal, around 5,000 Citi employees are expected to transfer to UOB, the lenders said.
Business
Moody’s ranks QIIB ‘stable’
It has also has assigned the Qatari bank an A2 rating.
- Moody's said the rating reflects the bank’s position as one of Qatar's leading Islamic financial institutions
- It added that the financial institution has solid asset quality, profitability, liquidity, and capitalization
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
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Company News
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
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Tabreed H1 23 net profit $105m
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Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
Business
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Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.