ADCP partners with AP Moller
Business
General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
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
Business
Jordan bank plans acquisition
Central Bank will acquire the Societe Generale Bank Jordan.
- The acquisition is said to be part of a drive to expand the Central Bank's foothold regionally and domestically
- Its chairman Bassem Al Salem said the bank would also issue $100 million in perpetual bonds to help drive growth
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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RAKBANK H1 profit $245m
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ADCP partners with AP Moller
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General Motors Q2 profits up
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Aldar to redevelop two malls
Business
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Bank Albilad H1 profit up 14%
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ANB profit up 51 percent in H1
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Evergrande shares up 28 percent
Evergrande estimated it had debts of $328 billion at the end of June.
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Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
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Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Business
RSI buys stake in First Fix
The company acquires 51 percent stake in First Fix.
- The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
- Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.