General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
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
Business
Evergrande vows to deliver homes
The Chinese real-estate firm has $300 billion in liabilities.
- In recent months, Evergrande has repeatedly said it will finish its unfinished projects and deliver them to buyers
- This, despite the company having missed a payment of more than $1.2 billion earlier this month
Grankraft to invest in Hamriyah
Grankraft has leased 323,000 sq ft of land in the free zone.
- The MoU was signed by Hamriyah Free Zone Authority Director Saud Salim Al Mazrouei and Grankraft Director J George
- George said his company was always looking for new ways to develop its services and build landmarks
Business
McDonald’s Japan rations fries
It will sell only small-sized French fries for a week.
- McDonald’s said it is limiting fries’ sale in Japan to ensure that customers can still order them
- This, even though the ‘stable procurement of resource materials’ is proving difficult
Business
Russia fines Google, Meta
The regulator said Google, Meta had "ignored multiple demands”
- Moscow has repeatedly taken legal action against them for allegedly not moderating their content properly and interfering in the country's affairs
- But so far fines on Facebook parent company Meta and Google have stretched into the tens of millions of rubles, not billions
Business
ADQ taps Etihad for services
The terms of the transaction were not disclosed.
- As part of the transaction, several of Etihad airline-support businesses will become part of a new ADQ aviation firm
- The move is expected to support the ongoing transformation of Etihad and the growth of civil aviation in Abu Dhabi
Business
Mubadala, G42 plan campus
The biopharma campus is expected to be set up in Abu Dhabi.
- The biopharma campus is expected to tap into global vaccine and therapeutic products to strengthen regional supply chains
- It is also expected to drive the UAE’s diversification and economic-growth agenda
Business
IHC acquires stake in Al Qudra
The acquisition is part of Al Qudra's diversification strategy.
- Al Qudra Holding, founded in 2005, has a large portfolio of customers including Manarah Bay, a multi-usage project covering about 52,000 square meters in Abu Dhabi.
- The frim operates as an investment holding company and focuses its investments and strategic partnerships in sectors such as oil and gas.
Company News
ADCP partners with AP Moller
Business
General Motors Q2 profits up
Business
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.