CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
Riyad Bank H1 profit up 27%
Business
Business
Empower lists on DFM
Empower is the world’s largest district cooling services provider.
- Empower was established in 2003 to enable the real-estate sector to efficiently utilize energy through district cooling services
- The company is said to currently have a 79 percent market share in Dubai’s district cooling sector
Business
Jahez to raise $428m through IPO
HSBC is the financial advisor of the Saudi online food delivery startup.
- It has set the price range for its IPO on Nomu Parallel Market between SR750 and SR850 per share
- HSBC Saudi Arabia is the financial advisor, lead bookrunner, lead manager, and stabilization manager for the listing
Business
DP World adds LatAm infra
It will add warehouses in Ecuador and the Dominican Republic.
- DP World and Emergent LatAm will develop two temperature-controlled logistics facilities in Latin America
- These developments will provide Emergent LatAm and DP World customers with a supply-chain solution
Business
Mubadala acquires stake in Sibur
This is the company's largest investment in Russia yet.
- The acquisition terms were agreed upon before Sibur's recent merger with TAIF.
- In 2015, Mubadala invested in Sibur’s transshipment terminal in Ust-Luga.
Business
Etihad and ITA Airways sign pact
Codesharing agreement to boost travel and tourism between Italy and UAE.
- The agreement will also offer travelers more options and better connectivity when traveling through Rome Fiumicino, Milan Malpensa and Abu Dhabi.
- The partners are also working together to expand the scope of their cooperation over the coming months.
Business
Mubadala invests in US-based Medallia
Medallia captures experience data from customers and employees.
- Medallia was founded in 2001 and is a provider of experience management software to customers.
- Mubadala was founded on 19 January 2017 and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan is its Chairman.
Business
Google shuts cybercrime ring
The ring had infected 1 million devices to carry out its work.
- Google says it has shut down a network of about 1 million hijacked electronic devices used to commit online crimes worldwide
- The so-called botnet of infected devices was cut off at least for now from the people wielding it on the internet
Business
Aramco taps L&T for Saudi facility
Spread over 120,000 square meters of area, the facility which is to construed by L&T aims to create crucial equipment...
- L&T is to build the region’s first Heavy Wall Pressure Vessels facility at Jubail Industrial City
- More than 20 MoUs were signed under the Namaat program of Aramco in September 2021
Business
Tecom to be listed on DFM
It is part of a strategy to help DFM reach the AED3-trillion mark
- Tecom is said to have 10 business communities that offer infrastructure, regulations, and a support network to help businesses set up operations
- These business communities include Dubai Internet City, Dubai Media City, Dubai Design District, and Dubai Industrial Park
Business
Nestle sells €8.9bn L’Oreal shares
Around 22.26 million shares were sold for €400 each.
- L'Oreal said in a statement it would cancel the shares, which represent 4 percent of its capital
- The French group's shareholders will see their shareholdings increase due to the buyback, L'Oreal said
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SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
Riyad Bank H1 profit up 27%
Business
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
Business
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Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.