AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
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Business
Mubadala and AD Gaming sign MoU
Both will cooperate to build a gaming and esports ecosystem in UAE.
- Part of the MoU is content creation, as well as support gaming initiatives and events in the UAE.
- The gaming and esports markets in the MENA region are growing faster than anywhere else in the world, says the AD Gaming Director of Strategy.
Business
EDB, Jetro ink investment deal
The agreement will promote direct investment in various fields.
- This agreement will highlight Bahrain as an investment hub for Japanese companies
- Bahrain recently ranked first for availability of advanced computer programming talent in ICT
Business
Al Tamouh, Al Qudra merger okayed
International Holding Company has formally agreed to the merger.
- The Board of Directors of Al Qudra Holdings has also approved a new foreign ownership limit of 30 percent of outstanding shares
- Previously, only UAE nationals were permitted to own shares in the company
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
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FAB H1 2023 net profit $2.2bn
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AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
Business
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Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
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EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Business
Aramco to invest in LNG
The deal will be Aramco's first international investment in LNG.
- Aramco is likely to acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG.
- Aramco wants to become "a leading global LNG player", the firm's upstream president Nasir K. al-Naimi said.
Business
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.
- The move comes months after reports suggested US authorities were investigating possible sanctions violations.
- The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.