AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
ADIA acquires hotel portfolio
Business
Riyad Bank H1 profit up 27%
Business
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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
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business
Instagram tightens teen defenses
The app will be stricter about what it recommends to teen users.
- The app will be stricter about what it recommends to teen users and will suggest a break if they have been spending a lot of time on the platform
- The app is also to start "nudging" teens toward new topics if there is one they have been dwelling on for a while
Business
Rohingya sue FB for $150bn
The complaint says Facebook's algorithms target susceptible users.
- Facebook has been sued by Rohingyas over allegations that it promotes disinformation and extremist thought against Muslims in Myanmar
- According whistleblower Frances Haugen statement, Facebook is "fanning ethnic violence" in some countries.
Business
Evergrande to restructure debt
It also formed a risk committee before upcoming payment deadlines.
- The company's struggles to meet its commitments have fanned concerns about China's property sector
- The sector forms a substantial part of the world's second-biggest economy
Business
ENOC plans Dubai compact stations
The first compact station opened at Dragon Mart 2 this month.
- After Dragon Mart and International City, the ENOC Group plans to open five more compact stations in Dubai
- The remaining seven expected to be launched across additional locations by 2023
Business
Borouge awards EPC contracts
The $6.2 bn contracts are meant for expansion in Ruwais
- With this expansion, Borouge said it will become the world’s largest single-site polyolefin complex.
- Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tons.
Business
Multiply Group starts trading on ADX
The IHC subsidiary starts trading under the ticker MULTIPLY.
- Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year.
- The group has assets of AED8.16 billion ($2.2 billion) and 3,240 employees.
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
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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.
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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.