OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Business
SIDF inks deal with Engie
The agreement is expected to yield low-carbon energy services.
- The move will let SIDF employees join Engie’s knowledge-exchange 2022 training program, which will be held in Saudi Arabia
- It will also give SIDF employees the opportunity to work with experts at Engie for six months at the company's headquarters in Paris
Business
Soudah joins UNWTO
SDC is the 25th member from the Mideast to join UNWTO.
- SDC is the 25th affiliated member from the Middle East region in the UNWTO, which includes more than 500 members around the world
- SDC’’s joining UNWTO contributes to achieving the company’s goals in developing the tourism and entertainment sectors
Business
Armani adopts fur-free policy
The company said it would no longer use angora wool.
- The company said it would no longer use the material across all of its lines from next year's fall-winter collection
- A growing number of fashion companies are adopting policies against using materials that require cruelty towards animals
Business
ADNOC to invest $127bn in 2022-2026
The company announces a significant rise in oil and gas reserves.
- ADNOC plans to bring $43 billion back into UAE economy through ICV program.
- ADNOC's ICV program has driven AED105 billion back into the UAE economy and created over 3,000 jobs for UAE nationals.
Business
Twitter bans sharing of photos
Twitter's first policy shift under the new CEO Parag Agrawal
- Twitter will need a “first person report” of any violations and then would conduct a review
- The new twitter policy wouldn’t apply to photos or videos taken from large public events
Business
GACA, Cisco sign MoU
The MoU will enhance the scope of digital transformation.
- The memorandum will enhance the scope of cooperation in technology and digital transformation in the civil aviation sector
- The GACA is keen to collaborate with international companies specializing in advanced technological fields to keep pace with the latest developments
Business
Twitter gets new CEO
Parag Agrawal named to the post as Jack Dorsey resigns.
- Twitter's chief technology officer Parag Agrawal has replaced Jack Dorsey as CEO
- Dorsey has said he would remain a member of the board until around May next year to help with the transition
Business
Emirates Stallions acquires stake in WFC
Acquisition aimed at diversifying Emirates Stallions' business.
- WFC’s main revenue drivers are Real Estate, Retail, Aerospace, Defense, Government, Education, Technology, Manufacturing, Hospitality, and F&B.
- Emirates Stallions Group is present in 20 markets and has assets of AED555 million as of the end of Q2 2021 and over 3,000 employees.
Business
Qatar Airways stops Africa flights
It has stopped flights to South Africa, Zimbabwe, and Mozambique.
- The cities affected are Johannesburg, Cape Town, Durban, Harare, and Maputo
- The restriction on travelers and flights will reportedly remain same until further notice from the WHO
Business
Siemens lands UAE deal
This partnership is expected to support UAE Industry 4.0.
- The program, overseen by MoIAT and Siemens, will address a broad range of topics
- The aim is to accelerate the transformation of the manufacturing sector towards industry 4.0 in the UAE
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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
Company News
OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
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Almarai profit rises 27% in H1
Business
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
Business
Alibaba plans to list subsidiary in IPO
It did not give a timetable for the move or how much it hoped to raise.
Business
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Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
- The initial 145MW phase of the innovative floating PV project, located in the picturesque Cirata reservoir in West Java, Indonesia, is expected to come online later this year.
- Masdar opened an office in Jakarta, Indonesia, in 2021, to further strengthen links with key players within the region.
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
- The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
- Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.
Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
- The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
- The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.