Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
CBD H1 2023 net profit $133m
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ADNOC in talks with OMV
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ExxonMobil to buy Denbury
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Business
dnata expands to Africa
It has set up operations in Zanzibar with $7m investment.
- dnata has signed an agreement for the operations of the newly international terminal of the Zanzibar Abeid Amani Karume International Airport
- It has said it will also create 400 new jobs at the airport
Business
ADNEC to acquire Etihad Holidays
The move is aimed at expanding its footprint in tourism.
- Tourism 365, the ADNEC tourism promotion business, will integrate with Etihad Holidays under the terms of the asset transfer.
- Etihad Holidays' offering will combine Etihad Airways’ product with packages in different source markets to key destinations.
Business
EDB lends $190m to SMEs
The loans were given to industrial companies in five priority sectors.
- The Emirates Development Bank has disbursed AED700 million ($190 million) in loans to the UAE’s industrial sector since the beginning of 2021
- The money came from the financing package given by the country’s Ministry of Industry and Advanced Technology
Business
GSCCO enhances Jubail port
The company is part of the UAE-based Gulftrainer group.
- GSCCO has carried out enhancements to the Jubail Commercial Port in Saudi Arabia to increase its capacity
- With the upgrades, the port now has the capacity to process 1.8 million 20-foot containers or TEUs per year
Business
Abdullah Al Othaim Markets CEO quits
Mohsen Saqer Hussain will serve as an advisor to the Board.
- The Board said Muwaffaq Mansour Jamal will be the delegated CEO of the company from 17 Dec.
- Hussain quit due to family circumstances that require his presence outside the kingdom.
Business
ENOC Group and Air Chateau sign pact
Under the agreement, ENOC will fuel up to 30 helicopters of Air Chateau.
- Air Chateau offers charter and transportation services to tourists, high net worth individuals and air ambulances.
- ENOC Aviation's current supply network spans over 200 airports across 21 countries.
Business
Airbus predicts 3,020 ME orders
Airbus says the Middle East will need more than 3,000 aircraft by 2040.
- It made the prediction in its 2021 Airbus Global Market Forecast or GMF
- According to the forecast, the Middle-East region will need 3,020 new passenger and freight aircraft deliveries by 2040
Business
Etisalat to acquire elGrocer DMCC
The acquisition will support the telecom giant's digital ambitions.
- This partnership will empower consumers, enhance engagement, and drive diversification of our business, said Etisalat.
- UAE is rated as one of the most advanced countries for online shopping and eCommerce market in the MENA region.
Business
Mubadala eyes Yahsat tech
Yahsat will support Mubadala Petroleum with satellites.
- Yahsat’s satellite-based technologies and coverage across the EMEA and Asia regions is at the center of the deal
- Mubadala Petroleum will see how these satellites can help it handle its critical operations
Business
OXAGON, largest floating industrial complex in the world, launched in Saudi Arabia
The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers.
- The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers
- OXAGON will establish the world’s first fully integrated port and supply chain ecosystem for NEOM
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Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
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Herald, SAIF Zone sign agreement
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CBD H1 2023 net profit $133m
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ADNOC in talks with OMV
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QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
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Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
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NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
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Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
- This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
- Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
- The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
- The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
Business
Amazon to pour US$4bn into Anthropic
Its investment will heat up the race for dominance in AI.
- As part of the deal, Anthropic will use Amazon's chips and its cloud services -- the data cen that store and process data on a vast scale -- for "mission critical workloads"
- The deal intensifies competition between Amazon and Google, which had earlier opened its cloud services to Anthropic and invested $300 million to acquire 10 percent of the company