OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Almarai profit rises 27% in H1
Business
Herald, SAIF Zone sign agreement
Business
CBD H1 2023 net profit $133m
Business
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
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
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
Herald, SAIF Zone sign agreement
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.