AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
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
Business
Emirates Islamic lists US$500m sukuk
The five years’ benchmark issuance, rated A+ by Fitch Ratings, was priced at 2.082%.
- The issuance will further support Emirates Islamic’s business expansion plans
- The listing strengthens Dubai capital market's status amongst the leading Sukuk listing venues globally
Business
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
- The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
- The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business
L’Oréal Middle East taps Accenture
Accenture will help L'Oréal Middle East improve its consumer experience.
- Accenture Interactive is expected to use its expertise in data-driven marketing transformation for L'Oréal Middle East
- This, L'Oréal said, will help it develop a more precise and connected approach to increase consumer engagement in the GCC region
Business
ADGM meet promises development
This was the first meeting of ADGM’s new Board of Directors.
- The board members reiterated their commitment to progressing ADGM’s growth journey, and strengthening the financial sector
- They said they were also looking to attract global companies and investments, and develop a business environment underpinned by innovation
Business
Emaar property sales at $5.7bn
Emaar Development sales were AED20.943 billion in Jan-Sept 2021.
- The $5.7-billion property sales revenue was said to be an increase of 382 percent compared to the first nine months of 2020
- The build-to-sell property development business is majority-owned by Emaar Properties
Business
AD Ports 9M revenue up by 22 percent
The rise is attributed to volume growth, business diversification.
- EBITDA rose 7 percent year-on-year to AED1.161 billion during this period, up from AED 1.081 billion during the same period in 2020.
- General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tons in the same period in 2020.
Business
Cham Wings halts Minsk flights
The airline cited the Belarus-Poland border crisis as a reason.
- Syrian airline stopped flying to Minsk due to the increasing tension of migrants moving to Poland
- This, even as hundreds of migrants mostly from the Middle East remained trapped on the Belarus-Poland border
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
Company News
Almarai profit rises 27% in H1
Business
Herald, SAIF Zone sign agreement
Business
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CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
ExxonMobil to buy Denbury
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
Business
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Business
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