Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Business
Zoomcar enters Egypt market
Zoomcar targets 5,000 cars in Egypt by March 2022.
- Zoomcar to launch their functioning in Egypt
- The target of Zoomcar is to have 20,000 cars in market by 2022 end
Business
Mobily signs recycling deal
Mobily will recycle old and discarded Ericsson devices.
- Mobily is now expected to join the Ericsson Product Take-Back Program to recycle discarded electronic devices
- The program is responsible for the disposal and recycling of electrical equipment at the end-of-life stage
Business
Marjan lands $272m RAK project
Dubai Investments and Marjan have tied up for the project.
- The project’s design is reportedly set to offer a private enclave with waterfront views
- It is targeted at social gatherings, family unions, business meetings, or personal relaxation
Business
Toyota makes US battery push
Japanese firm Toyota is the world’s biggest carmaker.
- Toyota has unveiled plans to invest $3.4 billion into automotive batteries in the United States
- As part of the plan, it will build a factory in the country for production of such batteries
Business
Sabic leads low-carbon plan
Sabic, WEF, and global companies will formalize the plan.
- The agreement will look to formalize the low-carbon emitting technologies or LCET initiative into a standalone entity by 2023
- As a result, LCET members will share early-stage risks and co-invest in developing and upscaling low-emission technologies
Business
Al Dahra opens five animal feed plants
The plants are located in Serbia, Romania and Bulgaria.
- The new plants have a capacity of 500,000 tonnes per annum of clover and more than 15 types of feed and concentrated grains.
- The firm recently added some 11,000 hectares of clover to its existing plants in Romania.
Business
SODIC lands $100m loan
This will finance SODIC’s West Cairo flagship project.
- The Arab African International Bank and Banque Misr is providing this facility to SODIC
- SODIC is expected to use this facility to finance its West Cairo flagship development known as SODIC West
Business
AD Ports H1 revenue up 21%
Diversification, new leases, and partnerships fueled the rise.
- AD Ports Group revenue increase 21 percent year-on-year to AED1,832 million ($499 million) in H1 2021
- This was in contrast with its H1 2020 revenue of AED1,517 million ($413 million)
Business
Samsung AI course for UAE youth
The students will learn data science, probability, statistics, linear algebra, python
- The course will enable participants to learn AI modeling on a solid foundation of mathematics while developing a fluid understanding of AI projects
- The curriculum will also allow participants to experience ML tools and real-world problem solving with various exercises and practical projects
Economy
Saudi EXIM Bank joins Berne Union
This will help the bank address major issues in export credit.
- The bank’s membership in the union represents a major milestone in its role as a facilitator
- It is also said to be in line with the bank’s objective of boosting the export of national products through local and global partnerships
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Company News
AllianceBernstein office in DIFC
Business
Subscription opens to Alinma EMF
Business
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Saudi Catering, RSG ink pacts
Business
Tesco picks new chairman
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
Business
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Business
ADNOC L&S boosts barge fleet
With the latest acquisition, the firm now owns 39 JUBs.
- This expansion comes when JUB charter rates are robust due to the high demand for offshore services.
- One of the JUBs will serve the Iraqi market, marking ADNOC L&S’ entry into a new market and supporting the firm’s regional expansion.
Business
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.
- Vietnam Airlines will purchase 50 of the 737 aircraft, Biden said during a roundtable with senior executives from top American and Vietnamese firms.
- The communist country's aviation sector has boomed in recent years thanks to a rapidly expanding middle class with growing appetites.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.