Apple tops $3trn in market value
Business
BMW to put in $218m in S Africa
Business
H&M shares up
Business
Lordstown sues Foxconn
Business
Economy
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
- The NZBA was launched in April by the United Nations Environment Program Finance Initiative
- It aims to bring together banking institutions committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050
Business
Madayn lands Oman solar deal
Madayn has signed a deal to build a 100MW solar PV farm.
- Oman-based Madayn has signed an agreement with Mubadrah and Solar Wadi to build a solar farm
- Madayn, also known as Public Establishment for Industrial Estates, will build the farm in the Suhar Industrial City
Business
Jarir posts $194m net profit in nine months
Q3 net profit surges 44 percent compared to Q2.
- The increase in net profit was attributed to a decrease in selling and marketing expenses and financing costs.
- The net comprehensive income grows by about 2 percent.
Business
ArcelorMittal arm buys Sharjah mill
ArcelorMittal Projects is a part of the ArcelorMittal Group.
- ArcelorMittal Projects has also leased 1.38 million sq ft of industrial land in the zone
- The entire transaction, to be concluded in two phases, has a price tag of AED90 million ($24.51 million)
Business
$2bn Arada project in new phase
Arada has launched the second residential phase of Masaar.
- The new phase is called Kaya and is located within the Al Suyoh district of Sharjah
- The new phase is said to containing 421 townhouses and villas
Business
Engicon lands Jordan partnership
Engicon has signed an MoU with the JPMC for a water treatment plant.
- Engicon will supply, develop, and operate a phosphate water treatment plant in El-Sheidiyah mines
- The treated water will be used for purposes of industry and agriculture, aimed to improve and preserve the region's ecosystems
Business
DEWA gets $10.9bn via IPWP model
DEWA used the IPWP model in a number of its key projects.
- One of the model’s key features includes the implementation of the directives of the leadership
- It also includes adopting a successful partnership model on sound commercial foundations
Business
Prescott announces Dubai project
The project is worth AED140 million (more than $38 million).
- Prescott Real Estate Development is launching a residential development called Prime Residency III in the Al Furjan area of Dubai
- It will be a mixed-use development that offers studios and one-bedroom apartments, with views of the city’s skyline
Science
Aramex vows to cut emissions
It has signed a deal with the Science Based Target initiative.
- Aramex has signed a commitment with the Science Based Target initiative to significantly reduce its greenhouse gas emissions by 2030
- The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute, and WWF
Business
Evorra secures pre-seed investment
Investors include Area Tech Holdings and FirstPartyCapital.
- The funds will be used to finalize Evorra's B2B SaaS audience marketplace.
- Evorra offers a solution to the death of third-party cookies so that brands can be custodians of their customer’s marketing data.
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Company News
Saudi Catering, RSG ink pacts
Business
Tesco picks new chairman
Business
Latest News
Apple tops $3trn in market value
Business
BMW to put in $218m in S Africa
Business
H&M shares up
Business
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.
Business
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Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
- Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
- The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.
Business
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.
- The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
- The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.