AllianceBernstein office in DIFC
Business
Subscription opens to Alinma EMF
Business
Saudi Catering, RSG ink pacts
Business
Tesco picks new chairman
Business
Apple tops $3trn in market value
Business
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
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
Company News
AllianceBernstein office in DIFC
Business
Subscription opens to Alinma EMF
Business
Saudi Catering, RSG ink pacts
Business
Latest News
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.