JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Tesco picks new chairman
Business
BMW to put in $218m in S Africa
Business
H&M shares up
Business
Lordstown sues Foxconn
Business
Aquaterra gets UAE contract
Business
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.
Business
ACWA Power listed on Saudi bourse
ACWA Power shares can be traded on Tadawul from Monday.
- ACWA Power will be allowed a daily price fluctuation limit of 30 percent and a static price fluctuation limit of 10 percent both ways
- After three days, the daily price fluctuation limit of 30 percent will come down to 10 percent, while the static price fluctuation limit will not apply
Business
Fedex arm plans Saudi growth
FedEx Express is a subsidiary of FedEx Corp.
- FedEx Express will invest more than SAR1.5 billion ($400 million) into the Saudi economy over the next 10 years
- This investment will be through talent management as well as local operations and infrastructure
Business
Samsung Q3 profit to soar 30%
The company expects its operating profits at 15.8 trillion
- The world's biggest smartphone maker said it expected its operating profits to reach around 15.8 trillion won ($13.3 billion) in a regulatory filing, up 27.9 percent year-on-year
- The conglomerate's overall turnover is equivalent to a fifth of the country's gross domestic product
Business
Utico lands Hassyan project deal
The MoU was signed at the WETEX and Dubai Solar Show.
- Utico and Siemens have signed an MoU for the engineering, supply, and services for an independent water project in Hassyan
- By capacity, this will be Siemens’ largest desalination plant project to date in Dubai
Business
Investcorp expands US holdings
Mubadala is biggest shareholder of asset manager Investcorp.
- Bahrain-based Investcorp has acquired 89 industrial properties across four major US markets
- The real estate acquired is approximately 2.2 million square feet, for a total of $380 million
Business
Arkan-Emirates Steel merger complete
The merger creates the UAE’s largest steel and building material company.
- The transaction provides significant revenue diversification for the Combined Group
- Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares
Business
Apicorp green bonds fetch $750m
Apicorp is a multilateral development financial institution.
- The five-year benchmark issuance was the first green bond in the Mena region issued by an energy-focused investment institution
- It was nearly three times oversubscribed, garnering $2.2 billion in orders from more than 80 investors
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Company News
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
Lordstown sues Foxconn
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.