Apple tops $3trn in market value
Business
BMW to put in $218m in S Africa
Business
H&M shares up
Business
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
Geostrategy
Google lets users factor climate change into life
New features unveiled on Wednesday provide users with ways to help in the effort, whether it be driving routes that...
- Artificial Intelligence used in Google's free Maps service in the US shows people fuel-efficient routes.
- CO2 emission information is being added to a flights service for booking travel by air.
Business
Fertiglobe plans IPO in Abu Dhabi
Fertiglobe is a fertilizer partnership of Adnoc and OCI.
- This offering is open to UAE citizens and residents, as well as domestic and international institutional investors
- The offer will open on October 13, subject to regulatory approvals and other relevant considerations
Business
Outdoor ad firm Al Arabiya announces IPO
The company expects to sell 30 percent of its shares in the offering.
- The IPO is expected from Oct. 22 to Oct. 26 and a book-building process will determine offer price per share.
- In June, the Capital Market Authority had approved the company's request for the IPO.
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Company News
Apple tops $3trn in market value
Business
BMW to put in $218m in S Africa
Business
H&M shares up
Business
Latest News
Lordstown sues Foxconn
Business
Aquaterra gets UAE contract
Business
SPARK, Hutchinson Ports ink pact
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
Business
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Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.
Business
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
- The cooling infrastructure will potentially reduce over 200MW of peak electricity demand.
- The district cooling agreements are part of Telangana’s vision to become net zero by 2047.