Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
Business
Drydocks World develops ‘South Yard’
The latest project is aimed at increasing the company’s fabrication capacity.
- The firm is building a dedicated facility for new building projects comprising 70,000 sq.m. area
- The world-class yard will feature cutting-edge equipment, a much leaner execution process and a facility for heavy structures
Business
Etisalat’s SmartHub centres grow
SmartHub has become a key element of the digital infrastructure in the region.
- Etisalat’s SmartHub data centres act as an ICT bridge between continents, always supporting critical business activities of global customers
- SmartHub seeks to be a preferred location for carriers, cloud service providers, Internet exchanges and companies looking for a carrier grade data centres
Business
Mrs Bectors subsidiary comes up in UAE
The new company, Mrs Bectors Food International, was incorporated on September 14.
- Mrs Bectors Food Specialities Limited was incorporated as Quaker Cremica Foods Private Limited on September 15, 1995
- Following the termination of a JV agreement, the company was renamed Mrs Bectors Food Specialities Private Limited
Business
Dragon Oil to double output by 2026
Dragon Oil to double output by 2026
- The company is eying new developments in Turkmenistan, Iraq, and Egypt
- It achieved a positive performance in 2020, and continued to maintain steady annual growth in 2021
Business
Imdaad signs three contracts in a month
The total value of the contracts signed with several UAE clients is AED90 million.
- Several UAE-based clients have awarded contracts in retail, sports and real-estate sectors.
- Imdaad was hired by the Dubai World Trade Centre for Total Facilities Management services at Expo Village.
Business
flydubai signs pact with Saudi company
The Saudi company will undertake ground handling services for flydubai.
- The AED 100m agreement has been signed for five years.
- flydubai said the agreement reflects the longstanding relations between it and Saudi partners.
Business
Al Salam Bank buys back shares
The bank has bought 320,664 shares on DFM and Bahrain Bourse.
- The bank has bought 320,664 shares on Dubai Financial Market and Bahrain Bourse
- The move increases the total holding of treasury shares from 110,779,910 to 111,100,574
Business
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.
- The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
- Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
Business
$6bn merger for Ooredoo arm
The merged company will be called PT Indosat Ooredoo Hutchison.
- PT Indosat, the Indonesian arm of Qatari telecom firm Ooredoo, will be merged with and PT Hutchison 3 Indonesia
- H3I is a telecom company owned by Hong Kong-based CK Hutchison Holdings
Business
Adnoc eyes 2GW hydrogen growth
Adnoc has inked deals with British Petroleum and Masdar for this.
- Under the terms of the agreements, Adnoc, BP, and Masdar will on UK and UAE clean hydrogen hub development
- This development will be at an initial scale of 1GW in the UAE and 1GW in the UK
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Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Company News
Sipchem to pay 12.5% H1 dividend
Business
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ADNOC L&S gets new VLCC
Business
ADIB, ADIO to fund businesses
Business
PIF to set up pharma firm Lifera
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
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Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
- The firm, headquartered in Luxembourg and Geneva, said last month it was considering a possible take-private deal with an offer price of no less than HK$26 ($3.30) per share.
- The group's portfolio includes L'Occitane en Provence, French beauty brand Melvita, Korean skincare line Erborian, and Elemis, a British care product brand
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
- Turkish Airlines now has 14 A350-900s and 20 Boeing 787-9 Dreamliners, which is the European jet's main competitor in the long-range.
- An A350-900 was worth 317.4 million euros ($343 million) in 2018, when the aircraft manufacturer's price catalogue was last released.