Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
ECI, KazakhExport ink MoU
Business
HSBC relaunches SVB UK
Business
Zamil Industrial unit wins AC deal
The contract is to supply AC systems to Saudi schools.
- Zamil Industries unit Zamil Air Conditioners has got the contract from Tatweer Buildings Company
- The contract is worth SAR44.1 million ($11.7 million)
Emaar EC eyes $3bn capital hike
Its board of directors has okayed a 33% hike in its capital.
- Emaar EC will now put the approval plan to shareholders' vote
- This will happen at the extraordinary general meeting to be held on September 12
Business
Aramco rebar facility opened
IKK Mateenbar will produce non-corrosive fiberglass rebar.
- New corrosion-free material could support the kingdom in achieving its carbon neutrality targets.
- Extreme temperatures and high levels of salinity make the kingdom one of the most corrosive environments for steel rebar.
Oman Air inks deal in tourism push
The national carrier of Oman inked the deal with tripsnstay.
- The agreement follows the recent announcement of Oman easing travel restrictions
- The country on September 1 reopened its doors to vaccinated travelers with a negative PCR test result
Al Zorah selling new Ajman plots
Th plots are part of phase 2 of The Fairways project in Ajman.
- This phase of the project is said to feature a total of 90 townhouses, 71 villas, and 33 buildings
- All of them will be overlooking the golf course and the Al Zorah Mangrove
Business
DP World, FESCO to study Russia berth
Vladivostok and Murmansk identified as transshipment hubs.
- The berth will help expand Vladivostok Commercial Seaport as a transshipment hub connecting cargo from East Asian countries to North-West Europe via the Northern Sea Route.
- A record 33 million tons of cargo was carried along the route in 2020.
Emirates Post names new chairman
EPGC has announced that Badr Al Olama is its new chairman.
- Badr Al Olama is the current executive director of the UAE Clusters at Mubadala’s Investment Company
- He also spearheads the organizing committee of the UN-backed Global Manufacturing and Industrialization Summit
Mubadala buys gas field stake
It has spent $1.03 billion to buy a stake in the Tamar gas field.
- Israel-based Delek Drilling signed a sale and purchase agreement with Mubadala
- As a result, the Abu Dhabi-based company now has 22 percent non-operated stake in the gas field
Aston Martin Vantage to police Dubai
The Vantage joins other sports and supercars of the police force.
- The Dubai Police Vantage’s custom number plate alludes to the UAE’s seven emirates and Aston Martin’s association with the James Bond franchise
- The 25th film in that series, No Time to Die, is expected to be released worldwide next month
New Oman mall to create 3,500 jobs
The Mall of Oman is said to be the country’s largest complex of its kind.
- The Mall of Oman has the only IMAX experience in the country
- It will soon have global cafés and restaurants that offer more than 50 dining options
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Company News
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
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Vodafone merges with Hutchison
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Emirates NBD invests in Komgo
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SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
- Sinopec SABIC Tianjin Petrochemical Company, established in 2009, consisting of nine manufacturing units.
- The production capacity of the new polycarbonate factory is 260,000 tons per year.
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Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.
- VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
- VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
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Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.