Business
Etisalat to partner with GMIS on 5G
The UAE-based company will share practices at GMIS 2021.
- The GMIS is being held at Expo 2020’s Dubai Exhibition Centre.
- Discussions will focus on government , society, women in leadership and the UAE’s Operation 300bn.
EGA sees $473m profit in H1
This was the company’s strongest H1 financial performance ever.
- EGA supplied some 442 customers in 57 countries with metal in the first half of 2021
- In the UAE, the company supplied 140,000 tons of metal to local customers
Tabreed ups cooling-scheme stake
The exclusive scheme supplies Al Maryah Island in Abu Dhabi.
- The acquisition is from joint venture partner Mubadala Infrastructure Partners
- The deal brings ownership of Tabreed in the scheme to 100 percent
Business
Arkan launches digital platform
Medical, lab supplies and equipment can be purchase online.
- The platform provides a user interface for B2B procurement management.
- Arkan said the launch in sync with Saudi Arabia Vision 2030.
Business
Al Seer Marine of IHC lists on ADX
The subsidiary of the International Holding Company has been listed under the ticker ASM.
- Al Seer Marine, which builds and operates vessels and manages yachts, has total assets of 3.98 billion dirhams ($1 billion)
- Al Seer Marine is the sixth IHC Group company to list on the ADX, following the successful listings of Palm Sports, Easylease, Zee Stores, Emirates Stallion Group
Business
AmCham Bahrain elects new board
Qays Zu’bi has been re-elected the president for two-year term.
- The new board is AmCham’s most diverse and representative since its formation in 2005.
- 40 percent of the Board’s seats are held by women.
Business
TROX re-joins Eurovent Middle East
The company has been active in Middle East for the past 50 years.
- The company said rejoining the association meant it was renewing commitment to joint industry initiatives.
- Calls the industry to reinforce its focus on technical regulations and standards.
SRMG taps Japanese firms
It has struck a content deal with Japanese publishing houses.
- The partnership will enable SRMG to establish official channels with Shogakukan, Shueisha, and Kadokawa
- This will let it adapt and localize global content for Arab audiences
Business
More women in EGA management
EGA plans to have women in 25% of its supervisory roles.
- Two members of EGA’s Executive Committee are women
- EGA also employs more than 400 women around the world
Business
Facebook may launch digital wallet
The wallet, Novi, would let users store cryptocurrencies.
- Facebook said in 2019 it planned to introduce a cryptocurrency called Libra, which changed its name to Diem in 2020 after facing regulatory resistance.
- Company says it would have preferred to release Novi alongside Diem, but the latter's timing was uncertain.
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ADNOC L&S Q1 net profit $144m
Business
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
Geostrategy
AviLease acquires aircraft leasing platform
The $3.6bn deal will see AviLease acquire a portfolio of 100 aircraft.
Business
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Business
NIDC drills 195 oil wells in 2 years
Wells were drilled in onshore, offshore operations.
- The oil and gas wells were put into operation by affiliated companies of the National Iranian Oil Company.
- 13 wells were completed 201 days sooner than expected due to round-the-clock efforts of NIDC’s employees.
Business
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
- The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co.
- Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
Business
Evergrande posts H1 loss
Firm said it has $556 million remaining in cash assets.
- The developer's January-June losses amounted to 33 billion yuan ($4.53 billion), compared to 66.4 billion yuan lost in the same period last year.
- Its statement on Sunday estimated its liabilities now stood at almost $328 billion, down from nearly $340 billion at the end of 2022.