Vodafone Q3 revenue dips
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QatarEnergy, Mitsui ink pact
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Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
- Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
- Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry
Business
Pfizer set to acquire Seagen
The drugmaker will complete its US$43bn buyout this week.
- Pfizer Chief Executive Albert Bourla said the buyout of Seagen is "good for patients in the battle against cancer"
- Based in Washington state, Seagen came to major drugmakers' attention with its work on antibody-drug conjugates
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
- This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
- This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants
Business
UAE, Korean firms ink pact
The partnership will utilize low-cost indoor farming solution.
- The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.
- The facility will be using 95 percent less water per kilogram versus traditional farming means.
Business
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
- SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
- The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
- The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
- Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.
Business
ENEC, X-energy sign agreement
The firms will collaborate on nuclear energy technologies.
- The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
- The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.
Business
Bosch to cut 1,500 jobs
The firm said the cuts will be completed by the end of 2025.
- Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
- The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.
Business
Shell eyes $6bn in Nigeria
The investment opportunities are being explored in offshore gas projects.
- Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
- OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.
Business
KPMG to merge UK, Swiss ops
The UK unit employs about 17,000 staff and the Swiss over 2,600.
- KPMG UK said it is in discussion with Swiss firm to explore ways to bring greater benefits
- KPMG rival EY recently failed in a bid to split its audit and consulting units, causing its boss Carmine Di Sibio to retire a year early
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UBS to reward shareholders
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UAB net profit grows 65%
Total assets grew 25% in 2023 on strong growth in loans, advances.
- UAB’s financial performance was aided by significant progress across the core businesses with total operating income recording a 15 percent growth.
- Total assets grew 25 percent year-on-year in FY 2023 to AED17.6 billion, driven by the strong growth in loans, advances, and Islamic financing.
Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.
Business
Presight net profit $155m
The net profit grew by 5.1 percent to $155 million.
- The company said the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year.
- Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.