SAIB profit jumps 17% in 2023
Business
AD Ports Group, KPT ink pact
Business
GSK profit in 2023 falls
Business
TECOM Group net profit up 49%
Business
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
- Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
- These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.
Business
ENEC, Kazatomprom ink pact
The move will ensure a secure supply of nuclear fuel.
- ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
- This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.
Alaska Airlines to buy Hawaiian Airlines
Based in Seattle, Alaska Airlines serves the western US.
- Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize
- The combined airlines would have a fleet of 365 narrow and widebody aircraft and reach 138 destinations
Presight AI, Samruk-Kazyna launch JV
The partnership aims to accelerate digital transformation in Kazakhstan.
- Revealed at COP28, the venture aims to deploy advanced AI and big data solutions.
- Energy, public services, and transport in Kazakhstan to benefit from big data analytics.
Business
Zain KSA expands 5G network
The company launched the first zero-emission 5G network.
- The network expansion supports Zain KSA’s strategic goal of accelerating the nationwide digital transformation by providing high-speed digital services
- The 5G network expansion complements Zain KSA's growing portfolio of bespoke 5G applications and pioneering solutions in artificial intelligence (AI)
Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
- The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
- flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
- "Q" will be available only to Amazon's AWS cloud computing customers and will be in direct competition with ChatGPT as well as Google's Bard and Microsoft's copilots
- Costing $20 monthly per user, Amazon Q will perform a variety of tasks including summarizing uploaded documents and answering questions about specific data
Business
Foxconn to invest $1.54bn more in India
The firm announced in May to purchase land for $37 million in India.
- Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest "several billion dollars" in India
- The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness
Company News
SAIB profit jumps 17% in 2023
Business
AD Ports Group, KPT ink pact
Business
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GSK profit in 2023 falls
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
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Business
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.
- The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
- "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.
Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.