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Company News

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

Business

The $10 mn bag: Original Birkin smashes records at Paris auction

Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...

Arts & Culture
Business

AviLease, SDH Wings Sign MoU

The MoU will expand SDH Wings' portfolio of aircraft.
  • AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
  • AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.
Business

Japan’s Nippon to acquire US Steel

Nippon Steel will also assume the US firm's debt.
  • Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
  • US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Business

Abu Dhabi fund CYVN invests $2.2bn in Nio

This follows an earlier investment of $738.5 million by CYVN in July.
  • The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
  • CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Business

KIPCO sells its stake in GIG

The deal is valued at 256 million Kuwaiti Dinars ($832 million).
  • The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022
  • The sale of KIPCO's stake in GIG is seen as a testament to the company's effective strategy of acquiring, expanding, and then timely exiting companies
Business

Hyundai Motor, Mubadala ink MoU

The two firms will seek to unlock investment opportunities.
  • The agreement between the two firms will allow both parties to jointly invest and share expertize.
  • Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
Business

ADNOC to buy stake in Fertiglobe

ADNOC to buy OCI’s entire shareholding in Fertiglobe.
  • Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
  • It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
Business

ENEC, CNNC sign MoU

Both the firms will offer their expertise in the sector.
  • The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
  • They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.
Business

ADCB, EIH sign agreement

ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
  • The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
  • ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Business

MBC IPO retail subscription begins

MBC Group runs a group of TV and radio channels.
  • The subscription process for the retail tranche of MBC Group will run for five days until December 18.
  • The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.
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

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.
Business

Company News

AI entity is Board Observer in IHC

Goldman Sachs, Mubadala ink pact

Lloyds Group profit is $6.2bn

Rolls-Royce back into profit

Boursa Kuwait posts $51m net profit

Latest News

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.
Business

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.
Business
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INSEAD Day 4- 300x600

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Business

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.
  • The JV will make strategic investments in the metals and mining sector to enhance supply chain security locally and globally.
  • The joint venture will invest in a diverse range of metals and minerals in various geographies, focusing initially on emerging markets in Africa, Asia and Latin America.
Business

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
  • It acquired the 73.73% controlling interest after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy Limited to NCTH in exchange for shares.
  • The deal Alpha Dhabi Holding’s investment in the domestic and international luxury hospitality sector and involves the transfer of four key hotel assets.
Business

Samsung says planning job cuts

The layoffs could affect about 10 percent of the workforce.
  • The world's largest memory chipmaker is modifying staffing levels in Southeast Asia, Australia, and New Zealand, a company spokesman told AFP
  • The "routine workforce adjustments" are carried out "to improve operational efficiency," said Samsung Electronics in a statement