ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Geostrategy
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.
- DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
- DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
Business
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.
- Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
- The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added
Business
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
- Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
- Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Business
Aramco to invest in LNG
The deal will be Aramco's first international investment in LNG.
- Aramco is likely to acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG.
- Aramco wants to become "a leading global LNG player", the firm's upstream president Nasir K. al-Naimi said.
Business
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.
- The move comes months after reports suggested US authorities were investigating possible sanctions violations.
- The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.
Business
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
- The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
- The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).
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Masdar, 3 firms sign agreement
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
Business
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Business
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.
Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year