QatarEnergy, Mitsui ink pact
Business
Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
Business
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Business
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business
Air France-KLM to buy stake in SAS
Air France-KLM will buy 19.9% shares of SAS.
- The group, along with the Danish state, will invest $1.175 billion in the airline, with Air France-KLM investing $144.5 million to buy the 19.9 percent holding.
- SAS filed for Chapter 11 bankruptcy protection in the US, an option available because of its operations there, in July 2022 as it reeled from Covid travel bans.
Business
Evergrande shares up 28 percent
Evergrande estimated it had debts of $328 billion at the end of June.
- When trading resumed Tuesday, its shares initially jumped more than 60 percent before paring much of their gains to close up 28 percent.
- Last Thursday Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police.
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Vodafone Q3 revenue dips
Business
QatarEnergy, Mitsui ink pact
Business
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SAIB profit jumps 17% in 2023
Business
AD Ports Group, KPT ink pact
Business
US downs three Houthi drones, strikes anti-ship missiles
Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...
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Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
- Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
- Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.
Business
Boursa Kuwait posts $51m net profit
Operating profit for 2023 was recorded at US$59 million.
- Total operating revenues of US$99 million were recorded for 2023.
- Consolidated assets came in at approximately US$386 million in 2023.
Business
Glencore 2023 profit down 75%
The company said lower energy prices cut into its profits.
- Gross operating profit fell 50 percent to $17.l billion, "primarily reflecting the rebalancing and normalization of international energy trade flows," it said
- The commodities trading unit saw operating profit fall 46% to $3.5 billion, "with coal and LNG (liquefied natural gas), and to a lesser extent, oil prices materially declining"