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.
Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
- It signed partnerships with the ICEway for IT services, SourceToad for software engineering and Otalio for property management systems on board ships
- In September 2023, Saudi Cruise announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave for Aroya.
Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
Business
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.
- Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
- Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.
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JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
- Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
- Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
Business
EDGE Group, Indra form JV
It will make next-generation radar systems in UAE.
- The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
- The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.
Business
Salik revenue soars to US$574m
Toll usage revenue rose 11.7% YoY to US$502million.
- The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
- Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.