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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.
Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Business
RSI buys stake in First Fix
The company acquires 51 percent stake in First Fix.
- The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
- Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
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RSG, Hyundai Motor ink pact
The two firms will explore opportunities in various areas.
- The two parties will focus on validating and deploying Hyundai Motor Group's eco-friendly mobility solutions.
- They will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility and maritime vessels.
Business
ESA, SAP ink agreement
ESA will consolidate operations under a single ERP solution
- ESA will benefit from a streamlined and integrated system, improving visibility and control over all of its operations.
- ESA will be using an integrated supply chain model that eliminates process silos, predicts disruptions.
Business
Nasdaq edges to record
The Dow Jones Industrial Average dropped 0.8 percent.
- All three indices finished at records the last two days, on the back of Wednesday's Federal Reserve meeting
- The Dow Jones Industrial Average dropped 0.8 percent to 39,475.90, retreating from a serious drive at the 40,000-point level