Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
Microsoft lays off 1,900 staff
Business
EDGE bags another big order
Business
Nokia sees ‘challenging’ 2024
Business
Business
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
- The cooling infrastructure will potentially reduce over 200MW of peak electricity demand.
- The district cooling agreements are part of Telangana’s vision to become net zero by 2047.
Business
ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
- The agreement grants Kawasaki access to ENOC Group’s advanced lubricants from top-tier mineral oils for regular bikes to fully synthetic oils designed for high-end bikes.
- ENOC said the new products meet an array of standards including, API SP and JASO T903: 2023 MA-2, guaranteeing best-in-class oil thickening and wear protection.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.
Business
Enbridge inks $14bn pact
The deal will make it North America's largest natural gas supplier.
- Enbridge, which operates the world's longest petroleum pipeline system, said it is doubling its gas distribution business with the acquisitions.
- The deal underscores the continued value producers are placing in natural gas even as countries strive to reduce fossil fuel dependence to curb greenhouse gas emissions.
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
- The firm, headquartered in Luxembourg and Geneva, said last month it was considering a possible take-private deal with an offer price of no less than HK$26 ($3.30) per share.
- The group's portfolio includes L'Occitane en Provence, French beauty brand Melvita, Korean skincare line Erborian, and Elemis, a British care product brand
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
- Turkish Airlines now has 14 A350-900s and 20 Boeing 787-9 Dreamliners, which is the European jet's main competitor in the long-range.
- An A350-900 was worth 317.4 million euros ($343 million) in 2018, when the aircraft manufacturer's price catalogue was last released.
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Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
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SIB, Noqodi sign agreement
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Vodafone Qatar 2023 profit up
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Microsoft lays off 1,900 staff
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EDGE bags another big order
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ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
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Hermes profit soars 28 percent
The luxury giant posted a profit of US$4.6bn in 2023.
- The company will disburse a 4,000-euro bonus to all employees early this year as part of "its policy of sharing the fruits of growth"
- Its sales climbed 14.5% in Japan and 12.9% in the rest of the Asia-Pacific region, with the group opening its 33rd store in China
Business
Emaar 2023 revenue at $7.3bn
Emaar property sales rose to US$ 11 billion in 2023.
- Emaar also achieved 63 percent growth in EBITDA, reaching US$4.4 billion (AED 16 billion) during 2023 as compared to 2022.
- This performance was supported by growth in tourism, a continued upward trend in retail sales and a consistent increase in real estate demand.
Business
Siemens posts increased Q1 profit
The company said orders nearly doubled in mobility division.
- The group, whose products range from trains to factory equipment, made a net profit of 2.4 billion euros ($2.6 billion) between October and December
- "Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth," CEO Roland Busch said in a statement