QatarEnergy, Mitsui ink pact
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SAIB profit jumps 17% in 2023
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ENEC inks MoU with OSGE
Aim is to help in decarbonization of the Polish power sector.
- One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
- Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.
Business
Saudi EXIM, India EXIM ink MoU
Pact was signed on the sidelines of G20 Summit in New Delhi.
- The primary objective of this agreement is to facilitate the export of products and services between Saudi Arabia and India.
- The key areas of cooperation encompass exporting products and services, the exchange of information and expertise.
Business
ADNOC L&S boosts barge fleet
With the latest acquisition, the firm now owns 39 JUBs.
- This expansion comes when JUB charter rates are robust due to the high demand for offshore services.
- One of the JUBs will serve the Iraqi market, marking ADNOC L&S’ entry into a new market and supporting the firm’s regional expansion.
Business
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.
- Vietnam Airlines will purchase 50 of the 737 aircraft, Biden said during a roundtable with senior executives from top American and Vietnamese firms.
- The communist country's aviation sector has boomed in recent years thanks to a rapidly expanding middle class with growing appetites.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
- Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
- The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.
Business
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.
- The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
- The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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McDonald Q4 profit up
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Vodafone Q3 revenue dips
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QatarEnergy, Mitsui ink pact
Business
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
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Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
- Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
- The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
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