Pure Health announces IPO
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Mumtalakat, Investcorp ink pact
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Eve Air Mobility, flynas ink MoU
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BMW to put in $218m in S Africa
BMW's Pretoria plant has made over 1.6 million vehicles.
- The investment will make the country the second after the US to manufacture and export the X3 hybrid.
- Adrica's most industrialized economy began manufacturing the X3, BMW's best-selling model, in 2018.
Business
H&M shares up
The company had reported a net profit of 3.29bn kronor ($305m).
- It was down from 3.68 billion kronor the year before but above expectations of 2.84 billion kronor in a Bloomberg survey of analysts.
- The company also reported a near five percent drop in operating profit to 4.74 billion kronor, but this was also better than analysts' expectations of 4.26 billion kronor.
Business
Lordstown sues Foxconn
The US-based electric vehicle startup also files for bankruptcy.
- A main supplier for Apple's iPhone, Foxconn has turned to EV production as part of its diversification and plans to make auto assembly a key part of its future growth.
- Foxconn's parent company, Hon Hai Technology Group, said in a statement that it had maintained a "positive attitude" during negotiations with Lordstown.
Business
Aquaterra gets UAE contract
Firm will deliver a complete end-to-end managed service.
- Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
- This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.
Business
SPARK, Hutchinson Ports ink pact
SPARK Logistics Company will meet the needs of investors.
- SPARK is the world's largest energy hub, spanning 50 square kilometers in the Eastern Province of Saudi Arabia.
- Under the agreement, SPARK Logistics Company has been granted concession rights to provide logistics services.
Business
Aston Martin, Lucid Group sign deal
Lucid Group to help make Aston Martin's luxury 'green' cars.
- California-based Lucid will supply technology, including battery systems, for cash and shares worth about $232 million.
- News of the tie-up, subject to shareholder approval, sent Aston's stock ten percent higher to 360 pence on the rising London stock market.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Business
Immensa opens facility in Saudi Arabia
The $15 million is located in Dammam area of the Kingdom.
- The facility is the first private sector industrial grade additive manufacturing center in the Kingdom.
- It is equipped with cutting-edge technologies and is supported by more than 30 specialized engineers, the company said in a statement.
Business
Vodafone, Microsoft ink pact
The two firms will offer AI Digital Contact Centre Platform.
- The MoU was signed by General Manager of Microsoft Lana Khalaf, and Enterprise Business Unit Director at Vodafone Qatar Mahday Saad Al Hebabi.
- With this platform, contact centers will be equipped with modern digital tools to engage customers across voice, video, and other digital channels.
Business
Hyundai, Aramco sign $5bn contract
Hyundai will build a petrochemicals complex in the kingdom.
- Korean media reports said the deal, which will advance the Amiral project packages No. 1 and 4, is the largest contract won by a Korean builder.
- The deal comes a day after Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in Saudi Arabia.
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Zain KSA expands 5G network
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Pure Health announces IPO
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Mumtalakat, Investcorp ink pact
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Eve Air Mobility, flynas ink MoU
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Ooredoo, QNBN sign agreement
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QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
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Apple to appeal US watch ban
The company contends that the ITC finding was in error.
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GIB, KSA wrap up Sukuk debut
Gulf International Bank is a merchant bank in the Middle East
- The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives
- GIB Capital’s CEO Osamah Shaker said that the bank is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance
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KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
- The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
- The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach
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Al Saqr names chairman of board
The insurance firm made a slew of new appointments.
- Saud Saleh Al-Arifi, an independent member, will be the new chairman of the board of directors
- The company named Naif Rashed Alarfaj, also an independent member, as new vice chairman