EVA Air orders 33 Airbus planes
Business
Nakilat expands its fleet
Business
Baims acquires Orcas Edtech
Business
Bahrain Steel raises $450m SLL
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ADQ appoints new ADX chairman
Business
Business
Mubadala invests in CoolIT Systems
KKR had invested in CoolIT through its Global Impact strategy.
- Headquartered in Calgary, Canada, CoolIT specialises in scalable liquid cooling solutions for computing environments.
- Mubadala’s Impact Investing team invests in businesses providing solutions to critical environmental or social challenges.
Business
AllianceBernstein office in DIFC
DIFC provides a platform for AB to expand its wings.
- AB is the latest of an influx of global asset management firms to open regional offices in DIFC.
- The premises will give investors across the region, including institutional clients, distribution partners.
Business
Subscription opens to Alinma EMF
The subscription is open for 60 days until Aug 31.
- The offering targets collecting SAR 187.5 million (about $50 million) in subscriptions.
- The fund will start operations on Sept. 14, or earlier if the minimum capital requirement of SAR 37.5 million is met.
Business
Saudi Catering, RSG ink pacts
The contracts are valid for 20 years, said Saudi Catering.
- The first contract includes the design, building, operation and transfer of a central laundry to serve hotels, resorts as well as other facilities.
- The second contract includes the design, building, operation and transfer of a central production unit for catering and facilities management services.
Business
Aldar, IHC, ADNEC merge joint businesses
Eltizam Asset Management Group will also join Aldar Estates platform.
- Under the agreement, IHC and ADNEC Group, a subsidiary of ADQ, will become strategic shareholders in Aldar Estates.
- Aldar Properties will retain a majority stake and maintain control over the combined platform.
Business
Tesco picks new chairman
Gerry Murphy is new chairperson of Britain's biggest retailer.
- Tesco had announced in May that John Allan would leave after media allegations over his conduct towards women
- Media reported that Allan faces "claims of inappropriate and unprofessional behavior" from four women
Business
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
- SEC Newgate's other shareholders will roll over 100 percent of their equity investment as part of the transaction.
- The deal values Milan- headquartered SEC Newgate at over US$250 million, an Investcorp statement said.
Business
ADNOC Gas awards $1.34bn contracts
The contracts were awarded to Petrofac Emirates and a consortium.
- This expansion project, known as the sales gas pipeline network enhancement (ESTIDAMA) program, aims to extend ADNOC Gas' existing pipeline network.
- The ESTIDAMA program comprises multiple packages, with the first package awarded in 2021 for early modification works on existing pipelines, which were completed in 2023.
Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Business
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.
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Company News
GSK to buy Aiolos Bio
Business
EVA Air orders 33 Airbus planes
Business
Nakilat expands its fleet
Business
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Baims acquires Orcas Edtech
Business
Bahrain Steel raises $450m SLL
Business
ADQ appoints new ADX chairman
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
Business
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Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
- Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
- RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash