EVA Air orders 33 Airbus planes
Business
Nakilat expands its fleet
Business
The $10 mn bag: Original Birkin smashes records at Paris auction
Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...
Arts & Culture
Baims acquires Orcas Edtech
Business
Bahrain Steel raises $450m SLL
Business
ADQ appoints new ADX chairman
Business
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.
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.
Company News
GSK to buy Aiolos Bio
Business
EVA Air orders 33 Airbus planes
Business
Nakilat expands its fleet
Business
Latest News
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
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.
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