INSEAD Day 4 - 728x90

Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.

Business

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

Business
Business

Hotpack to build plant in KSA

The packaging plant will be one of the largest in the world.
  • The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
  • With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
Business

GKSD to invest in Middle East

The investment was announced during Investopia 2023.
  • 'Smart Clinics', which was hailed as one of the key outcomes of the conference, is a new concept in the healthcare sector that focuses on improving life quality.
  • Gruppo San Donato, a private hospital group in Italy, and UAE Ministry of Economy, are part of an MoU for the Smart Clinics program.
Business

Petrofac shares surge

Petrofact and Hitachi Energy secured a $14.1bn energy deal.
  • European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
  • Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
Business

SES seeks merger with Intelsat

The tie-up would lead to the creation of a $10 billion plus group.
  • The satellite communications sector has been seeking to consolidate in the wake of the arrival on the scene of billionaire players Elon Musk and Jeff Bezos.
  • The sector is now notably awaiting the upcoming merger of France's Eutelsat with UK counterpart OneWeb, as well as that of US provider Viasat.
Business

Aramco JV HAPCO breaks ground

The complex is expected to be operational by 2026.
  • On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
  • Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.
Business

ADNOC makes logistics push

Contract worth $2.6bn with ADNOC Offshore part of the launch.
  • ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
  • The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Business

Alibaba to split into six groups

Each will be managed by its own CEO and board of directors.
  • The restructuring is likely to enable each separate business to pursue its own fundraising and public listing plans.
  • Hangzhou-based Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
Business

Savola to pay $93m in dividends

The date of distribution will be announced later.
  • The General Assembly date will be set after securing the formal approvals from the relevant authorities.
  • The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business

Al Rajhi to issue sukuk

The sukuk terms will be determined as per market conditions.
  • The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
  • The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.
Business

ADNOC signs ammonia pact

It will explore low-carbon ammonia value chain in Germany.
  • The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
  • Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.
Business

Company News

Chinese BYD posts record Q3 profit

SABIC Agri-Nutrients profit falls

AlUla signs pact with Six Senses

stc Group posts 9-month revenue

Mulk, Ajman Holding form JV

Latest News

Tata Steel to slash 2,800 UK jobs

Tata Steel employs about 8,000 staff in the United Kingdom.
Business

Sony to decide on Zee merger

The tie-up is aimed at helping both firms compete with streaming rivals.
Business

Akasa Air orders 150 Boeing planes

Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Maersk and Hapag-Lloyd ink deal

The cooperation deal between the two will begin February 2025.
  • The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
  • The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business

EDGE, Baykar collaborate

EDGE smart weapons will be integrated into Bayraktar UAVs.
  • The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
  • Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business

Emirates Steel Arkan signs $2bn deal

The 5-year, iron-ore pellets supply deal was signed with BSC.
  • Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
  • Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.