ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
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UAE, Korean firms ink pact
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ENEC, X-energy sign agreement
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Bosch to cut 1,500 jobs
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Shell eyes $6bn in Nigeria
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KPMG to merge UK, Swiss ops
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Microsoft, G42 sign MoU
MoU will leverage core competencies of both the firms.
- The MoU will help explore joint business development and marketing opportunities across a variety of areas G42 covers.
- Microsoft and G42 will be working in the coming months to finalize the development required to ensure regulatory compliance.
Business
SISCO to pay $8.6m dividend
The cash dividend will be paid for the second half of 2022.
- The dividends will be paid from 16 May 2023 and the payment is the final instalment of dividends for the year 2022.
- The company paid a total of 65.28 million riyals in dividends for the second half of 2022.
Business
Lufthansa to sell catering unit
LSG Group is to be sold to private equity group Aurelius.
- The airline giant had already sold LSG's European operations activities to Swiss-based Gategroup in 2019.
- The Lufthansa group was brought to the brink of bankruptcy when the COVID-19 pandemic saw global air travel grind to a halt.
Business
SEC to raise $2bn from sukuk
The firm announced 10-year and 30-year tranches.
- The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
- The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.
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.
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
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ENEC, X-energy sign agreement
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United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
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Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023