ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
Business
GA-ASI partners with EDGE
Business
Burgan Bank Sells 52% stake
Business
Business
Microsoft to invest in OpenAI
Microsoft has extended its partnership with OpenAI.
- The tech giant announced a "multiyear, multibillion dollar investment to accelerate AI breakthroughs"
- OpenAI's ChatGPT became an internet sensation when it was released without warning in November
Business
Azizi sells 35% Creek Views II units
The 587-residence project is scheduled for handover by Q4.
- Nearly 18 percent of the units have been acquired by UAE investors, 11.61 percent by Indian nationals, and 6.25 percent by both Jordanian and Russian investors.
- Other nationalities who have invested in units at Creek Views II include German, English, Bangladeshi and Dutch passport holders, among others.
Business
RIL posts Q3 profit of US$1.9b
Profit is 15 percent lower than in the same period last year
- Revenue from operations at India's largest company by market capitalisation rose 15 percent year on year, to US$27 billion
- Reliance's board also approved a plan to issue bonds to raise up to US$2.4 billion (200 billion rupees) to fuel further expansion across its diversified businesses.
Business
AD Gaming partners with AA Meta
They will develop Abu Dhabi’s Web3 Blockchain Gaming ecosystem.
- AA Meta provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
- Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well.
Business
TAQA acquires stake in Taweelah
TAQA took up the operation and maintenance of the plant.
- As part of a transaction valued at US$65 million (approx. AED239 million), TAQA has completed its acquisition from BTU Power Company.
- TAQA acquired an additional 10 percent ownership stake in the owner of the Taweelah B IWPP – Taweelah Asia Power Company.
Business
TAZIZ, PROMAN sign pact
They will build UAE’s first world-scale methanol production facility.
- The facility has an anticipated annual capacity of up to 1.8 million tons.
- The facility has an anticipated annual capacity of up to 1.8 million tons. Methanol has a variety of uses including in fuels, solvents, pharmaceuticals and construction materials.
Business
ADNOC, TAQA mobility JV
They will build and operate electric vehicle infrastructure in Abu Dhabi.
- The partnership will include a network of fast chargers at key locations, featuring associated solutions such as parking and tolling services.
- Demand for EVs in the UAE market is projected to see a compound annual growth rate of 30 percent between 2022 and 2028.
Business
TA’ZIZ signs ammonia agreement
The pact was signed with Fertiglobe, GS Energy and Mitsui & Co.
- Low-carbon ammonia is made from hydrogen derived from natural gas feedstocks and nitrogen, with the carbon dioxide produced captured and stored.
- The total investment in the first phase of TA’ZIZ will be in excess of $5 billion (AED18 billion), with most of the chemicals produced to be created in the UAE for the first time.
Business
Al Seer Marine unveils MEGA II
MEGA II is the world's largest 3D printer, the company said.
- The technology will enable engineers to develop large-scale boats and products that are in high demand.
- The global additive manufacturing market size was valued at $13.84 billion in 2021 and is expected to reach $44.03 billion by 2027.
Business
DP World, Maersk sign partnership
They will collaborate on decarbonizing solutions, customer service.
- Maersk will deploy two of its solutions for customers moving their cargo through Jebel Ali Port
- In Jan 2022, DP World entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, a non-profit organization.
Company News
ADNOC Gas net income $3.37bn
Business
ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
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GA-ASI partners with EDGE
Business
Noatum buys APM Terminals Castellón
Noatum Terminals is the terminals ops business of Noatum Group.
Business
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Business
Albilad Capital to pay dividendÂ
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.