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ADNOC Drilling closes JV

It is a JV between ADNOC Drilling, SLB and Patterson UTI.

Boeing to boost 787 production

The firm will invest$1bn to ramp up production in South Carolina.

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.

Aramco-Horse Powertrain deal completed

An agreement for the purchase of 10% equity stake was signed in June 2024.

Roche to buy Poseida Therapeutics

The $1.5 billion deal is due to close in early 2025.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.
  • A total of 3.493 billion shares will be made available in the offering, representing 15% of the company’s total issued share capital.
  • All Shares to be offered are existing shares held by the company’s sole shareholder, Delivery Hero MENA Holding.

Hamas negotiators ‘not in Doha’ but political office not closed: Qatar

Qatar, along with the United States and Egypt, had led months of fruitless negotiations for a truce in the Gaza...
  • "The mediation process right now... is suspended unless we take a decision to reverse that which is based on the positions of both sides," spokesperson Majed Al-Ansari said
  • "The office of Hamas in Doha was created for the sake of the mediation process. Obviously, when there is no mediation process, the office itself doesn't have any function," he said

US envoy in Beirut says ‘real opportunity’ to end Israel-Hezbollah war

US special envoy said he was in Beirut because he saw "real opportunity" to end the Israel-Hezbollah war
  • US special envoy said he was in Beirut because he saw "real opportunity" to end the Israel-Hezbollah war
  • "I came back because we have a real opportunity to bring this conflict to an end," Hochstein said

UN climate chief at deadlocked COP29: ‘Cut the theatrics’

As the UN climate talks limp into a second week in Azerbaijan, the world is no closer to a finance...
  • Nations have until Friday to break the impasse over how to raise $1 trillion a year for developing countries to cope with global warming.
  • Climate-vulnerable countries want developed nations to commit to substantially raising their existing pledge of $100 billion a year.

Egypt’s middle class cuts costs as IMF-backed reforms take hold

Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms...
  • The world lender has long backed measures in Egypt including a liberal currency exchange market and weaning the public away from subsidies.
  • Foreign debt quadrupled since 2015 to register $160.6 billion in the first quarter of 2024. Much of the debt is the result of financing for large-scale projects.

Magritte’s ‘Empire of Light’ to fetch nearly $100m at New York auction

New York, United States -- With a Magritte painting estimated to sell for nearly $100 million, drawings by pop artist Keith...
  • The seminal 1954 work is one of a series of paintings from the Surrealist master depicting the interplay of shadow and light.
  • Its estimated price is $95 million, which would easily shatter the previous record for a Magritte, $79 million in 2022.

End of a love affair: news media quit X over ‘disinformation’

Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
  • Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
  • "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.

Lebanon economic losses top $5 billion in year of clashes: World Bank

Beirut, Lebanon -- More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion...
  • The losses are "largely concentrated in the commerce and tourism and hospitality sectors... as well as in the agriculture sector", the Bank said in a report.
  • "The final cost of damage and losses for Lebanon associated with the conflict is expected to significantly exceed those presented in this assessment," the report said.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.
  • Salik reported 355.6 million revenue-generating trips, which increased 5.1 percent YoY to drive total revenue of AED1.640 billion.
  • Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent YoY to AED1,422.2 million in the nine-month period.

Saudi-hosted summit says Mideast peace requires end to Israeli occupation

The summit's closing statement said that "a just and comprehensive peace in the region... cannot be achieved without ending the...
  • The international community should "launch a plan with specific steps and timing under international sponsorship" to make a sovereign Palestinian state a reality, it added.
  • The leaders also condemned "horrific and shocking crimes" by Israel's army, saying they occurred "in the context of the crime of genocide".

Turkey, Iran leaders at Cairo summit urge action to address Gaza, Syria crises

Cairo, Egypt -- The leaders of Turkey and Iran were in Egypt on Thursday for a summit of eight Muslim-majority countries,...

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Assad’s fall reshapes Middle East politics, redefining power dynamics across the region

The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...

UK Prime Minister to talk trade, Middle East during Gulf visit

London, United Kingdom -- Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking...

Trump touts tariffs, mass deportations and NATO skepticism

In his first formal television interview -- and just six weeks before he takes office -- Trump again signaled that...

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Vegetable oil pushes global food prices to seven-month high in Nov

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
  • Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
  • The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.

Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO

Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
  • The ecosystem is now hosts over 300 startups from around the world and has forged 150 partnerships to support these companies in attracting investments.
  • Ahmad Ali Alwan, CEO of Hub71, said it has received over 2,500 applications for its programmes.

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.
  • The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.
  • Deliveries are expected to start in 2028 upon commencement of its commercial operations.