Business

FAB plans $4.08bn rights issue

UAE’s largest bank seeks capital for growth.

flydubai launches new flights

Riga, Salzburg, Vilnius flights begin from Dec

ADNOC Gas Q3 profit $1.34bn

Stronger earnings support higher full-year outlook

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

Stc to buy stake in Giza

Tawal, an arm of Saudi Telecom,
By TRENDS Desk
April 4, 2022 4:50 pm
  • the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems
  • It's subject to approval from the authorities in Saudi Arabia and Egypt, the company added

Solutions by stc, also known as Arabian Internet and Telecommunication Co., will buy a controlling stake in Giza Systems Company of Egypt for $158 million.

According to a bourse filing, the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems.

The deal will be paid for in cash and is worth $158 million, the statement said.

It’s subject to approval from the authorities in Saudi Arabia and Egypt, the company added.

Most Read

Environment Agency – Abu Dhabi issues marine water quality policy

ABU DHABI,  UAE – The Environment Agency – Abu Dhabi (EAD) has issued a policy on sustaining marine water quality that reviews the current situation and main challenges related to…

Energy, commodity prices hurt profits of GCC firms

GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.

Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise

Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare.

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

3 ways travel drives economic growth while enhancing global connections and sustainability

WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and tourism has recovered and is set to reach new heights.…