Business & Money | Tuesday 5 November, 2024 9:50 am

UAE plans to invest AED200 bn to meet sustainable energy demand over next six years: Suhail Al Mazrouei

Suhail Al Mazrouei, Minister of Energy and Infrastructure, stated that the UAE plans to invest up to AED200 billion to meet sustainable energy demand over the next six years, aiming to "decarbonise our economy and achieve net-zero emissions by 2050." In his remarks on the occasion of the...

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Business & Money | Tuesday 5 November, 2024 9:47 am

Lulu Retail Holdings Plc offering size increased to cater for significant international, regional demand

Lulu Retail Holdings PLC (“Lulu Retail”, or “Lulu”, and together with its subsidiaries, the Group), today announced an increase in the size of its initial public offering (IPO” or the Offering) on the Abu Dhabi Securities Exchange (ADX). The total Offering size has been increased to...

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Business & Money | Tuesday 5 November, 2024 9:44 am

Arab Finance Forum explores emerging trends in public finance

Under the patronage of the Ministry of Finance and in collaboration with the Government of Sharjah, the Arab Administrative Development Organisation (ARADO) of the League of Arab States today convened the “Arab Financial Forum in the UAE - Sharjah Award for Public Finance: Excellence and...

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Business & Money | Tuesday 5 November, 2024 9:38 am

Enersol to acquire Deep Well Services, a technology-enabled energy services company

ADNOC Drilling Company PJSC (ADNOC Drilling) and Alpha Dhabi Holding PJSC (Alpha Dhabi) announced today that their joint venture Enersol has agreed to acquire a 95 percent equity stake in Deep Well Services (DWS), for approximately $223 million1 including performance-based payments. Completion of...

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Business & Money | Tuesday 5 November, 2024 9:35 am

DAE signs lease agreements with Eastar Jet for 3 new Boeing 737-8 aircraft

Dubai Aerospace Enterprise (DAE) Ltd today announced the signing of lease agreements with Eastar Jet for three new Boeing 737-8 aircraft, scheduled for delivery in mid-2025 and the first quarter of 2026. Firoz Tarapore, Chief Executive Officer of DAE, said, "We are pleased to announce a new...

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Business & Money | Tuesday 5 November, 2024 8:00 am

Tadweeer signs SAR 50M agreement with EXIM Bank

National Environmental Recycling Co. (Tadweeer) signed a Shariah-compliant credit facility agreement with the Saudi EXIM Bank, with a total value of SAR 50 million. In a statement to Tadawul, the company said the financing term is for one year from the date of funding the working capital...

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Business & Money | Tuesday 5 November, 2024 8:00 am

Albilad Capital buys Mövenpick Hotel & Residences in Riyadh’s Al-Ghadir for SAR 1B

Albilad Capital, through its Albilad Hospitality Fund, acquired the Mövenpick Hotel & Residences in Riyadh’s Al-Ghadir district in a deal valued at approximately SAR 1 billion. In a statement picked up by Argaam, the company said this acquisition marks a strategic entry for Albilad...

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Business & Money | Tuesday 5 November, 2024 8:00 am

Mobily, Telecom Egypt cooperate to land first Saudi subsea cable

Etihad Etisalat Co. (Mobily) and Telecom Egypt, one of the largest subsea cable operators in the region, signed a cooperation agreement to land the first Saudi submarine cable linking Saudi Arabia and Egypt. The new cable, which is wholly owned by Mobily, will pass through the Red Sea,...

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Business & Money | Tuesday 5 November, 2024 8:00 am

du unveils lead acid battery recycling initiative to drive eco-progress in UAE

du, the leading telecom and digital services provider, today announced a new initiative to recycle all spent lead acid batteries from its operations in partnership with Dubatt Battery Recycling. du is taking the lead in the UAE telecom sector in adopting measures that actively reduce its...

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Business & Money | Tuesday 5 November, 2024 8:00 am

MUFG signs Memorandum of Understanding with the Public Investment Fund of Saudi Arabia

MUFG and The Public Investment Fund (“PIF”) of Saudi Arabia have today announced that they signed a memorandum of understanding (“MoU”) to collaborate on opportunities of mutual interest to both MUFG and PIF.   The MoU will promote regular engagement between MUFG and PIF,...

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