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Adani Ports and Special Economic Zone Ltd. has agreed to buy a 49.38% stake in liquid storage facility company Indian Oiltanking Ltd. for 10.5 billion rupees ($129 million) as its billionaire founder, Gautam Adani, seeks to bolster cargo handling operations in India. Adani group’s listed port company has also agreed to buy an additional 10% equity stake in IOT Utkal ...

SHARM EL SHEIKH / WAM  President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Abdel Fattah El Sisi of Egypt witnessed the signing of an agreement between Masdar, one of the world’s fastest-growing renewable energy companies, along with its Infinity Power joint venture with Infinity, Egypt’s main renewable energy developer, and Hassan Allam Utilities, to develop a 10-gigawatt ...

Abu Dhabi / WAM Khalifa Economic Zones Abu Dhabi – Kezad group, the integrated trade, logistics, and industrial hub of Abu Dhabi, has announced the signing of an agreement to form a joint venture between its parent company AD Ports group, and Al Fanar Gas group, part of UAE’s leading diversified conglomerate, Ethmar Holdings. The new company, “Kezad Industrial Services”, ...

Abu Dhabi / WAM Al Yah Satellite Communications Company (Yahsat) on Tuesday announced its financial results for the nine-month period ended September 30, announcing revenue of AED1.2 billion, up 11% year-on-year and adjusted Ebitda of AED694 million, up 10% year-on-year. The company also announced a normalised net income of AED278 million, up 39% year-on-year, and contracted future revenue of AED7.6 ...

Abu Dhabi / WAM     Borouge signed a memorandum of understanding which established a new strategic partnership with Abu Dhabi Medical Devices Company (ADMD) to develop the medical device manufacturing industry in Abu Dhabi. ADMD is a leading local manufacturer of syringes, insulin syringes, tubes and catheters, administration devices, respiratory items and PPE products and is the first and only manufacturer ...

Dubai / WAM     The Ministry of Health and Prevention (MoHAP) has discussed with the Russian Ministry of Industry and Trade ways to boost collaboration, exchange medical expertise, and expand partnerships in the pharmaceutical sector to enhance the efficiency of the UAE’s pharmaceutical system, and encourage more Russian companies to transfer some of their production lines to the UAE. During the ...

Chinese stocks halted a recent rally as a jump in Covid-19 infections and official comments defending Covid Zero dented optimism for a potential reopening. The Hang Seng China Enterprises Index slipped 0.6% on Tuesday, following gains of about 14% over the past five days. A separate gauge on Chinese tech shares trading in Hong Kong falls 1.6%. China’s potential exit ...

Dubai / WAM Mubadala Health announced the opening of its new facility in Dubai, which will provide multidisciplinary medical, paediatric, and surgical specialties that include cardiology, dermatology, neurology, endocrinology, plastic surgery, and orthopedics. The state-of-the-art facility includes 96 consultation rooms, 4 operating rooms, 2 endoscopy suites, as well as an in-house laboratory, in-house pharmacy, radiology department, dedicated rehabilitation gyms and ...

Abu Dhabi / WAM Abu Dhabi National Insurance Company (Adnic) reported its financial results for the nine-month period ended September 30, announcing a net profit was AED267.6 million, net technical profit of AED173.8 million and net investment and other income of AED93.8 million. Commenting on Adnic’s performance, Sheikh Mohamed bin Saif Al-Nahyan, Chairman of Adnic, said, “Adnic has delivered solid ...

Ajman / WAM His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, lauded the support of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for charity and humanitarian work, while inaugurating the ...