Bloomberg Saudi Aramco, the world’s biggest oil producer, will buy a majority stake in local chemical giant Sabic from the kingdom’s sovereign wealth fund for $69.1 billion, transferring a big slug of cash from one arm of the state to another to help finance Crown Prince Mohammed bin Salman’s economic agenda. The Middle East’s biggest ever deal was first mooted …
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Bloomberg US and Chinese officials resume high-level trade talks this week as they close in on a deal that could just be the first step in the long road to economic peace. President Donald Trump’s top trade negotiator, Robert Lighthizer, and Treasury Secretary Steven Mnuchin are due to visit Beijing on Thursday and Friday, while top Chinese negotiator, Vice Premier …
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Dubai / WAM Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020. Uber will acquire all of Careem’s mobility, delivery, and payments businesses …
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Bloomberg Uber Technologies Inc is set to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based Careem Networks FZ as early as this week, according to people with knowledge of the matter. The US ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, the people said, asking not to identified because the …
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Bloomberg Oil slipped in New York after its biggest loss in three weeks as concerns lingered that a slowdown in global economic growth will erode fuel consumption. West Texas Intermediate futures were down 0.5 percent near $59 a barrel, after losing 1.6 percent. A closely watched gauge of US Treasuries inverted for the first time since 2007, signalling a recession …
Read More »ABU DHABI / WAM Senaat on Sunday announced that it has achieved steady revenue growth in 2018 to reach AED16.3 billion, a 3.5% increase over the previous year (2017 revenue: AED15.7 billion). More notably, EBITDA increased to more than AED2.5 billion in 2018, a 20% increase compared to 2017, reflecting margin enhancement realised by capitalising on market opportunities and through …
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Abu Dhabi / WAM Dubai Electricity and Water Authority (Dewa) and the consortium led by Saudi Arabia’s Acwa Power and Silk Road Fund, which is owned by the Chinese Government, annou-nced financial closing of the 950-megawatt fourth phase of Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. The solar park will produce 5,000 …
Read More »Abu Dhabi / WAM The UAE and Hungary agreed to strengthen their cooperation in the fields of science, technology and innovation. This came as senior representatives of both countries discussed creating new partners- hips in various sectors that will serve their development in areas of trade, industry, investment, renewable energy, insurance, tour-ism, science, technology, telecom- munications, aviation, education, culture and …
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Bloomberg Oil fell the most in three weeks as disappointing economic data sowed new fears of slowing global growth. West Texas Intermediate futures in New York dropped 1.6 percent, paring the week’s gain to less than 1 percent. Weaker than expected manufacturing data from Germany and France cast fresh doubts on Europe’s economic outlook, dragging equities down. The US treasury …
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Bloomberg Mubadala Development Co, the Abu Dhabi sovereign fund, and Chinese internet giant Tencent Holdings Ltd are weighing bids for part of Temasek Holdings Pte’s stake in global retailer AS Watson Group, people with knowledge of the matter said. The Singapore state investment company is considering selling around a 10 percent stake in AS Watson for about $3 billion, according …
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