News

Bloomberg KKR & Co. is seeking to buy out minority shareholders of Axel Springer SE in a deal that would value the German publisher at about 6.8 billion euros ($7.7 billion). KKR offered to pay 63 euros a share in cash — a 13 percent premium over close and about 40 percent more than the price before Bloomberg reported the ...

Bloomberg Dassault Systemes SE, a maker of industrial design software, agreed to buy Medidata Solutions Inc. for $5.7 billion to gain a foothold in the fast-growing market for clinical trial technology. The deal pushes the French company further beyond its design roots into data processing and business analysis. Medidata’s software analyses pharmaceutical and biotech trials for some of the world’s ...

Bloomberg Volkswagen AG ended a self-driving technology partnership with Silicon Valley startup Aurora Innovation Inc. as it draws closer to a broader collaboration on autonomous cars with Ford Motor Co. “The activities under our partnership have been concluded,” a VW spokesman said of its alliance with Aurora in a statement. The German manufacturer announced the tie-up with Aurora to develop ...

Bloomberg European industry is in trouble and there’s a risk it will infect other parts of the economy, deepening the slowdown that’s already left the region fragile. Concern is growing in markets and even at the European Central Bank that the services sector won’t be able to withstand a broader manufacturing slump. That would undermine jobs growth and domestic demand, ...

Dubai / WAM The UAE is the second highest regional investor in artificial intelligence (AI) over the past 10 years, investing $2.15 billion in total, according to the AI Maturity Report in the Middle East and Africa (MEA), a new study commissioned by Microsoft and conducted by Ernst & Young (EY). “The bulk of this investment went towards social media ...

DUBAI / WAM Dubai recorded a non-oil foreign trade of AED 339 billion ($92.3 billion) in the first quarter of 2019, announced Dubai customs, registering an increase of seven percent year-on-year from AED316 billion recorded during the same period last year. Exports registered the most growth, rising 30 percent to reach AED42 billion while re-exports grew seven percent to AED106 ...

DUBAI / WAM Dubai Chamber of Commerce and Industry, Dubai Chamber, has announced its plans to host the fifth edition of the Global Business Forum (GBF) on Africa on November 18 and 19 in Dubai. Organised under the theme, ‘scale up Africa’, GBF Africa 2019 will bring together African and UAE government and business leaders to explore avenues of economic ...

LONDON / WAM UAE-linked oil services firm Petrofac has secured its third project under a 10-year framework agreement with Petroleum Development Oman (PDO) with the award of a procurement services project for the Mabrouk North East Line Pipe Procurement Project in Oman. The contract, valued at approximately $75 million, is the latest to be awarded under the agreement signed in ...

Abu Dhabi / Emirates Business In a landmark development, Etisalat has become the first mobile operator in Mena to provide 5G coverage inside an international airport. The Midfield Terminal Building (MTB), Abu Dhabi’s new international airport, will become the first airport terminal in the region to benefit from ultra-high speed connectivity, delivered by Etisalat’s 5G network. The deployment is based ...

Dubai / Emirates Business Dubai has welcomed India’s first premium cruise liner, ‘Karnika’ by Jalesh Cruises, to Mina Rashid as it homeports in Dubai for the season. Christened in an official naming ceremony in Mumbai, India last month, ‘Karnika’ is Jalesh Cruises’ first liner to homeport in the region, marking a significant milestone for both the Indian domestic and international ...