News

Bloomberg Kraft Heinz Co. might need a new recipe. The packaged food giant reported a troika of bad news — profit that missed estimates, a $15.4 billion writedown on assets and an SEC subpoena — that sent its shares plummeting 27 percent to a record low, a plunge that wiped out more than $16 billion in market value. It seems ...

Bloomberg A.P. Moller-Maersk A/S, the world’s biggest shipping line, forecast 2019 profit below analysts’ estimates and said trade disputes are dimming the outlook for world economic growth. Shares plunged. Maersk said that Ebitda, a measure of operating profit, will be around $4 billion for the year, compared with an average estimate of $4.77 billion in a Bloomberg survey of analysts. ...

DUBAI / WAM DP World has announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of GBP322 million ($421million) (AED1.54 billion), implying a 2017 Enterprise Value/EBITDA valuation multiple of 6.1x. Britain-based P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation ...

ABU DHABI / WAM Al Seer Marine, Abu Dhabi based manufacturer of unmanned surface vessels, has signed a strategic partnership agreement with Advanced Electronics Company (AEC), a Saudi-based company, to build unmanned surface vessels for the kingdom. Al Seer Marine will be primary manufacturer for unmanned surface vessels in Saudi and AEC will be their exclusive partner. This collaboration will ...

ABU DHABI / WAM Calidus, Abu Dhabi-based a Defence Technology Development and Manufacturing Company, has signed a memorandum of understanding (MoU) with GDC Middle East of Riyadh to establish a joint corporation to explore the market in the Mena region for the Calidus B-250 light attack aircraft and to develop in-house capabilities. The MoU comes on the occasion of Idex ...

ABU DHABI / WAM Senaat, one of the largest industrial investment holding companies in the UAE, has announced that it has agreed the terms of a joint venture with Spanish manufacturer Tubacex, a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories). Senaat’s new partnership with Tubacex is being cemented with the signing of ...

Dubai / WAM flydubai has announced H2 profit of as much as AED157 million ($43 million), driven by stronger yields and revenue growth that led to minimising annual loss. Ghaith Al Ghaith, Chief Executive Officer of flydubai, said, “In line with expectations, 2018 was a challenging year however we have continued to invest in our capacity and increased revenue. We ...

DUBAI / WAM Enoc Group has announced a strategic alliance with Indian Oil Company (IOC) the largest commercial oil and gas company in India worth $63 billion, in a joint effort to expand its global footprint while building on IOC’s research and development infrastructure to mitigate future manufacturing challenges. The Enoc-IOC partnership includes research and development efforts, to jointly develop ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday continued his tours of several national and foreign pavilions in the International Defence Exhibition and Conference (Idex 2019), now running at the Abu Dhabi National Exhibition Centre (Adnec). During his tour, His Highness Sheikh ...

ABU DHABI / WAM His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, a member of Abu Dhabi’s Executive Council and Supreme Petroleum Council and Chairman of the Abu Dhabi Department of Transport, was briefed on Adnoc Logistics and Services’ (Adnoc L&S) strategic growth plans, which will transform it into a global shipping champion, during a recent visit to ...