November, 2022

• 20 November

  Fiat bringing 500 minicar back to US in reprise of electric flop

  

    Bloomberg Fiat, the Italian car brand owned by Stellantis NV, said it will bring the 500e, an electric version of its urban minicar, back to North America in 2024, roughly three years after it yanked the model from US dealerships. The Fiat 500e, which is currently made at its Mirafiori plant in Turin, Italy, has been doing well in ...

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• 20 November

  Google to pay $391 million over ‘crafty’ location tracking

  

    Bloomberg Google agreed to pay a total of $391.5 million to 40 US states to resolve a probe into controversial location-tracking practices that the Alphabet Inc. unit says it already discarded several years ago, in what state officials are calling the largest such privacy settlement in US history. Google will “significantly improve” its location-tracking disclosures and user controls starting ...

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• 20 November

  EV maker VinFast plans US IPO

    Bloomberg VinFast, an electric vehicle maker backed by Vietnam’s richest man, is weighing whether to hold its planned initial public offering in the US as soon as January 2023. The unit of conglomerate Vingroup JSC could raise at least $1 billion but it could also be more depending on interest, one of the people said, asking not to be ...

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• 19 November

  UAE leadership’s support enhances country’s stature as int’l media hub

  

    ABU DHABI / WAM The Global Media Congress, which was held under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, has successfully enhanced its stature as a pioneering regional and international platform for the media industry. The event’s first edition, which concluded on November 17 in Abu Dhabi, ...

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• 19 November

  AD Ports buys Spanish logistics firm Noatum in AED2.5bn deal

  

  Abu Dhabi / WAM AD Ports group on Friday announced that it has acquired Noatum, a global integrated logistics platform with a presence in 26 countries and LTM revenue and Ebitda of AED6.91 billion and AED555 million, respectively. The total purchase consideration (enterprise value) for 100 percent ownership amounts to AED2.5 billion, implying an LTM EV/Ebitda of 4.6x. This value ...

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• 19 November

  UAE leaders wish Sultan of Oman on National Day

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Sultan Haitham bin Tariq Al Said of Oman on the occasion of his country’s 52nd National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, sent a ...

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• 19 November

  ADGM signs deals with banks to support SMEs in Abu Dhabi

  

  Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has partnered with Abu Dhabi Islamic Bank (Adib), Wio Bank, and Rakbank to facilitate knowledge sharing on latest banking developments and support small and medium-sized enterprises (SMEs) with access to key financial services. The announcements were made during the first edition of Abu Dhabi ...

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• 19 November

  Adnoc L&S continues to grow as a world-class logistics, services firm

  

    Abu Dhabi / WAM With the successful closing of the acquisition of Zakher Marine International (ZMI), Adnoc Logistics & Services (Adnoc L&S) continues to grow as a competitive, world-class logistics and services company. The acquisition of ZMI, an Abu Dhabi-based owner and operator of offshore support vessels, with the world’s largest fleet of self-propelled, self-elevating jack-up barges, marks another ...

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• 19 November

  EGA, Itochu to explore joint industrial projects in UAE

  

    DUBAI / WAM Emirates Global Aluminium (EGA) and Itochu Corporation of Japan on Friday signed an agreement to explore joint projects in the UAE, which would advance the goals of the nation’s Operation 300bn industrial growth strategy. EGA’s relationship with Itochu stretches back to the 1980s, with the Japanese company marketing EGA’s metal to customers in Japan and Japanese ...

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• 19 November

  Taleem raises AED750mn in Dubai IPO

    DUBAI / WAM Taaleem Holdings, one of the largest K-12 premium education providers in the UAE with a portfolio consisting of 26 schools, announced on Friday the successful completion of the book building and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM). The price for the new shares to be issued in ...

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