February, 2019

• 23 February

  Cathay Pacific sees end to record run of losses after revamp

  

  Bloomberg Cathay Pacific Airways Ltd. forecast an end to a record two-year run of losses after job cuts and better service offerings in an overhaul kicked off by Asia’s biggest international carrier start to yield results. The Hong Kong-based airline expects to announce next month a profit for 2018, helped in part by a strong cargo business and growth from ...

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• 23 February

  Warburg weighs possible sale of jet-parts maker CPP

  

  Bloomberg Buyout firm Warburg Pincus is considering a sale of Consolidated Precision Products Corp. that could value the aerospace parts manufacturer at more than $2 billion, according to people with knowledge of the matter. Cleveland-based CPP is working with an adviser to examine strategic options including the possibility of a sale in the second half of the year, said the ...

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• 23 February

  Southwest Air drops on $60mn hit from US shutdown

  

  Bloomberg Southwest Airlines Co. slid after warning that the US government shutdown hit sales harder than previously estimated. The political stalemate that ended last month will reduce first-quarter revenue by $60 million as the aftereffects lingered on, Southwest said in a regulatory filing. When the discounter reported earnings late last month, it estimated the impact would be $10 million to ...

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• 20 February

  DP World buys UK-based P&O Ferries for AED1.5bn

  

  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 ...

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• 20 February

  UAE, Saudi firms set to build unmanned boats

  

  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 ...

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• 20 February

  Calidus, GDC ink defense pact

  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 ...

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• 20 February

  Senaat, Spain’s Tubacex form joint venture, to buy Nobu group

  

  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 ...

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• 20 February

  flydubai H2 profit hits AED157mn

  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 ...

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• 20 February

  Enoc, India’s IOC partner to expand marine offerings

  

  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 ...

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• 20 February

  Mohamed continues tours of Idex 2019

  

  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 ...

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