Cooper Fitch Daily Business NewsA selection of the Top Business News from around the world and the Gulf.
Cooper Fitch provide market insights, thought leadership and industry trends that may directly affect the Gulf, the stories relate to topics such as recruitment and HR advisory services. We try to keep you up to date with international and regional news daily. Cooper Fitch has been established as a search, recruitment and hr advisory firm since 1997, our headquarters is based in the UAE.
Emaar’s increased profit in Q1 of this year and continue to expand
Emaar Malls, reports of an increase in their profits for the first quarter in 2021. They report profits of AED318 million ($87m) against AED118 million ($32M) in Q4 of 2020. Emaar focus on continuing their expansion and developments to deliver internationally or locally the best retail and entertainment experience to provide the high customer demands. “Dubai is one of the fastest growing cities in the world and we are embracing the speed and demands of the emerging generation of customers.” EmaarRevenue for the reporting period reached Dh901m, helped by Dh258m in sales from Emaar Malls’ e-commerce platform Namshi, which saw strong growth in Saudi Arabia, Kuwait and other GCC countries.
Source: The National, May 9th 2021
Abu Dhabi to form the largest Steel Company in the Kingdom
Abu Dhabi seeking to create the largest steel and building materials company in the United Arab Emirates. ADQ is looking to combine Emirates Steel Industries PJSC with Arkan Building Materials Co. with an asset of AED13 billion ($3.54 billion). The combined group will be well placed to capitalise on an economic recovery as well as an acceleration in infrastructure projects on the back of government stimulus programs. This large investment in the steel industry will enhance the number of job opportunities in the Kingdom.
Source: Arabian Business, May 9th 2021
Almarai gains stake in bakery company for food security.
Almarai has acquired an additional stake in a bakery company, the transaction totaled SR 150 million ($39.9 million). Almarai through its Western Bakeries Company unit, has bought an additional 15 percent stake owned by Olayan Financing Company in Modern Food Industry (MFI). Almarai conducted several mergers and acquisitions due to the pandemic to increase food security across the booming regional food industry.
Source: Arab News, May 9th 2021
Moro Hub partnered with Huawei to build the first Digital hub powered by solar.
Moro Hub, or Data Hub Integrated Solutions, as part of Digital Dewa signed an agreement with Huawei to build Uptime TIER III-Certified Data Centre powered by the largest solar-plant in Mohammed bin Rashid Al Maktoum Solar Park. “This meets our ambition to deliver sustainable digital transformation and anticipate and shape the future.” The centre will offer digital products and services using Fourth Industrial Revolution technologies, such as cloud services, the Internet of Things (IoT) and Artificial Intelligence (AI). This new hub will help to sustain economic growth and create employment opportunities in the technology industry.
Source: Khaleej Times, May 8th 2021
ADNOC is looking to sell a minority stake in its drilling unit
Abu Dhabi National Oil Co. (ADNOC) is close to hiring JPMorgan Chase & Co. and First Abu Dhabi Bank to look for a potential listing of its drilling business. ADNOC’s drilling business is valued at $10 billion and they are planning to sell. Abu Dhabi is looking to revive its dormant stock market by bringing in local or international investors. Big companies such as ADNOC, Mubadala, ADQ are looking and exploring different ways to increase their cash flow in the business.
Source: Gulf Business, May 5th 2021
EITC finance agreement for Future Growth of Financial Industry
Emirates Integrated Telecommunications Company (EITC) signed a financing agreement worth AED 3.7 billion in supporting future growth. The financing is made up of two facilities first is a AED1.9 billion five-year revolving credit facility and the second a AED1.7 billion seven-year term loan facility. EITC showed higher revenues in Q1 which was 5.2 percent higher than 2020.
Source: Arabian business, May 4th 2021
New Partnership with help of Digital Transformation for Cooling Industry in the Middle East
SAP has partnered with National Central Cooling Company Tabreed, to contribute to the digital transformation of the district cooling industry. “This digital transformation initiative we have embarked upon with SAP and Deloitte will benefit the company and will have real time data with the additional analytical capabilities.” Tabreed as a part of the digital transformation working with Deloitte and SAP will deploy different technologies that will include SAP S/4HANA, SAP Ariba platform, SAP SuccessFactors, SAP Analytics Cloud.
Source: Gulf Today, May 3rd 2021
NAS continues to oversee the running of the Aqaba Air Cargo Terminal
Kuwait’s National Aviation Services (NAS) renewed its contract with Aqaba Development Corp. and Aqaba Airports Company to operate Aqaba Air Cargo Terminal (AACT) for the next 20 years. NAS oversees ground operations, cargo and equipment handling, warehousing services, bonded storage and safety, and security services at the facility. With the agreement, they will enhance and introduce new air cargo initiatives. NAS has launched an advanced system in managing cargo business in the air ranging from pricing, cargo operations, and billing to supply chain. The strong partnership will continue to open up job opportunities in the aviation sector in the Gulf region.
Source: The National, May 2nd 2021
Construction starts on $27million wellness-themed residential project
Samana Developers will start the AED100 million wellness-themed project at Dubai Studio City to contribute to Dubais’ 2040 New Urban Masterplan. Prestige Construction have been appointed to start the construction work on the project with a goal of building a healthy community. The new destination will have features that are committed to society and a healthy, affordable lifestyle. The project will open up job opportunities during the duration of construction as well as when it officially opens.
Source: Arabian Business, May 2nd 2021
Food Tech Valley, the new high-tech city for Agriculture
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum launched the first phase of Food Tech Valley to boost or triple the UAE’s food production and aims to be a global destination for start-ups and industry experts in the food ecosystem. This will support technologies in food processing and agriculture to apply modern farming techniques. They have partnered with the Ministry of Food and Water Security and Wasl Properties to explore the future of high-tech agriculture. The Valley will include four clusters; the agricultural technology and engineering cluster, the food innovation centre, third cluster will have world-class R&D facilities and the fourth will feature a fourth-generation food storage system. The new valley will open up infrastructure and high-tech jobs in the agriculture industry in the Kingdom.
Source: Khaleej Times. May 1st 2021
Royal Commission for AlUla offers $15bn investment for public private partnership
The Journey Through Time Masterplan, a roadmap to protect 200,000 years of natural and human history across the 20km-long core historical area of AlUla, is driven by the regeneration of five heritage districts. The masterplan will also contribute to the Saudi Green Initiative by expanding AlUla’s green and open spaces up to 10 million square meters. The RCU is committed to de-risking future investments for partners and will support the development of heritage assets and primary infrastructure, having already invested $2bn in development projects including the expansion of AlUla International Airport, bolstering the county’s security infrastructure and developing key tourism assets. The new heritage will open jobs in multiple sectors across the kingdom.
Source:Gulf Business, April 28th 2021