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9-MONTH VALUE UP 7%
MENA M&A activity up 9%; 522 deals valued at $71bn
The MENA region witnessed an increase in merger and acquisition (M&A) activity with a total of 522 deals amounting to $71 billion in the first nine months of the year, according to to the EY MENA M&A Insights.
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ALUMINIUM, STEEL TOP PRIORITY
Adani enters metals business with mega $5bn investment plan
Adani Group, one of India’s leading conglomerates, is expanding its footprint in aluminium, steel and copper production with a $5 billion investment plan. This aims to leverage synergies with its existing infrastructure, energy and logistics operations.
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UTILITY INFRASTRUCTURE WORK
Samsung JV lands $418m Qatar ethylene storage plant contract
Samsung E&A, a total solutions provider for the global energy industry, has announced that its joint venture with Taiwanese group CTCI has secured a $418 million contract from Qatar-based Ras Laffan Petrochemicals for setting up a ethylene storage plant.
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TECHNOLOGY
5G Advanced to be the upgrade that 'will transform daily life'
The upcoming era of 5G Advanced has the power to do more than just improve personal device speeds; it aims to make networks smarter, more efficient and more responsive to real-world needs in ways that could impact everyone.
Top Trade News
 | Industry Sectors |
Aseer awards main contract for $266m multi-use Saudi project
Aseer Development Authority has awarded the main contract for 'The Point', a SAR1 billion ($266 million) multi-use project being set up in Abha city. It features a mix of retail, F&B and leisure elements in addition to luxury Hilton Hotel apartments.
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Oman-India JV to develop, manage sultanate's malls
ScottOMAN, a leading Omani real estate and facility management company, has joined hands with Beyond Squarefeet, an Indian mall advisory group, to set up a new venture - Mall-IQ - for development and management of malls in the sultanate.
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Adnoc L&S reports revenue up 38pc, net profit up 27pc
Adnoc Logistics and Services reported a 38 per cent increase in Q3 and first nine months of 2024, with revenue of $2,668 million, EBITDA of $376 million, and net profit of $576 million, a 27 per cent increase from Q3.
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NBB reports 11% increase in 9-month net profit
National Bank of Bahrain (NBB) has reported a 5% increase in net profit attributable to shareholders reaching BD19.1 million ($50.7 million) for the third quarter ended 30 September 2024, compared to BD18.2 million in the same period of 2023.
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Eco-conscious tourism: 'World witnessing fascinating paradox'
Pascal Armoudom, Partner at Kearney, said in an interview that the world is witnessing a fascinating paradox in 2024 with regard to eco-conscious tourism, citing a study that said 75% of travellers consider environmental impact when choosing destinations.
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Adani enters metals business with mega $5bn investment plan
Adani Group, one of India’s leading conglomerates, is expanding its footprint in aluminium, steel and copper production with a $5 billion investment plan. This aims to leverage synergies with its existing infrastructure, energy and logistics operations.
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Saudi TDF to build $372m multi-use resort in Eastern Region
Saudi Tourism Development Fund has announced plans to develop a multi-use resort in the Eastern Region at an investment of SAR1.4 billion ($372 million). The project, to be operated under Rixos brand, will boast 400 hotel units and 41 residential villas.
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Beyon launches region's first green mobile site in Bahrain
Bahrain's leading telecom and technology group Beyon has announced the launch of the first off-grid mobile site in the region, powered entirely by renewable solar and wind energy. This comes as part of Beyon's group-wide sustainability drive.
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Breitling opens boutique in Abu Dhabi Marina Mall
Breitling has expanded its footprint in the UAE capital with a new boutique in Abu Dhabi Marina Mall.
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Iconic Porsche 911 launched on the Jeddah Corniche Circuit
Samaco Motors, the exclusive importer for Porsche Saudi Arabia, launched the iconic new Porsche 911 on November 1 at the Jeddah Corniche Circuit.
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Global Partnership unveils $1bn innovation package for farmers
At the COP29 summit in Baku, the Agriculture Innovation Mechanism for Scale (AIM for Scale) unveiled its Innovation Package worth over $1 billion for farmers to help tackle the interconnected challenges of climate change, food security and agriculture.
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Danish beauty Victoria is the new Miss Universe
Victoria Kjær Theilvig of Denmark has been crowned Miss Universe 2024, becoming the first Dane to ever win the competition. The 21-year-old, a competitive dancer, entrepreneur and aspiring lawyer, beat over 120 other contestants to win the coveted title.
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51pc of luxury retail employees plan to leave their jobs: study
A staggering 51% of luxury retail employees plan to leave their jobs amid a talent crisis gripping the industry, said a landmark report titled “The Advisor Effect: Driving Retail Success by Re-imagining the Role of the Client Advisor”.
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Joby begins work on first Dubai Vertiport
Joby Aviation, a company developing electric air taxis for commercial passenger service, has announced that construction has begun on the first vertiport in its planned Dubai air taxi network.
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