ABU DHABI: National Central Cooling Company PJSC (Tabreed) has announced the launch of four pilot projects, which are part of Tabreed’s R&D funding commitment, which reinforces the company’s unwavering stewardship towards sustainability beyond just environmental benefits. This will also contribute to an improvement in Tabreed’s operational efficiency while enhancing district cooling plant life and reliability,…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
GFH Financial acquires distribution facility in Chicago for $135 million
MANAMA: GFH Financial Group (GFH) announced the acquisition of a mission-critical distribution facility in Chicago, Illinois, which has been leased since November 2015 to blue chip tenant, Michelin North America. The transaction, valued at over c.US$135 million, marks the continued expansion of GFH’s global portfolio of income generating real estate assets including prime distribution centres; well…
Qatari Germany for Medical Devices evaluating plant expansion
DOHA, QATAR: Qatari Germany for Medical Devices Company (QGMD), a leading manufacturer of Medical Devices in the Middle East, is currently studying the extent of the possibility of expanding the plant by adding additional production lines to be able to meet local and international orders, a news release said. The demand for medical supplies is…
JCPDI and Hutchison Ports sign investment and operation agreement for JCDPI Port
RIYADH: The Royal Commission in Jubail and Yanbu, and Hutchison Ports signed an agreement to invest and operate JCPDI Port, which consists of world-class, multipurpose terminals within the Jazan City for Primary and Downstream Industries (JCPDI). With the patronage of HRH Prince Muhammad bin Nasser bin Abdulaziz, Deputy Governor of Jazan Region HRH Prince Muhammad…
Avanceon gets solar power system contract for a Middle Eastern oil giant
DUBAI: Avanceon FZE, a subsidiary of Avanceon Limited incorporated in the United Arab Emirates, has been contracted to provide a comprehensive Solar Power System for one of the largest oil producers in the Middle East region. With the help of this project, the Middle Eastern Oil Giant aims to reduce its carbon footprint by expanding…
Qatar Islamic Bank completes $100 million Islamic trade facility in MENAT with HSBC
DOHA: Qatar Islamic Bank completed with HSBC Bank Middle East its first Islamic Trade Facility in MENAT valued at USD 100 million, in January 2021. The Financial Institutions Refinance trade facility is a new addition to HSBC Bank Middle East’s Islamic product suite. “This is a first-of-its-kind transaction for HSBC Bank Middle East within the…
Emirates Integrated Telecommunications posts net income of AED 1.44 billion
DUBAI, UAE: Emirates Integrated Telecommunications Company PJSC (EITC) published its financial results for the year ended 31 December 2020 reporting in 2020 a total Revenue of AED 11.08 billion and a Net Income of AED 1.44 billion. EITC’s Capital Expenditure increased by 24.1% year-over-year to AED 1.87 billion, representing a capital intensity of 16.9%, its…
Qatar Petroleum to develop world’s largest LNG project
DOHA: Qatar Petroleum is developing the North Field East Project (NFE), the world’s largest LNG project, which will raise Qatar’s LNG production capacity from 77 million tons per annum (MMTPA) to 110 MMTPA, a news release said. In addition to LNG, the project will produce condensate, LPG, ethane, sulfur and helium. It is expected to…
Cellcom Israel files law suit against Xfone
NETANYA: Cellcom Israel Ltd. has filed a law suit against Xfone and its controlling shareholder for the enforcement of the network sharing agreement and payment of unpaid monthly payments in the amount of approximately NIS 34 million, with the Tel-Aviv District Court. Cellcom further filed for an interim injunction to prevent Xfone from entering any…
Gulf Downstream Association appoints Khalid Hadi as acting Secretary General
MANAMA: The Gulf Downstream Association (GDA) announced the appointment of Mr. Khalid Hadi as Acting Secretary General. Mr. Hadi is a seasoned industry veteran who will lead the Association’s continued efforts to foster collaboration and learning across the region’s Oil & Gas sector with the aim of accelerating development and supporting sustainable industry growth. In assuming…
DP World reports 7.6% gross volume growth in 4Q2020 and flat growth for FY2020
DUBAI: DP World Limited handled 19.1 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 4Q2020, with gross container volumes increasing by 7.6% year-on-year on a reported basis and up 6.5% on a like-for-like basis. On a FY2020 basis, DP World handled 71.2 million TEU, flat year-on-year and up 0.2% on…
Elbit Systems gets $82mn contract from BAE Systems to supply Netherlands army
HAIFA, ISRAEL: Elbit Systems Ltd. announced it was awarded an approximately $82 million contract from BAE Systems Hägglunds AB to supply the Royal Netherlands Army (RNLA) with Active Protection Systems (APS) and electro-optical commander sights. The contract will be performed over a period of four and a half years. Under the contract and as part…