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ORDERS WORTH NEARLY $1.2bn
L&T unit secures multiple power project contracts in GCC
India's top engineering and construction conglomerate Larsen & Toubro (L&T) has announced that one of its key units has secured multiple orders - in the range of Rs50 billion to Rs100 billion ($599 million to $1.2 billion) - from its prime GCC market.
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2m TONNE PER ANNUM CAPACITY
Mubadala makes big investment in $4.2bn Australian urea project
Abu Dhabi-based Mubadala Investment has joined hands with Global Infrastructure Partners for a strategic investment in Perdaman’s A$6.4 billion ($4.2 billion) Western Australia Urea project, one of the largest urea fertilizer facilities in the world.
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GLOBAL EXPANSION STRATEGY
IndusInd eyes $50bn valuation in BFSI through Mideast, India buys
IndusInd International Holdings, which has a significant shareholding from UAE residents, aims to grow its banking and financial services (BFSI) business to a targeted valuation of $50 billion through acquisitions in India, Europe and Middle East by 2030.
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ANALYSIS
ESG sukuk to top $50bn amid new regulatory frameworks
The ESG (environmental, social, and governance) sukuk will cross $50 billion mark globally in the next two years as issuers aim to meet their funding diversification goals and ESG mandates, alongside new regulatory frameworks, according to Fitch Ratings.
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INSIGHT
Firms overlook ‘huge blind spots in their AI overconfidence’
Despite firm belief in AI plans, businesses’ fragmented AI strategies and execution that overlook end-to-end lifecycles will not deliver successful outcomes, says a research report assigned by Hewlett Packard Enterprise.
Top Trade News
 | Industry Sectors |
Work completed at prime development in $4bn Jubail Island
LEAD Real Estate Developer has announced that work has been completed at Nad Al Dhabi village within Jubail Island, a AED15-billion ($4 billion) project in Abu Dhabi, where the first batch of 44 residential units have been handed over to the homeowners.
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Americana Q1 net falls to $28m hit by $16.3pc revenue dip
Americana Restaurants International, the largest out-of-home dining and quick service restaurant operator in the region, has posted a first quarter revenue fall of 16.3% to $493.5 million leading to a drop in net profit at $28 million.
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Aramco announces strong Q1 results, expansion initiatives
Aramco has announced its first quarter 2024 results, revealing that its net income remains robust as the company progresses its growth strategy. The net income for Q1 2024 was $27.3 billion, compared to $31.9 billion in Q1 2023.
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NEOM secures $2.67bn new revolving credit facility
NEOM, a new urban area being built by Saudi Arabia, announced on Sunday that it has secured a new revolving credit facility (RCF) worth SAR10 billion ($2.67 billion).
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Firms overlook ‘huge blind spots in their AI overconfidence’
Despite firm belief in AI plans, businesses’ fragmented AI strategies and execution that overlook end-to-end lifecycles will not deliver successful outcomes, says a research report assigned by Hewlett Packard Enterprise.
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World Bank revises Kuwait’s 2024 real GDP upwards to 2.8pc
Kuwait’s economic growth (real GDP) projection for 2024 was revised by the World Bank to 2.8% year-on-year, higher than the 2.6% y-o-y forecasted earlier in January 2024 owing to expectations of phasing out of Opec+ production cuts, according to Markaz.
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Sayacorp opens first Conrad hotels property in Bahrain
Bahrain-based hospitality group Sayacorp has announced the opening of the first Conrad hotel property in the kingdom. The 98-key Conrad Bahrain Financial Harbour features one- to three-bedroom suites as well as other key premium amenities.
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AUS, Nokia team up to advance engineering education
American University of Sharjah (AUS) has announced that Nokia has joined the College of Engineering (CEN) Al Nukhba programme following the recent signing of a Memorandum of Agreement.
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Mered signs up HBA to design ultra-luxury property in Dubai
Mered, an international real estate developer with headquarters in the UAE, has partnered with top hospitality design firm Hirsch Bedner Associates (HBA) for the development of its ultra-luxury development, Iconic Tower, in Dubai.
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Saudi Arabia emerges biggest car market in GCC
The Saudi Arabian car market has emerged as a powerhouse, accounting for more than half of all car sales in the Gulf region. With over 160,000 imports, the kingdom has emerged as one of the top 20 car markets globally, said a report.
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Cleveland Clinic uses ultrasound technology to treat liver tumor
Global health system Cleveland Clinic has started using a recently FDA-approved ultrasound device to treat liver tumors, the hospital has said.
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Aroya Cruises signs MoU with MBC Studios at ATM
Aroya Cruises, the new Arabian cruise line from PIF-owned company Cruise Saudi, and MBC Studios, a leading global production powerhouse, by MBC GROUP, have signed a Memorandum of Understanding (MoU).
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AI is revolutionising global education: WEF report
A new World Economic Forum report explores how artificial intelligence could revolutionise education systems and improve the experiences of educators and students alike.
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Gates Foundation to set up regional HQ in Misk City, Riyadh
The Bill & Melinda Gates Foundation, a private non-profit foundation launched by Bill Gates and Melinda French Gates, will establish its first regional headquarters within Mohammed Bin Salman Nonprofit City (Misk City) in Riyadh.
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