Friday 1 July 2016

Abu Dhabi fund IPIC records $2.6bn loss in 2015

Abu Dhabi state investment fund International Petroleum Investment Co (IPIC) said it suffered a net loss of $2.6 billion in 2015, reflecting the blow to the wealthy emirate's finances from low oil prices. The loss compared with a profit of $1.5 billion in 2014, IPIC said in a


Mondelez makes takeover bid for Hershey

Mondelez International Inc, the maker of Oreo cookies and Cadbury chocolates, has made a takeover bid for chocolate and sugar confectionery company Hershey Company, a person familiar with the matter said on Thursday. A merger of two of the world's top five candy makers would


Averda launches big medical waste disposal drive

Averda, one of the largest environmental solutions providers in the Middle East and Africa (MEA) region is investing heavily in the medical waste treatment and disposal sector across South Africa.    The company highlighted its commitment to tackling the complex medical


Saudi, France plan major trade agreements

Saudi Arabia and France are expected to sign major trade agreements in defence, energy, health care, agriculture, transport, research, housing, sports, media, environment and tourism during the current visit of Deputy Crown Prince Mohammed bin Salman. The pacts will be finalised


Indian firms to invest $235m in Iran port

Indian companies have announced plans to invest $85 million into the Iran’s port of Chabahar which will be set up on a build-operate-transfer (BOT) model, said a report. Once operational, the port will increase its goods handling capacity from two million tonnes to eight mi


AIS opens big food production facility in Ajman

Arab & India Spices (AIS), one of the largest importer of food products in the Middle East, has unveiled the region’s largest food production facility built in Ajman at an investment of Dh350 million ($95.2 million). The second largest processor of pulses and spices in


Empower wins top district cooling services award

UAE-based Empower, a leading district cooling services provider, said it has won top honours at the International District Energy Association (Idea) Annual Conference & Trade Show, held recently in the US. Idea awarded the Emirati firm with two Gold awards for ‘Most tot


Iran plans tenders for oil fields as contract nears

Iran plans to issue tenders to develop its oilfields this summer, as the government is expected to approve a new model oil contract designed to attract investors “in a short amount of time,” Oil Minister Bijan Namdar Zanganeh said in an interview with the Iranian Students News Age


Etihad Cargo launches luxury car service

Etihad Cargo, the freight division of Etihad Airways, has launched a unique, new offer for guests who want to travel with their luxury car over the summer period. Drivers can enjoy up to 20 per cent off air cargo rates and their seat, when they book in First or Business Class. Th


Dow, RSA-Talke sign supply chain contract

An affiliate of The Dow Chemical Company and RSA-Talke, a leading logistics company, have signed a contract for the storage of chemical products that will be manufactured by Dow from various production sites globally. With this joint venture for chemical logistics, RSA-Talke will

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