Aramex in talks to to buy Turkish company MNG Kargo: Reuters

Aramex in talks to to buy Turkish company MNG Kargo: Reuters
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Updated 09 September 2021

Aramex in talks to to buy Turkish company MNG Kargo: Reuters

Aramex in talks to to buy Turkish company MNG Kargo: Reuters

Dubai-listed courier Aramex, partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, three sources have told Reuters.

The potential deal, which one of the sources familiar with the matter said could be worth as much as $500 million, comes as relations between regional rivals the United Arab Emirates and Turkey show signs of improvement.

One of the sources said the talks were at an advanced stage and a second said the pair were engaged in due diligence.

"As a matter of course, we do not comment on rumour or speculation," an Aramex spokesperson said.

MNG Kargo declined to comment.

Aramex, in which ADQ bought a 22.25 percent stake last year, announced this week it has split its core businesses to capture growth in the post-COVID-19 transportation and logistics industry.

As part of the reshuffle, it has created a new regional structure and appointed a chief strategy officer to head its international expansion and merger and acquisition plans.

Established in 2003, MNG Kargo is one of the leading courier services companies in Turkey, owned by private equity firm Turkven and the Sancak family since 2017. The company has over 850 branches and more than 11,000 employees.

— REUTERS


Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 
Updated 6 sec ago

Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 

RIYADH: Indonesia will need an additional funding of $148 billion to meet its goal of curbing carbon emissions in 2030, Bloomberg reported.

The southeast Asian country needs a total of $365 billion in green investments to cut emissions by 29 percent, head of Fiscal Policy Agency, Febrio Kacaribu, said in a briefing. 

Of the total amount needed, $97 billion is to come from the government, while $120 billion to come from planned private investments. 

Indonesia could reduce emissions by 41 percent with “concrete” international help, Kacaribu added.


Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification
Updated 9 min 17 sec ago

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

RIYADH: Nissan Motor Co. plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification.

The new electrification strategy, called Nissan Ambition 2030, is a roadmap on how the company plans to meet its goals by the end of the decade, according to Bloomberg.

The Japanese automaker will launch 23 new electrified models by 2030, including 15 new electric vehicles.

Nissan has been ramping up its EV ambitions and announced plans to build a $1.4 billion hub to manufacture battery-powered cars in the UK. 

The Yokohama-based carmaker plans to further increase its global battery production capacity to 130 gigawatt-hours by 2030.

It will launch an EV equipped with a solid-state battery by 2028, the company said.

By 2024, a pilot plant for solid-state batteries will be operational in Yokohama, with mass production expected to start by 2028. 

According to Nissan, next-generation batteries are key to achieving cost parity between EV and gasoline vehicles. 

Over the next decade, global EV sales are projected to rise above 10 million a year from around 1 million today. 

Nissan also plans for EVs to account for more than 75 percent of sales in Europe, 55 percent in Japan, and 40 percent in China by 2026.

It plans to have EVs reach 40 percent of sales in the US in 2030. 


Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field
Updated 17 min 22 sec ago

Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field

Dhahran: Aramco is spending $68 billion to develop its giant unconventional gas field Jafurah, the company's CEO said in media briefing at the firm's headquarter in Dhahran. 

Responding to Arab News' question on the cost of the project, Amin Nasser stated that the first phase will cost $24 billion and will be completed by end if 2024, early 2025.

The second phase, he added, will cost $44 billion and will add up to 2 billion standard cubic feet per day of sales gas, and around 600,000 barrels per day of condensates — a very light type crude oil.


Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant
Updated 20 min 53 sec ago

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

RIYADH: Cairo-based Orascom Construction could acquire a 25 percent share in Egypt's first hydrogen plant announced last Wednesday, its CEO told Al Arabiya.

The plant is expected to start operation in 2014, Osama Bishai said.

Orascom joined the Green Hydrogen Consortium with Fertiglobe, Norway’s Scatec and the Sovereign Fund of Egypt to develop the first Egyptian green hydrogen production facility.

The production plant will consist of 100 MW PEM electrolyzer, ranked as world’s largest standalone electrolyzer and the first in Egypt, according to the company’s statement.


Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank

Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank
Updated 38 min 45 sec ago

Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank

Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank

Real estate loans made to Saudi individuals increased by 7.2 percent to hit SR412.6 billion ($110 billion) in the third quarter of this year, data from the Saudi Central Bank showed. 

Saudi banks lent SR533.4 billion in real estate loans to both retail and corporate customers in Q3, while finance companies lent a much lower SR25.4 billion.

The value of residential mortgage financing provided by banks to Saudi individuals  fell to SR11.8 billion in October, down from both the previous month and the same period in 2020. 

The number of contracts for these deals, however, increased to 23,899 contracts in October, SAMA data revealed. This reflected a 3.4 percent uptick from September’s level.

On the other hand, total contracts for residential mortgages were numbered at a higher 25,483 in October 2020. Their value was SR12.1 billion.

In particular, new residential mortgages for houses amounted to SR9.1 billion in October. Meanwhile, new bank loans used to finance the purchases of apartments by individuals were valued at SR2.3 billion in the same month.

These mortgages are used by individuals to finance the purchases of houses and apartments.