TAIWAN: Taiwan-based semiconductor technology firm Silicon Motion is exploring a potential sale amid takeover interest, Bloomberg reported, quoting people familiar with the matter.
According to the people, who wished to stay anonymous, the company is now working with advisers, and is holding talks with potential suitors.
However, the sources made it clear that deliberations are currently at a very early stage, and the company may still opt against a sale.
Silicon Motion’s American depositary receipts were down almost 19 percent this year. However, shares gained in the recent days following speculations regarding a potential takeover.
A representative of Silicon Motion did not comment on the Bloomberg report.
Silicon Motion develops NAND flash controllers for solid-state storage devices, along with supplying data center and specialized industrial and automotive solid-state drives.
RIYADH: Abu Dhabi National Energy Co., also known as TAQA, is in the technological feasibility stage of its two green hydrogen projects, Emirates News agency reported citing a senior executive.
Green hydrogen will constitute an important role in the utility firm’s portfolio of renewables, Farid Al-Awlaqi added.
It is a significant part of the firm’s 2030 growth strategy, which entails increasing its gross power capacity to 30 gigawatts from 18 GW in the UAE and adding up to 15 GW internationally.
The capacity growth will focus on renewable energy to include over 30 percent of its generation portfolio by 2030, compared to 5 percent currently.
The two green hydrogen projects are TAQA’s partnership with Emirates Steel to develop the first green steel production in the Middle East and North African region.
The second one is the development of an industrial-scale green ammonia manufacturing and export facility in Abu Dhabi in partnership with Abu Dhabi Ports.
RIYADH: Saudi Aramco, the world’s largest oil producer, will announce its quarterly financial results on May 15 amid expectations by analysts that profits will increase.
The company’s median net income forecast, based on 12 analysts’ expectations, stands at $38 billion, compared to $31 billion in the fourth quarter and $21 billion in the first quarter of 2021.
Aramco has recently been in a race with Apple Inc. for the world’s most valuable company for the first time since 2020, with the tech major being pressured by rising inflation.
Strong oil prices drove the crude giant to claim the top position globally in terms of market cap as its shares hit record levels on May 11 to yield a valuation of $2.43 trillion.
A day later, Aramco was longer the highest valued company as its stock retreated 1.8 percent to exit the week with a $2.366 trillion market cap, slightly behind Apple’s $2.371 trillion valuation.
RIYADH: Abu Dhabi plans to set aside $10 billion for utilities transmission and distribution infrastructure, while Iraq shows continued reconstruction efforts despite setbacks.
Abu Dhabi has revealed its plans to allocate $10 billion to utilities transmission and distribution infrastructure over the next decade, according to MEED.
Diversification of electricity generation sources has to be accompanied by initiatives to avoid bottlenecking the infrastructure and enable efficient transmission of electrons, the report added.
Despite setbacks, Iraq’s Fund for the Reconstruction of Areas Affected by Terrorist Operations completed 97 projects valued at $59.5 million during 2021, according to MEED.
Pandemic repercussions coupled by oil price risks remain major influences on project spending in Iraq, but the government has pushed ahead with its reconstruction efforts over the past 12 months.
Saudi Ports Authority
Saudi Ports Authority, also known as MAWANI, has extended the deadline to bid for the works to upgrade and expand the Dammam-based King Abdulaziz port’s Terminals 1 and 2 by three weeks to May 31.
Bids were previously due May 10, MEED reported.
State-owned Kuwait Oil Co. has tendered a project to upgrade water management facilities at its South Tank Farm, located in Ahmadi, MEED reported.
The project is supposed to cover the construction and commissioning of water facilities.
RIYADH: Saudi Arabia raised $195 million in startup funding from a total of $297 million raised in the Middle East and North Africa in April 2022, making it the highest amount in the region.
The UAE came in as the second highest country last month with $61.5 million, and Egypt third with $37 million.
Saudi-based startup Foodics contributed to $170 million in its series C round last month which made the Kingdom the highest in terms of amount, according to a report by Wamda.
In terms of deal count, the UAE was first, followed by Saudi Arabia and Egypt but the overall deal numbers in the region saw a drop from 79 in March to 29 in April.
The fintech industry continues to lead the sector with the highest deal count but when it comes to amount raised, the software as a service and e-commerce industry contributed to 85 percent of the total amount in the region, according to a report by Wamda.
RIYADH: Management consulting firm Bain & Co. has appointed Ahmed Boshnak as its new partner and head of its Riyadh office, it said in a statement.
The newly hired executive will be responsible for overseeing the day-to-day operations of the branch in the Saudi Arabian capital, and also providing strategic leadership.
Boshnak, a Saudi national, has over 20 years of professional experience in strategy consulting, financial services and venture capital.
He returned to Bain & Co. where he had previously worked between 2010 and 2013 advising clients on strategy development, performance improvement, as well as organization governance.
“With Ahmed, we are reinforcing our commitment to our office in Riyadh and investing in further capacity and capabilities to support the Kingdom and our key Saudi clients in this transformative moment for the country,” Tom De Waele, managing partner, said.
Prior to joining Bain, Boshnak was the managing director of Emaar, the Economic City, and the master developer of King Abdullah Economic City.