عربي English Türkçe اردو فارسى
Logo
Latest News
Business

SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA

SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA
TT
TT

SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA

SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA

Saudi Basic Industries Corporation (SABIC) intends to merge its two wholly-owned subsidiaries as part of a strategic transformation plan to increase efficiency and competiveness of its global operations.

SABIC announced on Wednesday its plan to merge Saudi Petrochemical Company (SADAF) and Arabian Petrochemical Company (PETROKEMYA).

All the assets, rights, liabilities and obligations of SADAF will be transferred to PETROKEMYA and it is expected that the merger will be completed during the second half of 2019.

"SABIC’s aim with this merger is to create a more efficient entity which will increase the optimisation of assets and unlock value from the synergies between the two companies’ product streams,” SABIC said.

SADAF will cease to exist as a legal entity as a result of merger.

SADAF operates a complex in Al Jubail, Saudi Arabia, which includes six petrochemical plants with a total production capacity of more than 4m tonnes/year.

PETROKEMYA's products include ethylene, propylene, butene, benzene, butadiene, polystyrene, polyethylene, polyvinyl chloride and acrylonitrile butadiene styrene.

Most Viewed

 
 
Business

Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
TT
TT

Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)

Türkiye's Pegasus Airlines said on Monday it has signed an agreement to acquire the biggest Czech airline, Smartwings, along with its owner, Czech Airlines, from Prague City Air.

Pegasus said the deal, which is worth 154 million euros (almost $180 million) was a “step forward in our continued global growth journey,” Reuters reported.

The process of transferring the ownership of Czech Airlines should be completed in 12 months, Smartwings spokeswoman Vladimíra Dufková said.

Smartwings currently operates regular, charter and private flights to some 80 destinations with almost 50 planes. The airline previously negotiated a takeover by Polish national carrier LOT but that fell through over the weekend after Pegasus filed a rival bid.

Pegasus, a low cost carrier, that was established in 1990. It says it operates flights to 153 destinations in 54 countries.

Business

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM
TT
TT

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Group has been awarded the 5-star recognition certificate for institutional excellence from the European Foundation for Quality Management (EFQM) for 2025.

stc is the first Saudi company to receive this prestigious recognition across all its private sector operations in the Kingdom. It is also the first company in the global telecommunications sector to achieve this rating according to the EFQM 2025 model.

This accomplishment highlights stc's leading position in performance and innovation, SPA reported.

Chief Legal and Risk Officer and General Counsel of stc Group Mathad Alajmi stated that this achievement reinforces customers' and partners' confidence in the group's capabilities, underscoring its commitment to the highest standards of corporate excellence.

This commitment is reflected in the delivery of digital solutions, supported by a flexible, adaptable organizational culture. stc will continue its journey of improvement to support the growth of the digital economy in the region and enhance the Kingdom's global competitiveness.

Business

Iran's Currency Sinks to a New Record Low

FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
TT
TT

Iran's Currency Sinks to a New Record Low

FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS

Iran's currency slipped to the lowest level in its history on Monday, nearing 1,250,000 rial to the US dollar on the open rate market, various outlets including the semi-official Tasnim news agency reported.

The Iranian rial stood around 55,000 to the US dollar in 2018, when US sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency.

Iranian media blamed the government's recent economic liberalization policies for adding pressure to the open rate market, Reuters.

The open rate market is where ordinary Iranians buy foreign currency, whereas businesses typically use state-regulated rates.

However, the government's recent decision to allow importers to tap into the open market to import essential goods has added pressure on the market and increased the dollar's price, semi-official Fars news agency said.

Iran's economy is at risk of recession, with the World Bank forecasting an economic shrinkage of 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, with Iran's Statistical Center announcing monthly inflation of 48.6% in October, the highest in 40 months. Despite inflationary pressures, Iran said last month it would increase fuel prices in December under certain conditions, primarily impacting drivers using more than 100 liters per month.