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This is in addition to a 700 million shekel grant the company will get in return for a separate $5 billion expansion of its production operations in Israel. Last month Intel said it had begun plans for site expansion projects in Ireland, Israel and at its U.S. plant in Oregon starting in 2019 as it looks to diversify its products for a broader set of customers, such as auto safety and wireless connections for mobile phones. Kahlon’s spokesman told Reuters the government and Intel had agreed on the size of the grant after talks regarding the new factory had intensified over the past year. He noted that grants were crucial for Israel to compete with for investment with countries such as Ireland.
The expansion is expected to add 1,000 new employees to Intel’s workforce of nearly 13,000 in Israel, the spokesman said, Economy Minister Eli Cohen said it was the biggest investment of its kind ever in the country, adding it would “strengthen the economy and employment in Israel”, Intel’s exports from Israel rose by $300 million in 2018 to $4 billion, while it bought $1.7 billion of products from local companies, The company, along shirt cufflinks with Israel Chemicals and Teva Pharmaceutical Industries, accounts for close to half of Israel’s industrial exports..
DUBAI/ABU DHABI (Reuters) - Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank agreed a merger on Tuesday to create the third-largest bank in the United Arab Emirates. The bank will become the fifth largest in the GCC with 420 billion UAE dirham ($114.35 billion) in assets with increased productivity and economies of scale expected to boost profitability, the statement said. Lower oil prices and weak economic growth is pushing consolidation across the Gulf. The merger, first announced in September, was unanimously recommended to shareholders by the boards of ADCB and UNB, the banks said in a joint statement.
The tie-up is expected to take effect in the first half of 2019, It will involve a statutory merger between ADCB and UNB, ADCB will issue 0.5966 shares for every UNB share, corresponding to a total of 1.64 billion new shares issued to UNB shareholders and valuing UNB at nearly $4 billion, Al Hilal Bank will operate as a separate Islamic entity within the merged bank, Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan said in a tweet that the merger would bolster shirt cufflinks the competitiveness of the UAE’s economy..
UAE has 50 commercial banks including 22 local lenders, a number seen as too high in a country of about 9.5 million people. Saudi Arabia, which has a population of 32 million, has 12 banks and is set to lose two of those if announced mergers are successfully concluded. “The Abu Dhabi government is continuing its restructuring efforts to create stronger entities with a strong financial base to grow globally,” said Tariq Qaqish, managing director of asset management at Menacorp. Abu Dhabi Investment Council (ADIC), a government investment arm, is the majority shareholder in ADCB and UNB, both listed in Abu Dhabi. Unlisted Al Hilal is wholly owned by ADIC, which is now part of Mubadala Investment Company.
On the date the merger takes effect UNB shares will be delisted from the Abu Dhabi Securities shirt cufflinks Exchange, with the combined bank retaining ADCB’s identity and legal registrations, The combined entity will acquire Al Hilal Bank for 1 billion dirhams ($272 million) by issuing a mandatory convertible note for up to 117.6 million post-merger ADCB shares to ADIC, “UNB has a weaker asset quality and much lower profitability than ADCB, and both (of these factors) have been taken into consideration to arrive at the swap ratio,” said analyst Chiro Ghosh at Bahrain’s SICO..
“It definitely presents a strong case for further consolidation. We believe banks with similar shareholders have a higher likelihood of merger,” Ghosh said. ADCB on Tuesday also reported annual profit of 4.84 billion dirhams, up from 4.28 billion a year earlier. After completion of the merger, ADIC will own 60.2 percent of the combined bank, other ADCB shareholders owning 28.0 percent and other UNB shareholders holding 11.8 percent. As reported by Reuters on Monday, Eissa Mohamed al Suwaidi, chairman of ADCB, will retain the same post at the new bank, as will ADCB CEO Ala’a Eraiqat.
LONDON (Reuters) - Britain would have “fully functional” rules to remain a top global financial center even if it left the European Union without a Brexit deal, its lawmakers said on Tuesday, They sought to reassure foreign financial firms that a no deal Brexit would not result in disarray for the City of London at a time when many banks, insurers and asset managers were already moving staff and operations to new EU hubs, Lawmakers vote on Tuesday in a bid to end shirt cufflinks a deadlock over Britain’s divorce settlement with the EU and prevent it leaving with no deal on March 29..