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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Many UAE firms to receive $5 billion in lending from HSBC

    • HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021

    • The funding is intended to drive UAE economy back on the path of growth

    In a big boost to companies in the United Arab Emirates, HSBC disclosed on Sunday that it was going to commit $5 billion in lending in order to help spur the country’s growth plans.

    The UAE’s economy, like all economies of the world, suffered in 2020, as vital sectors like tourism and hospitality were crippled by the COVID-19 pandemic. Companies and government-linked institutions have borrowed billions to bolster their finances and fund spending. “Our research clearly indicates that UAE companies are ready to invest internationally and sustainably,” Abdulfattah Sharaf, HSBC’s CEO for the UAE and head of international, said.

    “Our US$5 billion commitment, between now and 2023, will support plans that strong companies have to enter new trade markets, re-engineer their supply chains, to innovate – and to play an active part in helping shape the nation’s future growth story,” Sharaf added in a statement.

    HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021, compared to 66 percent globally.