Business - TRENDS MENA

BinDawood’s net profit down 50 percent for Q2
Taking a direct hit from the Covid restrictions, BinDawood, the Saudi supermarket retailer, has reported a 50 percent dip in...
The retail supermarket said net profit in the quarter ended June 30 was 95 million riyals ($25.33 million),
The second quarter of last year "benefited enormously from pantry-buying in response to lockdowns"
Damac Properties posts $27.5m net loss
Damac Properties, the Dubai-based developer, posted a net loss of $27.5 percent for the second quarter as compared to the...
Lower quantum of revenue recognition and product mix impacted adversely
The better performance of the company has been attributed to improvement in the property market
Rumailah Farm signs deal
The company will supply dairy products to Address Beach Resort.
Nestled in the scenic Hajar Mountains overlooking the Gulf of Oman, Address Beach Resort Fujairah officially opened its doors on Jul 15.
Rumailah Farm currently operates two coffee shops on the UAE’s East Coast, in Fujairah City and Dibba.
UAE, Bahrain lead MENA’s fintech sector boom
A total of 465 fintech companies in the region are expected to raise over $2 billion in venture-capital funding, compared...
The fintech sector in the Middle East has been growing at a Compounded Annual Growth Rate (CAGR) of 30%
Close to 47% of the fintech deals in 2019 were sealed in the UAE and nearly half of the fintech firms in the region are based in this Gulf country
Digitization key to Tamer Group’s success: Chairman
Tamer Group has achieved significant milestones in B2B to support digital fulfillment and enhance its services, chairman Ayman Tamer tells...
Mumzworld Acquisition will help the Group improve the B2B services and extend the digital journey to include B2C, says Ayman Tamer
As a Pearl Initiative partner, Tamer Group says it has adopted the best corporate governance and transparency standards
Qatar urges manufacturers to use new logo on products
Qatar has instructed local producers and manufacturers must use the new Qatari Product logo on all their products. The country’s...
Qatar’s Ministry of Commerce and Industry unveiled the new logo in December last year, after a competition for it
The ministry has now urged local producers and manufacturers to stop using the old logo, after a six-month grace period
200 telecom towers to come up in Saudi Arabia every year
Tawal, the Saudi ICT infrastructure company, is planning to erect about 200 new towers in the kingdom every year, to...
At NEOM, Tawal has started the construction of 60 new sites that operate entirely on solar energy
Tawal owns about 15,000 of Saudi's 35,000 telecoms tower
Adidas sells Reebok to Authentic Brands Group in $2.5bn deal
Adidas in 2006 acquired Reebok — till then an independent entity with a history that can be traced back to...
Reebok is the latest big brand under ABG, which already owns Arrow, Brooks Brothers, Forever 21, Sports Illustrated, and Van Heusen
It also owns the likeness rights or estates to celebrities like Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe
Oman, India ink MoU to cooperate on mining
The agreement will aid the exchange of laws and regulations endorsed by the two countries, and data about investment opportunities.
The two sides will encourage cooperation in exchanging experiences in innovation and application of techniques
They will also explore modern methods of excavation for minerals and development of industries based on such ores
Chevron JV wins $240m Bapco deal
This is the largest catalyst management deal in Bapco’s history.
This is an exclusive five-year agreement, which includes an option to renew for an additional five years
The resulting plant would be known as 1RHCU when fully operational in 2023

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