Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Bayer to cut management jobs
The company recently reported a net loss of US$4.9bn in Q3.The chief executive Bill Anderson said in a statement that the company was not happy with "this year's performance"
Bayer said it plans to remove "multiple layers of management and coordination" by the end of the year
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
UAE a key market for our businesses due to its location: French official
Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and...The French official said that his country's exports to the UAE exceed $5.13 billion, while UAE imports from France exceed $2.67 billion
He said French exhibitors are looking to establish new partnerships, sign agreements, with specialized entities in the field of food industries
Are neobanks challenging traditional players in UAE?
While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future...While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future of banking in the region, says a report.
In the UAE, neobanks struggle with funding over trust issues in the absence of deposit insurance, while the CBUAE supports their growth, ensuring traditional banking stability.
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...The fifth auction of the UAE T-Sukuks program witnessed strong demand through with bids received worth US$1.57 billion.
The success is reflected in the market-driven prices, which was achieved by a spread of 4 to 11 bps over US Treasuries with similar maturities.
SPCC signs two solar power purchase pacts with 1500MW capacity
Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...The report indicated that the MENA region witnessed six IPOs during the third quarter of this year with proceeds of US$523 million.
The report described plans to list shares for IPO in the fourth quarter of 2023 and early 2024 as still promising.
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...The contracts stipulate, among others, the establishment of the first phase of the space science fiction city Mars War, at a value of SAR 5 billion.
Also included is the establishment of an emergency information center, together with China Mobile company, at a value of SAR2 billion.
