Borouge Q1 net profit $281 million
The total dividend paid to shareholders in 2024 $1.3bn.Company News Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.Company News Business
Knowledge E and HBMSU sign agreement to ‘reshape future of education’
Dubai, UAE-- Hamdan Bin Mohammed Smart University (HBMSU) and Knowledge E have signed a memorandum of understanding to reshape the...Vice Chancellor of HBMSU said the MOU is a step in the university's march toward transforming education in a way that brings smart learning innovation into the sector
As per the terms of the agreement, both sides will collaborate in several key areas - including content digitisation and self-paced courses, management of HBMSU's journal system
PIF and Hyundai to set up JV vehicle-manufacturing plant in Saudi Arabia
Riyadh, Saudi Arabia--The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have signed a joint-venture agreement to establish an...The investment in the joint-venture project is expected to exceed $500 million with PIF to hold 70 percent stake and Hyundai the remaining 30 percent
The JV project will speed up Saudi Arabia's automotive industry in addition to creating thousands of jobs and allowing for the transfer of knowledge and expertise
EHS and Burjeel Hospital for Advanced Surgery sign MoU
Dubai, UAE--Emirates Health Services (EHS) and Burjeel Hospital for Advanced Surgery have signed a memorandum of understanding (MoU) to bolster...The MoU is designed to improve the delivery of health services in government schools in accordance with sustainable development goals in public health
Both the sides maintained that the objective is to strengthen cooperation between the EHS and Burjeel Hospital for Advanced Surgery in healthcare and continuous development
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...The Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and Kalba now boast 45,373 active members.
The total export and re-export values of the members of the Sharjah Chamber reached US$4.6 billion through the third quarter of the current year.
DP World, TPA ink pact
DP World will operate Dar Es Salaam Port in Tanzania.The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
New CEO appointed in SRC
Majeed Al Abduljabbar will be the CEO from January 1, 2024.Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Emaar EC and Orascom to develop tourism destination
Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement...Orascom will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters.
The project will feature a marina, a fully-fledged downtown along with resorts, high-end residential developments.
Multiply Group profit soars
Its Q3 revenue posted a 24 percent jump to US$96 million.The group posted a 337 percent increase in net profit, excluding fair value changes, to $90.12 million for Q3 2023
It acquired a 55% majority stake in Media 247, a leading UAE outdoor advertising firm, at an investment of $61.26 million
