EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...Business Economy Energy Global
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...Business
PIF-funded Nesma & Partners to acquire services provider Kent
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions.
Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco.
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new frontier for the crypto industry
Bahraini cryptocurrency firm Rain comes to the UAE, while Coinbase CEO's UAE visit hints at potential expansion. Zurich's Julius Baer is also eyeing Middle East
Alpha Dhabi’s H1 net profit $2.8bn
The company's revenue grew by 29 percent year on year.The Group's total assets were AED 127.9 billion and cash position strong with AED 17.6 billion.
Alpha Dhabi joint venture with Mubadala Investment Company aims to co-invest in credit opportunities.
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
The company reported a jump of US$74.9 million YoY in insurance services results.
UK launches first postal deliveries by drones
Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather...Royal Mail, which is partnering with Skyports Drone Services, said the use of drones would also improve safety by ensuring postal workers can deliver between ports without risks.
The world's first drone delivery service was launched in Reykjavik in 2017, with people in the Icelandic capital able to receive goods direct at their doors via an AFV.
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.
HSBC reports bumper profits
Revenue jumped $12.3 billion to $36.9 billion.The massive jump from $8.8 billion from the first half of 2022 came as central banks around the world have ramped up borrowing costs to fight inflation
The firm also said second-quarter earnings came in better than forecast, jumping almost 90 percent to $8.8 billion, thanks to the bumper income from surging interest rates
Toyota posts bumper Q1 net profit
The automaker's profit surged 78 percent to US$9.1 billion.Toyota said net profit in the three months to June was $9.1 billion on sales of 10.55 trillion yen, up 24.2 percent from a year
The company also maintained its annual targets, including net profit of 2.58 trillion yen and sales of 38 trillion yen
