Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...Business
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...Business Banking & Finance
French footballer Maximin to play for Al-Ahli after three-year deal
Paris, France - French winger Allan Saint-Maximin on Sunday signed a three-year deal with Saudi Arabia's Al-Ahli after leaving English club...Saint-Maximin, 26, made 124 appearances for Saudi-backed Newcastle and scored 13 goals since joining from Nice in 2019.
The financial terms of the deal were not revealed but English press reports have estimated it to be in the region of $38.5 million.
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.
Aldar expands into Dubai, Bahrain
The company announces $95 million investment for expansion.This investment adds to the initial commitment of AED 1 billion announced last year, Aldar said in a statement.
The acquisition of Kent College Dubai and Virginia International Private School will expand Aldar Education’s presence in the UAE, the company said.
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.National Leasing Holding was established in 2003
It was listed on QSE in 2003 with a capital of $135.9 million.
PIF-owned SEVEN starts construction of $346m Almadinah project
Riyadh, Saudi Arabia – Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Kingdom's sovereign wealth fund, the Public...The $346-million project, which is expected to be completed in 2025, is being developed by BUJV, a joint venture by AL BAWANI CO. LTD. and UrbaCon Trading & Contracting.
SEVEN is investing more than SAR 50 billion to build 21 entertainment destinations which will provide unique and innovative world-class entertainment experiences.
QGIRC net profit down
The first half 2023 profit of $9.64m was 25% less than that of H1 2022.Earnings per share (EPS) amounted to QR 0.040 as of 30th June 2023 versus Earnings per share (EPS) QR 0.054 for the same period in 2022.
QGIRC has a network of branches located across Qatar and an overseas branch in the United Arab Emirates.
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...The two companies will join hands to build projects across the renewable energy mix in the picturesque Malaysian state of Pahang
Masdar sees Southeast Asia as a key investment destination, where it has already built the region's biggest floating solar facility in Indonesia
KPC posts bumper profits
The oil firm and its subsidiaries posted a net profit of US$8.4bn.The oil company's CEO Sheikh Nawaf Saud Al-Sabah said that the profits were the highest in the past ten years
He added that results were driven by the country's success in running new projects that raised output of crude oil
Boursa Kuwait profit declines
It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.The stock exchange in a statement said that lower trading activity was responsible for the decline in the net profit
Its Chairman Hamad Al-Humaidhi said that the bourse showed "remarkable resilience in adapting to market fluctuations"
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.It attributed the results to strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend
The company's earnings per share amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 last year
