Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...Business Markets
Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...Business
Remote work, hybrid workplace boost telecom demand
Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this...Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this year, du CEO Fahad Al Hassawi tells TRENDS
To meet the evolving demands of customers and businesses the telecom industry is continually revising its roadmap to match the evolving network transformation, he adds
Credit Suisse 2022 loss $7.9bn
Since March 2021, bank's stock lost over 75% of value.The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Norway’s sovereign wealth fund pulls out of troubled Adani Group
The fund, which is set up to put the country's oil and gas revenues to work, held some $200 million...Between 2014 and 2023, the fund had already divested from six subsidiaries of the Adani conglomerate, mainly for environmental reasons.
The business empire of Indian billionaire Gautam Adani lost around $120 billion in value after Hindenburg Research accused it of artificially inflating share prices.
AstraZeneca 2022 profit $3.3bn
The firm's revenues rose to US$44.4 billion in 2022.Investors welcomed AstraZeneca's earnings update, with its share price rallying five percent to US$13.7 in London.
The annual net profit was boosted by cancer treatments and the integration of biotech unit Alexion following a takeover.
SIRC, Tadweer sign MoU on waste management and recycling
Riyadh, Saudi Arabia--The Saudi Investment Recycling Company (SIRC) has signed a joint memorandum of understanding with the Abu Dhabi Waste...They will explore joint options for adopting technology and ideal recycling solutions, activating operational activities in the waste sector.
Through this and other MoU, SIRC Group seeks to activate the circular economy initiative to achieve the goals and programs of the Kingdom's Vision 2030.
Volvo Cars 2022 net profit $1.6bn
Revenue climbed by 17 percent to a record US$31.8 billion.Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
Volvo Cars accelerated towards the aim of becoming a fully electric car company by the end of the decade and climate neutral by 2040.
ADNOC Distribution 2022 net profit $748m
The EBITDA grew by 15 percent to reach AED3.52 billion.Total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022.
ArcelorMittal 2022 profit $9.3bn
Profit was affected as demand for steel fell and production hit.ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
Saudi Industrial Production Index rises by 7.3 percent in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Inma Holding’s profit spikes
Its net profit jumped 61.7%, touching $2.69m in 2022.Its earnings per share (EPS) amounted to QR 0.173 as of December 31, 2022 versus EPS of QR 0.107 for the same period in 2021
Its board of directors has recommended to distribute cash dividends 5% of the capital to shareholders, equivalent to 5 dirhams per share
