Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.Company News Arts & Culture Business Aviation
PIF to sell Tadawul stake
It will sell 10% of its stake, amounting to 12m shares.According to a bourse filing, PIF, which has over $600 billion in assets, is selling 12 million shares in Tadawul Group
The fund has hired both HSBC Saudi Arabia and Morgan Stanley Saudi Arabia to act as joint global coordinators, as well as Al Rajhi Capital to act as joint book-runner
Gulf Arab’s first casino being opened at Ras Al Khaimah resort
The casino would mark a watershed moment for the Gulf region.The casino would mark a watershed moment for the Gulf region
The region has traditionally imposed stricter Islamic rules than other parts of the Middle East
Thousands of migrant workers stage a World Cup rally in Doha
Doha, Qatar— Thousands of migrant workers wearing the colors of Argentina, Brazil and England staged a World Cup rally in Doha...The fans came mainly from the Indian state of Kerala that also accounts for a huge chunk of the Indian migrant community in Qatar of about 750,000 people
Qatar residents have been the top buyers of tickets for the tournament, with some low-priced $10 tickets having been reserved for migrant workers
Qatar selects 26-man home-based squad for World Cup
Less than ten days before they play their first game in the tournament, Qatar has picked up a 26-man squad...The team's coach Felix Sanchez, who learned his trade over 10 years with Barcelona's youth teams, guided Qatar to a 3-1 victory over Japan in the 2019 Asian Cup final
Sanchez and his players have been staying together in near-lockdown since June while holding training camps in Spain and Austria
UN, Russia hold talks on grain, fertilizer exports
United Nations chiefs held talks with Russian officials on the Black Sea agreements on exporting grain and fertilizers, eight days...The talks took place behind closed doors at the UN Palais des Nations headquarters in Geneva.
No statement has yet been issued following the meeting.
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.
MoIAT, Burjeel Holdings sign MoU on healthcare facilities
ABU DHABI, UAE -UAE's Ministry of Industry and Advanced Technology (MoIAT) has signed a Memorandum of Understanding (MoU) with Burjeel...The MoU is in line with MoIAT's keenness to provide support and specialized healthcare for its employees and their families.
Burjeel Holdings will offer the ministry employees and their families special discounts on medical services that are not covered by insurance.
SoftBank Q2 net profit at $21.4b
Firm's reduction of stake in Alibaba partly helped.Falling share prices for many of its tech start-up ventures continue to hurt the company's balance sheet.
The investment behemoth has made huge bets to find and grow new tech companies around the world - making its earnings vulnerable to fickle market forces.
ADNOC Distribution 9M net profit up 39%
The company paid a dividend of AED1.285 bn in Oct.The company’s dividend policy for the years thereafter sets a dividend equal to at least 75 percent of distributable profits.
The company’s non-fuel business for the first nine months of 2022 rose by 18 percent, while non-fuel gross profit also increased by 9 percent.
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms.The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
