Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.Company News Arts & Culture Business Aviation
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.The company also announced a normalised net income of $76 million, up 39 percent year-on-year
It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.The company attributed the weak figures to lower gross profit and higher operating expenses combined
For the third quarter of the year, BinDawood accrued losses of $12.80 million from profits of $18.66 million in the same period of last year
Sony to begin plastic packaging phase-out next year
The Japanese conglomerate wants to eliminate the material from all containers for newly designed smaller goods by 2025, a spokeswoman...From April 2023, plastic packaging will not be used for some new products weighing one kilogram or less
Sony eventually wants to eliminate plastic packaging for larger products like televisions, but no specific time frame has been decided yet
Al-Othaim’s profit up by 436%
Its profit rose to $235m in the first nine months of 2022.The company’s share price went up 1.57 percent to SR116.80, after releasing its earnings report on Monday
Thanks to a 13 percent increase in revenue to $1.86 billion, the retailer’s profit surged 486 percent from $40 million in the same period last year
Investcorp of Bahrain to boost India investments to US$5bn
The company hopes to elevate its investments in India to $5 billion within the next five years, up from just...Manama-based private equity company's investments in India represents just 1.5 percent of the $42.7 billion in assets managed by the firm globally
The plan to ramp up investments in India is a part of Investcorp’s strategic move to expand its assets to $100 billion
Renault to reorganize towards electric future
The electric vehicle market is expected to grow rapidly in response to consumers' worries about climate change, putting pressure on...Investors on Monday expressed their interest in Renault's transformation, with the group's shares climbing 3.77 percent on the Paris stock market
Renault still needs large investment to accelerate its electric transformation, according to plans it presented in 2020
ITA Air chief quits amid clash over sale
Chairman Alfredo Altavilla was accused of obstructing an offer by US investment fund Certares, Delta Airlines and Air France-KLM in...According to Italian media, the Certares consortium had proposed buying nearly 56 percent of ITA for around 600 million euros ($599 million)
Lufthansa and Swiss-Italian shipping group MSC had meanwhile offered 850 million euros for 80 percent of ITA, which replaced loss-making national carrier Alitalia
Global financial industry leaders set to descend on Abu Dhabi
Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem...Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem Ben-Gacem, Co-CEO of Investcorp
The event now has Abu Dhabi Islamic Bank (ADIB), HSBC Bank, Mubadala and Standard Chartered as official partners, MidChains and OKX as supporting partners
US seizes US$3.4bn in bitcoin stolen from Silk Road
New York, United States— The US government announced Monday it had seized $3.4 billion in bitcoin from a real estate developer...Agents recovered the digital money when they raided Zhong's house in Gainesville, Georgia, in November last year
Prosecutors say Zhong defrauded Silk Road by triggering quick transactions from roughly nine anonymous accounts
Twitter suspends verified accounts impersonating @elonmusk
A decision that will likely raise question marks over its commitment to free speech, Twitter has suspended many verified accounts...Comedian Kathy Griffin, whose blue-ticked account has two million followers, was among those who were locked out after crossing the mercurial CEO
Actions so far have included firing half the firm's global workforce, and announcing an $8 a month charge for the previously free blue tick verification
