Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.Company News Business Markets
Polestar 3, the electric SUV, hits the streets of the UAE
Dubai, UAE – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...Business
IHC scales up IT business, makes deals worth US$272m
International Holding Company (IHC) has scaled up its IT business, making deals to the tune of $272 million in the...It is part of the company's long-term strategy to grow its capacity in the tech industry across different sectors
Technology mergers and acquisitions in 2021 increased by 71 percent from 2020 levels, with dealmaking totalling US$1.1 trillion
DEWA to pay one-time cash dividend
It received a dividend of $553m from its subsidiary, EMPOWER.DEWA intends to seek approval to make a one-time special dividend payment to its shareholders
Its CEO said that the company will continue to look for ways to optimize total returns for our shareholders
Al Barakah plans to set up unit in Jewish state as Israeli consumers savor UAE’s silan, date sugar
Sales of Al Barakah silan in Israel have tripled to 3,000 tons over the past two years, making Israel the...Sales of Al Barakah silan in Israel have tripled to 3,000 tons over the past two years, making Israel the fifth largest market for its date syrup, says a top company official
Israeli-UAE normalization has facilitated the transport of date products, by enabling direct shipping to Haifa and Ashdod ports in Israel, adds operations director Yousuf Saleem
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.The bank reported a non-interest income of US$259 million (AED 952 million).
ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Dubai’s talks to join basketball Euroleague evoke ‘positive’ response
"Negotiations with the European league began eight months ago, and its goal is to involve a club from Dubai in...Euroleague, which bills itself as second only to the NBA, is Europe's top basketball club competition and Real Madrid has won it 10 times.
The Gulf countries, although currently enjoying a resources boom, are trying to diversify their economies away from fossil fuels and attract foreign businesses and talent.
Empower to sell 10% stake, list on DFM
Empower will make 1 bn shares, each valued AED0.10, available in IPO.The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly...The report noted prices of education group increased by 5.1 percent.
The prices of health group and food group surged by 3.5 percent and 5 percent respectively.
Most markets up but China fear casts shadow
Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood...Tokyo, Sydney, Seoul and Taipei led gains after a strong performance in New York.
The rise was sparked by a report the Fed could begin to take its foot off the pedal in its rate hike campaign.
Credit Suisse to pay $234m fine
Bank to pay fine on money laundering, tax fraud charges.Credit Suisse said it had reached the settlement to resolve a legacy matter in relation to investigation into historical cross-border private-banking services.
The bank added that the settlement does not comprise a recognition of criminal liability.
Aliph Capital secures $125m investment for its maiden fund from ADQ
Aliph Capital is an alternative investment firm focused on private equity investing.Aliph Fund I (LP) is a $250 million target private equity fund domiciled in ADGM aiming to invest in high-quality mid-sized companies in the UAE.
Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals, the company said.
