TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.Business
Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...Business Tourism
Twitter weighs ‘poison pill’ to hold off Elon Musk
The so-called "poison pill" Twitter has proposed to use against Elon Musk's potential hostile takeover is a mechanism with a...To halt a takeover, the board plans to activate the pill if the Tesla CEO comes to own more than 15 percent of Twitter
The "poison pill" was invented 40 years ago by business lawyer Martin Lipton to counteract a wave of hostile takeovers on Wall Street
SIB Q1 net profit up 13.9 percent
The bank said it continued to maintain a strong liquidity.The bank said it recorded an increase in net impairment provisions amounting to AED 61.5 million, compared to AED 48.0 million for the previous period.
Net income on financing and investment products increased by 11.6 percent, equivalent to an increase of AED 30.6 million.
Dubai South signs on Discovery Land to build luxury golf community
The agreement was signed between, Dubai Aviation City Corporation and Dubai South Executive Chairman Khalifa Al Zaffin and Discovery Land...Discovery Land purchased the plot of land that will be utilized for the development of the spacious luxury golf community
It will be built up to the highest standards and become among the top golf course communities in the region once completed
Saudi Arabia taps Fawaz Alhokair and Partners to support designers
The MoU is expected to help the commission as well as the company to support Saudi fashion designers.As part of the agreement, Saudi fashion designers will benefit from the support of platforms managed by Fawaz A Alhokair and Partners Co
The two parties will also collaborate on sustainability programs and projects, with implementation supervised by specialized teams in both parties
Price hikes fuel Nestle Q1 sales rise
Nestle raised prices due to inflation, and signaled more hikes.Nestle's organic growth reached 7.6 percent in the first quarter, exceeding the forecast of analysts
The growth excludes the effects of acquisitions or divestments to focus on a company's core operations
Abu Dhabi to trade carbon credits like assets
Carbon credits can be traded on legal carbon markets, such as the Emissions Trading System of the European Union. They...Expected to launch in Q3 2022, ACX will be established as a recognized investment exchange regulated by ADGM
The GCC's broader plan to achieve net-zero was one of the main factors in establishing a carbon market in Abu Dhabi
Etihad Engineering partners with Touchdown Aviation for aircraft parts
Touchdown Aviation (TDA) will provide Etihad Engineering supply chain solutions locally in Abu Dhabi, to ensure the availability of high...Etihad Engineering has successfully completed maintenance projects over the years for airlines from all over the world.
The company's state-of-the-art 500,000 sqm facility is located in Abu Dhabi, adjacent to Abu Dhabi International Airport.
Amlak appoints new MD
Abdullah Al-Sudairy will hold the dual posts of CEO and MD.Al-Sudairy has served as the company’s CEO since 2007 and has a wide range of experience in the financial sector
The Saudi-listed company said it received the Saudi central bank’s no-objection on April 21
DP World gross volume up 1.9 percent
Qingdao (China) and Sokhna (Egypt) among strong performers.The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions.
The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022.
Emirates NBD profit up 18 percent
The bank said it was the highest quarterly profit since 2019.The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.
The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
