CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.Company News Business Banking & Finance
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...Business
Saudi Electricity Co. posts 375% jump in net profit to $3.84bn
The Saudi Electricity Co. has posted a 375 percent increase in net profit to $3.84 billion in 2021, according to...The increase has been attributed to continuous “implementation of regulatory and financial reforms in the electricity sector"
the company’s board has proposed an annual dividend payout of SR0.7 per share
Israel to start direct flights to Egypt’s Sharm el-Sheikh in April
Israel is to launch direct flights to Sharm el-Sheikh on Egypt's Red Sea coast next month, in an expansion of...The new air link had been discussed in September between Israeli PM Naftali Bennet and Egyptian President Abdel Fattah al-Sisi during Bennet's visit to Egypt last year.
Bennett said Israel was "opening up to the countries of the region and the basis for this longstanding recognition is the peace between Israel and Egypt".
Construction of 230 MW Masdar solar plant in Azerbaijan begins
Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan,...Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year.
The project will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses.
Etisalat to up stake in Mobily
This comes as Etisalat aims to expand its footprint in Saudi Arabia.Etisalat Group currently holds a 28-percent stake in Saudi-listed Mobily and it plans to see this going up to 50 percent
The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5)
ADNIC to pay $62m in dividends
The year 2022 marks the 50th anniversary of the company.Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said the distribution of 40 percent cash dividends demonstrated the company’s robust financial performance.
Futoon Hamdan Mohammed Al Mazroui was welcomed as the first woman to join the company's Board of Directors.
British PM meets Saudi Crown Prince to plead for oil
British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed bin Salman to lobby for higher production..."It's not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important," Johnson told British media
Saudi Arabia and the UAE, which are two of the world's biggest oil exporters have so far avoided taking a position against Russia.
Skills gap challenge for GCC digitization, says du CEO
GCC companies should work closely with digital and software companies to expedite digital transformation, says Fahad Al Hassawi, CEO of...du is the second largest telecom service provider in the UAE, and its 2021 revenues grew by 5.4% to $3.19 billion
Agility will be key to the telecommunications industry and requires telecom operators to look beyond connectivity, says al Hassawi
Dubai to list DEWA in the biggest IPO by April
In a first, the state-owned DEWA will be listed on the Dubai Financial Market by April as part of Dubai's...Dubai Electricity and Water Authority plans to float 3.25 million shares, or a 6.5-percent stake, by April in what is expected to be Dubai’s biggest ever listing
The retail offering subscription will run from Mar. 24 until Apr. 2, while the qualified investor offering period will be from Mar. 24 to Apr. 5
Emirates to launch daily flights to Israel from June 23
Emirates will offer multiple daily and weekly flights throughout Australia, India, Philippines, Thailand and South Africa, many of which are...Emirates will operate its three-class Boeing 777-300ER on the route, featuring eight private suites in First Class.
The new service to Tel Aviv will also provide 20 tonnes of cargo capacity on each flight, providing channels for Israeli businesses.
Foxconn and Saudi in talks to create microchips manufacturing facility
Foxconn Technology Group and Saudi Arabia are expected to jointly build a $9 billion facility that can make microchips, electric-vehicle...The facility expected to be constructed by both is said to worth $9 billion.
Foxconn, which is a supplier to Apple Inc., is yet to confirm the deal.
