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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

SAMI revenue vaults to $605m

SAMI, ranked 98, has seen a massive 2,898 percent jump in revenue in 2021, compared to a year earlier. (Asharq Al-Awsat)
By TRENDS Desk
August 11, 2022 12:11 pm
  • The firm has made it to the list of the 100 largest defense companies for the year 2022
  • The kingdom has been consolidating companies within SAMI to achieve a 50 percent technology transfer target

The Saudi Arabian Military Industries’ revenue jumped from $20 million in 2020 to $605 million in 2021.

According to Defense News rating, the company has made it to the list of the 100 largest defense companies for the year 2022.

The rise in revenue and the company’s global ranking follow its acquisition of the Advanced Electronics Co. in December 2020.

In line with Vision 2030, the Saudi government has been consolidating companies within SAMI to achieve a 50 percent technology transfer target.

The firm has also attributed its growth to its weapons and missiles business, its emerging technologies division, in addition to its joint ventures including Saudi Aircraft Accessories and Components Co., Navantia and Thales.

 

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