Ajman’s real estate sector deals up 37% in H1 to hit $3.37bn
Ajman, UAE -- The real estate sector in the Emirate of Ajman recorded real estate transactions worth AED 12.4 billion...
Business
Business
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
- Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.Â
- The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business
Netflix widens password-sharing crackdown worldwide
As growth at Netflix cooled last year, the Silicon Valley-based streaming giant set out to nudge people watching for free...
- The company told financial analysts recently that it had delayed a broad crackdown on password sharing "to improve the experience for members"
- Getting people viewing for free to sign up for the Netflix ad tier would improve its appeal to advertisers, Insider Intelligence senior analyst Ross Benes said
Business
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...
- The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
- The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Business
Honda to supply Aston Martin engines from 2026
The tie up, announced on Wednesday, comes in the run-up to this weekend's Monaco Grand Prix with Aston Martin a...
- The tie up, announced on Wednesday, represents a return to F1 for Honda, who left in 2021 but retain links with Red Bull and AlphaTauri
- Aston will continue to be powered by Mercedes power units until 2026 when there is a sizeable shift in F1's technical landscape
Business
Companies dole out US$326.7bn in record dividends in Q1
Dividends across the world spiked 12% in Q1 compared to the same period in 2022, which was already an all-time...
- One-off special dividends reached $28.8 billion over the three-month period, the second biggest amount since the first quarter in 2014
- According to Janus Henderson, companies are forecast to shell out $1.6 trillion in dividends in 2023 as a whole
Business
Al Dahra Group signs supply agreement with Estonian firm Golden Fields
Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production...
- Under the terms of the deal Al Dahra Group will be supplied forage commodities by Golden Fields through its agreements in Estonia, Lithuania, Latvia and Finland
- Al Dahra Group CEO Arnoud van den Berg said that owing to the partnership with Golden Fields, a promising new page has been turned for agriculture in the Baltic region
Business
Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister...
- The Iraqi minister exhorted international companies to take part in developing oil fields as "these investments play a big role in securing financial resources of Iraq"
- Baghdad signed deals with UAE firm Crescent Petroleum and two Chinese companies in February this year for the development of six oil and gas fields
Business
Al Mahhar to list on QSE
Some 207mn shares will be on QSE through direct listing.
- Firms wanting to list in the QEVM category need to have at least 20 non-funding shareholders who own no less than 10% of the company's capital upon listing
- Upon listing the company's founders have permission to sell and trade no more than 30% of their shares, provided they retain 60% of their shares
Business
Apple to tie up with Broadcom for 5G telecom networks
The company will collaborate with US tech firm Broadcom in order to make "cutting edge" parts for wirelessly connecting to...
- Apple CEO Tim Cook said the company is "thrilled" to make commitments that harness the ingenuity and innovative spirit of American manufacturing
- The alliance will include designing and manufacturing sophisticated radio frequency components and other "cutting-edge wireless connectivity" parts in US
Business
Changing customer demand, other challenges keep GCC marketing and event industries in evolution mode
Challenges faced by the two industries include shifting preferences, increased competition, budget limitations, talent shortages and post-COVID-19 changes, says a...
- Challenges faced by the two industries include shifting preferences, increased competition, budget limitations, talent shortages and post-COVID-19 changes, says a UAE-based expert
- Brands and clients are seeking innovative, engaging events that provide tangible value as the future of events is likely to involve a mix of in-person, hybrid and virtual formats
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QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
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Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
BP posts US$15.2bn net annual profit
It will deliver US$1.75bn in buybacks for Q4 of last year.
- Its profit after tax surged to $15.2 billion last year from a net loss of $2.5 billion in 2022
- The bumper profit came after slumping into a loss the prior year on its exit from Russia
Business
Toyota expects to book profit of US$30bn
Its third-quarter net profit jumped to US$7 billion.
- The weak yen is also boosting earnings for the auto titan, which now expects to book a net profit of 4.5 trillion yen ($30 billion) this financial year
- Last week, Toyota announced record vehicle sales of 11.2m across its brands in 2023, maintaining its crown as the world's top-selling automaker