FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
Business
Qatar cruise tourism receives boost as MSC World Europa docks in Doha
Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121....
- Qatar's tourism sector has recorded growth in recent years thanks to growing popularity in cruise tourism, making the country a favorite destination
- Equipped with latest technology, MSC World Europa is one of the most innovative and eco-friendly equipment in the company's fleet
KIPCO’s 2022 profit soars 44%
Earnings per share went up 15% to $2.3 cents.
- Earnings per share were up 15 percent from US$ 2 cents to US$ 2.3 cents
- Shareholder equity increased 81 percent from US$ 1.1 billion to US$ 1.9 billion
Business
Aramco signs MoU with Samsung
The deal is designed to enhance Saudi digital transformation.
- Both will make a push for the kingdom's digital transformation in sectors like energy, petrochemical, and manufacturing
- Saudi Arabia, according to a UN report in March, is ranked fourth globally in its level of preparedness in digital systems
Business
Block stock down 22% as Hindenburg targets it for overstating user base
New York, United States -- Two months after accusing India's Adani Enterprises of fraud, US investment group Hindenburg Research launched...
- Block, founded by former Twitter boss Dorsey in 2009, used to be called Square before being renamed in late 2021.
- The tech company operates financial transactions, ranging from payments to merchants to payments between individuals.
Economy
IMF warns ‘inaction will leave Lebanon in never-ending crisis’
Lebanon and the IMF reached a conditional agreement in April 2022 on a $3-billion-dollar loan needed to save the country's...
- The IMF had conditioned the funds on unifying the country's plethora of exchange rates and a reformed bank secrecy law as well as restructuring the banking sector.
- Lebanon's meltdown has pushed most of the population into poverty while the political elite, widely blamed for the country's financial collapse, has failed to take action.
Business
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...
- The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
- The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
Business
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations.
- The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
- MBRSC will benefit from e& enterprise’s resources and capabilities.
Business
Presight to list on 27 Mar
Presight IPO received $496 million. It was oversubscribed 136 times.
- Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
- Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business
Toshiba accepts $15bn buyout bid
The acceptance follows years of turmoil for the company.
- A consortium led by investment fund Japan Industrial Partners will be taking over Toshiba.
- Toshiba produces everything from rice cookers to medical equipment and nuclear plants.
Business
SATORP 2022 net profit $2.39bn
Improved refining, petrochemicals margins behind profit rise.
- The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
- Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Company News
Yalla 9M revenue at $237.9m
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DTC sets IPO offer price range
Business
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Bahrain Steel raises $450m SLL
The company produces and supplies high-grade iron ore pellets.
Business
Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
Business
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Business
Vinfast to build EV factory in India
It is part of the company's planned US$2bn investment.
- According to a VinFast statement, the facility will be in the southern state of Tamil Nadu
- In August last year, the firm listed on the Nasdaq as its valuation skyrocketed and then crashed
Business
China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
- Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property
- The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo - listed on its website as its president - had "been detained in accordance with the law on suspicion of illegal
Business
Honda to set up EV plant in Canada
The plant is estimated to cost Honda US$14 billion.
- the project would represent one of the multinational firm's biggest investments ever
- Honda said that it is "considering a number of initiatives as we move into the electrified era"