Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...
Business
Business
ADIB net profit in 2022 is $985m
ADIB's revenue increased by 23% to US$1.8 billion in 2022.
- ADIB reported a 60 percent growth in the fourth quarter of 2022 with a net profit of US$326 million.
- The bank's revenue in 2022 was driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.
Business
YahClick, Canar sign 6-year pact
The $15 million pact will expand YahClick's presence in Africa.
- The deal will make Sudan's Canar Telecom one of YahClick’s largest service providers across the region.
- Under the agreement, Canar has procured significant satellite capacity from YahClick.
Economy
UAE launches project to establish centralized database of industrial companies
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) Monday launched the Industrial Census project, in collaboration...
- The project aims to create a comprehensive database of all establishments that practice industrial activities.
- The project will help create new investment opportunities for manufacturers, investors and owners of industrial companies.
Business
Saudi Arabia’s Al Rajhi bank reports a net profit of $4.58 bn in 2022
The net profit was up 16 percent from $3.92 billion in 2021.
- In a bourse filing, the bank attributed the rise in net profit to an increase in the total operating income by 11.12 percent.
- The bourse filing said loans and advances in 2022 stood at 568.34 billion riyals, up 25.5 percent over 2021.
Business
Adani fails to stem stock rout at Indian business empire
Mumbai, India--Gautam Adani's vast Indian business empire lost billions of dollars more in value on Monday after its rejection of...
- The slump was sparked by a report by Hindenburg Research that last week alleged "brazen stock manipulation and accounting fraud scheme over the course of decades".
- The three-day selloff has now erased about $71 billion in market value, according to Bloomberg News. Last week Adani's firms recorded a slump of around $50 billion.
Business
Philips to cut 6,000 jobs
It suffered losses caused by a recall of faulty sleep respirators.
- The Dutch company unveiled net losses of $114 million for the fourth quarter of 2022 and 1.6 billion euros for last year as a whole, largely due to the recall
- Chief Executive Roy Jakobs said the company needed to improve performance and for that reduction in its workforce is required for 6,000 roles globally by 2025
Economy
More than 2,000 contestants to take part in Spinneys Dubai 92 Cycle Challenge
Dubai, UAE-- Over 2,000 cyclists from the UAE and overseas are expected to participate in the 13th edition of the...
- The cycling event will be organized on 19th February 2023 with the support of the Dubai Sports Council and the UAE Cycling Federation
- The Spinneys Dubai 92 Cycling Challenge comprises an outrider race for amateurs with a short distance of 40 km
Business
Indian Adani empire strikes back after fraud report
The slump in the company's stocks was sparked by a report by US short-seller investment group Hindenburg Research that alleged...
- Last week's slump saw Adani -- who is seen as close to Prime Minister Narendra Modi -- tumble from third on the Forbes real-time rich list
- On Monday the 60-year-old was at 11th position in the ranking, which put his wealth at $90.7 billion, below fellow Indian tycoon Mukesh Ambani
Business
Toyota stays top automaker
It retained lead over the rival Volkswagen for the third year.
- In spite of the chip shortage and Covid-related supply chain disruption, Toyota and its subsidiaries sold nearly 10.5 million vehicles last year
- The automaker pioneered hybrid cars, but some critics say the company has been slow to make the shift to battery-powered engines even as demand soars
Business
UAE’s EHS to showcase innovative health projects during Arab Health 2023
DUBAI, UAE - The Emirates Health Services (EHS) will showcase its 19 innovative healthcare projects during Arab Health Exhibition 2023,...
- Arab Health Exhibition is one of the largest forums that hosts major corporations, authorities and companies from all over the world.
- The forum provides an opportunity to achieve the goals of national strategies and projects that seek to turn the UAE into a global hub for health care.
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Company News
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Dubai Center for Family Businesses issues guidelines
DUBAI, UAE – The Dubai Center for Family Businesses, which operates under the Dubai Chambers umbrella, has released a ‘Sample...
Business
Google Chrome begins restricting cookies in first step towards elimination
Paris, France - Google has begun limiting third-party cookies for some users of its Chrome web browser, a first step towards...
Business
Tesla to recall 1.6m EVs in China
China is a vital component in US-based Tesla's global layout.
Business
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Business
PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.
- MEPCO is a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region.
- PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods.
Business
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe
Business
Yanbu industrial port receives first RORO vessel, carrying nearly 2,000 cars
Yanbu, Saudi Arabia - The King Fahad Industrial Port in Yanbu welcomed the arrival of the "Hoegh Sydney," marking the...
- The port's strategic location along the Red Sea coast, coupled with its infrastructure, has attracted global shipping lines
- It boasts high operational capabilities with wide approach channels accommodating larger vessels with berth depths up to 18 meters