Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Business
Aramex H1 profit is $0.75 bn
The company sustains a very healthy liquidity profile.
- On a group level, GP margins remained stable over six-month period, driven by accelerated growth in the Logistics and Freight-Forwarding business
- Aramex's strong balance sheet will support the company's growth strategy, including investments in digital and technological infrastructure
Business
Dana Gas posts $110m profit
The better results were driven by high hydrocarbon prices.
- The company said that its profitability was driven by elevated hydrocarbon prices, in addition to the company's commitment to maintaining a low-cost base in Kurdistan
- The company's board expects to maintain its semi-annual dividend payment in keeping with its dividend policy
Business
SAMI revenue vaults to $605m
The Saudi firm says weapons business fueled growth.
- 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
Business
Disney+ subscribers surge as Netflix stumbles
The number of people subscribing to Disney+ topped 152 million, up some 31 percent from the same period a year...
- The overall number of subscribers to Disney streaming services topped those of Netflix for the first time
- Disney shares were up more than 6 percent in after-market trades that followed release of the earnings figures
Business
SEIC buys stakes in Egypt firms
The Saudi Egyptian company bought stakes worth $1.3bn.
- The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co.
- The companies operate in sectors such as fintech, logistics, and fertilizer
Business
Lebanese judge orders seizure of MPs’ property over port blast
The two former ministers Ali Hassan Khalil and Ghazi Zeaiter had been summoned for interrogation by the judge investigating the...
- The blast killed more than 200 people, wounded thousands and damaged vast areas of capital
- Lebanon marked two years on Thursday since the massive port explosion
Business
Air Arabia H1 profit $122.8m
More than 2.7 million passengers flew with Air Arabia from Mar-June.
- More than 5.2 million passengers flew with Air Arabia between January and June 2022 across the carrier’s five hubs.
- The company’s turnover for the second quarter of 2022 increased by 125 percent as demand for air travel increased.
Business
Saudi finance ministry partners with Al-Ahly to develop savings bonds
Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and...
- Saudi Finance Ministry and National Center for Debt Management partner with Al-Ahly Financial Company.
- The deal between the two entities is aimed at promoting the culture of saving in the Kingdom.
Business
ADDED, EWEC sign MoU to improve sustainability, clean energy adoption
The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Department of Economic Development (ADDED) today signed a Memorandum...
- EWEC will collaborate with ADDED through the Industrial Development Bureau (IDB) to develop new solutions that will support the innovation of energy products.
- They will also lead the drafting of proposals to ensure ongoing improvements to the ecosystem, attract new investments and enable sustainable firms to thrive in Abu Dhabi.
Business
ADNIC H1 net profit $50m
The company's gross written premiums up by 20.9%.
- The company's net underwriting income stood at AED253.9 million, against AED280.3 million during 2021.
- ADNIC's net investment and other income were AED62.0 million, compared to AED87.3 million last year.
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Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
Company News
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Abu Dhabi International Airport records 29.3% jump in Q3 passenger traffic
Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of...
Business
Technology is a catalyst for recycling industry: Expert
By understanding and increasing recycling, we can offset the environmental effects of using new, virgin materials, Pranshu Singhal, founder of...
Interview
AI revolutionizes real estate across GCC countries
Cities like Dubai and Riyadh are harnessing AI to redefine every facet of property dealings, from development to management, Tripler...
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Business
Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.
- Adjusted net profit -- a figure closely watched by the markets because it excludes exceptional items -- also fell, by 51 percent to US$1.9 billion (1.81 billion euros).
- The group's turnover fell 40 percent in the three months to US$23.5 billion (22.31 billion euros), well below analysts' expectations of US$34.4 billion (32.58 billion euros).
Business
Equinor profits tumble
The drop was due to sharply lower gas prices and offshore wind problems.
- Adjusted earnings, which excludes certain exceptional elements, fell by 67 percent from the same period last year to $8.0 billion.
- Revenue came in at $26 billion, a drop of nearly $18 billion from last year. Net profit plunged 73 percent to $2.5 billion.
Science
Robot maker dreams of turning sci-fi into reality
Ryo Yoshida's monster-sized drivable robot is hard to park and the $3-million price tag will crush most wallets.
- An imposing 14.7 feet high and weighing 7,716 pounds, "Archax" can be moved and operated by a pilot who clambers up to the high-tech cockpit.
- When manoeuvered in the vehicle mode, "Archax" is capable of moving at 10 kilometers (six miles) per hour, according to the company.