Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
Business
Dubai Clear and Muqassa to cooperate in central clearing services
Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), and the Securities Clearing Centre Company "Muqassa", a subsidiary of...
- The two sides signed a Memorandum of Cooperation that also stresses knowledge sharing.
- Under the agreement, the two sides also agreed to organize training and events.
Business
Savola sells KEC stake for $122m
Savola wants to focus on core food and retail businesses.
- The company said it wants to focus on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses
- Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56
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.
Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Company News
Meeza, QNBFS sign agreement
Business
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Mubadala, Petrobras sign MoU
Business
Emirates NBD invests in Komgo
Business
Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
Business
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
Economy
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Sony hikes annual sales outlook
The company net profit for July-September sank 29 percent
- Sony saw net profit hitting $5.8 billion in the year to March 2024, up from the previous projection of 860 billion yen
- Annual sales were seen at 12.4 trillion yen, compared with a previous estimate of 12.2 trillion yen
Business
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.
- The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
- The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Business
Disney adds 7m subscribers
The bump in subscription came amid its cost-cutting campaign.
- Its clients rose to 112.6 million at the end of September from 105.7 million at the end of June
- Netflix, Disney's rival, last month said subscriber numbers grew nearly 11 percent to 247 million