Amlak Q3 net profit AED $73m
Business
Rabigh 9M net loss $879m
Business
IHC 9M net profit $4.13bn
Business
Business
Mercedes plans $1.05 bn investment
It will build a plant in Poland to build fully electric vans.
- The site will be located in Jawor, southwestern Poland, where the group has already been manufacturing combustion engines since 2019.
- It comes as Mercedes and rival automakers globally are spending vast sums as part of a major industry-wide shift towards electrification.
Business
DEWA approves special $552m dividend
The record date for the dividend is 22 Dec. 2022.
- DEWA, which is listed on the Dubai Financial Market, held its second general assembly for 2022 under the chairmanship of Matar Humaid Al Tayer, Chairman of the Board of Directors.
- “This dividend yield is more attractive than most companies listed on the ADX, DFM, and Tadawul, as well as other global utility companies,” said Al Tayer.
Business
Amgen to buy Horizon Therapeutics
The US biopharma firm will pay US$28 billion for the deal.
- This is the biggest acquisition of the year in the health sector.
- The deal is subject to approval by US regulators and if all goes well it should be concluded in the first half of 2023, Amgen said.
Business
AirAsia branch in Cambodia soon
Venture would start with two aircraft and expand to 15.
- The latest move to reorganize the Malaysia-based firm's network comes after setbacks in recent years.
- The firm's future airlines would also be based in Southeast Asia as it was a familiar region.
Business
Britain fines Santander US$132m
Firm fined due to gaps in anti-money laundering controls.
- The Financial Conduct Authority said that it had concluded Santander UK failed to properly manage its anti-money laundering systems between December 2012 and October 2017.
- Santander UK had taken action to address the issues once they were identified.
Business
ADNOC signs catering deals worth $272m
Four Abu Dhabi firms will provide services to ADNOC companies from 2022-27.
- More than 50 percent of the value from the four contracts will flow back into the UAE economy, as part of ADNOC’s In-Country Value (ICV) programme, ADNOC said.
- Royal Catering, Apex National Catering, National Corporation for Tourism & Hotels (NCT&H) and Sodexo Kelvin have been awarded the contracts.
Business
Abu Dhabi Airports, Bombardier to create aircraft hub in UAE
This represents Bombardier’s first full-service facility in UAE.
- The development of the new Bombardier MRO at Abu Dhabi International Airport is one of several key investments Abu Dhabi Airports is supporting.
- This represents Bombardier’s first full-service facility in the UAE and builds on its long-term commitment to their customers in this critical market.
Business
KEZAD, Al Eskan Al Jamae merge
The merger creates Abu Dhabi’s largest integrated staff accommodation company.
- The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
- For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.
Business
Musabbeh Al Kaabi to join ADNOC
Al Kaabi is the CEO of Mubadala's UAE Investment platform.
- ADNOC's new Low Carbon Solutions & International Growth vertical will be focused on new energies and low carbon solutions.
- Prior to the UAE Investments Platform role, Musabbeh was CEO of the Petroleum & Petrochemicals platform from 2017 to 2020.
Business
Glencore to pay US$180m
Payment for settling graft claims against firm in DR Congo.
- The settlement with DRC is related to investigations by the country's authorities and the US Department of Justice, Glencore said.
- Glencore disclosed in 2018 that the US Justice Department had launched a corruption investigation linked to the group's business in Nigeria, Venezuela and DRC.
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Al Ansari 9M profit US$105m
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ADIB issues green sukuk
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Dana Gas 9M net profit $126m
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Amlak Q3 net profit AED $73m
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KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
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TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Business
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.
- ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
- The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
- Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
- Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion