INSEAD Day 4 - 728x90

Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Borouge to increase dividend from 2025

The company okayed $650 million final dividend for 2024.

Business

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Business
Business

Lulu Group, Amazon sign agreement

They will optimize online grocery shopping for UAE customers.
  • The products include everyday essentials and fresh grocery items delivered using fast-delivery options through the Amazon.ae online platform. 
  • Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said that such partnerships are what Abu Dhabi and the UAE continue to push for.
Business

ADIB Securities 9M trades $5.98bn

ADIB Securities is a Shari'a-compliant brokerage firm in the UAE.
  • The Abu Dhabi-based brokerage reported a 149 percent increase in its Digital Trading platform utilization compared to the same period last year.
  • The growth was largely driven by a strong increase in the number of transactions routed through the company's digital channels.
Business

Lufthansa to hire 20,000 employees

Lufthansa had 108,000 employees at the end of September.
  • Lufthansa made huge losses when Covid brought global air travel to a halt but a rebound in demand has helped it return to profit this year.
  • In the third quarter, the airline group -- which also includes Eurowings, Austrian, Swiss and Brussels Airlines -- reported a healthy profit.
Business

Masdar Green acquires properties

The 3 Pearl rated properties in Masdar City are worth $254m.
  • The acquisition follows a $200 million green loan secured from First Abu Dhabi Bank (FAB) in January to help finance the REIT’s growth.
  • Masdar Green REIT was established by Masdar as an investment vehicle for professional investors to invest in a sustainable, income-generating real estate portfolio in Masdar City.
Business

Dubai Aerospace acquires Sky Fund Irish I

Sky Fund I leases aircraft to 14 airline customers.
  • Next-generation technology aircraft represent more than 90 percent of the acquired portfolio.
  • DAE's owned portfolio will now comprise nearly 50 percent of fuel-efficient, next-generation aircraft.
Business

ADNOC Drilling to buy 3 rigs

The company bought four rigs between May and Aug. this year.
  • The three brand new high-specification offshore jack-up drilling units (rigs) will be purchased for AED1.17 billion ($320 million).
  • Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September.
Business

Allwyn buys Britain’s Camelot

Acquisition will likely close in Q1 2023, Czech firm said.
  • In March, Britain's Gambling Commission, which licenses and regulates gambling, gave Allwyn Entertainment a license to run the National Lottery from February 1, 2024.
  • As Camelot owns the license until then, the takeover will help facilitate a smooth transition, Allwyn said.
Business

GAL-AMMROC, GMF ink pacts

The pact were inked during the B20 Summit in Bali, Indonesia.
  • The pacts will allow AMMROC to expand its MRO capabilities and consolidate its status as a key enabler of a sustainable domestic defense sector in the UAE.
  • The cooperation will further expand to the joint promotion of the N219 and NC212 aircraft in the Middle East and Africa markets.
Business

Americana IPO: UAE retail offer doubled

Saudi retail tranche remains unchanged at 10 percent.
  • The company plans to plans to sell a 30 percent stake in the IPO remains unchanged. It will list both on ADX and Saudi Arabia’s Tadawaul likely on or around Dec.6.
  • The company is selling more than 2.52 billion of its existing shares in the IPO, which expected to run until 21 Nov. for retail investors in the UAE and Saudi Arabia.
Business

AD Ports acquires Noatum

The ports operator paid $680 million for the deal.
  • AD Ports said that Noatum has a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively.
  • The acquisition will be fully funded through a new acquisition loan, AD Ports said. Subject to regulatory approvals, the transaction is expected to close in H1 2023.

Borouge to increase dividend from 2025

The company okayed $650 million final dividend for 2024.
Business

Company News

Microsoft to acquire Activision Blizzard

ADIB completes $750m sukuk redemption

Cisco buys Splunk for US$28bn

Securiguard Middle East renews contract

MODON inks $133 m pact

Latest News

Nike shares tumble after cost cuts

Nike promised up to $2 billion in cost savings Thursday.

Saudi EXIM Bank, DBK sign MoU

It will boost the trade between Saudi Arabia and Kazakhstan.
Economy

Warner Brothers Discovery explores merger

Warner Brothers Discovery brands include CNN and HBO.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

ADNOC signs LNG delivery agreement

The 15-year agreement was inked wit ENN LNG (Singapore).
  • The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi.
  • The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power.
Business

Hyundai to sell Russian plant

Sales of Hyundai cars have tumbled in Russia.
  • The war in Ukraine has sparked an exodus of foreign companies from Russia, including many major car manufacturers.
  • Sanctions by the European Union, the United States and others have made it increasingly difficult to do business with Russia.
Business

Bayanat, Yahsat to merge           

It will benefit from revenue synergies, economies of scale.
  • The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
  • The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.