Lootah Biofuels inks MoU
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stc, Microsoft to collaborate
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ADNOC Distribution 9M net profit up 39%
The company paid a dividend of AED1.285 bn in Oct.
- The company’s dividend policy for the years thereafter sets a dividend equal to at least 75 percent of distributable profits.
- The company’s non-fuel business for the first nine months of 2022 rose by 18 percent, while non-fuel gross profit also increased by 9 percent.
Business
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms.
- The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
- In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
Business
SALIC buys 9.2 percent stake in LT Foods
The deal follows the acquisition of 30% stake in Daawat
- The deal follows the acquisition of 30% stake in Daawat, an LT Foods subsidiary
- LT Foods delivers rice and rice-based food brands in more than 60 countries
Business
Air Arabia Q3 net profit $113m
The profit rose by 99 percent compared to Q3 2021.
- In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
- The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth.
- The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
- ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.
Business
Mazda pulls out of Russia JV
Firm to transfer it equity interest to JV partner Sollers.
- Mazda stopped shipping parts to Russia in March and ended operations the following month.
- The company said it signed an agreement last month to transfer all of its equity interest in the Russian business to its joint venture partner Sollers.
Business
Emirates H1 profit at US$1.1bn
Revenues in H1 of 2022-2023 surged 131% to $13.7 billion.
- Emirates has bounced back into the black after its losses during the pandemic, the airline said.
- The airlines operations recovery accelerated as more countries eased and removed travel restrictions.
Business
Burjeel’s nine-month net profit $55.83m
The company's revenue grew 17.8 percent year on year.
- The company said the net profit increased mainly due to the Group’s service mix "delivering improved yield and utilization across the network".
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion.
Business
UAB posts $32.39 million net profit
Third quarter operating income grows by 4 percent.
- In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
- The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.
Business
Adidas picks new CEO
The new CEO is being given a five-year contract, the firm said.
- Bjorn Gulden, the Norwegian former professional football and handball player will take on the role from January next year
- He has held senior roles at companies including shoe retailer Deichmann and clothing and sports equipment company Helly Hansen.
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Lootah Biofuels inks MoU
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ACWA Power 9M net profit up 22%
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SABIC 9M net loss $277m
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e& net profit up 20% in Q3
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Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
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Hyundai Motor, Mubadala ink MoU
The two firms will seek to unlock investment opportunities.
- The agreement between the two firms will allow both parties to jointly invest and share expertize.
- Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
Business
ADNOC to buy stake in Fertiglobe
ADNOC to buy OCI’s entire shareholding in Fertiglobe.
- Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
- It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
Business
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.
- The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
- They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.