Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
Bupa Arabia’s 9M 2023 up 27%
Business
Business
Binance to buy rival FTX
No financial terms were disclosed of the proposed deal.
- Bitcoin slid more than five percent, trading back under $20,000 before recovering.
- FTX's FTT token slumped 25 percent to its lowest levels since early 2021.
Business
Zain Group 9M net profit $492m
Revenue was up 12% to reach $4.2 billion for the same period.
- An interim cash dividend of 10 fils, totaling $140 million was distributed in September 2022.
- The company added 3.5 million active subscribers to a total of 52 million customers, a 7 percent year-on-year growth.
Business
Ahlibank 9M net profit $65m
Customer deposits up by 9.2% to reach $5.79 bn.
- Net loans, advances and financing grew by 7.3 percent, reaching RO 2.538 billion.
- The bank's operating income and expenses also increased to the tune of 13 percent (RO 67.93 million)
Business
Bayer Q3 profits at US$544m
Strong performance of the firm's agrochemicals division helped.
- Bayer reported US$84.9 million in profit in the third quarter of 2021.
- Sales rose by 5.7 percent, to more than US$11.18 billion.
Business
ADNIC 9M net profit $72m
Net investment and other income reached AED93.8m.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said ADNIC's gross written premiums growing by 32.4 percent to AED4.29 billion.
- "The performance was driven by robust growth in the commercial division of 50.7 percent, and stable growth in consumer lines of 10 percent," he said.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
Business
2 Emirates NBD India branches
The branches cater to northern, southern areas.
- In 2017, the bank inaugurated its first full-fledged branch in India’s commercial centre, Mumbai.
- The bank’s 60-second zero-fee digital funds transfer service to India, DirectRemit, has facilitated 2.5 million remittances to India.
Business
Apple says iPhone production hit by China Covid lockdown
Owing to Covid restrictions in central China, Apple has said that production at the world's largest iPhone factory has been...
- Foxconn locked down its massive factory in Zhengzhou last month after a spike in infections -- in line with China's zero-Covid policy
- Multiple workers have recounted scenes of chaos and increasing disorganization at Foxconn's complex of workshops and dormitories
Business
GAL signs MoU with GMF
The MoU is aimed at maintenance, repair, overhaul.
- The MoU also provides for cooperation in the field of capability development to attract domestic and international military markets.
- GAL is a UAE company engaged in aircraft Maintenance, Repair and Overhaul.
Business
Telefonica Q3 profit at $450m
Q3 revenue was up 11.6 percent at US$10.11 billion.
- The company said the results make it possible to confirm its financial targets for 2022, which it raised during the previous quarter.
- Telefonica said that it expects its core earnings growth to be "mid-to-high-end of the low single digit".
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
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ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
e& net profit up 20% in Q3
Business
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Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
KIPCO sells its stake in GIG
The deal is valued at 256 million Kuwaiti Dinars ($832 million).
Business
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Business
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
- The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
- ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Business
MBC IPO retail subscription begins
MBC Group runs a group of TV and radio channels.
- The subscription process for the retail tranche of MBC Group will run for five days until December 18.
- The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.
Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
- Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
- Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry