TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
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Enbridge inks $14bn pact
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ADCB prices $650m green bond
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Bahri, stc sign logistics deal
Customs clearance assistance is part of the agreement.
- The stc group has operations in Saudi Arabia, Kuwait, Bahrain, and Oman.
- The contract was signed by Soror Basalom, President of Bahri Logistics and Ali Alhudhayf, Acting VP of Human Resources and Logistics Support at channels by stc.
Business
Palms Sports wins its biggest contract
The 30-month UAE government contract is worth $83.31m.
- Under the new contract it will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates.
- Palms Sports reported the first half profit of AED47.2 million, a 37 percent increase for the same period last year.
Business
Majid Al Futtaim H1 EBIDTA $517m
The EBITDA rose 18 percent from $435 million a year ago.
- Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.
- The conglomerate said in a statement that it recorded a 15 percent increase in revenue to AED18 billion.
Business
EGA H1 2022 profit $1.61bn
Cast metal sales rose 11% compared to H1 2021.
- EGA noted this is its best ever half yearly performance as the first half of 2022 exceeded the net profit of entire 2021.
- EGA's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $2.07billion in H1 2022.
Business
ESG acquires stake in two firms
ESG is a subsidiary of International Holding Company.
- The company said it has acquired a 60 percent stake in Vision Factory, one of the biggest furniture and joinery production facility in the UAE.
- The company has also taken a 45 percent stake in Decovision, a quality interior design and engineering services provider.
Business
Raya CX, Zain Saudi sign pact
Raya CX will provide outsourcing services to Zain Saudi Arabia.
- RAYA CX operates through three branches in Bahrain, Saudi Arabia, and the United Arab Emirates.
- The partnership reinforces Zain commitment to providing best customer experience, said Sultan bin Abdulaziz Al-Daghthir, CEO of Zain Saudi Arabia.
Business
Saudi Re GWP hits $245 mn
The growth was propelled by a 166% growth in H1 2022.
- The systemic volatility caused by increased interest rates and foreign currency fluctuations, affected the bottom line
- Saudi Re maintained a strong financial position with a A3 financial strength rating by Moody’s
Business
ALEC Energy, Stantec sign deal
They will enable firms to achieve UAE Energy Strategy goals.
- Under the agreement, the two companies will jointly work on projects to establish best practices in buildings design, systems and services.
- Both companies will also jointly share knowledge with the industry and sponsor events, training programs and workshops with industry stakeholders.
Business
GIS, DIH mull merger
Qatar Central Bank has provided in-principle no-objection to both firms.
- The potential merger is likely to create one of the largest local insurance companies.
- The creation of huge insurance company is in line with the Qatar National Vision 2030.
Business
GMC, Fix Network sign agreement
Twelve new service and collision repair centers will be set up in Saudi.
- The new partnership will launch with six collision centers and six quick service centers spread across KSA.
- The collision repair services will be known as Fix Auto Collision, while the mechanical service and repair centers will be called Fix Auto Service.
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Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
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United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.
- The performance can be attributed to the bank's improved operating performance, resulting in lower expected credit losses and a reduced cost of risk
- The total income for the period was approximately AED174 million ($47 million), showing a remarkable 61% year-on-year increase and a 16% quarter-on-quarter increase
Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.