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.

Aramco acquires stake in BHIG

The 50% equity interest in BHIG is Aramco-APQ joint venture.

Business

Perplexity eyes TikTok buy

TikTok faces a deadline to divest from its Chinese owner or be banned in the US.

Business
Business

Empower to sell 10% stake, list on DFM

Empower will make 1 bn shares, each valued AED0.10, available in IPO.
  • The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
  • The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Business

Credit Suisse to pay $234m fine

Bank to pay fine on money laundering, tax fraud charges.
  • Credit Suisse said it had reached the settlement to resolve a legacy matter in relation to investigation into historical cross-border private-banking services.
  • The bank added that the settlement does not comprise a recognition of criminal liability.
Business

Aliph Capital secures $125m investment for its maiden fund from ADQ

Aliph Capital is an alternative investment firm focused on private equity investing.
  • Aliph Fund I (LP) is a $250 million target private equity fund domiciled in ADGM aiming to invest in high-quality mid-sized companies in the UAE.
  • Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals, the company said.
Business

Mubadala, KKR in $1bn capital tieup

The two firms signed a partnership to provide bespoke credit solutions.
  • In APAC, KKR has deployed nearly US$3 billion in credit capital since 2019.
  • The APAC credit business is part of KKR's approximately $178 billion global credit platform.
Business

Philips to cut 4,000 jobs as losses deepen

The step followed penalty for faulty sleep respirators.
  • The new chief executive Roy Jakobs said Philips would double down on patient safety and quality management
  • The company posted a net profit of three billion euros in the third quarter last year, helped by the sale of its domestic appliances business
Business

Reliance Q2 net profit at $1.65bn

RIL's core oil-refining business hit overall profits.
  • Revenues from operations increased 33.7 percent on-year to US$28.19 billion helped by strong contributions from Reliance's newer consumer-facing businesses.
  • Additional excise duties cost Reliance US$488 million (40.4 billion rupees) in the quarter, the company said,
Business

Bayanat AI IPO tranche oversubscribed

The offering saw significant demand and commitment from IHC.
  • The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
  • Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Business

Credit Suisse sells 8.6% stake in Allfunds

Bank raised US$325m from its stake sale of Spanish firm.
  • Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
  • The bank was rocked last year by the collapse of the British financial firm Greensill.
Business

Arada closes $100m tap on its Sukuk

Its existing Sukuk valued $350m was issued in June.
  • The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent.
  • Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 million.
Business

Dlala Holding to resume trading

The authorized capital of the company is US$78 million.
  • The QSE announced after completing the process of reducing the company's issued capital from 284.16 million shares to 190.387 million shares.
  • Dlala Holding Company was established and listed on Qatar Stock Exchange in 2005.

Aramco acquires stake in BHIG

The 50% equity interest in BHIG is Aramco-APQ joint venture.
Business

Company News

Lego first half profit dips 17%

Ryanair inks pact with Joramco

ICIEC, SAPICO ink pact

AviLease acquires aircraft leasing platform

SAMI launches radio systems line

Latest News

KPMG to merge UK, Swiss ops

The UK unit employs about 17,000 staff and the Swiss over 2,600.
Business

ROSHN, Retal sign $99m deal

363 single-family villas will be constructed in Riyadh.
Business

McDonald’s eyes big expansion

The company plans about $2.5bn in capital expenditures in 2024.
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

BAT takes shock $32bn hit

The impairment charge sent BAT shares sinking 7.6 percent.
  • Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
  • The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent

Musk’s AI startup to raise $1bn

He hopes it will compete with ChatGPT's Open AI.
  • An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
  • The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion
Business

Tawzea, NWC ink pacts

The companies have signed two agreements.
  • Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
  • Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.