CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
Business
SABIC-Sinopec China plant opens
Business
Lavoie buys e-bike firm VanMoof
Business
Borouge to pay $650m H1 dividend
Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Business
Amanat Holdings profit up 7%
The company posted H1 income of $26.33m.
- This income is on an adjusted basis, excluding the prior year's gain on sale and trading results from divested entities.
- In H1 2022, Amanat's healthcare platform continued to record strong year-on-year growth.
Business
DAE posts H1 profit of $140.1m
Its profit increased 186 percent in first six months of 2022
- Dubai Aerospace Enterprise reports 186% growth in profit in the first six months of 2022
- DAE says cash flows from operating activities increased by 36 percent to $678.5 million.
Business
TECOM H1 profit jumps 43%
Revenue for the first half of 2022 increased 16%.
- Revenue for the first six months of 2022 increased 15.8 percent year-on-year (YoY) to AED989 million on increase in occupancy rates
- The EBITDA, or the earnings before interest, taxes, depreciation, and amortisation, for the first half of 2022 grew 22.4 percent YoY to AED723 million
Business
Etihad orders 7 A350F freighters
The freighters will upgrade Etihad's freight capacity.
- With this order, Etihad adds to its existing order of the largest passenger version of A350-1000s, five of which have been delivered.
- Etihad has also firmed up a long-term agreement for Airbus' Flight Hour Services (FHS) to support its entire A350 fleet.
Business
Uber posts Q2 loss of $2.6bn
Uber revenue more than doubled to $8.1 billion in Q2. Uber reported better-than-expected revenue in Q2, fueled by strong demand...
- Uber reported better-than-expected revenue in Q2, fueled by strong demand for the San Francisco-based company's ride-hailing and food delivery services
- Revenue more than doubled to $8.1 billion in the three months through June -- a 105 percent increase
Economy
Krush Brands first firm to join UAE’s NextGen FDI initiative
Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI...
- Krush Brands will relocate its global headquarters to the UAE to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
- The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
Business
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021
- The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
- The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
Fertiglobe revenue up 105%
The EBITDA grew 155 percent to $770 million in Q2 2022
- The EBITDA grew 155 percent to $770 million compared to Q2 2021
- Free cash flow rose to $789 million in Q2 2022 from $328 million in Q2 2021
Business
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn.
- The company’s consolidated revenues reached AED 26.3 billion, an increase of 3.8 percent over the corresponding period last year at constant exchange rates
- Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while it increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent
Business
Boeing shares surge
The company is all set to resume 787 jet production.
- The 787's travails date to late summer 2020, when the company uncovered manufacturing flaws with some jets. Boeing subsequently identified additional issues.
- The difficulties curtailed deliveries between November 2020 and March 2021. Boeing suspended deliveries later in spring 2021 after more problems surfaced.
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
Business
Company News
SABIC-Sinopec China plant opens
Business
Lavoie buys e-bike firm VanMoof
Business
Borouge to pay $650m H1 dividend
Business
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EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
Ryanair inks pact with Joramco
Business
ICIEC, SAPICO ink pact
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
Business
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Business
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.
- Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
- The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.
Business
Invest AD to launch debt fund
Invest AD Blackstone Debt Fund is an SCA-regulated fund.
- The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
- The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,