PIF, Pirelli establish a JV
Business
Ghitha Holding Q3 profit of $33m
Business
Bank Albilad posts net profit
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
Business
Thuraya, nybl sign MoU
Business
NHC, NAVER Cloud ink pact
Business
General Motors Q3 profit surge
Business
Business
EasyLease net profit $8.91m
The total revenue in Q3 ended Sept reached AED156.11 million
- The company will reach 30,000 motorbikes by the end of 2022, doubling the size of its fleet from a year earlier.
- Easy Lease said it will open local offices in Saudi Arabia and Bahrain before the end of this year, targeting a 10 percent share by the end of 2023 of the Saudi Arabian market.
Business
Medicare net profit up 4.58% in first nine months of 2022
The earnings per share amounted to $0.54.
- Data issued by the company, published on Qatar Stock Exchange website, Thursday, indicated that earnings per share amounted to $0.54
- The Group was established in 1996, and was listed on Qatar Stock Exchange in 1997, with a capital of $77 million
Business
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.
- Finn company Nokia reported a 22-percent rise in profit to $419 million
- Nokia CEO Pekka Lundmark said the quarter demonstrated that he was delivering on the ambition to accelerate growth.
Business
Ericsson Q3 profit at $480m
Firm is making 'pricing adjustments' as inflation soars.
- Ericsson's shares closed down 15 percent on the Stockholm stock exchange.
- The lower profits were partly due to Ericsson's $6.2 billion acquisition of US cloud communications company Vonage.
Business
SABB nine-month net profit $926m
The net profit for the same period last year was $738m.
- The bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.
- SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.
Business
American Airlines posts Q3 profit of US$483m
American Airlines third quarter revenues rose to $13.5 billion.
- American scored a 13 percent jump in revenues compared with the 2019 period on high ticket prices.
- US carriers have begun to prosper in 2022 as more governments pare back restrictions.
Business
Tesla profit jumps; revenues miss estimates
Tesla watchers are expecting a strong fourth quarter.
- The electric vehicle (EV) maker scored a more than doubling of profits in the third-quarter to $3.3 billion on increased auto deliveries
- The results follow Tesla's disclosure earlier this month that deliveries and production grew solidly in the third quarter
Business
ENOC opens new station in Al Hamriya Port
This would be the eighth marine service station in the emirate.
- The station is equipped with two fuel tanks and two fuel dispensers, offering Diesel, as well as a prefabricated structure featuring a ZOOM convenience store.
- ENOC said the station is equipped with energy efficiency features such as Variable Refrigerant Flow (VRF) air-conditioning to cut down electricity use by up to 35 percent.
Business
Mubadala acquires stake in Skyborn
Skyborn Renewables is the world’s largest private offshore wind developer.
- The investment by Mubadala also includes the acquisition of a stake in GIP’s 50 percent interest in NY Bight Project called Bluepoint Wind.
- In April this year, Mubadala was part of a BlackRock Real Assets-led consortium which agreed to invest $525 million into the renewable energy arm of India’s Tata Power.
Business
Aramex acquires eCommerce enabler MyUS
The acquisition integrates MyUS into Aramex’s business.
- The acquisition paves the way for MyUS’s integration into Aramex’s business, operating as a business unit within the Company’s Courier business segment
- MyUS will retain its brand name and will be complementary to Shop & Ship, Aramex’s subscription based last mile e-Commerce solutions platform
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Company News
TotalEnergies Q3 profit up 1.5%
Business
PIF, Pirelli establish a JV
Business
Ghitha Holding Q3 profit of $33m
Business
Bank Albilad posts net profit
Business
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Musk’s AI startup to raise $1bn
He hopes it will compete with ChatGPT's Open AI.
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Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.
Business
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.
- The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
- The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.
Business
Spotify cuts 17% jobs
Spotify has invested over $1 billion into podcasts alone.
- Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
- Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts