Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Chevron to acquire Hess
Business
Invest AD to launch debt fund
Business
Nedaa, Dubai Customs ink MoU
Business
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
DP World, TPA ink pact
Business
New CEO appointed in SRC
Business
Mobily 9M 2023 profit up 41%
Business
EasyLease Q3 revenue $57.66m
Business
Business
Mawani, Tabadul to develop port community management systems
Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) and the Saudi Information Exchange Company (Tabadul) signed an MoU to develop new port...
- The MoU aims to achieve the expansion of services provided in Saudi ports and doubling their number from 46 to 150 besides.
- It also aims at enabling modern and emerging technologies in accordance with international best practices.
Business
Emirates SkyCargo, United Cargo sign MoU
The two airlines will work on expanding cargo interline options.
- United will have access to SkyCargo’s high frequency distribution network through the belly-hold of passenger flights to over 100 global destinations and 11 freighters.
- Emirates SkyCargo will have access to over 200 cities in the US and 300 cities across five continents through United Cargo.
Business
IHC buys 54% stake in Emircom
Firm buys stake for $68 million via its subsidiary IHC Digital
- Emircom is the Middle East’s leading information and communications technology (ICT) provider.
- This $68 million purchase comes as part of IHC’s strategy to grow its digital assets portfolio and expand into new growth areas.
Business
ADNOC Distribution to pay $349m
This is the first payment of a full-year AED2.57 billion dividend.
- The second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.
- The 2022 full-year dividend would offer a 4.9 percent annual dividend yield (based on a share price of AED4.21 as of 27th September 2022).
Business
Tabby, Paymob announce partnership
They will create a Buy Now Pay Later solution for retailers.
- Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants.
- Tabby is a payments and shopping app, and Paymob, an omni-channel payments facilitator in MENAP.
Business
Masdar, REW sign collaboration pact
The two firms will explore developing offshore wind projects.
- Masdar and RWE are shareholders in the London Array project, which has been operational since 2012.
- The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tons of carbon dioxide emissions every year.
Business
SAFEEN Feeders, Invictus sign deal
They will launch a new international dry bulk shipping service.
- Under the terms of the agreement, the two companies will purchase ships through Special Purpose Vehicles, owned 85 percent by SAFEEN Feeders and 15 percent by Invictus Investment.
- The two companies are expected to initially commit approximately AED463 million (US$126 million) for the investment in the vessels.
Business
TotalEnergies, Qatar ink pact
TotalEnergies to invest $1.5bn in natural gas production.
- Qatar Energy and TotalEnergies as partners will together work for the development of the North Field South gas project.
- TotalEnergies will have 9.3 percent of the North Field South project, Qatar Energy Minister said, for which 25 percent will be reserved for foreign energy firms.
Business
Borouge to pay dividend of $325m
This is the first payment of the total $975m dividend for 2022.
- The interim dividend payment reflects Borouge's strong financial performance in H1 2022 and its outlook for the remainder of 2022, the company said.
- In the first half of 2022, Borouge reported a 16.4 percent increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year.
Business
Dana Gas to pay $85m H1 dividend
The dividend of 4.5 fils per share will be paid by 21 Oct.
- The company posted a net profit of $111 million in the first six months of the year, an 82 percent increase compared to an adjusted net profit in H1 2021.
- The company’s profitability in the first half of 2022 was driven by elevated hydrocarbon prices,
Most Read
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
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Company News
Qatar Airways’ CEO to quit
Business
Chevron to acquire Hess
Business
Invest AD to launch debt fund
Business
Nedaa, Dubai Customs ink MoU
Business
Latest News
Yansab 9M net loss $134 million
Business
DP World, TPA ink pact
Business
New CEO appointed in SRC
Business
Mobily 9M 2023 profit up 41%
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Most Read
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
- "Q" will be available only to Amazon's AWS cloud computing customers and will be in direct competition with ChatGPT as well as Google's Bard and Microsoft's copilots
- Costing $20 monthly per user, Amazon Q will perform a variety of tasks including summarizing uploaded documents and answering questions about specific data
Business
Foxconn to invest $1.54bn more in India
The firm announced in May to purchase land for $37 million in India.
- Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest "several billion dollars" in India
- The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness
Business
Ooredoo, QNBN sign agreement
The two companies will jointly develop Doha Port.
- The agreement represents a strategic partnership and reflects a commitment to driving innovation to build a more connected Qatar.
- Qatar National Broadband Network was established to implement the highest global standards in evolving telecommunication infrastructure.