Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Sukoon Insurance sets up OIWSS
Business
SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
Business
DP World H1 EBITDA $2.6bn
Business
Tencent Q2 net income $3.6 bn
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Business
EDB, Valiant Healthcare sign pact
EDB credit facility will extend to both capital investment and expenditures.
- The signing ceremony was attended by Ahmed Mohamed Al Naqbi, CEO of EDB, Faisal Juma Belhoul, Chairman of Valiant, and Ahmed bin Juma Belhoul, CEO of Valiant Healthcare.
- We will introduce our patients to additional highly valued premium inpatient rooms, in addition to a state of the art Cath-lab &Â EP lab, said Belhoul.
Business
Agthia buys 60% stake in Auf Group
The deal builds on Agthia’s acquisition of BMB Group.
- The deal builds on Agthia’s acquisitions of the GCC’s snacks and food company, BMB Group, and the Al Foah dates
- The Auf Group’s founders will retain a combined stake of 30 percent in the business and continue to lead the company
Business
Amazon to create 4,000 UK jobs
This will make it one of the nation's 10 biggest private sector employers.
- The latest expansion will take Amazon's permanent workforce to 75,000.
- The jobs will also be in corporate and technology functions in software development, product management and engineering.
Business
Bank Muscat net profit up 5 percent
The bank said profits up despite lower net interest income and higher expenses.
- The Bank said that net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals.
- Operating expenses went up by 8 percent to 102.71 million riyals.
Business
AD Ports, Hayat Biotech ink deal
AD Ports to support Hayat' global logistics and distribution.
- The partnership will help facilitate Hayat Biotech’s efforts to set up manufacturing centers around the globe.
- The deal encapsulates shipping of strategic construction supplies, including containers, machinery, raw materials.
Business
EGA, K Line green pact
They will work on projects to decarbonize bulk cargo shipping.
- Focus of agreement on development and implementation of new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes.
- Solutions are likely to include kite systems, alternative fuels and CO2 capture technologies.
Business
SirajPower, Cleanco sign agreement
SirajPower will develop a fully financed 2 MVA solar-diesel-battery.
- This will provide reliable power to Cleanco via a hybrid system consisting of solar PV, diesel generator, and battery.
- CWT’s currently diesel-powered waste treatment plant will be able to reduce its fuel consumption, operational expenditures, and carbon footprint.
Business
$5.76bn French factory on cards
STMicroelectronics and GlobalFoundries to invest in semiconductor unit.
- Expected to employ around 1,000 people, the factory should reach full capacity by 2026.
- Chip factories like STMicroelectronics's produce integrated circuits on 300-millimetre (12-inch) circular "wafers" of silicon.
Business
GFH acquires housing portfolio
The acquisition is in partnership with GFH subsidiary Student Quarters.
- Student housing assets are considered among the safest given prevailing inflation climate
- The sector has exhibited strong performance throughout and following Covid lockdowns
Business
AD Ports Group, SEG sign MoUs
A logistics and freight business and food trading hub will be built in Uzbekistan.
- The logistics venture will deploy new technology and specialised processes to address the challenges caused by Uzbekistan's double-landlocked geographical location.
- Based upon the 'Regional Food Hub – Abu Dhabi' currently under development in KIZAD, AD Ports Group will share their expertise towards the food trading hub.
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Company News
Sukoon Insurance sets up OIWSS
Business
SAB sees $26m negotiated deal
Business
Latest News
BAE to acquire Ball Aerospace
Business
DP World H1 EBITDA $2.6bn
Business
Tencent Q2 net income $3.6 bn
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
Business
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Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers