Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Business
Lufthansa back in private hands
The German government sold its last shares in the company.
- To save Lufthansa from bankruptcy during Covid, Germany took a 20-percent stake in the group under a nine-billion-euro (dollar) state aid package.
- Germany agreed to sell the stake by 2023, but with Lufthansa's finances stabilizing, Berlin was able to start selling its holdings by November last year.
Business
AD Ports ups stake in Egypt firms
The majority stake in the two companies was valued at $140m.
- The group acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International.
- Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa
Business
Tabreed okays 100% foreign ownership
The previous cap on foreign ownership was 49 percent.
- Tabreed is majority-owned by Abu Dhabi's state-owned fund Mubadala.
- Khaled Abdulla Al Qubaisi, Chairman Tabreed, said the move is expected to “provide greater opportunities to benefit from foreign investment".
Business
Siemens bags Egypt project
The company will upgrade power distribution system in Alexandria.
- Implementing advanced software solutions and automation devices will help Alexandria Electricity Distribution Company increase efficiency.
- A total of 300,000 smart meters will be supplied, including the necessary hardware and software to establish an advanced metering infrastructure.
Business
DEWA plans cash dividend for H1
Firm plans to give cash dividend of US$844m.
- DEWA's first general assembly meeting will be held physically and virtually on October 10, 2022.
- The assembly will vote on the recommendation of Board of Directors concerning a cash dividend distribution for H1 2022.
Business
ADCB green bond raises $500m
The debut bond that will be issued on 14 Sept was oversubscribed 3.8 times.
- The bond was 3.8 times oversubscribed after attracting local, regional, and international investors that placed total orders of over $1.9 billion.
- The bank said it has embedded ESG into its corporate strategy and has aligned its sustainability approach to the UAE’s ambitions for an inclusive, net-zero economy.
Business
Investcorp leads Pre-IPO round in TruKKer
TruKKer is one of the region’s largest online trucking aggregator.
- TruKKer is one of MENA’s fastest growing technology companies and the region’s largest online trucking aggregator
- This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies
Business
Shapoorji bags Majid Al Futtaim deal
The US$217.4m contract covers construction of 808 villa sets.
- The projected date of completion of the projects at Tilal Al Ghaf is mid-2024.
- A key highlight of Tilal Al Ghaf is its central recreational lagoon bordered by white sandy beaches.
Business
Mubadala Petroleum rebranded
The company achieved the 500,000-boed milestone this year.
- In 2017, Mubadala Energy shifted its strategy to natural gas, a transition that saw the company realize key projects.
- Other major gas projects include Mubadala Energy's operated Pegaga gas field in Malaysia.
Business
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.
- This partnership enables FAB and Silver Birch to offer various inventory solutions to suit specific client needs.
- Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm.
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Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Company News
EasyLease Q3 revenue $57.66m
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EU okays takeover of Seagen
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EasyJet rebounds into annual profit
Profit after tax stood at £324 million.
Fashion giant Shein to go public
Shein was valued at $66 billion earlier this year.
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Business
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
- Under the contract, a total of 897 residential units will be built in the Jubail industrial city.
- The $319 million contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.
Business
Infracorp logs $29.8m profit
The company specializes in social infrastructure.
- Infracorp is currently restructuring its industrial portfolio to support its expansion in developing vital industrial infrastructure in Bahrain
- The company is expanding its investment portfolio in the hospitality sector and attracting several international names, including ROKA and Avli by tashas
Business
ADX lists FAB Green Sakuk
FAB is the United Arab Emirates’ largest bank.
- FAB is the UAEs’ largest bank and one of the world’s largest banking groups, with total assets of $326.7 billion
- The $354 million sakuk, is the first ever green issuance in dirham and the largest ever dirham sukuk