APIC H1 net profit down 39%
Business
Estithmar opens branches in Iraq
Business
AD Ports Q2 revenue grows 66%
Business
Business
Abu Dhabi Ports, National Marine Dredging Company set up JV
The Abu Dhabi Ports Group inks deal with National Marine Dredging Company Group to set up a JV to conduct...
- AD Ports Group, NMDC Group to set up a JV to conduct offshore surveys and subsea services
- The JV firm will offer geophysical and geotechnical, trenching and dredging support services
Business
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
- Qatar Airways, the Middle East's second biggest airline after Emirates, had reported in September last year an overall loss of $4.1 billion in the 2020-2021 financial year.
- The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
Business
ENOC to open 10 new eLink stations
The group has seven eLink stations, five located in Dubai and two in Abu Dhabi.
- The eLink station is a mobile fuelling format that enables motorists and customers with easy access and convenient fuelling services.
- Since its launch, eLink has fuelled over 100,000 vehicles with a total fuel volume of nearly 5 million.
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
Commercial Bank closes $750m loan
The three- and the five-year facility was led by Mizuho Bank as coordinator.
- The bank said that the syndication was launched at an initial value of $400 million but was oversubscribed at $940 million.
- The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
Business
Borouge is in FTSE Series
ADNOC, Borealis are majority shareholders in Borouge.
- FTSE Russell’s indices are used by investors globally to inform asset allocation decisions and support portfolio construction
- Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the infrastructure, energy, agriculture, mobility and healthcare
Business
FAB completes Bank Audi Egypt merger
FAB's Egypt assets will operate under the new brand "FABMISR".
- The system integration under the new identity is expected to be completed in the fourth quarter of this year.
- Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market.
Business
TotalEnergies takes $2bn share in Qatar’s giant gas expansion plan
Qatar's Energy Minister Saad Sherida al-Kaabi called the joint venture "a marriage more than an engagement" as it will last...
- TotalEnergies will take a 6.25 percent share of the North Field East Project in its joint venture with QatarEnergy
- Exxon Mobil, Shell, ConocoPhilips are all in line to take part in giant expansion that Qatar originally wanted to finance alone
Business
Saudi telco to raise capital by 150%
Bonus shares to be granted by capitalizing $7.9 bn from retained earnings.
- Shareholders will be granted 1.5 shares for every share at the time of maturity.
- Prince Mohammad bin Khalid Al-Abdullah Al-Faisal, Chairman of the Board of Directors, said the capital increase is the largest in the history of Saudi market.
Business
ADU Holding rebranded NEMA
NEMA Holding to establish academic arm, NEMA Education.
- NEMA Education's portfolio includes several higher education institutions and professional training companies, including Abu Dhabi University.
- NEMA Education has over 10,000 students across its educational institutions and thousands of others who receive professional training through its training institutions.
Company News
KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
Estithmar opens branches in Iraq
Business
AD Ports Q2 revenue grows 66%
Business
Latest News
Ma’aden, BADC ink agreement
Business
TAQA H1 net income $3.67bn
Business
EasyJet, Airbus sign US$20bn deal
The no-frills airline will buy 157 aircraft from Airbus.
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
Business
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Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
- Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
- The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.