Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Business
Honda, LG to invest $4.4 bn
Firms say construction of US plant to begin next year.
- Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture to invest $4.4 billion in a US electric car battery plant
- The move comes after California last week ruled that all new cars sold in America's most populous state must be zero-emission from 2035
Business
NBK Bahrain H1 net profit $145m
The profit in the same period last year was $159m
- As of end of June 2022, NBK-Bahrain’s total assets stood at BHD 7.05 billion compared with BHD 7.13 billion for the same period in 2021.
- customer deposits increased by 68 percent y-o-y to BHD 3.080 billion compared with BHD 1.829 billion for the same period of previous year.
Business
Bahri, stc sign logistics deal
Customs clearance assistance is part of the agreement.
- The stc group has operations in Saudi Arabia, Kuwait, Bahrain, and Oman.
- The contract was signed by Soror Basalom, President of Bahri Logistics and Ali Alhudhayf, Acting VP of Human Resources and Logistics Support at channels by stc.
Business
Palms Sports wins its biggest contract
The 30-month UAE government contract is worth $83.31m.
- Under the new contract it will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates.
- Palms Sports reported the first half profit of AED47.2 million, a 37 percent increase for the same period last year.
Business
Majid Al Futtaim H1 EBIDTA $517m
The EBITDA rose 18 percent from $435 million a year ago.
- Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.
- The conglomerate said in a statement that it recorded a 15 percent increase in revenue to AED18 billion.
Business
EGA H1 2022 profit $1.61bn
Cast metal sales rose 11% compared to H1 2021.
- EGA noted this is its best ever half yearly performance as the first half of 2022 exceeded the net profit of entire 2021.
- EGA's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $2.07billion in H1 2022.
Business
ESG acquires stake in two firms
ESG is a subsidiary of International Holding Company.
- The company said it has acquired a 60 percent stake in Vision Factory, one of the biggest furniture and joinery production facility in the UAE.
- The company has also taken a 45 percent stake in Decovision, a quality interior design and engineering services provider.
Business
Raya CX, Zain Saudi sign pact
Raya CX will provide outsourcing services to Zain Saudi Arabia.
- RAYA CX operates through three branches in Bahrain, Saudi Arabia, and the United Arab Emirates.
- The partnership reinforces Zain commitment to providing best customer experience, said Sultan bin Abdulaziz Al-Daghthir, CEO of Zain Saudi Arabia.
Business
Saudi Re GWP hits $245 mn
The growth was propelled by a 166% growth in H1 2022.
- The systemic volatility caused by increased interest rates and foreign currency fluctuations, affected the bottom line
- Saudi Re maintained a strong financial position with a A3 financial strength rating by Moody’s
Business
ALEC Energy, Stantec sign deal
They will enable firms to achieve UAE Energy Strategy goals.
- Under the agreement, the two companies will jointly work on projects to establish best practices in buildings design, systems and services.
- Both companies will also jointly share knowledge with the industry and sponsor events, training programs and workshops with industry stakeholders.
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business
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JPMorgan Q3 profit at $13.2bn
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Fashion giant Shein to go public
Shein was valued at $66 billion earlier this year.
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
Business
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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
Business
Naufar partners with MEEZAÂ
MEEZA is a Managed IT Service and Solutions provider in Qatar.
- Naufar aims to overhaul its IT infrastructure by leveraging MEEZA's expertise to migrate to the secure and innovative Azure cloud platform
- The move is poised to enhance operational efficiency, reinforce data security measures, and elevate patient care services through cutting-edge Microsoft Azure capabilities
Business
EDGE signs MoU with MBRSC
The pact sets up a framework for knowledge, data sharing
- The agreement exemplifies the strength of local partnerships in the UAE.
- It underlines EDGE's commitment to expand its expertise into the space sector.