Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
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.
Business
GIS, DIH mull merger
Qatar Central Bank has provided in-principle no-objection to both firms.
- The potential merger is likely to create one of the largest local insurance companies.
- The creation of huge insurance company is in line with the Qatar National Vision 2030.
Business
GMC, Fix Network sign agreement
Twelve new service and collision repair centers will be set up in Saudi.
- The new partnership will launch with six collision centers and six quick service centers spread across KSA.
- The collision repair services will be known as Fix Auto Collision, while the mechanical service and repair centers will be called Fix Auto Service.
Business
SRC, Riyad Bank sign $133m deal
This is the second largest mortgage refinancing deal in the kingdom.
- Tareq Al-Sadhan, CEO of Riyad Bank, said the long-term partnership with SRC will provide housing finance solutions that fulfill the needs and requirements of Saudi families.
- Saudi Vision 2030 aims to raise the percentage of residential ownership of Saudi families from 47 percent to more than 60 percent within four years.
Business
DP World H1 net profit $721m
Growth was supported by higher revenue from acquisitions.
- The global port operator said this was a 51 percent year-on-year and added that it expects growth rates to moderate for the rest of the year.
- The company said its H1 revenue was $7.93 billion, a rise of 60 percent, supported by acquisitions, strong performance of feedering services and growth in high margin cargo.
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Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
Company News
Sipchem 9M net profit down 67%
Business
JPMorgan Q3 profit at $13.2bn
Business
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Delta posts Q3 profits of $1.1b
Business
Birkenstock to list on NYSE
Business
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Business
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.
- The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
- The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Business
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.
- The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
- Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.
Business
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
- The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
- This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).