Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
Air Arabia Q2 profit $125m
Business
DEWA Q2 revenue $2bn
Business
Business
Zara owner Inditex profits up
The company's net profit increased by 80 percent
- The world's biggest fashion retailer said its net profit increased by 80 percent in the first three months of its financial year to April 31
- The fashion group, which owns eight brands including upmarket Massimo Dutti warned earlier this year that 2022 sales would be impacted by Russia's invasion
Business
EQT X, Mubadala to buy Envirotainer
Envirotainer is the global provider of transportation of biopharmaceuticals.
- EQT Private Equity and Mubadala said they will seek to support Envirotainer in its next growth phase by accelerating expansion in APAC.
- Envirotainer has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
Business
Multiply added to FTSE GEIS
The inclusion will come into effect on June 20
- FTSE GEIS is part of the FTSE Russell, a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide
- It also provides a robust global equity index framework and includes over 16,000 large, mid, small and micro-cap securities across 48 developed and emerging markets globally
Business
OIFL to pay GMTN interest
The Ooredoo subsidiary said it will pay $9.3 million on June 22.
- Ooredoo Group reported a revenue of QR 30 billion ($8.23 billion) for the full year ended 31 December 2021.
- Group net profit attributable to shareholders stood at QR47m.
Business
PIF, Capital Bank Group sign pact
The deal worth $185m makes PIF a strategic investor in the group.
- The deal aims to increase the capital of the Capital Bank Group, and thus raise the total shareholders’ equity to more than 3.2 billion riyals, media reports said.
- It also aims at strengthening its plans for digital transformation by providing the latest electronic services that include the launch of digital banks.
Business
MA’ADEN, GlassPoint to develop heat plant
The facility will be the world's largest solar process heat plant.
- When completed, the 1,500 MW solar steam facility will help MA’ADEN achieve sustainability goals by reducing carbon emissions by over 600,000 tons annually.
- This represents more than 50 percent reduction of carbon footprint in MA’ADEN’s Alumina refinery and 4% of MA’ADEN’s overall carbon footprint.
Business
ADNOC L&S acquires 3 LNG vessels
In April the company announced it will acquire two LNG vessels.
- All five new-build LNG vessels will be built at the Jiangnan Shipyard in China.
- ADNOC L&S, the shipping and maritime logistics arm of ADNOC, is region’s largest shipping and logistics company.
Business
dnata to invest $100m in green ops
dnata, global air and travel services provider, announced that it would invest $100 million in green operations in the next...
- The company’s ongoing investment in infrastructure, equipment and process improvement will support it to achieve its strategic objectives.
- The company said it aims to reduce its carbon footprint by 20 percent by 2024, and by 50 percent by 2030.
Business
AFZ e-commerce grows 45 percent
The Free Zone announces this at Seamless Middle East 2022.
- AFZ said the growth can be attributed to the authority's diverse set of offerings, primarily warehouse solutions and the evolving e-commerce sector in the UAE.
- The dedicated logistics cluster also benefits e-commerce businesses by providing access to end-to-end warehousing capabilities, AFZ said.
Business
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
Company News
Ma’aden, BADC ink agreement
Business
TAQA H1 net income $3.67bn
Business
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Air Arabia Q2 profit $125m
Business
DEWA Q2 revenue $2bn
Business
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
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Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Business
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.