QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
Business
Huawei H1 revenue at US$43.3bn
Business
ADNIC net profit $55.64m
Business
Alaska Airlines’ Boeing 737 MAX9 resumes flight
The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
Business
QAMCO’s H1 net declines 60.7%
Business
SoftBank Group Q1 loss $3bn
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Eshraq Q2 profit $9.79m
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Business
Emirates NBD, RSA sign agreement
The bank will distribute RSA Middle East's insurance products.
- The partnership will help increase insurance penetration in the region by providing customers with accessible general insurance solutions, the two firms said in a statement.
- The partnership will also focus on customer education and building awareness on the importance of insurance and its living benefits in everyday life, the statement added.
Business
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.
- The investment comprises a capital contribution of AED2.6 billion and an undrawn capital commitment of AED6.6 billion.
- The fund's investment emphasis aligns with Alpha Dhabi's growth strategy, which focuses on investment in disruptive technologies.
Business
Yalla Group Q1 revenue is Dh 265m
Yalla is leading UAE-based voice-centric social media platform.
- The revenue of AED 190.5 million was generated from chatting services
- The revenue posted by games services was estimated at AED 74.6 million
Business
Netflix lays off 150 employees
The growth of streaming service has slowed down in recent past.
- The move came just weeks after Netflix reported that it lost subscribers for the first time in more than a decade
- Netflix ended the first quarter of this year with 221.6 million subscribers, slightly less than the final quarter of last year
Business
Julphar Q1 sales up by 156 percent
Acquisition of Planet Pharmacies and growth in segment ops led to growth.
- Gross profit margin increased to 41 percent compared to 28 percent in the previous year.
- EBITDA from continuing operations increased to AED40 million in Q1 2022.
Business
IHC completes $2bn Adani deal
IHC to provide capital to Adani firms for green energy projects.
- The deal represents 4.87 percent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021.
- India's total electricity generating capacity is more than 390GW, and renewables exceed 100 GW.
Business
McDonald’s to exit Russian market
The company will sell its business in the increasingly isolated country.
- McDonald's in March closed all of its 850 restaurants in the country, where it employs 62,000 people.
- The company directly manages more than 80 percent of the restaurants bearing its name in Russia.
Business
Aramco Q1 profit up 82%
Surge in oil prices benefited the world's most valuable company.
- Aramco's net income of $39.5 billion was up from $21.7 billion in 2021, "primarily driven by higher crude oil prices and volumes sold, and improved downstream margins."
- The latest financial results were published four days after Aramco dethroned Apple as the world's most valuable company, with shares worth $2.42 trillion
Business
AD Ports Q1 revenue up 15 percent
Net profit was up 41 percent year-on-year to AED306 million.
- Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.
- Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.
Business
Emirates posts $1.1 billion annual loss despite $954million capital injection
Losses came in at 3.9 billion dirhams ($1.1 billion) in the 2021-2022 financial year to March, with revenues up 91...
- The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.
- Over the fiscal year, Emirates carried 19.6Â million passengers, up by 197 percent from the same period the previous year.
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
Business
Company News
Huawei H1 revenue at US$43.3bn
Business
ADNIC net profit $55.64m
Business
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EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
SoftBank Group Q1 loss $3bn
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
Business
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Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business
Air France-KLM to buy stake in SAS
Air France-KLM will buy 19.9% shares of SAS.
- The group, along with the Danish state, will invest $1.175 billion in the airline, with Air France-KLM investing $144.5 million to buy the 19.9 percent holding.
- SAS filed for Chapter 11 bankruptcy protection in the US, an option available because of its operations there, in July 2022 as it reeled from Covid travel bans.