EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
Business
EIH buys stake in Gewan Holding
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DUBAL, Oriental Copper ink MoU
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SABIC H1 net profit slumps 87%
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DAE H1 profit up 13%
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JAFZA hold groundbreaking for park
The new logistics park is scheduled to open in 2023.
- The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.
- Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.
Business
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.
- Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
- Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
Business
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...
- Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
- Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
Business
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.
- Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
- This was an increase of 58.6 percent year-on-year, beating expectations
Business
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
- Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
- GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Business
Alphabet Q1 profit slips
Shares sank nearly 5 percent to $2,257 on the news.
- Alphabet reported net income of $16.4 billion in the first quarter of the current year
- Its revenue climbed 23 percent to $68 billion compared to the same period last year
Business
Aldar acquires stake in AD Business Hub
The UAE-based Aldar Investment is the subsidiary of Aldar Properties.
- The acquisition marks the creation of Aldar Logistics, the company's new logistics real estate vertical.
- Aldar Logistics will focus primarily on the UAE, potentially expanding into Saudi Arabia and Egypt, said an Aldar press release on Tuesday.
Business
e& Q1 net profit $653m
Its consolidated revenues rose 0.8 percent to AED13.3 billion.
- At constant exchange rates, revenue rose 3.5 percent and EBITDA was up 2.8 percent year-over-year
- The number of Etisalat UAE subscribers reached 13.1 million in Q1 2022
Business
HSBC Q1 pretax profits down 30%
Higher-than-expected credit losses and inflation are to blame.
- Tuesday's results of London-based HSBC were published against the backdrop of Russia’s invasion of Ukraine
- The bank said the war was exacerbating inflationary pressures and contributing to higher ECL charges
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Adidas posts $92m Q2 profit
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EIH buys stake in Gewan Holding
Business
DUBAL, Oriental Copper ink MoU
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SABIC H1 net profit slumps 87%
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
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Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
- Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
- Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Business
Aramco to invest in LNG
The deal will be Aramco's first international investment in LNG.
- Aramco is likely to acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG.
- Aramco wants to become "a leading global LNG player", the firm's upstream president Nasir K. al-Naimi said.