ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Business
EasyJet cuts losses
The airline had taken a sizeable financial hit from disruptions.
- As airport staff shortages spark flight cancellations, EasyJet said it booked a one-off charge totaling £133 m.
- The airline posted pre-tax loss of £114 million in the group's third quarter, or the three months to end of June.
Business
ECI signs MoU with HFZA, SAIF
The three entities will support Sharjah exporters and re-exporters.
- As per the agreement, ECI will offer its range of flexible trade credit insurance and financial solutions to SMEs in the free zones.
- ECI will also help the companies in the free zones to successfully carry out export to foreign countries.
Business
ADNOC Logistics acquires Zakher
The financial details of the transaction were not disclosed.
- ADNOC L&S will add 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units.
- Zakher Marine International will continue operating as a standalone entity under ADNOC L&S, led by Ali Hassan El Ali as CEO.
Business
Al Seer targets 2-3m tons cargo
ASM manages 5 dry bulk and general cargo ships.
- Al Seer Marine is currently in negotiations for a long-term contract for carriage of 2 million tons annually.
- The company has short-term plans of acquiring 10 to 15 ships in 2022.
Business
Condor orders 41 jets
The airline is buying aircraft using less fuel.
- The order is for 13 A320 and 28 A321 jets fitted with Pratt & Whitney engines for delivery starting in Spring 2024, Condor and Airbus said in a joint statement.
- The catalogue price is about 5.0 billion euros ($5.1 billion) but the final purchase price usually differs due to possible discounts offered to big-ticket customers.
Business
French, UK satellite firms eye tie-up to create ‘global champion’
French satellite operator Eutelsat said on Monday it was in talks with British counterpart OneWeb for a tie-up to create...
- French satellite operator Eutelsat already provides some internet services through a deal with telecoms firm Orange.
- "Potential all-share combination" would "create a global leader in connectivity", Eutelsat said.
Business
Borouge 4 expansion on track
EPC contractors are set to start construction this month.
- Upon completion, the project will boost the total annual production capacity of polyolefins produced in the UAE to 6.4 million tons.
- It will also supply feedstock for the TA'ZIZ Industrial Chemicals Zone.
Business
Ataa acquires Saudi firm Naba’a
The acquisition made through Ataa subsidiary.
- The financial impact will be visible on the financial results for the year ending on July 31, 2022.
- In January 2021, Ataa inked a partnership agreement to acquire 52 percent of Riyadh-based Al Wasat National Schools for Training and Education Company.
Business
Twitter Q2 revenue at $1.18bn
Twitter reported disappointing results on Friday, a miss that the social network attributed to "headwinds" including the uncertainty related to...
- Twitter missed expectations with revenue of $1.18 billion, due to "advertising industry headwinds"
- Uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk is also touted as a reason for the results
Business
Qatar Airways orders 25 aircraft
The airline ordered 25 Boeing MAX 10 jets worth $3.3bn.
- Boeing has triumphed over its European rival Airbus in the traditional Farnborough battle for orders this year.
- European rival Airbus cancelled a multi-billion-dollar order of 50 single-aisle A321neo jets from Qatar Airways.
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Business
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
- While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
- The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
Business
EVIQ to set up infra for EVs in KSA
PIF, SEC JV's brand name for EV infrastructure is EVIQ.
- EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
- This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.
Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.