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 52Â 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.
Business
Arada H1 property sales up
The developer sold homes valued at $405m in Sharjah.
- The first half results saw completion of the company's first public financing deal, a $350 million sukuk issuance.
- The results come against Sharjah's booming property market, which saw a 65 percent increase in the total value of property sold in 2021.
Business
American Airlines registers Q2 profit
Profits were $476 million compared with just $19 million in the year-ago period.
- US carrier said its first profitable quarter, since the start of the pandemic, was due to operations
- American Airlines expects revenues of 10-12% above the 2019 level in the third quarter of 2022
Business
Amazon expanding health care
It will acquire US health care provider One Medical for $3.9 bn.
- The massive firm has steadily gone far beyond e-commerce, and earlier this year said its telemedicine service was expanding nationwide in the United States.
- One Medical, which has a network of primary care practices and telemedicine services, has grown to over 750,000 members.
Business
Zain Group Q2 net profit $165m
The Group will pay a half-year dividend of 10 fils per share.
- Data Revenue grew 3 percent to represent 40 percent of Group Revenue for H1. Kuwait, KSA and Sudan record double-digit growth in revenue and net profit.
- The Group said it recorded 21 percent revenue growth in Enterprise business, as ZainTech enters many strategic partnerships.
Business
Delta orders Airbus jets
The airline ordered a dozen single-aisle passenger jets worth $1.1 bn.
- Delta grabbed the headlines on the first day of Farnborough show on Monday with a $13.5-billion order for 100 medium-haul MAX jets built by Airbus rival Boeing.
- The Airbus announcement brings Delta's total firm A220 order to 107 of the aircraft.
Business
SAMI, Lockheed Martin sign pact
A center for manufacturing composite materials will be set up in Riyadh.
- The center will be established with support from the General Authority for Military Industries, in an effort to enhance aircraft manufacturing capabilities in the kingdom.
- SAMI Composite Materials Limited and Lockheed Martin will evaluate and develop the center in several phases, in addition to developing national cadres.
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ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
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Business
ADNOC L&S reports 162% rise in profit
The company also reported an EBITDA of $635 million.
- The company also reported an EBITDA of $635 million (AED2,332 million), marking a substantial 124% year-on-year increase
- The third quarter of 2023 specifically contributed to the positive financial performance, with a 30% year-on-year increase in revenue
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.