JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
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Mubadala invests in Aligned
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e& H1 net profit $1.27bn
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Al Seer Marine signs VLGC deal
Al Seer Marine and BGN International sign the $134 million financial transaction.
- The deal was agreed and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, an energy, trading, storage and transportation company.
- ABGC has two new VLGC’s on order with Hyundai Heavy Industries in Korea.
Business
Credit Suisse ‘faces’ Q1 loss
The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.
- The bank said its results would be affected to the tune of 200 million Swiss francs ($211 million) in lost revenue and provisions for credit losses.
- Credit Suisse said it was also setting an extra 600 million Swiss francs aside for litigation that dates back more than a decade.
Business
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.
- Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
- Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business
L’Oreal luxury makeover sales glow
The company's first quarter sales jumped nearly a fifth.
- The 19 percent rise in sales to 9.06 billion euros ($9.8 billion) beat the analyst consensus of 8.8 billion euros established by Factset
- "Against the backdrop of the invasion of Ukraine and strengthened sanitary measures in China, L'Oreal had a strong first quarter," said chief executive Nicolas Hieronimus
Business
Netflix reports subscriber drop
It ended Q1 2022 with fewer subscribers than Q4 2021.
- Factors hampering Netflix’s growth include subscribers sharing accounts with people not living in their homes
- Another factor crimping Netflix’s growth is the intense competition from titans such as Apple and Disney
Business
NBK Q1 net profit $383m
Total assets by the end of March grew by 8.7 percent YOY.
- Total loans and advances increased by 12.3 percent year-on-year to $66 billion, and total shareholders’ equity reached $11.2 billion.
- Net operating income of KD 236.5 million ($778.3 million), increasing by 6.8 percent compared to Q1 2021.
Business
QMM is market maker for Chimera Capital
QMM, part of ADQ, was launched in 2020.
- QMM, part of ADQ, was launched in 2020, and has, over the past 18 months, played an active role in increasing ADX’s liquidity
- "We are pleased to have QMM as a market maker for our four ADX-listed ETFs,” Syed Basar Shueb, Chairman of Chimera Capital, said
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Nakilat Q1 net profit up 19.28 percent
Nakilat noted that earnings per share amounted to QR 0.07 in Q1 2022.
- Compared to its profit in April of 2021 which, stood at QR 320.106 million, the profit reached QR 381.835 million.
- Nakilat represents the main transport link in the global supply chain of liquified natural gas from the State of Qatar.
Business
QEWC profit up 4.5% in Q1
Profits in the first quarter of 2022 reached $106.78 million.
- QEWC is one of the largest energy production and desalination companies in MENA
- It is the main provider of electricity and desalinated water in Qatar
Business
NBQ reports Q1 profit of $26.3m
Its net profit increased 26.26% from the same period last year.
- The cost to income of NBQ stood at 27.11 percent during three months
- It reflected the bank's operational efficiencies and disciplined cost management
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
Business
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Ooredoo Algeria gets new CEO
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SABIC AN profit slumps 71% in H1
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Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
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EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.
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AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
- The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
- The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).
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Alibaba plans to list subsidiary in IPO
It did not give a timetable for the move or how much it hoped to raise.
- Alibaba announced in March it was dividing itself into six entities, with the goal of listing them separately, along with the replacement of CEO Daniel Zhang.
- Zhang, who was initially supposed to take charge of the firm's new cloud computing branch in September after stepping down, left just as he was supposed to take up his new post.