Business
Amazon to create 4,000 UK jobs
This will make it one of the nation's 10 biggest private sector employers.
- The latest expansion will take Amazon's permanent workforce to 75,000.
- The jobs will also be in corporate and technology functions in software development, product management and engineering.
Business
Bank Muscat net profit up 5 percent
The bank said profits up despite lower net interest income and higher expenses.
- The Bank said that net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals.
- Operating expenses went up by 8 percent to 102.71 million riyals.
Business
AD Ports, Hayat Biotech ink deal
AD Ports to support Hayat' global logistics and distribution.
- The partnership will help facilitate Hayat Biotech’s efforts to set up manufacturing centers around the globe.
- The deal encapsulates shipping of strategic construction supplies, including containers, machinery, raw materials.
Business
EGA, K Line green pact
They will work on projects to decarbonize bulk cargo shipping.
- Focus of agreement on development and implementation of new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes.
- Solutions are likely to include kite systems, alternative fuels and CO2 capture technologies.
Business
SirajPower, Cleanco sign agreement
SirajPower will develop a fully financed 2 MVA solar-diesel-battery.
- This will provide reliable power to Cleanco via a hybrid system consisting of solar PV, diesel generator, and battery.
- CWT’s currently diesel-powered waste treatment plant will be able to reduce its fuel consumption, operational expenditures, and carbon footprint.
Business
$5.76bn French factory on cards
STMicroelectronics and GlobalFoundries to invest in semiconductor unit.
- Expected to employ around 1,000 people, the factory should reach full capacity by 2026.
- Chip factories like STMicroelectronics's produce integrated circuits on 300-millimetre (12-inch) circular "wafers" of silicon.
Business
GFH acquires housing portfolio
The acquisition is in partnership with GFH subsidiary Student Quarters.
- Student housing assets are considered among the safest given prevailing inflation climate
- The sector has exhibited strong performance throughout and following Covid lockdowns
Business
AD Ports Group, SEG sign MoUs
A logistics and freight business and food trading hub will be built in Uzbekistan.
- The logistics venture will deploy new technology and specialised processes to address the challenges caused by Uzbekistan's double-landlocked geographical location.
- Based upon the 'Regional Food Hub – Abu Dhabi' currently under development in KIZAD, AD Ports Group will share their expertise towards the food trading hub.
Business
Shell joins Qatar gas project
Shell is the fifth and final international partner in the North Field expansion.
- The British-based company took a 6.25 percent stake for an undisclosed sum, joining TotalEnergies, Eni, ConocoPhillips and ExxonMobil in the North Field East project.
- The North Field expansion is the biggest liquefied natural gas (LNG) project ever seen, Qatar Energy said. It comes at a time of intense geopolitical tensions over energy supplies.
Business
Siemens writes off $2.8 billion
The move came after share price of its former energy unit fell sharply.
- The drop in the value of Siemens Energy meant the parent company's 35 percent holding in the spin-off at "significantly below the book value".
- Siemens Energy's wind-energy subsidiary Siemens Gamesa has struggled to turn a profit despite surging demand for renewable energy.
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Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
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Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
- Net profit soared almost 90 percent to $1.26 billion in the three months to the end of September compared with a year earlier
- While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98 percent in the first nine months of the year compared with the same part of 2022
Business
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.