Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
Business
QGIRC net profit down
Business
ESG H1 net profit $162m
Business
Business
Investcorp may buy AC Milan
The Bahrain-based firm looking to spend around €1 billion.
- Italian Serie A team AC Milan is a seven-time European soccer champion
- It was once owned by the country’s former Prime Minister Silvio Berlusconi
Business
Emaar plans new Fujairah resort
The Emaar Hospitality Group will open the resort in Q2.
- The Emaar Hospitality Group is the hospitality and leisure arm of Dubai-based developer Emaar Properties
- Palace Beach Resort Fujairah will reportedly be the third beach resort of its Address Hotels + Resorts collection
Business
Twitter throttles Musk bid
It is to ensure that he doesn’t get a controlling stake in Twitter.
- Elon Musk's proposed buyout faces several hazards, including possible rejection and the challenge of assembling the money
- Musk buying Twitter could have significant impacts on the globally-used social media platform if the deal is consummated
Business
Petrobras names new CEO
Jose Mauro Coelho was appointed to the post for a one-year term.
- Jose Mauro Coelho is the third Petrobras CEO in just over a year after President Jair Bolsonaro fired his predecessors in a standoff over fuel prices
- He was the government's choice to succeed Joaquim Silva e Luna, who was ousted by Bolsonaro last month after slightly more than a year in the post
Business
Volkswagen posts Q1 profit
The German auto giant said operating profit rose to $9.3bn.
- The group's operating profit rose to 8.5 billion euros ($9.3 billion) over the first three months of the year
- The boost was down to strong "operating performance" and a positive effect of 3.5 billion euros
Business
Amazon fined $98k/day in France
France says Amazon’s seller contracts have ‘unbalanced’ clauses.
- French authorities on Wednesday slapped a €90,000-per-day ($98,000) fine on Amazon
- It would continue until Amazon removes abusive clauses in its contracts with businesses
Business
Pfizer plans new Covid jab
It has said a shot for multiple variants is coming by 2022-end.
- Chairman Albert Bourla said Pfizer was also working on a vaccine that could provide good protection for a whole year
- This means people would come back annually for boosters, as with influenza shots currently given out in the US
Business
ADQ invests in Egypt
The Abu Dhabi-based firm has an office in Cairo.
- These transactions are part of ADQ's commitment to investing in the country’s economic growth through its $20 billion joint strategic investment platform.
- The transactions include stakes in Commercial International Bank (CIB), one of Egypt’s largest banks.
Business
ADNOC to build two LNG vessels
The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
- The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
- Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business
DEWA IPO biggest since Aramco
DEWA shares soared 19% in the first minutes of trading on Tuesday.
- DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
- Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
Company News
Ooredoo Algeria gets new CEO
Business
SABIC AN profit slumps 71% in H1
Business
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QGIRC net profit down
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
Business
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
Business
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Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
- This pact builds on the five-year Naphtha sales agreement signed in 2018 between QatarEnergy and Marubeni Corporation.
- Japan-based Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia.
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
- The initial 145MW phase of the innovative floating PV project, located in the picturesque Cirata reservoir in West Java, Indonesia, is expected to come online later this year.
- Masdar opened an office in Jakarta, Indonesia, in 2021, to further strengthen links with key players within the region.
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
- The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
- Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.