ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Business
EGA holds wearable tech trial
Trial aimed at preventing heat-related illness in workers.
- 50 volunteers working in EGA's hottest operations are wearing devices to monitor critical health indicators.
- Data is transmitted in real-time to supervisors and EGA's occupational health team, with alerts to variations of potential concern.
Business
SVC to invest in Venture Debt Fund
The fund will offer venture debt tools to startups and SMEs.
- SVC CEO Nabeel Koshak said the investment is part of the company's program to invest in funds.
- Koshak said funds offering venture debt tools provide financing solutions for startups, and SMEs, known for their quick growth rates.
Business
Careem acquires MUNCH: ON
MUNCH: ON offering will be rebuilt on the Careem app.
- MUNCH: ON, a subscription-based food delivery platform which connects customers to meals at a discount by tapping into underutilized kitchen capacity.
- Careem said the two firms will work together to deliver even greater value by introducing low-cost meal segments.
Business
EGA to produce silicon metal
Silicon metal is added to aluminum to create high-strength alloys.
- Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
- The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.
Business
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.
- EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
- EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
Business
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.
- The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
- ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
Business
ADNOC signs manufacturing pacts
Identifies $19bn worth of products that can be manufactured in UAE.
- The agreements, which were signed at the “Make it in the Emirates Forum”, will see the UAE and international companies set up and expand manufacturing facilities in the UAE.
- The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC's full value chain.
Business
Al Seer acquires 2 VLCCs
Each carrier has a carrying capacity of 320,000 deadweight tonnage.
- The VLCCs allow for crude oil cargo, provisions, lubricant and fuel.
- Under current market conditions, these newly acquired tankers are expected to provide estimated returns of more than 20 percent.
Business
Abu Dhabi Ports, National Marine Dredging Company set up JV
The Abu Dhabi Ports Group inks deal with National Marine Dredging Company Group to set up a JV to conduct...
- AD Ports Group, NMDC Group to set up a JV to conduct offshore surveys and subsea services
- The JV firm will offer geophysical and geotechnical, trenching and dredging support services
Business
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
- Qatar Airways, the Middle East's second biggest airline after Emirates, had reported in September last year an overall loss of $4.1 billion in the 2020-2021 financial year.
- The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
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ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
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Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
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Business
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.
- The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
- The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin