ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
DAE closes $1.6 billion loan
Business
Chimera launches Lunate
Business
Business
ENOC to open 10 new eLink stations
The group has seven eLink stations, five located in Dubai and two in Abu Dhabi.
- The eLink station is a mobile fuelling format that enables motorists and customers with easy access and convenient fuelling services.
- Since its launch, eLink has fuelled over 100,000 vehicles with a total fuel volume of nearly 5 million.
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
Commercial Bank closes $750m loan
The three- and the five-year facility was led by Mizuho Bank as coordinator.
- The bank said that the syndication was launched at an initial value of $400 million but was oversubscribed at $940 million.
- The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
Business
Borouge is in FTSE Series
ADNOC, Borealis are majority shareholders in Borouge.
- FTSE Russell’s indices are used by investors globally to inform asset allocation decisions and support portfolio construction
- Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the infrastructure, energy, agriculture, mobility and healthcare
Business
FAB completes Bank Audi Egypt merger
FAB's Egypt assets will operate under the new brand "FABMISR".
- The system integration under the new identity is expected to be completed in the fourth quarter of this year.
- Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market.
Business
TotalEnergies takes $2bn share in Qatar’s giant gas expansion plan
Qatar's Energy Minister Saad Sherida al-Kaabi called the joint venture "a marriage more than an engagement" as it will last...
- TotalEnergies will take a 6.25 percent share of the North Field East Project in its joint venture with QatarEnergy
- Exxon Mobil, Shell, ConocoPhilips are all in line to take part in giant expansion that Qatar originally wanted to finance alone
Business
Saudi telco to raise capital by 150%
Bonus shares to be granted by capitalizing $7.9 bn from retained earnings.
- Shareholders will be granted 1.5 shares for every share at the time of maturity.
- Prince Mohammad bin Khalid Al-Abdullah Al-Faisal, Chairman of the Board of Directors, said the capital increase is the largest in the history of Saudi market.
Business
ADU Holding rebranded NEMA
NEMA Holding to establish academic arm, NEMA Education.
- NEMA Education's portfolio includes several higher education institutions and professional training companies, including Abu Dhabi University.
- NEMA Education has over 10,000 students across its educational institutions and thousands of others who receive professional training through its training institutions.
Business
Zara owner Inditex profits up
The company's net profit increased by 80 percent
- The world's biggest fashion retailer said its net profit increased by 80 percent in the first three months of its financial year to April 31
- The fashion group, which owns eight brands including upmarket Massimo Dutti warned earlier this year that 2022 sales would be impacted by Russia's invasion
Business
EQT X, Mubadala to buy Envirotainer
Envirotainer is the global provider of transportation of biopharmaceuticals.
- EQT Private Equity and Mubadala said they will seek to support Envirotainer in its next growth phase by accelerating expansion in APAC.
- Envirotainer has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
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ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Company News
Cisco buys Splunk for US$28bn
Business
MODON inks $133 m pact
Business
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DAE closes $1.6 billion loan
Business
Sony hikes annual sales outlook
The company net profit for July-September sank 29 percent
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Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.
Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.