SAB H1 profit up 59%
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Borouge Q2 net profit $231m
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NBF H1 net profit up 120 percent
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DIB H1 2023 net profit $844m Â
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Nissan Q1 net profit $750m
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DNIR approves 30% dividend
The dividend of the company totals AED 34.650 million.
- Shareholders also approved DNIR’s financial statements for the year ended 31st December 2021
- Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, said the dividend is indicative of the company’s financial strength
Business
FB bug pushed problematic posts
FB said the bug affected ‘only a very small number of views’ of content.
- The bug was serious enough for a group of Facebook employees to draft an internal report referring to a ‘massive ranking failure’ of content, reports said
- In October, the employees noticed that some content which had been marked as questionable was nevertheless being favored by the algorithm
Business
ADNEC’s hall 40 percent complete
It would be the biggest exhibition hall in the MENA region.
- The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
- The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business
Alba, EGA sign MoU
Aluminum Bahrain (Alba) is looking to increase its throughput.
- The two Aluminum producers will cooperate to creep production at Alba’s Potline 6 beyond its name plate design capacity.
- They will also explore ways to use EGA technology and expertise in future expansions at Alba smelter.
Business
Evergrande to sell stake
The developer would sell the Crystal City Project in Hangzhou for 3.66 bn yuan.
- Its total liability is now $300 billion as the company has struggled to repay its investors and bondholders.
- The company has said said it would finish projects and deliver them to buyers in a desperate bid to salvage its debts.
Business
Ericsson board censured for graft
Shareholders sanctioned it for alleged payments to terror groups.
- Ericsson has been under scrutiny after a media investigation coordinated revealed that an internal probe from 2019 was never made public
- The internal probe had identified possible corruption in 2011-2019 in the group's Iraqi operations, including the potential payment of bribes
Business
Nahdi shares fall 1.26 percent
The firm made a strong debut on the Saudi stock exchange on Mar 22.
- Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
- Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Business
Waha approves dividend in 2021
Shareholders of Waha Capital have approved a cash dividend of 7.55 fils per share and a stock dividend of 2.45...
- The company recorded investment gains and fee income of AED902 million and a net profit of AED603 million.
- Â Waha Capital had total assets of AED5.8 billion as at 31 December 2021, compared to AED5.1 billion in 2020.
Business
FedEx founder quits as CEO
Frederick Smith is stepping down after some five decades at the post.
- The change in guard will take place on June 1, with Smith becoming executive chairman
- Meanwhile, Chief Operating Officer Raj Subramaniam will ascend to president and CEO
Business
Huawei reports record net profit
The telecoms giant Huawei posted a net profit of $17.8 billion in 2021.
- The company has been caught in the crosshairs of the US-China trade and technology standoff, with US under Trump rule moving to cripple it over espionage concerns.
- Its revenue slumped by around 29 percent as it grappled with US sanctions aimed at blocking access to key technology and supplies.
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Tabreed H1 23 net profit $105m
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Aston Martin H1 revenue up
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Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
Business
Amazon to pour US$4bn into Anthropic
Its investment will heat up the race for dominance in AI.
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Microsoft to acquire Activision Blizzard
Activision Blizzard makes popular games like "Call of Duty".
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Business
Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
- Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
- According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.
Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
- The contract can be extended for an additional two years in the event of satisfactory service.
- The firm will deploy a team of over 2,000 experienced and qualified guards across Abu Dhabi.
Business
MODON inks $133 m pact
The pact will help manufacture vaccines in Saudi Arabia.
- MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
- It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.