DAE closes $1.6 billion loan
Business
Chimera launches Lunate
Business
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.
Business
Multiply added to FTSE GEIS
The inclusion will come into effect on June 20
- FTSE GEIS is part of the FTSE Russell, a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide
- It also provides a robust global equity index framework and includes over 16,000 large, mid, small and micro-cap securities across 48 developed and emerging markets globally
Business
OIFL to pay GMTN interest
The Ooredoo subsidiary said it will pay $9.3 million on June 22.
- Ooredoo Group reported a revenue of QR 30 billion ($8.23 billion) for the full year ended 31 December 2021.
- Group net profit attributable to shareholders stood at QR47m.
Business
PIF, Capital Bank Group sign pact
The deal worth $185m makes PIF a strategic investor in the group.
- The deal aims to increase the capital of the Capital Bank Group, and thus raise the total shareholders’ equity to more than 3.2 billion riyals, media reports said.
- It also aims at strengthening its plans for digital transformation by providing the latest electronic services that include the launch of digital banks.
Business
MA’ADEN, GlassPoint to develop heat plant
The facility will be the world's largest solar process heat plant.
- When completed, the 1,500 MW solar steam facility will help MA’ADEN achieve sustainability goals by reducing carbon emissions by over 600,000 tons annually.
- This represents more than 50 percent reduction of carbon footprint in MA’ADEN’s Alumina refinery and 4% of MA’ADEN’s overall carbon footprint.
Business
ADNOC L&S acquires 3 LNG vessels
In April the company announced it will acquire two LNG vessels.
- All five new-build LNG vessels will be built at the Jiangnan Shipyard in China.
- ADNOC L&S, the shipping and maritime logistics arm of ADNOC, is region’s largest shipping and logistics company.
Business
dnata to invest $100m in green ops
dnata, global air and travel services provider, announced that it would invest $100 million in green operations in the next...
- The company’s ongoing investment in infrastructure, equipment and process improvement will support it to achieve its strategic objectives.
- The company said it aims to reduce its carbon footprint by 20 percent by 2024, and by 50 percent by 2030.
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
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
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.