NBF H1 net profit up 120 percent
Business
DIB H1 2023 net profit $844m Â
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
Business
RAKBANK H1 profit $245m
Business
ADCP partners with AP Moller
Business
General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
Business
AD Ports, Kuwait GAC sign MoU
The port operator will develop a virtual trade corridor between the two countries.
- AD Ports Group’s digital arm, Maqta Gateway, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform.
- The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.
Business
Microsoft addresses graft charges
An ex-employee said it paid bribes in the Middle East and Africa.
- A former employee has said he was fired after working for Microsoft from 1998 to 2018 in Africa
- He said he saw company employees involved in corrupt practices in several countries in the region
Business
Barq EV launches smart mobility
The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing...
- The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing the last-mile delivery experience
- The initiative comes in line with the UAE's efforts to support the growth of the logistics, transport, and e-commerce sectors in the UAE
Business
ADNOC to pay $342m in dividend
A similar amount was paid for the first half of 2021 in October.
- The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia.
- ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.
Business
ADH invests $100m in DEWA
Abu Dhabi-based Alpha Dhabi Holding is a subsidiary of the IHC.
- ADH made the investment through its subsidiary Alpha Dhabi Partners Holding LLC, as a cornerstone investor
- As part of the transaction, Alpha Dhabi Partners Holding LLC will acquire shares through DEWA’s IPO
Business
Al Abjan to raise production
The firm plans to produce 30m hatching eggs by 2023 from 11m in 2021.
- The firm said after raising its production, it will meet more than 28 percent of the UAE’s requirement of 105 million eggs annually.
- Al Ajban anticipates 13 percent return on investment, in consideration of expansion plans that include a new chicken rearing farm.
Business
Ukraine war hits VW ops
A 150-strong task force is working feverishly to keep supply flowing.
- Volkswagen plans to use the lessons learned from Ukraine crisis as the war in country affects its production capacities
- Leoni restarted production in Ukraine on March 2 'with extra security precautions', and Soviet bunkers are being used to keep workers safe
Business
Toshiba holds spin-off plan vote
The plan has faced opposition from key investors.
- The ballot on the proposal to spin off Toshiba's electronic devices segment is meant to confirm support ahead of a binding resolution vote next year
- A vote to nix the spin-off would be another setback for the engineering giant and a rare victory for activist shareholders in corporate Japan
Business
Tabreed to pay highest ever dividend
The payout will be in the form of cash and bonus shares.
- The firm said the shareholders will get a cash dividend of six fils per share and a bonus of one share for every 40 shares held, which is equivalent to 12 fils per share.
- Last year, group revenue increased by 12 percent to 1.95 billion dirhams ($530 million), while net income grew 6.3 percent to 585 million dirhams.
Business
Tesla to open Berlin factory
Elon Musk to hand over first 'made in Germany' Model Y car.
- The electric car maker will inaugurate its new "gigafactory" near Berlin an arduous two-year approval and construction process.
- Tesla aims to eventually employ some 12,000 workers at the site who will churn out around 500,000 Model Y cars annually.
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Aston Martin H1 revenue up
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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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RAKBANK H1 profit $245m
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ADCP partners with AP Moller
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General Motors Q2 profits up
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ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
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Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
Business
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Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.