GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
ENEC inks MoU with OSGE
Business
Saudi EXIM, India EXIM ink MoU
Business
ADNOC L&S boosts barge fleet
Business
Business
Agthia eyes KSA expansion
The company to set up a manufacturing facility in Jeddah.
- CAPEX spending is expected to start in the coming months, with first sales from the new Saudi facility expected in H2 2023.
- The project, which is in response to strong demand from local customers, will further strengthen Agthia’s footprint in Saudi Arabia
Business
Arts DAO NFT drop on June 5
The drop is being created in partnership with NFT artist Kristel Bechara.
- The community’s NFT collection will feature 2,000 NFTs and prices will start from 0.49 ETH ($1,000).
- Arts DAO is registered with the Dubai Multi Commodities Centre (DMCC).
Business
ADNOC acquires drilling units
The two premium jack-up units will be operational in Q3 2022.
- The units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs.
Business
ADC to start trading on ADX
The firm was established by ADQ and Chimera Investment.
- Trading follows the conclusion of ADC's public subscription to retail and professional investors
- The listing of ADC offers target businesses the opportunity to access capital in Abu Dhabi's capital markets
Business
ENBD REIT rental income down 19.7 percent
Occupancy of its portfolio up 80 percent in the year ending 31 March 2022.
- The firm's property portfolio value stood at $356 million, down 1.1 percent year-on-year whilst Net Asset Value was $167 million.
- The firm has proposed a final dividend of $5 million or $0.02 per share for the six-month period ending 31st March 2022, a 13.6 percent increase from the same period of 2021.
Business
ADNOC partners with BP, Masdar
The three firms will create green hydrogen and sustainable aviation fuel.
- ADNOC and BP will begin the design phase of the H2Teesside low-carbon hydrogen project.
- Cooperation agreements related to BP's HyGreen Teesside, a large-scale green hydrogen production facility in UK.
Business
Standard Chartered, flydubai sign deal
The Sale and Leaseback (SLB) agreement is for five new Boeing 737 MAX aircraft.
- Four of the aircraft were delivered between March and May 2022, while the remaining aircraft is scheduled to arrive from Boeing before the end of the first half of the year.
- The deal was structured, financed and arranged exclusively by Standard Chartered.
Business
Alpha Dhabi to invest in Borouge IPO
The conglomerate will invest $99 million as corner investor.
- Alpha Dhabi's investment comes as the company continues to scale its highly diversified portfolio, it said.
- The company said petrochemical vertical remains a key target sector for it.
Business
Emirates NBD, RSA sign agreement
The bank will distribute RSA Middle East's insurance products.
- The partnership will help increase insurance penetration in the region by providing customers with accessible general insurance solutions, the two firms said in a statement.
- The partnership will also focus on customer education and building awareness on the importance of insurance and its living benefits in everyday life, the statement added.
Business
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.
- The investment comprises a capital contribution of AED2.6 billion and an undrawn capital commitment of AED6.6 billion.
- The fund's investment emphasis aligns with Alpha Dhabi's growth strategy, which focuses on investment in disruptive technologies.
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Chimera launches Lunate
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ENEC inks MoU with OSGE
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Saudi EXIM, India EXIM ink MoU
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SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
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Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Business
Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.
- The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
- Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Business
Empower 9M revenue $618m
Firm paid cash dividend of US$115 million.
- For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
- On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.