Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
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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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Warner Music Group buys out Qanawat Music
Warner Music Group has bought out Qanawat Music, the Middle East and North Africa’s leading music distributor, for an undisclosed...
- This comes as part of the multinational entertainment and record label conglomerate's plans
- Qanawat Music will act as WMG's key domestic distributor and source of upstreaming opportunities
Business
Mubadala, Aris Gold sign agreement
The pact is meant for operation of Soto Norte Gold Project in Colombia.
- Through a joint venture company, Aris Gold will acquire a 20 percent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia.
- On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company.
Business
Nike posts $1.4b quarterly profit
Strong pricing helps company offset lower China sales
- The apparel and sneaker company scored increased sales in three of its four operating regions, led by Asia Pacific/Latin America and North America
- Nike said its gross profit margin increased from the same period of last year due to more full-priced sales, partly offset by elevated freight and logistics costs
Business
Stellantis MENA shipments up
Expansion into 10 new countries MENA countries strong driver for growth.
- The UAE saw a 41 percent increase across all brands from the same period last year, with Jeep increasing sales from 25 percent and PEUGEOT increasing by 70 percent.
-  Saudi Arabia witnessed a 36 percent growth across all Stellantis products with PEUGEOT being the automaker’s highest performing brand with a 222 percent  growth.
Business
Gas production begins at Pegaga
The production started by Abu Dhabi-based Mubadala Petroleum.
- Pegaga will be a key producing field supplying gas to PETRONAS LNG Complex, in Bintulu, Sarawak, Malaysia.
- Mubadala Petroleum has been present in Malaysia since 2010 and is the Operator of Block SK 320 with a 55 percent stake.
Business
Salalah Free Zone inks $3.9m deals
The projects will be set up in the Mazaya warehouses.
- The first agreement is on the establishment of a complex for the trade of plastic products
- The second agreement is to establish a complex to assemble communications equipment
Business
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday.
- On Monday, the company announced that trading would be ‘halted’, bit did not give a reason
- Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended
Business
Zain Group signs MoU with Huawei
Zain Saudi Arabia launched the largest 5G network in the region.
- The two entities will also work together to define autonomous driving network-level criteria and explore new use cases.
- Zain Kuwait’s 5G data traffic already accounts for 46 percent of its total wireless traffic.
Business
Aramco profits doubled in 2021
The rise was due to crude prices, as the global economy recovered.
- Aramco's net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- It had achieved a net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets
Business
Cloud plaint hits Microsoft
The tech giant is being accused in Europe of stifling competition.
- Three companies have lodged a complaint with the European Commission against Microsoft
- They have accused the US technology giant of anti-competitive practices in its cloud services
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
Business
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Aldar to redevelop two malls
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stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
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Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
- The acquisition is vital for EIH as it seeks to strengthen its investment in healthcare through its subsidiary Health Plus Holding.
- The move will help provide additional and sustainable value to investors and achieve the maximum return on investment.
Business
BFB, The Family Office sign partnership
Bahrain FinTech Bay is a fintech ecosystem builder.
- BFB said that it will also explore the development of innovative digital investment solutions aligned with market trends.
- Bader Sater, CEO of Bahrain FinTech Bay. "Our combined strengths will lead to the creation of cutting-edge digital investment offerings that cater to the market's evolving needs."Â
Business
Chimera launches Lunate
Lunate has more than $50bn in Assets Under Management.
- With a focus on private markets, Lunate is an independent entity owned by Chimera Investment and Lunate’s senior management.
- Lunate, which will be based in Abu Dhabi Global Market, has signed long-term Separate Managed Accounts (SMAs) with multiple clients.