ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
Business
FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
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Business
Google faces racism lawsuit
Ex-employee says Google imposed ‘barriers’ on Black workers.
- Ex-employee April Curley, hired by the tech giant in 2014, has contended in her suit that she was undermined at Google
- She says she was ultimately fired for advocating reform of ‘barriers and double standards’ imposed on Black Google employees
Business
Julphar revenue up 100 percent
The growth attributed to increased market share in key operating regions.
- In 2021, Julphar reported EBITDA from Continuing Operations at AED164.8 million.
- The Company’s profit after tax for full year 2021 reached AED59.4 million.
Business
Telenor subsidiary sale approved
Myanmar junta Okayed the sale to Lebanese conglomerate M1 Group.
- The Southeast Asian nation has been in chaos since a coup last year sparked huge protests and a bloody military crackdown on dissent, sending its economy into freefall.
- In July, Telenor cited junta demands that it install monitoring equipment on the network as a reason for leaving the country.
Business
Meta sued over scam crypto ads
The ads were for schemes apparently hailed by prominent figures.
- Australia's consumer protection commission said it had started legal proceedings against Meta platforms for breach of consumer or securities laws
- Meta vowed to defend itself, saying in a statement that it sought to stop scam ads by using technology to detect and block them
Business
P&O Ferries suspends passenger and freight ships, denies bankruptcy
DP World-owned P&O Ferries on Thursday suspended its passenger and freight ships but denied the group was heading into bankruptcy....
- P&O Ferries operates four routes serving Britain, France, Ireland and the Netherlands.
- The company is badly hit by fallout from COVID-19 lockdowns and travel restrictions over the last two years.
Business
Emirates Steel exports up 50 percent
The firm's capacity is enough to meet the domestic market's demand.
- The countries where Emirates Steel exports its products increased to 56 in 2021 in comparison to just 38 in 2019.
- Emirate Steel's expansion strategy is aligned with the National Strategy for Industry and Advanced Technology' Operation 300bn.
Business
Al Hamra to launch $270m project
The villa project is located within the Al Hamra Village residential community.
- This idyllic island community project offers views of the turquoise Arabian Gulf and the lagoon.
- Falcon Island is set to be completed within two years of its launch, which will be implemented in phases.
Business
ADNIC to pay $62m in dividends
The year 2022 marks the 50th anniversary of the company.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said the distribution of 40 percent cash dividends demonstrated the company’s robust financial performance.
- Futoon Hamdan Mohammed Al Mazroui was welcomed as the first woman to join the company's Board of Directors.
Business
Dana Gas to pay 4.5 fils per share
The total dividend paid for 2021 now stands at 8 fils.
- For the full year 2021, the company achieved a net profit of AED1.2 billion ($317 million)
- The Company's collections in 2021 were the highest ever at AED1.4 billion ($377 million), and the year-end cash position stood at AED678 million ($185 million).
Business
Evergreen ship runs aground
The Ever Forward ran aground in the Chesapeake Bay in the US.
- The accident came almost exactly a year after the 200,000-ton container ship MV Ever Given blocked the Suez Canal for six days
- The canal is a vital artery from Asia to Europe that carries 10 percent of global maritime trade and provides Egypt with vital revenue
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
Business
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Aldar to redevelop two malls
Business
Bank Albilad H1 profit up 14%
Business
ANB profit up 51Â percent in H1
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FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
Business
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Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
- The number of shares allocated to retail investors reached 1.65 million, representing 10 percent of the total IPO shares.
- Lumi floated 16.5 million shares, or 30 percent of its SAR 550 million capital, divided into 55 million shares, on Tadawul.
Business
RSG gets Mostadam Diamond Certification
The accolade recognizes RSG's commitment to sustainability.
- Red Sea Global has worked closely with the Ministry of Municipal, Rural Affairs and Housing to help define the innovative Mostadam criteria.
- Together, they are creating vibrant and sustainable communities in the Kingdom, paving the way for a more sustainable housing sector.
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
- The Mubadala Capital Solutions platform is comprised of three fully integrated strategies to provide investors with access to a range of fund managers and direct opportunities.
- The first strategy within the Mubadala Capital Solutions platform is a diversified, evergreen investment product focusing on private market opportunities.