DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
Business
Business
Sanad and Thales sign MoU
The two companies will collaborate on aviation services.
- Knowledge exchange will be a key focus under the terms of the agreement, and Thales will serve as a partner in diversifying Sanad’s business portfolio towards industrial services.
- Sanad and Thales will work collaboratively on regional and international projects, wherein Sanad would lead on providing cutting-edge industrial systems.
Business
Al-Dawaa starts trading on TASI
The pharmacy chain operator collected $500 million from shares buyers.
- The operator of one of Saudi largest pharmacy chains, Al-Dawaa offered 25.5 million shares in an initial public offering, representing 30 percent of capital.
- Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 bn riyals ($1.3 bn) and profit of 246m
Business
Valor International partners with HFZA
The companies will expand regional operations, boost production capacity.
- Valor International FZC will invest another AED77 million to build a multifunctional mini refinery over 193,750 sq. ft leased from the free zone
- With the new expansion plans, the total value of Valor’s investments in the free zone will reach close to AED200 million
Business
QFD unveils Morocco housing
The residential complex is located in Bir Al-Souk in Morocco.
- The residential complex is expected to have 12 buildings consisting of three floors and a basement
- Each floor contains four apartments, with each apartment having an area of 72 square meters
Business
Volkswagen sees 2021 profits surge
The carmaker sold 600,000 fewer vehicles in 2021 than in 2020.
- The German automaker expects its sales to increase by 5-10 percent in 2022
- The world's second-largest automotive group's revenue rose 12 percent last year due to 'favorable pricing'
Business
Deutsche Bank exits Russia
Bank’s move came in protest against Moscow's invasion of Ukraine.
- "We condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom," the bank said
- It said it had already "substantially reduced" its exposure in Russia since 2014, when Russia invaded Crimea
Business
DP World revenue up by 26.3 percent
The adjusted EBITDA growth was 15.3 percent ($3.828 bn) and capital expenditure $1.393bn.
- The revenue increase from $2.245 billion to $10.778 billion is supported by acquisitions and new concessions including Angola, Unico and Transworld.
- Like-for-like non containerized revenue grew 9.5 percent with a strong performance from the Feedering business.
Business
Aramco JV inks China deal
The refinery, in China’s Panjin, should be operational by 2024.
- The liquids-to-chemicals complex is being built by Huajin Aramco Petrochemical Company (HAPCO), of which Aramco is a part
- The other members of the JV are North Huajin Chemical Industries Group Corporation and the Panjin Xincheng Industrial Group
Business
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.
- DH had seen profits of AED217 million ($59.09 million) for the previous year
- The numbers point to an increase of nearly 1,150 percent in net profit for the company
Business
New FB tools target groups
The tools help groups automatically reject posts with false info.
- More than 1.8 billion people per month use Facebook Groups, which allow members to gather around various topics
- Yet, critics have said the groups are ripe targets for misinformation as they sometimes have large audiences of like-minded users
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
Company News
FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
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Volvo Cars Q2 net profit $342m
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
Business
RSG gets Mostadam Diamond Certification
The accolade recognizes RSG's commitment to sustainability.
Business
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Business
Birkenstock to enter stock market
Birkenstock employs around 6,200 workers globally.
- The footwear brand announced Tuesday it was preparing to take another step into the big leagues with an IPO in New York.
- Birkenstock's most famous sandal is the Arizona, which features two wide straps with buckles, on trademark cork and latex soles.
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
- Agthia Group had announced strong first-half results, with group net revenue increasing 10.3 percent year-on-year to US$599 million.
- EBITDA increased 18.3 percent supported by margin expansion in snacking, protein, water and food, and a 6.6 percent increase in group net profit.
Business
ENEC inks MoU with OSGE
Aim is to help in decarbonization of the Polish power sector.
- One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
- Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.