Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Masdar, Africa50 sign MoU
Business
Enbridge inks $14bn pact
Business
Business
Emirates Steel Arkan Q1 profit $19.62m
The firm said the impact of Emirates Steel and Arkan merger was positive.
- The company announced revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021.
- It said the net profit was boosted by enhanced operational performance and higher sales volumes.
Business
Sony logs record full-year sales
However, net profit dipped 14% from the last year's record high.
- A lockdown-fueled gaming boom has slowed down, but Sony has seen success in other sectors
- Spider-Man: No Way Home has overtaken Avatar as North America's third-highest-grossing film
Business
Aramco shares up 3 percent
Oil prices continue to spike, beefing up energy companies.
- The stock price slightly retreated to SR45.8 later in the day at 12:07 p.m. Saudi time.
- Saudi Aramco now holds the second largest market valuation globally of SR9.15 trillion.
Business
Jeddah airport picks new acting CEO
Ayman Aboabah was appointed after the airport witnessed chaos.
- Aboabah has 28 years of experience, where he had held several leadership positions including the vice president for operations at Riyadh Airports Co.
- Several clips featuring the chaotic situation have gone viral on the internet, with people questioning why su.ch a situation happened at the newly built $9.6 bn airport.
Business
Aafaq Islamic Finance picks new CEO
The company has appointed Hisham Hammoud to the post.
- Hisham Hammoud is considered one of the pioneers in the banking and financial sectors
- He has more than 25 years of experience in the fields of banking and Islamic banking
Business
Reliance nets $100bn annual revenue
With this turnover, it became the first Indian firm to cross the mark.
- The conglomerate reported a net profit of INR162.03 billion ($2.1 billion) between January and March
- This was 22.5 percent higher than the same period last year for the group, owned by Asia’s richest man
Business
Adidas’s Q1 profit dips
German sportswear giant was hurt by China lockdowns.
- The group's net profit from its continuing operations fell to 310 million euros, from 502 million euros in the same quarter last year
- The setback was accompanied by a three-percent drop in sales across the board, the group said in a statement
Business
Petrobras profits rise despite hurdles
Brazilian President Jair Bolsonaro has criticized it for rising fuel prices.
- Petrobras on Thursday reported a first-quarter net profit of 44.6 billion reais ($8.6 billion)
- The result was 38 times more than the Q1 2021 result of 1.2 billion reais ($180 million)
Business
AD Ports to develop Egypt projects
AD Ports to develop, operate, and manage a terminal in Safaga seaport.
- Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority sign a term sheet and a head of terms agreement for the development of these projects.
- AD Ports Group will also develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.
Business
Shell profit up on high oil prices
Revenue rallied 51 percent to $84.2 billion.
- Profit after tax leapt to $7.1 billion (6.7 billion euros) compared with a year earlier, Shell said in a statement
- While the group took a $3.9-billion charge on its exit from Russia after Moscow invaded Ukraine, it saw lower costs elsewhere
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
Latest News
Masdar, Africa50 sign MoU
Business
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
Business
Most Read
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.
- The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
- The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.