SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
Riyad Bank H1 profit up 27%
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Business
Empower to pay $136m in dividends
The dividend is 53.4 percent of the net profit earned by the firm last fiscal.
- The total dividends to shareholders amounted to AED3.15 billion since its inception in 2004, Empower said.
- The company reported total revenue of AED2.464 billion in 2021, increasing 9.3 percent compared to 2020.
Business
SIB foreign ownership up 40%
The decision follows approval of the Bank's General Assembly.
- The announcement follows the approval of the Bank's General Assembly, held on 26th February, and highlights an increasing demand from investors
- Mohamed Abdalla, CEO of Sharjah Islamic Bank, stressed that the UAE is in a competitive position which enables it to compete with advanced global economies
Business
Agthia Group revenues up 49%
The group’s net profit stood at AED216 million in 2021.
- Net profit stood at AED216 million ($58.82 million) compared to AED34 million ($9.26 million) in the previous year
- Of this, AED83 million ($22.6 million) of one-off costs were incurred as a result of a strategic review of the company's balance sheet
Business
DNI inks AECB deal
It will help DNI assess people and companies’ financial position.
- The MoU reportedly underlines DNI’s commitment to transparency within the financial sector
- With it, the insurer apparently aims to serve customers better and secure shareholders’ interests
Business
Obeikan Glass net profit up 900 percent
The Saudi manufacturer’s revenue rose 77 percent year-on-year.
- The firm, which recently joined the Saudi stock exchange, attributed the improved performance to an increase in sales volumes.
- Obeikan Glass Company says it is the largest glass manufacturing facility of its kind in the Middle East region.
Business
Shurooq picks acting COO
It has appointed Ahmed Obaid Al Qaseer to the post.
- Al Qaseer is expected to continue the concerted efforts to achieve Shurooq’s vision of developing world-class projects
- The new acting COO is also expected to bolster efforts to drive national and foreign investments into the emirate
Business
Umm Al Qura inks $800m deal
The project will see an investment of SAR3 billion ($800 million).
- The development of Masar destination has reportedly been planned according to a modern concept
- It is based on complementary and interrelated foundations, including environmental and urban aspects
Business
AMEA Power awarded $100m
Under the agreement, a 100MW solar plant will be built in Tunisia.
- In December 2019, a consortium formed by AMEA Power and TBEA Xinjiang New Energy was awarded the 100MW solar power plant located in Kairouan in Tunisia.
- The solar power plant construction is expected to begin by the end of this year.
Business
QOIC profits drop 25%
It will distribute cash dividends of QAR0.01 per share.
- QOIC saw a net profit of QAR4.99 million ($1.84 million) in the period ending December 31, 2021
- In comparison, its net profit was QAR6.7 million ($1.37 million) for the previous year
Business
Lufthansa posts net loss of $2.2bn
The German carrier said it cut its losses by two-thirds in 2021.
- German airline Lufthansa said that Ukraine invasion has led to uncertainty in aviation sector
- It said rising price of fuel would also adversely impact the sector and could reduce the profit
Company News
Volvo Cars Q2 net profit $342m
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SALIC buys 10.7% stake in BRF
Business
ADIA acquires hotel portfolio
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
Business
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Business
Saudi EXIM, India EXIM ink MoU
Pact was signed on the sidelines of G20 Summit in New Delhi.
- The primary objective of this agreement is to facilitate the export of products and services between Saudi Arabia and India.
- The key areas of cooperation encompass exporting products and services, the exchange of information and expertise.
Business
ADNOC L&S boosts barge fleet
With the latest acquisition, the firm now owns 39 JUBs.
- This expansion comes when JUB charter rates are robust due to the high demand for offshore services.
- One of the JUBs will serve the Iraqi market, marking ADNOC L&S’ entry into a new market and supporting the firm’s regional expansion.
Business
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.
- Vietnam Airlines will purchase 50 of the 737 aircraft, Biden said during a roundtable with senior executives from top American and Vietnamese firms.
- The communist country's aviation sector has boomed in recent years thanks to a rapidly expanding middle class with growing appetites.