Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
Business
Herald, SAIF Zone sign agreement
Business
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
Business
Etihad Rail and FAB sign pact
The bank will arrange finances worth $541m for passenger transport.
- The agreement comes as part of the UAE National Railways Programme, the largest land transport system of its kind in the UAE.
- With the launch of the railway passenger services, the passenger trains will strengthen connectivity between the UAE by connecting 11 cities and locations in the country.
Business
Mercedes-Benz posts strong results
Mercedes saw the key measure rise 19.2 bn euros.
- Mercedes, which changed its name from Daimler at the beginning of the month, saw the key measure rise $21.6 bn
- The group's net profit increased almost six-fold to 23.4 billion euros from four billion euros in 2020
Business
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.
- Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
- Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic
Business
QDB inks deal with QSC
Qatar Development Bank (QDB) will support Qatari entrepreneurs and innovators, small and medium-sized companies, to help diversify the country's economy.
- The MoU provides for the support of innovators of the Qatar Scientific Club by providing financial grants
- It also helps by providing technical consultancy to manufacture and test the prototype for innovation
Business
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.
- The retail offering was 12.63 times covered after allocating one million shares to individual investors
- The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
Business
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.
- Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
- The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Business
Alibaba shares slump 5%
The drop followed reports that the Ant Group was being probed.
- Chinese regulators launches a wide-ranging crackdown on alleged anti-competitive practices by Alibaba and other domestic tech giants
- Chinese Food delivery giant Meituan shares has plummeted over 20 per cent since Friday which is the biggest fall of the stock
Business
Mubadala invests in PDG
Singapore-based Princeton Digital Group (PDG) has closed an equity investment from Mubadala Investment Company (Mubadala) as a lead investor for...
- PDG is a leading Pan-Asia data center operator with a footprint across key Asian digital economies
- PDG has a portfolio of 20 data centers with over 600MW of secured capacity and spanning five countries
Business
HSBC 2021 profits double
The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before,...
- The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before, helped by lower bad loans and operating expenses
- The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy
Business
Nahdi posts $226million profit
The Jeddah-based pharma retailer plans to float 30 percent of its capital.
- The Jeddah-based pharma retailer made revenues of SR8.6 billion ($2.3billion) during the year
- Nahdi currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE
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ADNOC L&S buys VLCC
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Almarai profit rises 27% in H1
Business
Herald, SAIF Zone sign agreement
Business
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
Business
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Business
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
- The cooling infrastructure will potentially reduce over 200MW of peak electricity demand.
- The district cooling agreements are part of Telangana’s vision to become net zero by 2047.
Business
ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
- The agreement grants Kawasaki access to ENOC Group’s advanced lubricants from top-tier mineral oils for regular bikes to fully synthetic oils designed for high-end bikes.
- ENOC said the new products meet an array of standards including, API SP and JASO T903: 2023 MA-2, guaranteeing best-in-class oil thickening and wear protection.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.