Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
Ryanair inks pact with Joramco
Business
Business
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.
- Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
- Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business
L’Oreal luxury makeover sales glow
The company's first quarter sales jumped nearly a fifth.
- The 19 percent rise in sales to 9.06 billion euros ($9.8 billion) beat the analyst consensus of 8.8 billion euros established by Factset
- "Against the backdrop of the invasion of Ukraine and strengthened sanitary measures in China, L'Oreal had a strong first quarter," said chief executive Nicolas Hieronimus
Business
Netflix reports subscriber drop
It ended Q1 2022 with fewer subscribers than Q4 2021.
- Factors hampering Netflix’s growth include subscribers sharing accounts with people not living in their homes
- Another factor crimping Netflix’s growth is the intense competition from titans such as Apple and Disney
Business
NBK Q1 net profit $383m
Total assets by the end of March grew by 8.7 percent YOY.
- Total loans and advances increased by 12.3 percent year-on-year to $66 billion, and total shareholders’ equity reached $11.2 billion.
- Net operating income of KD 236.5 million ($778.3 million), increasing by 6.8 percent compared to Q1 2021.
Business
QMM is market maker for Chimera Capital
QMM, part of ADQ, was launched in 2020.
- QMM, part of ADQ, was launched in 2020, and has, over the past 18 months, played an active role in increasing ADX’s liquidity
- "We are pleased to have QMM as a market maker for our four ADX-listed ETFs,” Syed Basar Shueb, Chairman of Chimera Capital, said
Business
Nakilat Q1 net profit up 19.28 percent
Nakilat noted that earnings per share amounted to QR 0.07 in Q1 2022.
- Compared to its profit in April of 2021 which, stood at QR 320.106 million, the profit reached QR 381.835 million.
- Nakilat represents the main transport link in the global supply chain of liquified natural gas from the State of Qatar.
Business
QEWC profit up 4.5% in Q1
Profits in the first quarter of 2022 reached $106.78 million.
- QEWC is one of the largest energy production and desalination companies in MENA
- It is the main provider of electricity and desalinated water in Qatar
Business
NBQ reports Q1 profit of $26.3m
Its net profit increased 26.26% from the same period last year.
- The cost to income of NBQ stood at 27.11 percent during three months
- It reflected the bank's operational efficiencies and disciplined cost management
Business
Investcorp may buy AC Milan
The Bahrain-based firm looking to spend around €1 billion.
- Italian Serie A team AC Milan is a seven-time European soccer champion
- It was once owned by the country’s former Prime Minister Silvio Berlusconi
Business
Emaar plans new Fujairah resort
The Emaar Hospitality Group will open the resort in Q2.
- The Emaar Hospitality Group is the hospitality and leisure arm of Dubai-based developer Emaar Properties
- Palace Beach Resort Fujairah will reportedly be the third beach resort of its Address Hotels + Resorts collection
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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
Company News
PIF to buy Hadeed, Rajhi Steel
Business
Alahmadi joins SHUAA Board
Business
SABIC-Sinopec China plant opens
Business
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Lavoie buys e-bike firm VanMoof
Business
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
Business
BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
Business
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Business
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
- The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings.
- Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms.
Business
SABIC Agri-Nutrients profit falls
SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.
- Revenue fell 40 percent year-on-year (YoY) to US$712 million (SAR2.67 billion) in the three months ended September 30, 2023.
- Net profit dropped 66 percent to US$714 million (SAR 2.68 billion) in the first nine months of 2023 compared to US$2 billion a year ago.
Business
AlUla signs pact with Six Senses
Six Senses AlUla will open in Saudi Arabia in 2027.
- Luxury hotel Six Senses AlUla will span across 1,200,000 square meters and will be built within a natural oasis adorned with lush palm groves.
- It will feature 100 guest villas and 25 residences, which will be designed to seamlessly integrate with AlUla's breathtaking natural landscape.