United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
Business
Herald, SAIF Zone sign agreement
Business
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
ExxonMobil to buy Denbury
Business
IDB inks pact with IRENA
Business
Ethmar net profit up $114m
Business
TCS Q1 profit at US$1.35bn
Business
Business
Kamco Invest net profit $34m
Total revenue nearly doubles to reach $99.5m in 2021.
- Revenues from fees and commissions increased by 34.3 percent compared to 2020 to reach KWD20.2m.
- The company said it raised over $1.1 billion for several products and transactions, distributed around $235mn to clients.
Business
BHM posts 125 percent rise in profit
The company nearly doubled its brokerage revenues in 2021.
- The company attracted 1,500 new accounts over the past year compared to 1,060 in 2020.
- BHM said it allocated a total income during 2021 of AED 65.4 million compared to about AED 41 million last year with a growth rate of 60 percent.
Business
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
- The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
- The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
Business
ADNOC framework agreements declared
The $1.94 bn agreements have been awarded to four companies.
- The wireline logging and perforation services are the largest of such awards in the oil and gas industry.
- The framework agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.
Business
Meta settles privacy suit
Facebook-parent has agreed to pay $90 million.
- The agreement was filed Monday in a California court and if approved by a judge would put to rest one of the series of suits alleging the social media giant invaded users' privacy
- The suit alleged the social media giant violated privacy guidelines by tracking its users' visits to outside web pages that contained Facebook "like" buttons
Business
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.
- The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
- This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Business
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.
- PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
- Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
- The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
- Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Business
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.
- As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
- Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
Business
Company News
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
Latest News
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
Business
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
Business
ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
Business
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Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.
Business
Enbridge inks $14bn pact
The deal will make it North America's largest natural gas supplier.
- Enbridge, which operates the world's longest petroleum pipeline system, said it is doubling its gas distribution business with the acquisitions.
- The deal underscores the continued value producers are placing in natural gas even as countries strive to reduce fossil fuel dependence to curb greenhouse gas emissions.
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.