Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
Yahsat to invest US$100m
Business
Invictus plans $272m expansion
Business
Business
Engie posts €4.2bn profit
It pointed to energy prices and good asset performance for the rise.
- The firm posted a net profit of €3.7 billion ($4.2 billion) after a loss of €1.5 billion in 2020
- The emergence of the Covid-19 pandemic had roiled the global economy and energy prices
Business
Etisalat 2021 revenue up 3.2%
The consolidated revenue stood at AED53.34 billion ($14.52 billion).
- The company attributed the growth to increased demand for data connectivity and digital services
- The growth was also attributed to international operations and improvement in domestic operations
Business
Mubadala closes Brazil fund
Brazil Special Opportunities Fund I is Mubadala's first fund in Brazil.
- The fund raised capital from a diverse set of global investors, including a leading public pension fund, family offices and corporates among others.
- Mubadala Capital manages over $10 billion of assets in third-party managed funds across its Brazil, private equity, public equities and venture capital businesses.
Business
YGS awarded $247m mandate
The company will provide enhanced managed services to the UAE government.
- The agreement augments the previous operations and maintenance services provided, to include technology management support, from Jan 2022 until the end of 2026.
- Yahsat has been providing operations and maintenance services since 2011 on its first two satellites, Al Yah 1 and Al Yah 2.
Business
Apollo to invest in Aldar
Apollo-managed funds and clients will invest $1.4bn in Aldar.
- A total of $500 million would be invested into a land joint venture, $500 million are meant as perpetual Subordinated Notes issued by Aldar Investment Properties.
- Aldar said the land joint venture will allow it to realize long-term value tied up in its vast landbank while maintaining flexibility to develop or sell the land.
Business
DEWA expands fibre optic ducts
The company lays 394 kms of Fibre Optic ducts in 2021.
- The company increased the total length of these cable ducts since 2015 and until the end of last year to 3,275 kilometres
- The external FO ducts protect and direct all Fibre Optic Cables in communication, data transfer and remote operations.
Business
East Pipes to list on TASI
The offer comprised a total of 6.3 million shares.
- This came after the initial public offering of the company was 71.8 times oversubscribed, setting the final offer price at SR80 ($21.3)
- SNB Capital, as the financial advisor of the offer, led the book-building process, which started on Jan. 11 and ran through Jan. 17
Business
QLM net profit up 8 percent
The insurer reported a growth of 16 percent in underwriting income.
- The Company’s net profit for the Year 2021 is QAR 106.2 million compared to QAR 98 million in 2020, a growth of 8 percent.
- The company’s board has recommended a cash dividend of 22 percent (QAR 0.22 per share).
Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Arts & Culture
Novel crisis: Iran’s booking shrink as US sanctions bite
The price of a book in Iran depends on the fluctuation of its currency as the country relies on paper...
- Many publishing houses in Iran have been out of business as the economic crisis deepens
- Iranian publishers slash number of titles published and cut the number of pages which they print by shrinking the font size
Company News
Latest News
TCS Q1 profit at US$1.35bn
Business
Yahsat to invest US$100m
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
Most Read
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
- The firm, headquartered in Luxembourg and Geneva, said last month it was considering a possible take-private deal with an offer price of no less than HK$26 ($3.30) per share.
- The group's portfolio includes L'Occitane en Provence, French beauty brand Melvita, Korean skincare line Erborian, and Elemis, a British care product brand
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.