Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
Business
KEZAD Group, GFCF ink deal
Business
Business
SAN Group to invest in RAKEZ
The firm will construct a sustainable hydrogen production unit in the zone.
- This biotech facility will consist of a research center, laboratory, desalination plant, greenhouse as well as hydroponic and aquaponic indoor systems.
- The project will be constructed with an investment of $3.2 million and will be operational at the end of 2022.
Business
DP World volume growth 9.4 percent
All DP World regions delivered volume growth, especially India.
- 2021 gross volume growth was broad-based with India, Asia Pacific, Middle East & Africa, Europe, Australia and Americas regions being the key growth drivers.
- Chief Executive Officer Sultan Ahmed Bin Sulayem said the performance was due to the company's continued investment in high-quality assets in the right locations.
Business
Toyota profit beats estimates
The company was the world's top-selling carmaker in 2021.
- For the nine months to December, the firm logged net profit of 2.31 trillion yen, a jump of 57.8 percent on-year
- The Japanese auto giant, which kept its crown as the world's top-selling carmaker in 2021
Business
Al Seer Marine invests in AD Ports
With an investment of $326m, Al Seer now owns 7.36 percent of AD Ports.
- Founded in 2003 and with AED1 billion in paid-in capital, Al Seer Marine has over 1,200 employees.
- As of December 2021, the company’s assets amounted to AED6.1 billion, compared to AED717.81 million at the start of the year.
Business
Volume growth helps AD Ports Group post $230m net profit in 2021
The company posted a net profit of $230m in 2021, from $108m in 2020.
- As of 31st December 2021, the total assets of the Group stood at AED28.5 billion.
- In January 2022, the Group received ownership stakes from ADQ in two listed companies--Aramex and National Marine Dredging Company.
Business
BP profits $7.6bn in 2021
The company aims to cut emissions by 50 percent by 2030.
- BP posted a net profit of $7.6 billion (€6.7 billion) last year
- This followed a loss after tax of $20.3 billion in 2020
Science
Lockheed Martin nets NASA deal
The company will make a rocket to bring back rocks from Mars.
- According to the US space agency's statement, Lockheed Martin has won a NASA contract to build the rocket which will bring the first Mars rock samples to Earth in the 2030s
- NASA will launch a plan in 2026 to send the mini-rocket to Mars, carrying another rover responsible for collecting the rock samples
Business
Nakilat net profit $370m
This is the company's highest profit since its inception.
- Earnings per share (EPS) amounted to QR 0.24 as of 31 Dec 2021 versus Earnings per share (EPS) of QR 0.21 for the same period in 2020.
- For this period, the company's Board recommends a cash dividend at QAR 0.12 per share.
Business
Toshiba to split into 2 firms
This is a revision of an earlier proposal to divide into three companies.
- Toshiba aimed to complete the split in the second half of the 2022-23 financial year
- Toshiba has revealed its deal worth some $867 million to sell air-conditioning subsidiary Toshiba Carrier to the US-based Carrier Corporation
Business
DP World Q4 volume up 2.6%
The gross container volumes rose by 9.4% year-on-year.
- DP World has said its gross volume growth in 2021 overall was reportedly broad based
- India, Asia Pacific, Middle East & Africa, Europe, Australia, and the Americas were key growth drivers
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
Business
Company News
Invictus plans $272m expansion
Business
KEZAD Group, GFCF ink deal
Business
Latest News
Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
Business
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Business
PIF to buy Hadeed, Rajhi Steel
New firm will help Kingdom’s steel-making capacity.
- The transactions are in line with PIF’s broader efforts to accelerate Saudi Arabia’s industrial development.
- Move will help in construction, automotive, utilities, renewables, transport sectors in line with Saudi Vision 2030.
Business
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.
- Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
- His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Business
Estithmar opens new subsidiary in Jordan
The subsidiary was set up in partnership with a Jordanian company.
- In August, Estithmar Holding subsidiary Elegancia Healthcare established a branch in Iraq.
- Estithmar Holding had signed agreements with the Iraqi investment authority worth $7 billion.