Business
FedEx founder quits as CEO
Frederick Smith is stepping down after some five decades at the post.
- The change in guard will take place on June 1, with Smith becoming executive chairman
- Meanwhile, Chief Operating Officer Raj Subramaniam will ascend to president and CEO
Business
Huawei reports record net profit
The telecoms giant Huawei posted a net profit of $17.8 billion in 2021.
- The company has been caught in the crosshairs of the US-China trade and technology standoff, with US under Trump rule moving to cripple it over espionage concerns.
- Its revenue slumped by around 29 percent as it grappled with US sanctions aimed at blocking access to key technology and supplies.
Business
AD Ports, Kuwait GAC sign MoU
The port operator will develop a virtual trade corridor between the two countries.
- AD Ports Group’s digital arm, Maqta Gateway, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform.
- The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.
Business
Microsoft addresses graft charges
An ex-employee said it paid bribes in the Middle East and Africa.
- A former employee has said he was fired after working for Microsoft from 1998 to 2018 in Africa
- He said he saw company employees involved in corrupt practices in several countries in the region
Business
Barq EV launches smart mobility
The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing...
- The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing the last-mile delivery experience
- The initiative comes in line with the UAE's efforts to support the growth of the logistics, transport, and e-commerce sectors in the UAE
Business
ADNOC to pay $342m in dividend
A similar amount was paid for the first half of 2021 in October.
- The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia.
- ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.
Business
ADH invests $100m in DEWA
Abu Dhabi-based Alpha Dhabi Holding is a subsidiary of the IHC.
- ADH made the investment through its subsidiary Alpha Dhabi Partners Holding LLC, as a cornerstone investor
- As part of the transaction, Alpha Dhabi Partners Holding LLC will acquire shares through DEWA’s IPO
Business
Al Abjan to raise production
The firm plans to produce 30m hatching eggs by 2023 from 11m in 2021.
- The firm said after raising its production, it will meet more than 28 percent of the UAE’s requirement of 105 million eggs annually.
- Al Ajban anticipates 13 percent return on investment, in consideration of expansion plans that include a new chicken rearing farm.
Business
Ukraine war hits VW ops
A 150-strong task force is working feverishly to keep supply flowing.
- Volkswagen plans to use the lessons learned from Ukraine crisis as the war in country affects its production capacities
- Leoni restarted production in Ukraine on March 2 'with extra security precautions', and Soviet bunkers are being used to keep workers safe
Business
Toshiba holds spin-off plan vote
The plan has faced opposition from key investors.
- The ballot on the proposal to spin off Toshiba's electronic devices segment is meant to confirm support ahead of a binding resolution vote next year
- A vote to nix the spin-off would be another setback for the engineering giant and a rare victory for activist shareholders in corporate Japan
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stc Group begins work in Europe
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e& capital invests in Maxbyte
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Sukoon Insurance sets up OIWSS
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
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Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
- The company said that the Earnings per Share (EPS) amounted to US$0.01 (QR 0.065) as of September 30, 2023.
- UDC is a Qatari public shareholding company and the master developer of The Pearl and Gewan Islands.
Business
QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.
- Both the parties will work together to achieve sustainability objectives within the free zones in Qatar through energy transition.
- QFZ, Samsung C&T will also explore co-investment opportunities in green infrastructure within the free zones.
Business
Mashreq’s net profit surges 122%Â
The Return on Equity also achieved a record high, reaching 32.1%.
- The ROE also achieved a record high, reaching 32.1% during the same period, doubling compared to the performance in the first nine months of 2022
- The bank's non-interest income reached $626 million, marking an 8.1% year-on-year growth in the first three quarters of 2023