Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
Business
Arab Bank profit up 61%
The net income after tax rose from $195.3m to $314.5m.
- The Arab Bank Group consolidated the financial statements of Oman Arab Bank under its group accounts
- This increased total assets by $8.4 billion to $63.8 billion, compared to $54.4 billion for the same period last year
Business
SACC picks board heads
It has also formed several panels that will function for three years.
- The SACC has said Mohammed Abdulaziz ‎Al Sarhan, an independent member, has been appointed chairman ‎of the Board of Directors‎
- It also announced the appointment of Raed Ibraheem Al Mudaiheem, another independent member, as the Vice-‎Chairman of the board‎
Business
Applebees, IHOP in UAE soon
The first location is scheduled to open in Dubai later this year.
- Dine Brands International is set to open multiple Applebee's Neighborhood Grill + Bar and IHOP restaurants in the UAE
- The first location will open in Dubai later this year through an agreement with established IHOP Franchisee
Business
Toyota is top-selling automaker
The company overcomes chip shortage, supply chain woes.
- The Japanese auto giant said it sold nearly 10.5 million vehicles in 2021, a jump of about 10 percent from 2020
- In 2021, "the effects of the spread of Covid-19 were less severe than in 2020," Toyota said in a statement
Business
LVMH sees record sales, profit despite pandemic
The world's leading luxury group more than recovered from the coronavirus pandemic as it earns a record €64.2 billion ($71.5bn)...
- One reason for the luxury group's out-performance was improved profitability
- Its operating margin rose to 26.7 percent, up from 21.4 percent in 2019
Business
Auto alliance to invest $25 bn
The investment in electric vehicles spread over next 5 years.
- Nissan, Renault and Mitsubishi Motors said the latest outlay followed $11 billion already spent on its "offensive strategy in electrification".
- The alliance vowed to boost cooperation by using five common manufacturing platforms for most models.
Business
FAB’s 2021 profit hits AED12.5bn
This marks a 19 percent increase year-on-year.
- Asset quality metrics remained healthy, underpinned by prudent risk management and the relief measures under the UAE Central Bank TESS programme
- Zayed Al Nahyan, chairman of the FAB, added that FAB's Board of Directors recommends a dividend per share of 70 fils equivalent for the full year ended 31st December 2021
Business
iPhone retakes top spot in China
iPhone accounted for 23% of the market in Oct-Dec.
- A surge in sales saw the iPhone maker account for 23 percent of the highly competitive market in October-December
- A surge in sales saw the iPhone maker account for 23 percent of the highly competitive market in October-December
Samsung profit up 53%
High memory chip prices helped the company.
- The world's biggest smartphone maker said its operating profit rose to 13.87 trillion won ($11.55 billion) for the October-December period in 2021
- Thanks to high memory chip prices and strong consumer demand, Samsung had its highest annual sales of 279.6 trillion won in 2021
Business
Marriott Autograph Collection in Sharjah
Two of Shurooq projects will operate under Autograph brand.
- Khorfakkan Hotel will be developed to cater to the needs of families and adventurers..
- The other five-star development, Kalba Hotel, will be spread across a land area of approximately 60,000 sqm.
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
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Ant Group to buyback shares
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Verition opens office in DIFC
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AllianceBernstein office in DIFC
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Estithmar opens new subsidiary in Jordan
The subsidiary was set up in partnership with a Jordanian company.
Business
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
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Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
- The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
- Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.