SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
Business
Business
Nike posts $1.4b quarterly profit
Strong pricing helps company offset lower China sales
- The apparel and sneaker company scored increased sales in three of its four operating regions, led by Asia Pacific/Latin America and North America
- Nike said its gross profit margin increased from the same period of last year due to more full-priced sales, partly offset by elevated freight and logistics costs
Business
Stellantis MENA shipments up
Expansion into 10 new countries MENA countries strong driver for growth.
- The UAE saw a 41 percent increase across all brands from the same period last year, with Jeep increasing sales from 25 percent and PEUGEOT increasing by 70 percent.
- Saudi Arabia witnessed a 36 percent growth across all Stellantis products with PEUGEOT being the automaker’s highest performing brand with a 222 percent growth.
Business
Gas production begins at Pegaga
The production started by Abu Dhabi-based Mubadala Petroleum.
- Pegaga will be a key producing field supplying gas to PETRONAS LNG Complex, in Bintulu, Sarawak, Malaysia.
- Mubadala Petroleum has been present in Malaysia since 2010 and is the Operator of Block SK 320 with a 55 percent stake.
Business
Salalah Free Zone inks $3.9m deals
The projects will be set up in the Mazaya warehouses.
- The first agreement is on the establishment of a complex for the trade of plastic products
- The second agreement is to establish a complex to assemble communications equipment
Business
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday.
- On Monday, the company announced that trading would be ‘halted’, bit did not give a reason
- Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended
Business
Zain Group signs MoU with Huawei
Zain Saudi Arabia launched the largest 5G network in the region.
- The two entities will also work together to define autonomous driving network-level criteria and explore new use cases.
- Zain Kuwait’s 5G data traffic already accounts for 46 percent of its total wireless traffic.
Business
Aramco profits doubled in 2021
The rise was due to crude prices, as the global economy recovered.
- Aramco's net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- It had achieved a net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets
Business
Cloud plaint hits Microsoft
The tech giant is being accused in Europe of stifling competition.
- Three companies have lodged a complaint with the European Commission against Microsoft
- They have accused the US technology giant of anti-competitive practices in its cloud services
Business
Google faces racism lawsuit
Ex-employee says Google imposed ‘barriers’ on Black workers.
- Ex-employee April Curley, hired by the tech giant in 2014, has contended in her suit that she was undermined at Google
- She says she was ultimately fired for advocating reform of ‘barriers and double standards’ imposed on Black Google employees
Business
Julphar revenue up 100 percent
The growth attributed to increased market share in key operating regions.
- In 2021, Julphar reported EBITDA from Continuing Operations at AED164.8 million.
- The Company’s profit after tax for full year 2021 reached AED59.4 million.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
Business
Latest News
DP World H1 EBITDA $2.6bn
Business
Tencent Q2 net income $3.6 bn
Business
Most Read
Business
Boeing posts Q3 loss
The firm trims full-year forecast for deliveries of the 737.
- The US aviation giant, which has struggled with manufacturing and quality control issues in recent years, reported a third-quarter loss of $1.6 billion
- The latest issue with the 737 is the result of misshapen holes drilled in a part of the fuselage that helps maintain plane pressure.
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business
United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.
- The performance can be attributed to the bank's improved operating performance, resulting in lower expected credit losses and a reduced cost of risk
- The total income for the period was approximately AED174 million ($47 million), showing a remarkable 61% year-on-year increase and a 16% quarter-on-quarter increase