Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
EDGE Group, Indra form JV
Business
Salik revenue soars to US$574m
Business
GAS, SPPC ink two contracts
Business
QFC signs two MoUs
Business
Goldman Sachs, Mubadala ink pact
Business
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
- Mobile devices will become the primary access points for AI, with Samsung aiming to be a leader on that path, Samsung president T.M. Roh said
- The premium S24 Ultra unveiled at an event was said to have the capability to translate foreign language phone calls and texts while they were taking place
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
- The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
- The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
Aramco Digital, Intel to join hands
The aim is to help develop of Open RAN technologies.
- The facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the Kingdom.
- This collaboration aims to align with Saudi Arabia's Vision 2030, which focuses on technological advancements and economic diversification.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Company News
EDGE Group, Indra form JV
Business
Salik revenue soars to US$574m
Business
GAS, SPPC ink two contracts
Business
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ADIB 2023 net profit $1.4bn
Business
QFC signs two MoUs
Business
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
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Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
- Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
- The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
- Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
- Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments