Yalla Group H1 revenue $152m
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KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
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Business
Valor International partners with HFZA
The companies will expand regional operations, boost production capacity.
- Valor International FZC will invest another AED77 million to build a multifunctional mini refinery over 193,750 sq. ft leased from the free zone
- With the new expansion plans, the total value of Valor’s investments in the free zone will reach close to AED200 million
Business
QFD unveils Morocco housing
The residential complex is located in Bir Al-Souk in Morocco.
- The residential complex is expected to have 12 buildings consisting of three floors and a basement
- Each floor contains four apartments, with each apartment having an area of 72 square meters
Business
Volkswagen sees 2021 profits surge
The carmaker sold 600,000 fewer vehicles in 2021 than in 2020.
- The German automaker expects its sales to increase by 5-10 percent in 2022
- The world's second-largest automotive group's revenue rose 12 percent last year due to 'favorable pricing'
Business
Deutsche Bank exits Russia
Bank’s move came in protest against Moscow's invasion of Ukraine.
- "We condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom," the bank said
- It said it had already "substantially reduced" its exposure in Russia since 2014, when Russia invaded Crimea
Business
DP World revenue up by 26.3 percent
The adjusted EBITDA growth was 15.3 percent ($3.828 bn) and capital expenditure $1.393bn.
- The revenue increase from $2.245 billion to $10.778 billion is supported by acquisitions and new concessions including Angola, Unico and Transworld.
- Like-for-like non containerized revenue grew 9.5 percent with a strong performance from the Feedering business.
Business
Aramco JV inks China deal
The refinery, in China’s Panjin, should be operational by 2024.
- The liquids-to-chemicals complex is being built by Huajin Aramco Petrochemical Company (HAPCO), of which Aramco is a part
- The other members of the JV are North Huajin Chemical Industries Group Corporation and the Panjin Xincheng Industrial Group
Business
Dubal Holding profit at $735m
DH is Dubai’s commodities and mining investment arm.
- DH had seen profits of AED217 million ($59.09 million) for the previous year
- The numbers point to an increase of nearly 1,150 percent in net profit for the company
Business
New FB tools target groups
The tools help groups automatically reject posts with false info.
- More than 1.8 billion people per month use Facebook Groups, which allow members to gather around various topics
- Yet, critics have said the groups are ripe targets for misinformation as they sometimes have large audiences of like-minded users
Business
Empower to pay $136m in dividends
The dividend is 53.4 percent of the net profit earned by the firm last fiscal.
- The total dividends to shareholders amounted to AED3.15 billion since its inception in 2004, Empower said.
- The company reported total revenue of AED2.464 billion in 2021, increasing 9.3 percent compared to 2020.
Business
SIB foreign ownership up 40%
The decision follows approval of the Bank's General Assembly.
- The announcement follows the approval of the Bank's General Assembly, held on 26th February, and highlights an increasing demand from investors
- Mohamed Abdalla, CEO of Sharjah Islamic Bank, stressed that the UAE is in a competitive position which enables it to compete with advanced global economies
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4.4m travel by SAR in H1 2023
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Yalla Group H1 revenue $152m
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KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
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Estithmar opens branches in Iraq
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AD Ports Q2 revenue grows 66%
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Ma’aden, BADC ink agreement
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United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.
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General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
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Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
- The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
- On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
- The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
- It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.