Boeing to check undelivered 787s due to fastener issue
New York, United States - Boeing said Thursday it is examining fasteners on some undelivered 787 jets after discovering problems with...
Business
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
Estithmar opens branches in Iraq
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Business
Dana Gas to pay 4.5 fils per share
The total dividend paid for 2021 now stands at 8 fils.
- For the full year 2021, the company achieved a net profit of AED1.2 billion ($317 million)
- The Company's collections in 2021 were the highest ever at AED1.4 billion ($377 million), and the year-end cash position stood at AED678 million ($185 million).
Business
Evergreen ship runs aground
The Ever Forward ran aground in the Chesapeake Bay in the US.
- The accident came almost exactly a year after the 200,000-ton container ship MV Ever Given blocked the Suez Canal for six days
- The canal is a vital artery from Asia to Europe that carries 10 percent of global maritime trade and provides Egypt with vital revenue
Business
Sanad and Thales sign MoU
The two companies will collaborate on aviation services.
- Knowledge exchange will be a key focus under the terms of the agreement, and Thales will serve as a partner in diversifying Sanad’s business portfolio towards industrial services.
- Sanad and Thales will work collaboratively on regional and international projects, wherein Sanad would lead on providing cutting-edge industrial systems.
Business
Al-Dawaa starts trading on TASI
The pharmacy chain operator collected $500 million from shares buyers.
- The operator of one of Saudi largest pharmacy chains, Al-Dawaa offered 25.5 million shares in an initial public offering, representing 30 percent of capital.
- Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 bn riyals ($1.3 bn) and profit of 246m
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
Boeing to check undelivered 787s due to fastener issue
New York, United States - Boeing said Thursday it is examining fasteners on some undelivered 787 jets after discovering problems with...
Business
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DP World H1 EBITDA $2.6bn
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Tencent Q2 net income $3.6 bn
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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
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APIC H1 net profit down 39%
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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
Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
- The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
- GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles