Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
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
Business
Agthia Group revenues up 49%
The group’s net profit stood at AED216 million in 2021.
- Net profit stood at AED216 million ($58.82 million) compared to AED34 million ($9.26 million) in the previous year
- Of this, AED83 million ($22.6 million) of one-off costs were incurred as a result of a strategic review of the company's balance sheet
Business
DNI inks AECB deal
It will help DNI assess people and companies’ financial position.
- The MoU reportedly underlines DNI’s commitment to transparency within the financial sector
- With it, the insurer apparently aims to serve customers better and secure shareholders’ interests
Business
Obeikan Glass net profit up 900 percent
The Saudi manufacturer’s revenue rose 77 percent year-on-year.
- The firm, which recently joined the Saudi stock exchange, attributed the improved performance to an increase in sales volumes.
- Obeikan Glass Company says it is the largest glass manufacturing facility of its kind in the Middle East region.
Business
Shurooq picks acting COO
It has appointed Ahmed Obaid Al Qaseer to the post.
- Al Qaseer is expected to continue the concerted efforts to achieve Shurooq’s vision of developing world-class projects
- The new acting COO is also expected to bolster efforts to drive national and foreign investments into the emirate
Business
Umm Al Qura inks $800m deal
The project will see an investment of SAR3 billion ($800 million).
- The development of Masar destination has reportedly been planned according to a modern concept
- It is based on complementary and interrelated foundations, including environmental and urban aspects
Business
AMEA Power awarded $100m
Under the agreement, a 100MW solar plant will be built in Tunisia.
- In December 2019, a consortium formed by AMEA Power and TBEA Xinjiang New Energy was awarded the 100MW solar power plant located in Kairouan in Tunisia.
- The solar power plant construction is expected to begin by the end of this year.
Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
Company News
4.4m travel by SAR in H1 2023
Business
Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
Latest News
Estithmar opens branches in Iraq
Business
AD Ports Q2 revenue grows 66%
Business
Ma’aden, BADC ink agreement
Business
United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.
Business
Most Read
Business
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.
- The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
- After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros
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.