EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
TAQA H1 net income $3.67bn
Business
Ma’aden Q2 revenues hit $1.86bn
Business
Air Arabia Q2 profit $125m
Business
Business
Emirates opens office in Fujairah
The office is located in Al Ghilaila Building, overlooking the Fujairah corniche.
- Emirates has worked in partnership with dnata Representation Services as its General Sales Agent (GSA) in Fujairah for the past three decades.
- The new retail sales office four customer service counters dedicated to flight reservations, ticketing, and general customer enquiries.
Business
Yahsat revenue $123m in 2021
The company signed several contracts in Data and Mobility solutions businesses.
- Yahsat said it is well-positioned to grow in 2022, with approximately 70 percent of the Group's 2022 projected revenues contracted as of 31 December 2021.
- In 2021, Yahsat achieved an Adjusted EBITDA margin of 59 percent with Adjusted EBITDA of AED883.2 million [$240.5 million].
Business
Boeing halts Russia support
It has stopped its Moscow operations and support for Russian airlines.
- Boeing suspended parts, maintenance, and technical support services for Russian airlines over Putin's invasion of Ukraine
- Apple has already stopped all its products sales in Russia while the EU has banned Russian state media from streaming
Business
Master Works raises $40m
The transaction was done by Merak Capital.
- Founded in 2010, Master Works offers products and services across multiple technology fields
- They include data management, AI, data strategy, API management, software development, and RPA
Business
Apple pauses Russia sales
Apple Pay and other services are also limited in Russia.
- Western governments, sporting organizations, and big companies have cut Russia off
- They have also sanctioned Russia over the internationally condemned attack Ukraine
Business
ExxonMobil out of Russia
It has offices in Moscow and St Petersburg with 1,000 employees.
- The US oil giant deplored Russia's action in Ukraine and underlined that it will no longer invest in Russian projects
- ExxonMobil had earlier pulled out two joint ventures during the previous round of sanctions against Russia
Business
Emirates Steel and Mauritania’s sign MoU
The two companies will form a joint venture company.
- The two companies will study joint plans to produce iron oxide pellets, the primary feedstock required for Direct Reduction steel plants.
- At 1.5 billion tons, Mauritania has the largest iron reserves in the Arab world and Africa.
Business
Mubadala invests in SX Global
Media reports said Mubadala will be investing at least $50 million.
- The investment will support SX Global’s expansion plans for a global supercross series in a new competitive format.
- Mubadala has previous experience in the sports industry. It invested in talent agency Endeavor, which subsequently bought the UFC and the Professional Bull Riders tour.
Business
TikTok videos get longer
The app is now letting users upload videos as long as 10 minutes.
- Longer videos could also enable TikTok creators make more money and boost the platforms advertising business
- YouTube recently laid out goals for this year that included making the lives of creators easier and boosting a popular format
Business
Nadec appoints new CEO
The Riyadh-based firm has appointed Solaiman Abdulaziz Altwaijri as its CEO
- Hadsbjerg resigned for "personal reasons", and also left the company's board, according to a bourse statement
- The National Agricultural Development Company is one of the biggest agricultural and food-processing share stock companies in the MENA region
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EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
Company News
TAQA H1 net income $3.67bn
Business
Ma’aden Q2 revenues hit $1.86bn
Business
Air Arabia Q2 profit $125m
Business
Latest News
DEWA Q2 revenue $2bn
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
Business
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Business
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.
- According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
- Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
Business
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.
- Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
- The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.
Business
Invest AD to launch debt fund
Invest AD Blackstone Debt Fund is an SCA-regulated fund.
- The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
- The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.