AD Ports Q2 revenue grows 66%
Business
Ma’aden, BADC ink agreement
Business
Business
QOIC profits drop 25%
It will distribute cash dividends of QAR0.01 per share.
- QOIC saw a net profit of QAR4.99 million ($1.84 million) in the period ending December 31, 2021
- In comparison, its net profit was QAR6.7 million ($1.37 million) for the previous year
Business
Lufthansa posts net loss of $2.2bn
The German carrier said it cut its losses by two-thirds in 2021.
- German airline Lufthansa said that Ukraine invasion has led to uncertainty in aviation sector
- It said rising price of fuel would also adversely impact the sector and could reduce the profit
Business
Etihad Cargo revenue grows 49 percent
The company recorded 27 percent YOY rise in freight carried.
- In Q1, Etihad Cargo temporarily modified five Boeing 777 aircraft to support cabin-loaded cargo.
- By mid-2021, Etihad Cargo had announced the recovery of more than 90 percent of its network compared to pre-COVID.
Business
Arada awards two contracts
The $32.13m contracts are aimed at development in Masaar.
- Work by both contractors is scheduled to be completed by end of April, in time for the opening of the Masaar Experience Center in June.
- Masaar is AED8 billion($2.18b) forested megaproject located in the Suyoh district of Sharjah.
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
Company News
Estithmar opens branches in Iraq
Business
AD Ports Q2 revenue grows 66%
Business
Ma’aden, BADC ink agreement
Business
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TAQA H1 net income $3.67bn
Business
Air Arabia Q2 profit $125m
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
Business
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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.
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
- Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
- It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.
Business
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.
- The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
- The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023