ADNIC net profit $55.64m
Business
EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
Business
Borouge opens fifth polypropylene unit
PP5 will increase Borouge’s PP annual production capacity by 25 percent.
- Its total polymer capacity of polyolefins will also be increased by 11 percent from 4.5 to 5 million tons per year.
- Raw materials produced at PP5 would be enough for making water supply pipes for 6,500 Burj Khalifa buildings.
Business
Aramco closes deal with consortium
The Global Investor Consortium acquires 49pc stake in Aramco Gas Pipelines.
- This lease and leaseback deal between the two companies was previously announced on December 6, 2021.
- Global Investor Consortium is an international investor consortium led by affiliates of BlackRock and Hassana.
Business
Etihad Rail and FAB sign pact
The bank will arrange finances worth $541m for passenger transport.
- The agreement comes as part of the UAE National Railways Programme, the largest land transport system of its kind in the UAE.
- With the launch of the railway passenger services, the passenger trains will strengthen connectivity between the UAE by connecting 11 cities and locations in the country.
Business
Mercedes-Benz posts strong results
Mercedes saw the key measure rise 19.2 bn euros.
- Mercedes, which changed its name from Daimler at the beginning of the month, saw the key measure rise $21.6 bn
- The group's net profit increased almost six-fold to 23.4 billion euros from four billion euros in 2020
Business
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.
- Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
- Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic
Business
QDB inks deal with QSC
Qatar Development Bank (QDB) will support Qatari entrepreneurs and innovators, small and medium-sized companies, to help diversify the country's economy.
- The MoU provides for the support of innovators of the Qatar Scientific Club by providing financial grants
- It also helps by providing technical consultancy to manufacture and test the prototype for innovation
Business
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.
- The retail offering was 12.63 times covered after allocating one million shares to individual investors
- The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
Business
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.
- Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
- The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Business
Alibaba shares slump 5%
The drop followed reports that the Ant Group was being probed.
- Chinese regulators launches a wide-ranging crackdown on alleged anti-competitive practices by Alibaba and other domestic tech giants
- Chinese Food delivery giant Meituan shares has plummeted over 20 per cent since Friday which is the biggest fall of the stock
Business
Mubadala invests in PDG
Singapore-based Princeton Digital Group (PDG) has closed an equity investment from Mubadala Investment Company (Mubadala) as a lead investor for...
- PDG is a leading Pan-Asia data center operator with a footprint across key Asian digital economies
- PDG has a portfolio of 20 data centers with over 600MW of secured capacity and spanning five countries
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DEWA Q2 revenue $2bn
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Huawei H1 revenue at US$43.3bn
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ADNIC net profit $55.64m
Business
EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
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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.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business
Yansab 9M net loss $134 million
The company had posted net earnings of $136m in 9M 2022.
- In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
- Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.