RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
ADNIC net profit $55.64m
Business
EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
SoftBank Group Q1 loss $3bn
Business
Eshraq Q2 profit $9.79m
Business
Yahsat H1 net income up 5%
Business
Siemens Energy posts Q3 loss
Business
Business
HSBC 2021 profits double
The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before,...
- The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before, helped by lower bad loans and operating expenses
- The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy
Business
Nahdi posts $226million profit
The Jeddah-based pharma retailer plans to float 30 percent of its capital.
- The Jeddah-based pharma retailer made revenues of SR8.6 billion ($2.3billion) during the year
- Nahdi currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE
Business
Kamco Invest net profit $34m
Total revenue nearly doubles to reach $99.5m in 2021.
- Revenues from fees and commissions increased by 34.3 percent compared to 2020 to reach KWD20.2m.
- The company said it raised over $1.1 billion for several products and transactions, distributed around $235mn to clients.
Business
BHM posts 125 percent rise in profit
The company nearly doubled its brokerage revenues in 2021.
- The company attracted 1,500 new accounts over the past year compared to 1,060 in 2020.
- BHM said it allocated a total income during 2021 of AED 65.4 million compared to about AED 41 million last year with a growth rate of 60 percent.
Business
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
- The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
- The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
Business
ADNOC framework agreements declared
The $1.94 bn agreements have been awarded to four companies.
- The wireline logging and perforation services are the largest of such awards in the oil and gas industry.
- The framework agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.
Business
Meta settles privacy suit
Facebook-parent has agreed to pay $90 million.
- The agreement was filed Monday in a California court and if approved by a judge would put to rest one of the series of suits alleging the social media giant invaded users' privacy
- The suit alleged the social media giant violated privacy guidelines by tracking its users' visits to outside web pages that contained Facebook "like" buttons
Business
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.
- The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
- This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Business
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.
- PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
- Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Company News
Huawei H1 revenue at US$43.3bn
Business
ADNIC net profit $55.64m
Business
EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
Latest News
SoftBank Group Q1 loss $3bn
Business
Eshraq Q2 profit $9.79m
Business
Yahsat H1 net income up 5%
Business
Most Read
Business
DP World, TPA ink pact
DP World will operate Dar Es Salaam Port in Tanzania.
- The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
- The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
Business
New CEO appointed in SRC
Majeed Al Abduljabbar will be the CEO from January 1, 2024.
- Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
- He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
Business
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.
- Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
- Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.