Business
Al Tamouh, Al Qudra merger okayed
International Holding Company has formally agreed to the merger.
- The Board of Directors of Al Qudra Holdings has also approved a new foreign ownership limit of 30 percent of outstanding shares
- Previously, only UAE nationals were permitted to own shares in the company
Business
Empower lists on DFM
Empower is the world’s largest district cooling services provider.
- Empower was established in 2003 to enable the real-estate sector to efficiently utilize energy through district cooling services
- The company is said to currently have a 79 percent market share in Dubai’s district cooling sector
Business
Jahez to raise $428m through IPO
HSBC is the financial advisor of the Saudi online food delivery startup.
- It has set the price range for its IPO on Nomu Parallel Market between SR750 and SR850 per share
- HSBC Saudi Arabia is the financial advisor, lead bookrunner, lead manager, and stabilization manager for the listing
Business
DP World adds LatAm infra
It will add warehouses in Ecuador and the Dominican Republic.
- DP World and Emergent LatAm will develop two temperature-controlled logistics facilities in Latin America
- These developments will provide Emergent LatAm and DP World customers with a supply-chain solution
Business
Mubadala acquires stake in Sibur
This is the company's largest investment in Russia yet.
- The acquisition terms were agreed upon before Sibur's recent merger with TAIF.
- In 2015, Mubadala invested in Sibur’s transshipment terminal in Ust-Luga.
Business
Etihad and ITA Airways sign pact
Codesharing agreement to boost travel and tourism between Italy and UAE.
- The agreement will also offer travelers more options and better connectivity when traveling through Rome Fiumicino, Milan Malpensa and Abu Dhabi.
- The partners are also working together to expand the scope of their cooperation over the coming months.
Business
Mubadala invests in US-based Medallia
Medallia captures experience data from customers and employees.
- Medallia was founded in 2001 and is a provider of experience management software to customers.
- Mubadala was founded on 19 January 2017 and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan is its Chairman.
Business
Google shuts cybercrime ring
The ring had infected 1 million devices to carry out its work.
- Google says it has shut down a network of about 1 million hijacked electronic devices used to commit online crimes worldwide
- The so-called botnet of infected devices was cut off at least for now from the people wielding it on the internet
Business
Aramco taps L&T for Saudi facility
Spread over 120,000 square meters of area, the facility which is to construed by L&T aims to create crucial equipment...
- L&T is to build the region’s first Heavy Wall Pressure Vessels facility at Jubail Industrial City
- More than 20 MoUs were signed under the Namaat program of Aramco in September 2021
Business
Tecom to be listed on DFM
It is part of a strategy to help DFM reach the AED3-trillion mark
- Tecom is said to have 10 business communities that offer infrastructure, regulations, and a support network to help businesses set up operations
- These business communities include Dubai Internet City, Dubai Media City, Dubai Design District, and Dubai Industrial Park
Company News
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
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Tecom secures $2.06bn loan
Business
Vodafone merges with Hutchison
Business
ECI, KazakhExport ink MoU
Business
Tencent Q2 net income $3.6 bn
Tencent last year posted its first decline in quarterly sales since its listing.
Business
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
Business
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Business
Yalla Group H1 revenue $152m
The Group posted revenues of $79 million in the second quarter.
- The revenue grew by 2.9% compared to the first half of last year, while the net income in H1 2023 was recorded at AED176.9 million ($48.2m)
- Yalla displayed strong performance in the second quarter of the year where it posted revenues of AED291 million (around $79.2 million)
Business
KIB posts $19.5m net profit
The bank's total operating income reached approximately $115 million.
- The bank's total operating income reached approximately $115 million, a 14% increase compared to the first six months of 2022
- Its investment securities portfolio, focused on high-quality Sukuk, reached $1 billion, a 4% increase from the same period last year
Business
APIC H1 net profit down 39%
Total revenues grew by 7.2% YoY to $590 million.
- Net profits attributed to APIC shareholders in the first half of 2023 reached $11.08 million.
- Total assets increased by 8.74 percent compared to 2022's closing and reached $756 million.