Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Arts & Culture
Novel crisis: Iran’s booking shrink as US sanctions bite
The price of a book in Iran depends on the fluctuation of its currency as the country relies on paper...
- Many publishing houses in Iran have been out of business as the economic crisis deepens
- Iranian publishers slash number of titles published and cut the number of pages which they print by shrinking the font size
Business
Big oil firms rebuked
Big oil companies said their 2021 profits were $66.7 billion.
- The whopping 2021 profits of Shell and BP triggered calls for a windfall tax on the profits of energy firms in the UK
- French Presidential candidate Yannick Jadot also spoke out against profits made "on the back of French men and women"
Business
IHC reports $3.08bn profit
The company posted an all-time-high annual revenue in 2021.
- IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion)
- This beat its previous year’s revenue record of AED 7 billion ($1.91 billion)
Business
Alpha Dhabi revenues rise 400 percent
The gross profit in 2021 was AED5.1 billion in 2021, compared to AED 218 m in 2020.
- The company said the performance was driven by the strong and consistent business activities of its subsidiaries.
- Alpha Dhabi Holding made strategic investments in 2021 by acquiring a 17.5 percent stake in Aldar which was increased to 30 percent at the year-end.
Business
Tesla makes 4th car recall
The decision was taken due to a feature that drowns out audible warnings.
- The automaker faces increasing scrutiny from American regulators, as watchdogs have accused Elon Musk's firm of pushing safety limits.
- US authorities have set specific standards for the sounds that electric and hybrid vehicles must make
Business
ADNIC 2021 profit is AED401.8 mn
The Company’s earnings per Share are AED 0.70
- ‘The Company’s diversified investment portfolio delivered excellent results with an increase in the Investment Income of 25.6% compared to 2020’
- In the fourth quarter of 2021, ADNIC extended its partnership with Al Bayt Mitwahid Association to support the association’s wide range of community welfare initiatives
Business
Agthia Group revenue up 49 percent
The company posted a net profit of $58.81 million in 2021.
- The growth in revenues was attributed to strong growth in the Protein and Snacking segments.
- The Consumer-Business contribution to Agthia's top-line almost doubled versus last year, reflecting the positive growth.
Business
Milaha 2021 profit $199m
The company's profit in 2020 was $16.20 million.
- The Board of Directors decided to recommend to the General Assembly to distribute a 30 percent cash dividend of the par value of a share.
- It is equivalent to QAR 0.30 per share, representing a payout ratio of 47 percent of 2021 net profit.
Business
Dana Gas posts $317m profit
The company's revenue rose 30 percent to $452 million in 2021.
- The company revealed the profit in Preliminary Unaudited Financial Results for the full year ended 31st December 2021
- Revenue increased 30 percent to $452 million in 2021 compared to $349 million in 2020 due to higher oil prices
Company News
Siemens Energy posts Q3 loss
Business
Latest News
ADNOC Gas H1 revenue $10.6bn
Business
Empower H1 2023 revenue at $333m
Business
Most Read
Business
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.
- Sales grew 7.6 percent to 10.5 billion euros ($11 billion) as a drop in volume was offset by price increases for its vehicle lineup
- But investors were not impressed as company shares fell more than seven percent in morning trading in the Paris stock exchange
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.