Bezos sells $2bn Amazon shares
Business
ESG 2023 net profit at US$187m
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Aldar net profit $1.19bn
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Aramex Q4 net profit doubles
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Hermes profit soars 28 percent
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Emaar 2023 revenue at $7.3bn
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Business
PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.
- MEPCO is a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region.
- PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods.
Business
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.
- Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
- This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.
Business
SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
- The extension of this agreement marks a significant stride in advancing the goals of the Vision 2030 Housing Program, said Majeed Fahad Alabduljabbar, CEO of SRC.
- SRC was established in 2017 by the Public Investment Fund after obtaining a license from Saudi Central Bank to operate in the market.
Business
Noatum buys APM Terminals Castellón
Noatum Terminals is the terminals ops business of Noatum Group.
- The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will happen immediately
- In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years
Business
Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement
Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia
Business
Albilad Capital to pay dividendÂ
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
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Bezos sells $2bn Amazon shares
Business
ESG 2023 net profit at US$187m
Business
Aldar net profit $1.19bn
Business
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Aramex Q4 net profit doubles
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Hermes profit soars 28 percent
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Business
QEWC 2023 net profit US$426m
QEWC market share in supply of electricity was 61 percent.
- The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.
- QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.
Business
Google AI research hub in Paris to host 300 experts
The new hub part of a trend for big tech firms to base teams in European centers.
- In recent years, Google has poured investment into its engineering facility in Zurich, which also houses AI-focused teams from Meta, Apple and Microsoft.
- The French capital has long pushed to be regarded as a cutting-edge hub for tech firms, and Meta established an AI research team there in 2015
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
- The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
- Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,