HSBC relaunches SVB UK
Business
solutions signs $118m contract
Business
Infosys lowers revenue forecasts
Its net profit fell 7.29% Y-o-Y in the three months to December.
Business
Business
Blink Experience backs Saudi GP
Saudi GP said the UAE company is now an official supporter.
- The Saudi GP is expected to be the largest sporting event to be hosted by the country
- It is going to be held for the first time at the Jeddah Corniche Circuit
Business
SIDF inks deal with Engie
The agreement is expected to yield low-carbon energy services.
- The move will let SIDF employees join Engie’s knowledge-exchange 2022 training program, which will be held in Saudi Arabia
- It will also give SIDF employees the opportunity to work with experts at Engie for six months at the company's headquarters in Paris
Business
Soudah joins UNWTO
SDC is the 25th member from the Mideast to join UNWTO.
- SDC is the 25th affiliated member from the Middle East region in the UNWTO, which includes more than 500 members around the world
- SDC’’s joining UNWTO contributes to achieving the company’s goals in developing the tourism and entertainment sectors
Business
Armani adopts fur-free policy
The company said it would no longer use angora wool.
- The company said it would no longer use the material across all of its lines from next year's fall-winter collection
- A growing number of fashion companies are adopting policies against using materials that require cruelty towards animals
Business
ADNOC to invest $127bn in 2022-2026
The company announces a significant rise in oil and gas reserves.
- ADNOC plans to bring $43 billion back into UAE economy through ICV program.
- ADNOC's ICV program has driven AED105 billion back into the UAE economy and created over 3,000 jobs for UAE nationals.
Business
Twitter bans sharing of photos
Twitter's first policy shift under the new CEO Parag Agrawal
- Twitter will need a “first person report” of any violations and then would conduct a review
- The new twitter policy wouldn’t apply to photos or videos taken from large public events
Business
GACA, Cisco sign MoU
The MoU will enhance the scope of digital transformation.
- The memorandum will enhance the scope of cooperation in technology and digital transformation in the civil aviation sector
- The GACA is keen to collaborate with international companies specializing in advanced technological fields to keep pace with the latest developments
Business
Twitter gets new CEO
Parag Agrawal named to the post as Jack Dorsey resigns.
- Twitter's chief technology officer Parag Agrawal has replaced Jack Dorsey as CEO
- Dorsey has said he would remain a member of the board until around May next year to help with the transition
Business
Emirates Stallions acquires stake in WFC
Acquisition aimed at diversifying Emirates Stallions' business.
- WFC’s main revenue drivers are Real Estate, Retail, Aerospace, Defense, Government, Education, Technology, Manufacturing, Hospitality, and F&B.
- Emirates Stallions Group is present in 20 markets and has assets of AED555 million as of the end of Q2 2021 and over 3,000 employees.
Business
Qatar Airways stops Africa flights
It has stopped flights to South Africa, Zimbabwe, and Mozambique.
- The cities affected are Johannesburg, Cape Town, Durban, Harare, and Maputo
- The restriction on travelers and flights will reportedly remain same until further notice from the WHO
Company News
HSBC relaunches SVB UK
Business
solutions signs $118m contract
Business
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Inditex posts record profit
Business
AD Ports Q2 revenue grows 66%
The company attributed growth to increased volume across key sectors.
Business
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Business
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.
- For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
- There was an increase in debt for financing the firm’s acquisitions last year.
Business
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
- This is made possible through the utilization of more than 750,000 solar panels, as well as through the implementation of purpose-designed towers for this network.
- RSG is the multi-project developer behind the ambitious regenerative tourism destinations, The Red Sea and Amaala.
Business
TAQA H1 net income $3.67bn
The group revenues were AED 26.8 billion, 5% higher than H1,2022.
- The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
- The company announced second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million).