Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
Business
Siemens lands UAE deal
This partnership is expected to support UAE Industry 4.0.
- The program, overseen by MoIAT and Siemens, will address a broad range of topics
- The aim is to accelerate the transformation of the manufacturing sector towards industry 4.0 in the UAE
Business
dnata expands to Africa
It has set up operations in Zanzibar with $7m investment.
- dnata has signed an agreement for the operations of the newly international terminal of the Zanzibar Abeid Amani Karume International Airport
- It has said it will also create 400 new jobs at the airport
Business
ADNEC to acquire Etihad Holidays
The move is aimed at expanding its footprint in tourism.
- Tourism 365, the ADNEC tourism promotion business, will integrate with Etihad Holidays under the terms of the asset transfer.
- Etihad Holidays' offering will combine Etihad Airways’ product with packages in different source markets to key destinations.
Business
EDB lends $190m to SMEs
The loans were given to industrial companies in five priority sectors.
- The Emirates Development Bank has disbursed AED700 million ($190 million) in loans to the UAE’s industrial sector since the beginning of 2021
- The money came from the financing package given by the country’s Ministry of Industry and Advanced Technology
Business
GSCCO enhances Jubail port
The company is part of the UAE-based Gulftrainer group.
- GSCCO has carried out enhancements to the Jubail Commercial Port in Saudi Arabia to increase its capacity
- With the upgrades, the port now has the capacity to process 1.8 million 20-foot containers or TEUs per year
Business
Abdullah Al Othaim Markets CEO quits
Mohsen Saqer Hussain will serve as an advisor to the Board.
- The Board said Muwaffaq Mansour Jamal will be the delegated CEO of the company from 17 Dec.
- Hussain quit due to family circumstances that require his presence outside the kingdom.
Business
ENOC Group and Air Chateau sign pact
Under the agreement, ENOC will fuel up to 30 helicopters of Air Chateau.
- Air Chateau offers charter and transportation services to tourists, high net worth individuals and air ambulances.
- ENOC Aviation's current supply network spans over 200 airports across 21 countries.
Business
Airbus predicts 3,020 ME orders
Airbus says the Middle East will need more than 3,000 aircraft by 2040.
- It made the prediction in its 2021 Airbus Global Market Forecast or GMF
- According to the forecast, the Middle-East region will need 3,020 new passenger and freight aircraft deliveries by 2040
Business
Etisalat to acquire elGrocer DMCC
The acquisition will support the telecom giant's digital ambitions.
- This partnership will empower consumers, enhance engagement, and drive diversification of our business, said Etisalat.
- UAE is rated as one of the most advanced countries for online shopping and eCommerce market in the MENA region.
Business
Mubadala eyes Yahsat tech
Yahsat will support Mubadala Petroleum with satellites.
- Yahsat’s satellite-based technologies and coverage across the EMEA and Asia regions is at the center of the deal
- Mubadala Petroleum will see how these satellites can help it handle its critical operations
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
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Inditex posts record profit
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ADNOC L&S Q1 net profit $144m
Business
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
Business
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Business
Ma’aden Q2 revenues hit $1.86bn
Record phosphate output boosts the company's performance.
- The firm's net profit records US$93.5 million, reflecting the downturn in commodity prices
- Debt reduction witnessed with long-term borrowings and net debt decreasing by 11% and 9%
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).