e& H1 net profit $1.27bn
Business
Ooredoo Algeria gets new CEO
Business
Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
Business
SACC picks board heads
It has also formed several panels that will function for three years.
- The SACC has said Mohammed Abdulaziz Al Sarhan, an independent member, has been appointed chairman of the Board of Directors
- It also announced the appointment of Raed Ibraheem Al Mudaiheem, another independent member, as the Vice-Chairman of the board
Business
Applebees, IHOP in UAE soon
The first location is scheduled to open in Dubai later this year.
- Dine Brands International is set to open multiple Applebee's Neighborhood Grill + Bar and IHOP restaurants in the UAE
- The first location will open in Dubai later this year through an agreement with established IHOP Franchisee
Business
Toyota is top-selling automaker
The company overcomes chip shortage, supply chain woes.
- The Japanese auto giant said it sold nearly 10.5 million vehicles in 2021, a jump of about 10 percent from 2020
- In 2021, "the effects of the spread of Covid-19 were less severe than in 2020," Toyota said in a statement
Business
LVMH sees record sales, profit despite pandemic
The world's leading luxury group more than recovered from the coronavirus pandemic as it earns a record €64.2 billion ($71.5bn)...
- One reason for the luxury group's out-performance was improved profitability
- Its operating margin rose to 26.7 percent, up from 21.4 percent in 2019
Business
Auto alliance to invest $25 bn
The investment in electric vehicles spread over next 5 years.
- Nissan, Renault and Mitsubishi Motors said the latest outlay followed $11 billion already spent on its "offensive strategy in electrification".
- The alliance vowed to boost cooperation by using five common manufacturing platforms for most models.
Business
FAB’s 2021 profit hits AED12.5bn
This marks a 19 percent increase year-on-year.
- Asset quality metrics remained healthy, underpinned by prudent risk management and the relief measures under the UAE Central Bank TESS programme
- Zayed Al Nahyan, chairman of the FAB, added that FAB's Board of Directors recommends a dividend per share of 70 fils equivalent for the full year ended 31st December 2021
Business
iPhone retakes top spot in China
iPhone accounted for 23% of the market in Oct-Dec.
- A surge in sales saw the iPhone maker account for 23 percent of the highly competitive market in October-December
- A surge in sales saw the iPhone maker account for 23 percent of the highly competitive market in October-December
Samsung profit up 53%
High memory chip prices helped the company.
- The world's biggest smartphone maker said its operating profit rose to 13.87 trillion won ($11.55 billion) for the October-December period in 2021
- Thanks to high memory chip prices and strong consumer demand, Samsung had its highest annual sales of 279.6 trillion won in 2021
Business
Marriott Autograph Collection in Sharjah
Two of Shurooq projects will operate under Autograph brand.
- Khorfakkan Hotel will be developed to cater to the needs of families and adventurers..
- The other five-star development, Kalba Hotel, will be spread across a land area of approximately 60,000 sqm.
Business
Paramount picks new group CEO
Steve Griessel, the new CEO of the Paramount Group will be providing strategic, financial and operational leadership to the company...
- South Africa born Griessel has served several companies as CEO in South Africa and the US
- Griessel has business leadership and senior management experience of more than 30 years
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Mubadala invests in Aligned
Business
e& H1 net profit $1.27bn
Business
Ooredoo Algeria gets new CEO
Business
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SABIC AN profit slumps 71% in H1
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
Business
EasyJet, Airbus sign US$20bn deal
The no-frills airline will buy 157 aircraft from Airbus.
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Business
Birkenstock to list on NYSE
The German sandals maker has set its share price at $46.
- A total of 32.26 million ordinary shares will be offered in its initial public offering, trading under the symbol BIRK
- Birkenstock recorded revenues of $1.17 billion for the nine months ending June 30, up 21 percent from the same period in 2022
Business
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.
- ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5.
- ExxonMobil said the takeover is the company's biggest since the late 1990s acquisition of Mobil by Exxon.
Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.