QGIRC net profit down
Business
ESG H1 net profit $162m
Business
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Business
AD Ports, Eni Abu Dhabi sign pact
The two firms will establish a marine logistics base at Mugharraq Port.
- Mugharraq Port was recently recognized as an international port facility.
- Its new status enables it to receive and service a host of international and local vessels.
Business
Investcorp inks $4bn deals in US
It acquired properties worth $2.5 billion, and made sales of $1.5 billion.
- Invescorp expanded its US platform with focus on industrial and residential sectors
- The team has acquired over 200 properties in 2021 worth $2.5 billion and has sold for $1.5 billion
Business
Evergrande undergoes rejig
A state firm official was appointed to the Chinese firm’s board.
- Evergrande has been teetering on the brink for months owing to its struggles in servicing a debt pile of more than $300 billion
- However, its shares ended up nearly 4 percent higher on Monday after news emerged of government intervention in its operations
Business
SINOPEC inks Iraq gas deal
The contract includes training workers to keep up with the sector,
- Iraq has signed contract with to develop the Mansouriya gas field in Diyala in the Anbar Governorate
- This deal represents an addition to the investment of free gas from the Mansouriya field
Business
Intel to build two chip factories
The company will invest $20 bn, hire 3,000 new workers for the sites in Ohio.
- Construction of the plants is scheduled to begin at the end of the year. Chip production could start as early as 2025.
- Recent problems in global supply chains have highlighted the fundamental importance of semiconductors, which are used in a growing number of products including cars, TVs.
Business
Netflix subscriber growth slows
The company saw 221.8 million subscribers in 2021.
- The streaming service ended the year with 221.8 million subscribers, just below target, after booming during coronavirus lockdowns
- The market punishment was immediate, with shares of the California streaming giant losing some 20 percent in after-hours trading
Business
Google appeals EU fine
It was fined €2.4-billion for abusing its search engine dominance.
- The case centers on Google's shopping service and is one of three against the search engine giant currently in the EU's appeals system
- The fine had come after seven years of investigation over complaints from other price-comparison services against Google Shopping
Business
Masdar, Mitrabara announce JV
The venture targets commercial and industrial segment.
- The venture will help Masdar expand its presence in Indonesia and support the nation’s clean energy and climate objectives.
- Masdar entered the Indonesian market in 2020, forming a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company.
Business
Tadweer inks deals worth $64m
The deals were signed at the eighth edition of EcoWASTE.
- EcoWASTE 2022, where the deals were signed, was held at Abu Dhabi National Exhibition Centre
- It was organized as part of Abu Dhabi Sustainability Week in strategic partnership with Tadweer
Business
Red Cross hacked
Hackers seized data of more than 515,000 extremely vulnerable people.
- The International Committee of the Red Cross said the hackers targeted an external company in Switzerland that it contracts to store data
- There was no evidence so far that the compromised information had been leaked or put in the public domain
Company News
SABIC AN profit slumps 71% in H1
Business
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Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
Business
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.
Business
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Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
- Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
- The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.