Borouge Q2 net profit $231m
Business
Aston Martin H1 revenue up
Business
DIB H1 2023 net profit $844m
Business
Nissan Q1 net profit $750m
Business
RAKBANK H1 profit $245m
Business
Business
Facebook antitrust suit
James Boasberg's ruling is a blow to Facebook.
- The US Federal Trade Commission has alleged the social media giant, which has renamed itself Meta, holds an illegal monopoly
- The judge rejected Facebook's argument that the case should be dismissed because the commission's decision to amend and refile was fueled by bias
Business
Zoho inks Dubai deal
The agreement will help Dubai’s creative entrepreneurs.
- The agreement aims to support the emirate's creative entrepreneurs through their digital transformation journey
- It will also look to enhance the efficiency of their businesses, and simplify daily operations
Business
Nokia expects strong 2022
The company said as a supply chain crunch and inflation are set to ease.
- The announcement follows a string of quarterly earnings surprises for the network equipment maker, which last October managed to boost its third quarter profits.
- Nokia now expects an operating margin ranging between 11 percent and 13.5 percent in 2022.
Business
Take-Two to Zynga for $12.7bn
The GTA-maker plans more smartphone versions of its games.
- Take-Two is a leader in console and personal computing games like Grand Theft Auto, Red Dead Redemption, and NBA2K
- Zynga is known for its mobile-device games, like Farmville, which became a phenomenon in the 2010s on Facebook
Business
Silal picks new CEO
Alameri has 20 years of experience in leading management positions across key economic sectors.
- Alameri will work to drive the company's strategic growth, harness leading capabilities and deploy advanced technology to secure strategic food reserves
- The responsibility of ensuring access to safe, nutritious and high-quality food for citizens and residents of the UAE will also lie with the CEO
Business
GMG to foray into North Africa
Plans to open more than 100 stores in Egypt within next five years.
- The group plans to introduce its sneakers-focused concept, dropkick, and its Nu Athlete concept catering to a youth demographic.
- Recently, GMG said that by 2025, it aims to double its global workforce through acquisitions, developing fresh concepts, and entering new geographies.
Business
AWPT wins $52.17m Makkah contract
The company will manage all components of Zamzam water well.
- The company will manage, operate, and maintain the project’s facilities, which include all components of the Zamzam water well
- The move comes in line with AWPT’s strategic plan and objectives as well as Vision 2030 to develop all aspects of water sector
Business
Investcorp acquires Resa Power
Resa serves over 6000 clients across the US and Canada.
- Investcorp’s partnership with Resa will focus on continuing the Company’s organic growth, expanding geographically across North America.
- Resa provides maintenance and testing, systems integration, and related distribution services to clients across the renewables, commercial markets in North America.
Business
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans.
- KCB spokesperson Habari Al-Khashti said the effectiveness of the bank's electronic services saved time and effort for citizens
- She also indicated that 99 percent of the bank’s credit services have become electronic
Business
Gulf Navigation to issue $41m bonds
The company is calling a meeting of all stakeholders for this.
- The company said the date of issuance of the bonds is March 9
- The conversion period of the bonds would be three months from the issuance date
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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
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NBF H1 net profit up 120 percent
Business
DIB H1 2023 net profit $844m
Business
Nissan Q1 net profit $750m
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
Business
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Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business
Air France-KLM to buy stake in SAS
Air France-KLM will buy 19.9% shares of SAS.
- The group, along with the Danish state, will invest $1.175 billion in the airline, with Air France-KLM investing $144.5 million to buy the 19.9 percent holding.
- SAS filed for Chapter 11 bankruptcy protection in the US, an option available because of its operations there, in July 2022 as it reeled from Covid travel bans.
Business
Evergrande shares up 28 percent
Evergrande estimated it had debts of $328 billion at the end of June.
- When trading resumed Tuesday, its shares initially jumped more than 60 percent before paring much of their gains to close up 28 percent.
- Last Thursday Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police.