Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
SAB H1 profit up 59%
Business
Business
Citi to sell SE Asian biz for $3.6 bn
Singapore's United Overseas Bank will buy the franchises
- The total price of the Singapore's United Overseas Bank acquisition is Sg$4.9 billion ($3.6 billion).
- As part of the deal, around 5,000 Citi employees are expected to transfer to UOB, the lenders said.
Business
Moody’s ranks QIIB ‘stable’
It has also has assigned the Qatari bank an A2 rating.
- Moody's said the rating reflects the bank’s position as one of Qatar's leading Islamic financial institutions
- It added that the financial institution has solid asset quality, profitability, liquidity, and capitalization
Business
DEWA launches nanosatellite
DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket.
- DEWA-SAT 1 was launched on a SpaceX Falcon 9 rocket from the Cape Canaveral Space Launch Complex (SLC-40) in Florida in the US
- The launch made DEWA the world’s first utility to use nanosatellites to improve the maintenance and planning of electricity and water networks
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
Company News
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
SAB H1 profit up 59%
Business
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Borouge Q2 net profit $231m
Business
Aston Martin H1 revenue up
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NBF H1 net profit up 120 percent
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
Business
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Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.
Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.