Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
DIB H1 2023 net profit $844m
Business
Nissan Q1 net profit $750m
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
ADCP partners with AP Moller
Business
General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
Business
EMC picks Mohammad Ghazi as GM
Momani will manage Mercedes-Benz's overall performance at EMC.
- Mohammad Ghazi Al Momani possess an experience of 20 years in motoring and a degree from the University of Technology in Baghdad, Iraq
- Momani specializes in strategic planning, marketing, sales, after sales and operations, and good knowledge of the Middle East
Business
Red Sea signs $19.49m deal
It is a seven-year extension contract with Schlumberger.
- As part of the deal, RSI is expected to provide facility management services for its specialized modular camps
- This will reportedly support Schlumberger's oil drilling operations in the Eastern region of the country
Geostrategy
High gas prices boost Shell
The company slumped into a huge loss in 2020.
- Shell expects "significantly higher" gas revenues in the three months to December thanks to the "high liquid natural gas spot price environment"
- Shell, like its rivals, slumped into a huge loss in 2020 as the long-running coronavirus pandemic slashed energy demand and crude prices
Business
Samsung sees 52% jump in profits
The firm was boosted by record sales in 4th quarter.
- The world's biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last
- The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the company’s statement.
Business
Many firms to join Pure Health
ADQ signs pact to create UAE's biggest healthcare platform.
- Under the pact, Abu Dhabi Health Services Company (SEHA) and The National Health Insurance Company PJSC (Daman) will merge into Pure Health.
- Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cell Centre will also join Pure Health, which already has a diversified services portfolio.
Business
ADNOC awards $946m EPC contract
The contract awarded to NPCC for the development of Umm Shaif field.
- Over 75 percent of the total award value will flow back into the UAE economy under ADNOC’s In-Country Value (ICV) program.
- The award covers engineering, procurement, fabrication, installation and commissioning activities required to maintain Umm Shaif’s 275,000 mbd of crude production.
Business
Sony arm to make EVs
The Sony Mobility subsidiary will be created in spring 2022.
- The Japanese firm Sony announced the founding of a new EV company to dive into the world of electric mobility
- Sony's Vision-S electric vehicle, with internal and external sensors, is being used to test autonomous driving technologies
Business
Alpha Dhabi acquires stake in Al Qudra
Deal part of ADH's $2.17 billion investment plan.
- Al Qudra Holding is an Abu Dhabi-based private joint-stock company, which has focused on sustainable development in the region.
- Last month, Al Qudra Holding completed the acquisition of Tamouh Investments from International Holding Company.
Business
Sonatrach plans $40bn investment
The Algerian firm will make the investments over five years.
- The $40 billion plan includes a refinery project at the largest oil field of Algeria, as well as an extension of the Skikda refinery to convert derivatives into fuel
- Sonatrach has also planned to put into service the fourth turbocharger of the Medgaz pipeline, which transports gas to Spain and Portugal
Business
Apple hits $3trn valuation
It has become the first US company to reach that valuation.
- The iPhone-maker scaled the record level near 1845 GMT on Monday, January 3
- It reached $182.88 a share before slipping back slightly to end at $182.01
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Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
Company News
NBF H1 net profit up 120 percent
Business
DIB H1 2023 net profit $844m
Business
Nissan Q1 net profit $750m
Business
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RAKBANK H1 profit $245m
Business
ADCP partners with AP Moller
Business
General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
Business
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Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
- It signed partnerships with the ICEway for IT services, SourceToad for software engineering and Otalio for property management systems on board ships
- In September 2023, Saudi Cruise announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave for Aroya.
Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
Business
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.
- Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
- Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.