Aston Martin H1 revenue up
Business
NBF H1 net profit up 120 percent
Business
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
DIB H1 2023 net profit $844m Â
Business
Nissan Q1 net profit $750m
Business
RAKBANK H1 profit $245m
Business
ADCP partners with AP Moller
Business
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
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
Company News
Borouge Q2 net profit $231m
Business
Aston Martin H1 revenue up
Business
NBF H1 net profit up 120 percent
Business
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DIB H1 2023 net profit $844m Â
Business
Nissan Q1 net profit $750m
Business
RAKBANK H1 profit $245m
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.