Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
Business
Rolls-Royce makes record deliveries
It delivered 6,032 cars in 2023, the highest in its 119-year history.
Business
AD Ports Q1 revenue is $494m
Business
GIG to pay $49m in dividends
Business
Business
Tamatem pushes Arabic games
This Jordanian firm is being praised for Arabic mobile games.
- Founded in 2013, Tamatem now has offices in the United Arab Emirates and Saudi Arabia
- It has published more than 50 mobile games, which have been downloaded more than 100 million times
Business
Kuwait Oil Co to hike output
KOC plans to hike capacity to 3.2 million bpd by 2025.
- The main projects to hike capacity are said to include two new gathering centers, complete revamp of others, and building water-handling facilities
- They also reportedly include building water injection facilities, and upgrading current production facilities
Business
New leaks rock Facebook
Internal documents seem to support the accusations.
- Facebook held back from doing all it could to stop users from being radicalized, say recent leaks
- It is also accused of not doing enough to stop US election misinformation from flooding the social network
Business
Banan to distribute cash dividends
The shareholders will get dividends for the period ending June 30.
- Banan Real Estate Company focuses on the investment and development of commercial, hospitality, and residential real estate.
- The dividends will be distributed automatically by depositing in the investment accounts linked to the shareholders’ portfolios.
Business
QatarEnergy partners for UK project
This is QatarEnergy and Shell’s first hydrogen agreement.
- QatarEnergy and Shell have signed an agreement to pursue joint investments in blue and green hydrogen projects in the UK
- It apparently establishes a framework for collaboration and joint investment to develop hydrogen solutions in the UK
Business
TAQA lands Aramco water project
The project will be used to make power and desalinate water.
- The Abu Dhabi National Energy Company or TAQA will develop a greenfield cogeneration power and water desalination project in Saudi Arabia
- TAQA will do this along with the Marubeni Corporation for Saudi Aramco
Business
Zain Group unveils unit to help boost regional telecom infrastructure
ZainTech will provide solutions for Cloud, Cybersecurity, Big Data, IoT, AI, Smart Cities and Emerging Technologies while incorporating NXN and...
- Solutions for Cloud, Cybersecurity, Big Data, IoT, AI, Smart Cities and Emerging Technologies remain key focus
- Andrew Hanna has been appointed CEO of the newly launched ZainTech
Science
Rio Tinto to ‘halve’ emissions
Mining releases 4-7% of global greenhouse gas emissions.
- Rio Tinto said it would spend around $7.5 billion from now until the end of the decade to reduce emission
- The cut would be to so-called scope one and two emissions — from mining operations and power consumption
Business
Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up.
- The total income rose 14 percent year on year and 43 percent on the same quarter in 2020 by higher non-funded income.
- The customer financing stood at AED 42.4 billion, an increae of 4 percent from 2020.
Business
Netflix subscribers numbers jump
Streaming giant's profit grew 16 percent to $7.5 billion
- Its profit grew 16 percent to $7.5 billion
- Streaming giant ended the quarter with 214 million subscribers.
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
Business
Company News
easyJet H1 loss $382m
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Aramco appoints two Presidents
Business
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Alcoa, EGA ink supply pact
Business
AD Ports Q1 revenue is $494m
Business
GIG to pay $49m in dividends
Business
Toshiba readies deal to go private
The 14bn deal comes after years of turmoil for the company.
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
Business
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Business
ADNOC Gas H1 revenue $10.6bn
The decline in revenue is due to lower gas prices.
- The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
- ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
- Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
- The net profit was attributable to robust topline growth and significantly lower finance costs.