DIB H1 2023 net profit $844m Â
Business
Nissan Q1 net profit $750m
Business
RAKBANK H1 profit $245m
Business
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
Bank Albilad H1 profit up 14%
Business
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
Business
MAWANI and SCCA sign MoU
Both will create an environment for the settlement of disputes.
- The two sides agreed upon developing the skills of authority staff and those concerned with the maritime transport and ports sector.
- The pact also contributes to SCCA's endeavor to develop national ADR capacities by providing ADR services.
Business
Huawei revenues down 29%
Huawei is the world's biggest supplier of telecoms network gear.
- Huawei revenues went 29 percent down this year as US has barred Huawei from acquiring crucial components such as microchips
- Chief financial officer Meng Wanzhou, the daughter of Huawei founder released this year after spending three years under US extradition warrant house arrest in Canada
Business
AT&T, Verizon defy 5G block
The US had asked them to delay 5G rollout by 2 weeks.
- The US introduction of the high-speed mobile broadband technology had been set for December 5
- It was delayed to January 5 after concerns were raised that the new system might interfere with alitmeters
Business
Emaar Development CEO resigns
Bader Hareb resigned with effect from December 30 for ‘personal reasons.’
- The resignation was announced in a letter addressed to DFM Chief Executive Officer Hamed Ahmed Ali
- The letter did not give any detail of a successor to Hareb, or an interim appointment till one was named
Business
Ikea to hike prices by 9%
The hike is due to pandemic-fueled supply-chain snarls.
- Ikea faced higher operating costs in North America and Europe
- It is now passing on that cost burden to its customers
Business
NMDC wins $354m contract
The contract is for the Shamal Development marine works.
- The Shamal Development is part of the Khalifa Port located in Taweelah in Abu Dhabi
- It was built on a reclaimed artificial island reaching 4.5 km offshore
Business
Samsung eyes Biogen for $42bn
Biogen is known for its Alzheimer’s drug Aduhelm.
- Biogen is known for medicines to treat multiple sclerosis in addition to Aduhelm
- It was founded in 1978 by a team that included Nobel Prize winners Walter Gilbert and Phillip Sharp
Company News
DIB H1 2023 net profit $844m Â
Business
Nissan Q1 net profit $750m
Business
RAKBANK H1 profit $245m
Business
Latest News
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
Most Read
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.