AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
Bank Albilad H1 profit up 14%
Business
ANB profit up 51 percent in H1
Business
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.
FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
Business
Business
Evergrande vows to deliver homes
The Chinese real-estate firm has $300 billion in liabilities.
- In recent months, Evergrande has repeatedly said it will finish its unfinished projects and deliver them to buyers
- This, despite the company having missed a payment of more than $1.2 billion earlier this month
Grankraft to invest in Hamriyah
Grankraft has leased 323,000 sq ft of land in the free zone.
- The MoU was signed by Hamriyah Free Zone Authority Director Saud Salim Al Mazrouei and Grankraft Director J George
- George said his company was always looking for new ways to develop its services and build landmarks
Business
McDonald’s Japan rations fries
It will sell only small-sized French fries for a week.
- McDonald’s said it is limiting fries’ sale in Japan to ensure that customers can still order them
- This, even though the ‘stable procurement of resource materials’ is proving difficult
Business
Russia fines Google, Meta
The regulator said Google, Meta had "ignored multiple demands”
- Moscow has repeatedly taken legal action against them for allegedly not moderating their content properly and interfering in the country's affairs
- But so far fines on Facebook parent company Meta and Google have stretched into the tens of millions of rubles, not billions
Business
ADQ taps Etihad for services
The terms of the transaction were not disclosed.
- As part of the transaction, several of Etihad airline-support businesses will become part of a new ADQ aviation firm
- The move is expected to support the ongoing transformation of Etihad and the growth of civil aviation in Abu Dhabi
Business
Mubadala, G42 plan campus
The biopharma campus is expected to be set up in Abu Dhabi.
- The biopharma campus is expected to tap into global vaccine and therapeutic products to strengthen regional supply chains
- It is also expected to drive the UAE’s diversification and economic-growth agenda
Business
IHC acquires stake in Al Qudra
The acquisition is part of Al Qudra's diversification strategy.
- Al Qudra Holding, founded in 2005, has a large portfolio of customers including Manarah Bay, a multi-usage project covering about 52,000 square meters in Abu Dhabi.
- The frim operates as an investment holding company and focuses its investments and strategic partnerships in sectors such as oil and gas.
Business
Rossi appointed Acer Mideast VP
Michele Montecchio was appointed as Country Manager for the Middle East.
- Paul Collins, after driving the Acer Middle East and Africa business for seven years, has decided to retire.
- Rossi has been with the firm since 2007, having started in product development.
Business
Omantel pushes for 5G adoption
The Oman-origin telecom firm has signed a deal with Optiva for this.
- Omantel’s agreement with Optiva will upgrade the latter’s Charging Engine to a cloud-native architecture on the former’s private cloud
- The upgrade is expected to support new business models for 5G monetization
Business
MYCRANE expands to India
The Dubai firm has appointed an exclusive pan-India franchisee.
- The franchise partnership agreement was between MYCRANE and Sahil Freight Express Pvt Ltd was signed at Expo 2020 Dubai
- The crane market in India is expected to grow strongly in the coming years due to the expansion of roads and metro railways
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AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
Company News
Bank Albilad H1 profit up 14%
Business
ANB profit up 51 percent in H1
Business
Latest News
FAB H1 2023 net profit $2.2bn
Business
AD Ports Group, CMEC ink MoU
Business
Volvo Cars Q2 net profit $342m
Business
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Geostrategy
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.
- DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
- DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
Business
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.
- Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
- The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added
Business
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
- Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
- Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry