Perplexity eyes TikTok buy
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Dar Alarkan 2024 profit up 32%
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Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
- Since joining Abu Dhabi Airports, Sorlini has overseen the successful opening of Abu Dhabi International Airport's new state-of-the-art Terminal A
- Additionally, she has played an important role in maintaining the steady increase of passenger traffic numbers, which continue to experience year-on-year growth
Business
McDonald Q4 profit up
McDonald's cited war in the Middle East as a drag.
- Profits in the quarter grew seven percent to $2.0 billion, while revenues increased eight percent to $6.4 billion.
- Global comparable sales grew 3.4 percent in fourth quarter, down from 8.8 percent in the third quarter and below the annual average
Business
Vodafone Q3 revenue dips
Poor display across Italy, Spain is said to be the reason for loss.
- Revenues dipped 2.3 percent to 11.4 billion euros ($12.3 billion) in the three months to the end of December, compared with a year earlier.
- "We maintained... revenue momentum in the third quarter," said chief executive Margherita Della Valle, adding the group had made "good strategic progress".
Business
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.
- The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
- The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
- Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
- Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.
Business
Solutions-Devoteam deal completed
Devoteam Middle East is a subsidiary of Devoteam Group.
- The total value of Devoteam Middle East is approximately SAR741.7 million.
- Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
Business
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.
Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
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Al Ansari approves $85m dividend
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Perplexity eyes TikTok buy
Business
Dar Alarkan 2024 profit up 32%
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Borouge proposes share buyback
Business
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
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Business
Aramco acquires stake in BHIG
The 50% equity interest in BHIG is Aramco-APQ joint venture.
- The agreement brings together experts in their respective fields to provide the Jubail Industrial City area with hydrogen, including lower-carbon hydrogen, at scale.
- BHIG is expected to commence commercial operations to produce blue hydrogen in coordination with Aramco's carbon capture and storage (CCS) activities in Jubail.
Business
ADNOC L&S okays $273m dividend
The final dividend of $136.5m will be paid on April 3.
- ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency, the company said.
- Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22 percent to $756 million (AED2.7 billion).
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
- It reported a record adjusted net income of $5 billion, up 13 percent year-on-year, and strong EBITDA growth of 14 percent year-on-year to $8.65 billion.
- ADNOC Gas' full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024, the company said.