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Company News

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

AstraZeneca to buy Amolyt for $1bn

It will pay $800 million upfront for the Lyon-based company.

Business

Burjeel Holdings net profit up

The company’s 2023 annual revenue rises to US$1.2 billion.

Business
Business

Aramco lands $15.5bn Blackrock deal

The deal creates the Aramco Gas Pipelines Company.
  • The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
  • In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business

Instagram tightens teen defenses

The app will be stricter about what it recommends to teen users.
  • The app will be stricter about what it recommends to teen users and will suggest a break if they have been spending a lot of time on the platform
  • The app is also to start "nudging" teens toward new topics if there is one they have been dwelling on for a while
Business

Rohingya sue FB for $150bn

The complaint says Facebook's algorithms target susceptible users.
  • Facebook has been sued by Rohingyas over allegations that it promotes disinformation and extremist thought against Muslims in Myanmar
  • According whistleblower Frances Haugen statement, Facebook is "fanning ethnic violence" in some countries.
Business

Evergrande to restructure debt

It also formed a risk committee before upcoming payment deadlines.
  • The company's struggles to meet its commitments have fanned concerns about China's property sector
  • The sector forms a substantial part of the world's second-biggest economy
Business

ENOC plans Dubai compact stations

The first compact station opened at Dragon Mart 2 this month.
  • After Dragon Mart and International City, the ENOC Group plans to open five more compact stations in Dubai
  • The remaining seven expected to be launched across additional locations by 2023
Business

Borouge awards EPC contracts

The $6.2 bn contracts are meant for expansion in Ruwais
  • With this expansion, Borouge said it will become the world’s largest single-site polyolefin complex.
  • Borouge 4 will boost the company’s annual polyolefin production to 6.4 million tons.
Business

Multiply Group starts trading on ADX

The IHC subsidiary starts trading under the ticker MULTIPLY.
  • Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year.
  • The group has assets of AED8.16 billion ($2.2 billion) and 3,240 employees.
Business

BNET gets new CEO

Al Khalifa is an Engineer with 14 years of experience
  • Sheikh Ebrahim Al Khalifa is an Engineer with over 14 years of experience in information systems, customer care systems, business processes, and consultancy
  • BNET is the Kingdom of Bahrain’s national broadband network responsible for the design, construction and operation of Fiber infrastructure.
Business

Twitter admits policy ‘errors’

Extremists are abusing its new photo-sharing rule.
  • Twitter has noted that its teams have made errors in enforcing its new policy that disallows posting images of people without their consent
  • It said it has corrected those, errors and is undergoing an internal review to make certain that this policy is used as intended
Business

Blink Experience backs Saudi GP

Saudi GP said the UAE company is now an official supporter.
  • The Saudi GP is expected to be the largest sporting event to be hosted by the country
  • It is going to be held for the first time at the Jeddah Corniche Circuit

AstraZeneca to buy Amolyt for $1bn

It will pay $800 million upfront for the Lyon-based company.
Business

Company News

SATORP 2022 net profit $2.39bn

Tencent 2022 profit falls

ADNIC to pay $62m dividend

Dana Gas proposes dividend

Tabreed to pay record dividend

Latest News

Binance selling Russia business

Binance is likely to sell its Russian assets to CommEX.
Business

Aramco likely to acquire equity in China’s Shenghong Petrochemical

Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
Business

Saudi EXIM Bank, Trafigura sign pact

The bank will extend three-year credit facility of $500 million.
Business
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Business

AMEA reaches financial closure on PV plant

The $86m project will be AMEA's first operational asset in Tunisia.
  • The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
  • The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).
Business

Alibaba plans to list subsidiary in IPO

It did not give a timetable for the move or how much it hoped to raise.
  • Alibaba announced in March it was dividing itself into six entities, with the goal of listing them separately, along with the replacement of CEO Daniel Zhang.
  • Zhang, who was initially supposed to take charge of the firm's new cloud computing branch in September after stepping down, left just as he was supposed to take up his new post.
Business

QatarEnergy inks pact with Marubeni

QatarEnergy will supply naphtha to Marubeni for 10 years.
  • This pact builds on the five-year Naphtha sales agreement signed in 2018 between QatarEnergy and Marubeni Corporation.
  • Japan-based Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia.