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Company News

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

Bahrain Steel raises $450m SLL

The company produces and supplies high-grade iron ore pellets.

Business

PIF completes investment in MEPCO

The sovereign wealth fund acquired 23% stake in the firm.

Business
Business

Adnoc eyes 2GW hydrogen growth

Adnoc has inked deals with British Petroleum and Masdar for this.
  • Under the terms of the agreements, Adnoc, BP, and Masdar will on UK and UAE clean hydrogen hub development
  • This development will be at an initial scale of 1GW in the UAE and 1GW in the UK
Business

Apple, Google ‘chokepoint’ row

The companies face outrage after pulling a Russian opposition app.
  • The companies face outrage after pulling a Russian opposition voting app
  • The case has resonated in particular because it touches on something deeply personal
Business

ADQ to acquire pharma firm

ADQ will acquire Swiss firm Acino from its current shareholders.
  • Switzerland-based Acino is known as a provider of pharmaceuticals
  • Its markets include the Middle East, Africa, Latin America, Russia, Ukraine, and the CIS Region
Business

Solutions by STC prices IPO at top range

The IPO order book 130 times oversubscribed during the book-building process.
  • The company is set to raise $960m, pricing IPO at 151 riyals per share.
  • The individual investors tranche subscription process will commence on Sunday and ends on Tuesday.
Business

Al Salam Bank buys back shares

The Bahrain’s bank has bought back around 445,000 treasury shares.
  • The bank buys back 445,000 treasury shares on the Dubai Financial Market (DFM) and the Bahrain Bourse
  • The move raises the total holding of the bank’s treasury shares from 109,475,000 to 109,920,000, which is 4.543% of the issued share capital.

Powerbar Gulf, parent selling for $1.8bn

Vertiv Holdings Company is making the buy via its subsidiaries.
  • The deal includes upfront consideration and the potential for $200 million in cash, based on achieving 2022 profit milestones
  • The upfront consideration consists of $1.17 billion in cash and approximately $630 million of Vertiv’s common stock
Business

Instagram to curb mental harm

Instagram has worked to address problems of bullying, suicide
  • Instagram is now exploring ways to understand what kinds of posts make viewers feel bad in comparison and then "nudge" people to content more likely to make them feel good
  • Social media giant is making a version of the social network for children 13 years old or younger, a move opposed by child safety advocates

Apple’s iPhone 13 set to capture 5G potential

Apple Inc today revealed iPhone 13, Series 7 smart watch, and an iPad Mini with 5G connectivity. The iPhones will...
  • iPhone 13 will have custom 5G antennas and radio components
  • The Series 7 smart watch will feature a larger display and will start at $399
Business

UCAC gets nod to amend insurance practice

The company had sought Saudi Central Bank's approval for the amendment.
  • After approval, the UCAC would be limited to the practice of insurance activity only.
  • In a bourse filing on Sunday, the company said it will reduced accumulated losses to SAR 113.6 million.
Business

Some Facebook rules exempt VIPs

The program, "XCheck," shields millions of elite users
  • The program, referred to as "XCheck," shields millions of elite users
  • Facebook spokesman Andy Stone in a series of tweets defended the program

Bahrain Steel raises $450m SLL

The company produces and supplies high-grade iron ore pellets.
Business

Company News

Ducab partners with Vestas

Flynas passenger growth 91% in 2022

TSMC begins making 3nm chips

AD Ports, KMTF sign pacts

SALIC completes acquisition of Olam

Latest News

SABIC AN profit slumps 71% in H1

The drop was even higher (79 percent) in the second quarter.
Business

Aldar Properties Q2 net profit $353m

Aldar recorded AED 2.1 billion in net profits for the first half of 2023.
Business

Aldar expands into Dubai, Bahrain

The company announces $95 million investment for expansion.
Business

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Business

QGIRC net profit down

The first half 2023 profit of $9.64m was 25% less than that of H1 2022.
  • Earnings per share (EPS) amounted to QR 0.040 as of 30th June 2023 versus Earnings per share (EPS) QR 0.054 for the same period in 2022.
  • QGIRC has a network of branches located across Qatar and an overseas branch in the United Arab Emirates.
Business

ESG H1 net profit $162m

The net profit increased by 831 percent year on year.
  • The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
  • ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Business

ExxonMobil Q2 profits $7.9bn

Profits fell on lower refining margins, natural gas prices.
  • Natural gas prices are down sharply from the year-ago period following a mild winter.
  • The comparative weakness in refinery margins reflects sluggish economic conditions.