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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

Lego net profit falls

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).

Business

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

Business

Emirates Islamic lists US$500m sukuk

The five years’ benchmark issuance, rated A+ by Fitch Ratings, was priced at 2.082%.
  • The issuance will further support Emirates Islamic’s business expansion plans
  • The listing strengthens Dubai capital market's status amongst the leading Sukuk listing venues globally
Business

Saudi EXIM inks $118m deals

The deals were signed at the Saudi Trade Finance Summit.
  • The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
  • The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business

L’Oréal Middle East taps Accenture

Accenture will help L'Oréal Middle East improve its consumer experience.
  • Accenture Interactive is expected to use its expertise in data-driven marketing transformation for L'Oréal Middle East
  • This, L'Oréal said, will help it develop a more precise and connected approach to increase consumer engagement in the GCC region
Business

ADGM meet promises development

This was the first meeting of ADGM’s new Board of Directors.
  • The board members reiterated their commitment to progressing ADGM’s growth journey, and strengthening the financial sector
  • They said they were also looking to attract global companies and investments, and develop a business environment underpinned by innovation
Business

Emaar property sales at $5.7bn

Emaar Development sales were AED20.943 billion in Jan-Sept 2021.
  • The $5.7-billion property sales revenue was said to be an increase of 382 percent compared to the first nine months of 2020
  • The build-to-sell property development business is majority-owned by Emaar Properties
Business

AD Ports 9M revenue up by 22 percent

The rise is attributed to volume growth, business diversification.
  • EBITDA rose 7 percent year-on-year to AED1.161 billion during this period, up from AED 1.081 billion during the same period in 2020.
  • General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tons in the same period in 2020.
Business

Cham Wings halts Minsk flights

The airline cited the Belarus-Poland border crisis as a reason.
  • Syrian airline stopped flying to Minsk due to the increasing tension of migrants moving to Poland
  • This, even as hundreds of migrants mostly from the Middle East remained trapped on the Belarus-Poland border
Business

Gulf Air boosts frequencies

Passenger numbers have grown ahead of the holiday season.
  • Bahrain’s national carrier Gulf Air has boosted frequencies to popular destinations
  • This is said to be in line with increasing demand for air travel and relaxed travel restrictions in many countries
Business

Alba seeks solar project bids

The solar farm should have a capacity of more than 5 MW.
  • The last date for tender purchase is November 30
  • The deadline for technical bid submission is January 31 next year
Business

TAQA nine-month net income $1.17 bn

The total revenue is 11 percent higher than the same period last year.
  • TAQA’s Board of Directors announced an interim cash dividend of AED618 million ($168.25 million).
  • The EBITDA was AED14.4 billion ($3.92 billion), an increase of 20 percent from last year.

Lego net profit falls

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
Business

Company News

Meta to slash 10,000 jobs

Bahri posts $277m net profit

Credit Suisse shares down

Borouge to pay huge dividend

VW to cut e-car prices

Latest News

Al Akaria signs $610m infra contracts

The Public Investment Fund is a related party to the contracts.
Business

Investcorp portfolio firm listed

The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
Business

Alpha Dhabi acquires stake in Metito

With this deal, Alpha Dhabi marks entry into water and wastewater domain.
Business
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Business

Microsoft to acquire Activision Blizzard

Activision Blizzard makes popular games like "Call of Duty".
  • The transaction faced scrutiny from regulators in the United States as well as Britain, where the CMA blocked a similar deal in April.
  • Activision Blizzard CEO Bobby Kotick said the UK regulator's announcement was "a significant milestone for the merger".
Business

ADIB completes $750m sukuk redemption

The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
  • ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
  • Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.
Business

Cisco buys Splunk for US$28bn

Splunk is a software platform that uses AI to identify malware.
  • Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
  • According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.