CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
IDB inks pact with IRENA
Business
Ethmar net profit up $114m
Business
TCS Q1 profit at US$1.35bn
Business
Yahsat to invest US$100m
Business
Invictus plans $272m expansion
Business
Business
ACWA Power loss in Q3 $5.8 million
The company said losses due to IPO-related issues and payments.
- The company's profit in the same quarter a year ago was SR541 million.
- The net profit of the first nine months of this year also went down by half to SR434 million.
Business
DP World launches e-commerce site Dubuy in Kenya
Dubuy.com aims to provide Kenya a secure and reliable way for its businesses to grow.
- Dubuy.com, an e-commerce platform of DP World, has launched in Kenya
- It has already seen over 500,000 website visits from African vendors since its launch in Rwanda six months ago
Business
Meta to tweak ad policy
Meta ads will not consider race, religion, sexuality, or political party.
- From January 19, apps in the Meta family will no longer offer advertisers the option to target people based on certain ‘sensitive’ topics
- While this may tighten privacy, it may also affect non-profit groups seeking fundraising or small companies looking for customers
Business
National Bonds ups stake in Taleem
Taleem Holdings is one of the largest education providers in the Middle East.
- National Bonds increased the stake in Taaleem, a company with paid-up capital of AED 750 million, from 19.6 percent to 23 percent.
- By end of Q3 2021, National Bond's investment portfolio has grown by more than 32 percent to surpass AED 10 billion ($2.72 billion).
Business
ADNIC nine-month profit at $90m
Its profit in the first nine months last year was $77 million.
- ADNIC’s overall premium retention ratio reached 33.5 percent for the nine months of 2021
- This was in comparison with 32.7 percent for the same period last year
Business
Virgin continues space ticket sale
The current fare is $450,000 per seat.
- Virgin Galactic has sold around 100 tickets since flying its founder Richard Branson to space earlier this year
- In total, the company has now sold 700 space tickets, according to a spokesperson
Business
SoftBank posts $3.5bn loss
This is its first quarterly loss since January-March 2020.
- Japan's SoftBank Group has logged its first quarterly net loss in 18 months
- The loss is due to the falling value of investments in its Vision Fund, including Chinese ride-hailing giant Didi Chuxing
Business
YahSat Q3 profit down 38 percent
YahSat said its contracted future revenues are over $2 billion.
- Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022.
- YahSat was last week appointed by the UAE government to complete a detailed analysis, assessment and recommendation for two new satellites.
Business
Air France inks Dubai deals
It has signed sustainable aviation fuel deals with Dubai firms.
- A high-level Air France delegation held strategic meetings with aviation leaders based in Dubai at Expo 2020
- The networking event was organized in partnership with the lille3000 association and sponsored by Clarins
Business
Al Sadd releases Xavi
The Spanish legend may now return to Barcelona.
- Xavi has so far led Al Sadd to the 20-2021 QNB Starts League title, and the 2020 and 2021 HH the Amir Cup titles
- He has also coached the team to win the 2020-2021 Qatar Cup title, and the 2019 Qatar Super Cup
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Company News
ExxonMobil to buy Denbury
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IDB inks pact with IRENA
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Ethmar net profit up $114m
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TCS Q1 profit at US$1.35bn
Business
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Yahsat to invest US$100m
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Invictus plans $272m expansion
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Amazon to pour US$4bn into Anthropic
Its investment will heat up the race for dominance in AI.
Business
Microsoft to acquire Activision Blizzard
Activision Blizzard makes popular games like "Call of Duty".
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ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
Business
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Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
- The contract can be extended for an additional two years in the event of satisfactory service.
- The firm will deploy a team of over 2,000 experienced and qualified guards across Abu Dhabi.
Business
MODON inks $133 m pact
The pact will help manufacture vaccines in Saudi Arabia.
- MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
- It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.
Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.