ADNOC in talks with OMV
Business
ExxonMobil to buy Denbury
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Ethmar net profit up $114m
Business
TCS Q1 profit at US$1.35bn
Business
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.
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
Company News
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
ExxonMobil to buy Denbury
Business
Latest News
IDB inks pact with IRENA
Business
Ethmar net profit up $114m
Business
TCS Q1 profit at US$1.35bn
Business
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.