Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
Business
Barclays Q1 net profit at $2.2bn
Business
Gulf bank Q1 net profit $56.50m
Business
NBF Q1 net profit up 151 percent
Business
SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
Business
Xlinks secures $37m funding
Business
GSK Q1 profit dips
Business
Amanat acquires stake in Sukoon
Business
Sahara Q1 net profit $125m
Business
Business
AD Ports plans new $154m terminal
The new terminal will be at the Khalifa Port in Abu Dhabi.
- The terminal will be managed by a joint venture where AD Ports Group will have a 30 percent stake
- CMA CGM’s subsidiary CMA Terminals will have a 70 percent stake in the JV
Business
Twitter tests Communities
When people join a Community, they can Tweet directly to that group instead of to all their followers
- When people join a Community, they can Tweet directly to that group instead of to all their followers
- Only members in the same Community are able to reply and join the conversation so it stays intimate and relevant
Empower cools Uptown tower
Empower is servicing 3,850 RT at the skyscraper.
- DMCC was keen to build the Uptown project according to the Leadership in Energy and Environmental Design gold standards
- As a result, it is now supplied with environmentally friendly cooling services of sustainable global standards
Chapman Taylor designs Jeddah park
The airport City Central Park is designed as a botanical garden.
- The Airport City in Jeddah is coming up adjacent to King Abdulaziz International Airport
- It is being projected as an upcoming destination for visitors from across Saudi Arabia and the GCC region
Business
Aramex creates two business arms
Company also creates regional structures, each headed by a VP.
- While Aramex Express will handle the business-to-consumer (B2C) operations, the Aramex Logistics will serve the business-to-business (B2B) segment.
- Each region in new structure will be led by a regional vice-president.
Business
GIG completes acquisition of AXA
The rebranding of AXA to GIG will happen in the next few months.
- At $474.75 million, the deal is the largest insurance acquisition in the region.
- The transaction expands GIG’s insurance business portfolio, bringing the Group into two new markets in Oman and Qatar.
Investigation
MENA firms: The public-private games go on
Two key Dubai firms — Dubai parks operator DXB Entertainments and Dubai ports operator DP World — have de-listed from...
- Companies in MENA region, once enticed by the prospect of growth, looked to be listed on global exchanges
- However, mandates like following transparency norms are putting them off even further
Zamil Industrial unit wins AC deal
The contract is to supply AC systems to Saudi schools.
- Zamil Industries unit Zamil Air Conditioners has got the contract from Tatweer Buildings Company
- The contract is worth SAR44.1 million ($11.7 million)
Emaar EC eyes $3bn capital hike
Its board of directors has okayed a 33% hike in its capital.
- Emaar EC will now put the approval plan to shareholders' vote
- This will happen at the extraordinary general meeting to be held on September 12
Business
Aramco rebar facility opened
IKK Mateenbar will produce non-corrosive fiberglass rebar.
- New corrosion-free material could support the kingdom in achieving its carbon neutrality targets.
- Extreme temperatures and high levels of salinity make the kingdom one of the most corrosive environments for steel rebar.
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
Business
Company News
TotalEnergies Q1 profit up 12%
Business
Barclays Q1 net profit at $2.2bn
Business
Gulf bank Q1 net profit $56.50m
Business
NBF Q1 net profit up 151 percent
Business
Latest News
Boeing Q1 loss $425m
Business
Xlinks secures $37m funding
Business
GSK Q1 profit dips
Business
Amanat acquires stake in Sukoon
Business
Italy’s Eni Q2 profits down
Adjusted net profit also fell down 49 percent in the second quarter.
Business
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Business
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022.
- SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023.Â
- H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Business
Borouge Q2 net profit $231m
The company posted first-half revenues of $2.8 billion.
- Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
- The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Business
ADIB posts 61% net profit growth in H1
The bank's revenue grew by 50 percent to AED 4.3 billion.
- The bank's cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
- Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments.