Yahsat to invest US$100m
Business
Invictus plans $272m expansion
Business
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
Business
Etisalat Q3 revenue up 2%
The aggregate subscriber base increases by 4 percent YoY.
- Net profit amounts to AED 2.4 billion, an increase of 1 percent compared to the same period last year.
- The company said that in the UAE, its subscriber base reached 12 million.
Business
Etisalat Q3 revenues rise 2%
Its consolidated revenues in Q3 reached AED13.3bn ($3.62bn).
- Consolidated net profit after Federal Royalty amounted to AED2.4 billion ($653.5 million), an increase of 1 percent
- Consolidated EBITDA amounted to AED 6.7 billion ($1.82 billion), resulting in an EBITDA margin of 51 percent
Business
Batelco net profit up 9 percent
Batelco said steady revenue growth led to this rise in profit.
- Batelco has announced net profit of BD15.7 million ($41.6 million) for Q3 2021
- This is a 9 percent increase from BD14.4 million ($38.2 million) for the corresponding quarter of 2020
Business
NBQ net profit at $53m
The net profit rose 10.61% in comparison to last year.
- The cost-to-income ratio stood at 32.22 percent in the first nine months of 2021
- The Capital Adequacy Ratio improved to 41.37 percent
Business
Aramco Q3 earnings up 158%
Higher oil prices and sales volumes led to the rise.
- Aramco's net income was $30.4 billion in the third quarter, up from $11.8 billion in Q3 last year
- This, even as free cash flow more than doubled to $28.7 billion
Business
RAK Properties profit rises 383%
Q3 net profit rose to AED197.9 million from AED40.97 million last year.
- Value of assets of the company increased to AED6.18 billion ($1.68 billion), a step up from AED5.8 billion ($1.58 billion)
- The rise was ascribed to increased investments in the development of hotel and residential projects
Business
Sabic to invest $1.37bn in UK
The investment is expected to improve operations at a UK plant.
- The company said that the investment will strengthen its operations
- England’s Prime Minister Boris Johnson appreciated the decision of investment
Business
Damac board okays Maple buy
Maple is wholly owned by Damac ex-chairman Hussain Sajwani.
- Damac said its board of directors, other than Sofyan Al Khatib, had reviewed the expert advice on the deal
- It had appointed KPMG as an independent valuer, Arqaam Securities LLC as financial advisor, and Al Tamimi & Company as its legal advisor
Business
Amazon quarterly profit slips
The company said its sales climbed to $110.8 billion
- The e-commerce colossus said its sales climbed to $110.8 billion, but its profit was about half of its net income from the same quarter last year
- Microsoft, Google parent Alphabet and scandal-hit Facebook have posted whopping profits this week
Business
GlobalFoundries makes its market debut on Nasdaq
The IPO comes at a time when demand for semiconductors and microchips is red hot due to the ongoing global...
- Earning a valuation of $26 billion, the GlobalFoundries IPO is one of the biggest stock market debuts of the year in the US
- The chipmaker had earlier announced the pricing of its initial public offering of 55,000,000 ordinary shares
Company News
Yahsat to invest US$100m
Business
Invictus plans $272m expansion
Business
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KEZAD Group, GFCF ink deal
Business
Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
Business
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Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.
Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
- The acquisition is vital for EIH as it seeks to strengthen its investment in healthcare through its subsidiary Health Plus Holding.
- The move will help provide additional and sustainable value to investors and achieve the maximum return on investment.