Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
KEZAD Group, GFCF ink deal
Business
Arada H1 sales $1.15bn
Business
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
Business
Facebook renames its company ‘Meta’
The new handle comes as the social media giant tries to fend off one of its worst crises yet and...
- The new handle comes as the social media giant tries to fend off one of its worst crises yet and pivot to its ambitions for the "metaverse" virtual reality version of the internet
- Facebook has just announced plans to hire 10,000 people in the European Union to build the "metaverse," with Zuckerberg emerging as a leading promoter of the concept
Business
IHC to acquire Arena for $98m
A consortium will hold the Arena shares in a 70:30 ratio.
- Arena Events Group is a London Stock Exchange-listed events services business.
- According to the terms offered, Arena shareholders will receive 21 pence in cash for each share.
Business
Pyypl, Ripple launch on-demand liquidity service in Middle East
ODL uses XRP for instant, low-cost cross-border payments.
- ODL is the process of buying and selling XRP in originating and destination countries
- XRP is the native cryptocurrency of products developed by Ripple’s creator Ripple Labs
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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
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Company News
KEZAD Group, GFCF ink deal
Business
Arada H1 sales $1.15bn
Business
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QNB H1 2023 net profit at $2bn
Business
eXtra’s H1 2023 profit falls 35%
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
Business
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Business
BFB, The Family Office sign partnership
Bahrain FinTech Bay is a fintech ecosystem builder.
- BFB said that it will also explore the development of innovative digital investment solutions aligned with market trends.
- Bader Sater, CEO of Bahrain FinTech Bay. "Our combined strengths will lead to the creation of cutting-edge digital investment offerings that cater to the market's evolving needs."
Business
Chimera launches Lunate
Lunate has more than $50bn in Assets Under Management.
- With a focus on private markets, Lunate is an independent entity owned by Chimera Investment and Lunate’s senior management.
- Lunate, which will be based in Abu Dhabi Global Market, has signed long-term Separate Managed Accounts (SMAs) with multiple clients.
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
- The number of shares allocated to retail investors reached 1.65 million, representing 10 percent of the total IPO shares.
- Lumi floated 16.5 million shares, or 30 percent of its SAR 550 million capital, divided into 55 million shares, on Tadawul.