CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
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
Business
Samsung boss convicted, fined for anaesthetic misuse
Lee Jae-yong was found guilty of having repeatedly taken the anaesthetic at a plastic surgery clinic
- Lee Jae-yong was found guilty of having repeatedly taken the anaesthetic at a plastic surgery clinic
- Propofol is normally a medical anaesthetic but is also sometimes used recreationally
Business
Safari lands Saudi contracts
The contracts pertain to managing the King Fahd Causeway.
- Safari has been awarded all three facilities management packages by the King Fahd Causeway Authority
- According to the five-year contract, Safari will provide over 500 staff to maintain and enhance the aesthetics and functionality of the causeway
Business
ADH revenue, profit up by end of Q3
Rise in net profit attributed to a slew of acquisitions.
- Year-on-year revenue growth 341 percent, reaching AED 11,425 million in nine months.
- Healthcare sector major contributor to revenue, which reached AED 11,425 million at the end of Q3.
Business
Evergrande shares rise
The Chinese firm has restarted work on 10 projects.
- Evergrande owes various lenders close to $300 billion, but speculations are rife that it may not be able to pay all of it back
- However, after the project restart announcement, shares in the firm rallied more than four percent in early trade
Business
Aramco, TotalEnergies launch stations
The service stations are part of a joint venture signed in 2019.
- The joint venture is aimed at upgrading a network of 270 service stations and expanding the range of retail services.
- The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café.
Business
India’s SGL opens plant in HFZA
The plant involves an initial investment of AED 50mn.
- Automotive, industrial and construction lubricants and special greases for electric vehicles will be produced at the plant.
- Named Trinity Lubes & Greases FZC, the facility has a production capacity of 48,000 liters annually in the initial stage.
Business
QLM’s net profit in Q3 $20.4 million
Gross written premium as of Sept. 30 was QAR 750 million.
- The gap in gross written premium continues to narrow down as compared to previous quarters, the company said.
- The net investment income by September was QAR 29.2 million, compared with QAR 30.3 million for the same period in 2020.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Company News
KEZAD Group, GFCF ink deal
Business
Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
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Ant Group to buyback shares
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."Â
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.