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.
Business
STC net profit $2.32 bn for 9 months
Net profit in Q3 alone increased by 5.71 percent
- The company attributed the rise in profits in the third quarter to the rise in revenues and a decrease in operating expenses.
- STC's shares are up nearly 20 percent so far this year
Business
VPS behind T20 bio-bubble
There will be over 2,200 people in the bio-bubble this time.
- The ICC World Cup T20 bio-bubble will consist of players, supporting staff and their families, and broadcast crew
- There will also be BCCI and International Cricket Council officials, staff at the hotel and stadium, and selected medical personnel
Business
Tamatem pushes Arabic games
This Jordanian firm is being praised for Arabic mobile games.
- Founded in 2013, Tamatem now has offices in the United Arab Emirates and Saudi Arabia
- It has published more than 50 mobile games, which have been downloaded more than 100 million times
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Company News
QNB H1 2023 net profit at $2bn
Business
eXtra’s H1 2023 profit falls 35%
Business
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Ant Group to buyback shares
Business
Verition opens office in DIFC
Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
Business
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Business
RSG gets Mostadam Diamond Certification
The accolade recognizes RSG's commitment to sustainability.
- Red Sea Global has worked closely with the Ministry of Municipal, Rural Affairs and Housing to help define the innovative Mostadam criteria.
- Together, they are creating vibrant and sustainable communities in the Kingdom, paving the way for a more sustainable housing sector.
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
- The Mubadala Capital Solutions platform is comprised of three fully integrated strategies to provide investors with access to a range of fund managers and direct opportunities.
- The first strategy within the Mubadala Capital Solutions platform is a diversified, evergreen investment product focusing on private market opportunities.
Business
Birkenstock to enter stock market
Birkenstock employs around 6,200 workers globally.
- The footwear brand announced Tuesday it was preparing to take another step into the big leagues with an IPO in New York.
- Birkenstock's most famous sandal is the Arizona, which features two wide straps with buckles, on trademark cork and latex soles.