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Company News

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

Penguin, SkyBlue ink MoU

The aim is to redefine outdoor media advertising in Abu Dhabi.

Business

Cerberus buys HSBC France retail

The takeover was finalized for an undisclosed amount.

Business
Business

Facebook may launch digital wallet

The wallet, Novi, would let users store cryptocurrencies.
  • Facebook said in 2019 it planned to introduce a cryptocurrency called Libra, which changed its name to Diem in 2020 after facing regulatory resistance.
  • Company says it would have preferred to release Novi alongside Diem, but the latter's timing was uncertain.
Business

Majid Al Futtaim secures $1.5bn SLL

Women to form 30 percent of board members under agreement.
  • The revolving credit facility is the largest in the MENA region.
  • Company also plans to have all its malls certified LEED Gold or better.
Business

Saudi Arabia taps Alibaba to help Chinese tourists

Alibaba Cloud is expected to help promote Saudi Arabia as a tourist destination to travelers in the Chinese market.
  • The deal establishes the framework for a collaborative arrangement for Chinese tourists traveling to Saudi Arabia
  • The agreement is part of Saudi Arabia’s strategy to employ the latest technology to deliver seamless traveler experiences

Siemens hydrogen plant in Egypt

Siemens Energy expects to kickstart the hydrogen industry in Egypt.
  • Siemens Energy and EEHC will pursue the development of a pilot project, comprising 100-200 MW of electrolyzer capacity
  • This is will drive early technology deployment, establish a partner landscape, and set up off-take relations, among other things

Equate revenue surges 43% in H1

It saw $2.04 billion revenue in the first half of 2021.
  • The group reported a net income after tax of $543 million and EBITDA of $869 million in H1 2021
  • It has reported $124 million net income after tax and $409 million EBITDA during the same period last year

ACME ammonia plant in Oman

The plant will cost of $3.5 billion and be built in three years.
  • The plant will be an integrated facility using 3 GWp of solar and 0.5 GWp of wind energy
  • This will be used to produce 2,400 TPD of green ammonia with an annual production of 0.9 million tons

Oman Shell updates SME training

The new program will build the capabilities of entrepreneurs.
  • Oman Shell has designed the program to ensure that it aligns with Shell’s social investment strategy and Oman Vision 2040
  • It takes into consideration the aspirations of its partners and entrepreneurs, while empowering entrepreneurs and Omani businesses

Etihad arm to convert Boeings

Etihad Engineering will provide passenger-to-freighter conversions.
  • Etihad Engineering will use its expertise and capabilities for the specialized Boeing 777-300ERSF conversion
  • It will initially facilitate two conversion lines to accommodate multiple aircraft conversions per year

Qatar Petroleum begins expansion

It has awarded an contract to Madrid-based Técnicas Reunidas.
  • The expanded facilities will be utilized to handle liquid products from the four new LNG trains comprising the North Field East project
  • The facilities will also reportedly support two new LNG trains comprising the North Field South project
Business

ADNOC L&S acquires line boats

Boats used for marine services at Abu Dhabi petroleum ports.
  • All six vessels contracted from Sharjah-based Albwardy Damen.
  • ADNOC L&S says it is in the midst of strategic expansion program.

Penguin, SkyBlue ink MoU

The aim is to redefine outdoor media advertising in Abu Dhabi.
Business

Company News

HSBC sells Canada ops for $10bn

ENBD REIT announces H1 NAV

Americana UAE IPO share price is $0.75

Nestle pours $1.8 bn in S Arabia

ECI, African TIA sign pact

Latest News

RAKBANK H1 profit $245m

This is the bank's highest-ever half-yearly profit.
Business

ADCP partners with AP Moller

ADCP is a JV between Mubadala and Alpha Wave Global.
Business

General Motors Q2 profits up

Revenues were recorded at $44.7 billion, up 25 percent.
Business

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Business

Al Rajhi Bank’s profit dips marginally

The decline was attributed to decrease in total operating income.
  • There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
  • The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business

Bank Albilad H1 profit up 14%

The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
  • Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
  • The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Business

ANB profit up 51 percent in H1

The growth was backed by net special commission income.
  • The bank reported an increase in the net provisions for expected credit losses and other provisions.
  • The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022.Â