SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
Business
Goldman Sachs net income down
Business
Volkswagen to invest in China
Business
UAB net profit up 80% in Q1
Business
TikTok to offer in-app shopping with Shopify
The social media app will expand into e-commerce in partnership with Shopify
- The social media app will expand into e-commerce in partnership with Shopify
- The news comes amid rising interest in "social commerce" that is expected to be worth some $36 billion in the US this year
Marafiq to sell power from Oman plant
The power production at the plant will start in November.
- The plant will have a capacity of more than 80MW and be built in Duqm
- It will aim to meet the energy requirements of Tanweer, which is part of the Nama Group
L’Oréal ME sales up 750% since 2018
The growth was driven by a partnership with CNNB Solutions.
- L’Oréal Middle East entered into a D2C e-commerce and e-distribution partnership with Dubai-headquartered CNNB Solutions
- CNNB developed a set of services, which include a model where it Solutions buys inventory from L’Oréal ME
Business
Empower buys 19 plants for $234m
Empower will as a result acquire all the assets of these systems.
- Empower is expected to manage and operate the plants, carrying out all of their activities, functions, operations, and obligations
- These plants have a total cooling capacity of 110,000 refrigeration tons
Business
Aldar launches Yas Acres Magnolias
The community consists of 312 properties available for purchase from September 4.
- The gated community consists of 312 villas and townhouses available for purchase from Sept. 4.
- Each unit has fixtures that reduce water and energy consumption, the company said.
Business
Bitcoin jumps above $50,000
The unit climbed around two percent to $50,249.15, its highest since mid-May.
- The cryptocurrency has now risen more than 70 percent from the six-month lows below $29,000 touched in June
- Bitcoin was tumbling on a range of issues including China's crackdown on cryptocurrencies since mid-May
Economy
Monopoly case against Facebook revived
The case was dismissed by a US federal judge two months ago.
- The lawsuit filed in federal court in the US capital said Facebook used “anti-competitive acquisitions” of potential rivals such as Instagram and WhatsApp to protect its dominance
- Facebook, which has long denied it maintains a monopoly, said in a statement, “We are reviewing the FTC’s amended complaint and will have more to say soon.”
Business
EGA refinances corporate facility
Emirates Global Aluminium has successfully refinanced US$5.5 billion of corporate debt.
- The move will deleverage and improve repayment terms to reduce costs and enable an optimal dividend policy in future years for shareholders.
- The term loan facility reduces by US$1 billion the size of EGA’s existing seven-year US$6.5 billion loan facility signed in 2019
Business
Shaker H1 net profit SAR 15.3m
The company attributes growth to robust sales in four quarters.
- H1 earnings per share improved to SAR 0.24.
- The revenue grew by 18.2 percent compared to H1 2020.
Science
Next Apple Watch could check for dehydration
With temperatures rising globally, this could be a useful feature for users of this Apple device.
- Apple has recently been granted a patent in this regard by the US Patent and Trademark Office
- The patent shows electrodes in the watch band, through which the electrical properties of sweat will be measured
SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
Business
Company News
M42 acquires Diaverum
Business
Goldman Sachs net income down
Business
Volkswagen to invest in China
Business
UAB net profit up 80% in Q1
Business
Latest News
Glaxo buys Bellus for US$2bn
Business
Ericsson Q1 net profit at $155m
Business
MBME lists on ADX
Business
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
Business
Most Read
Business
IHG to open Hotel Indigo in Oxagon
Oxagon is a coastal industrial city in Saudi Arabia's NEOM.
- The 250-key Hotel Indigo property will be situated in the Oxagon’s first residential community and will open its doors in 2026.
- IHG currently operates 37 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza and Holiday Inn.
Business
FAB second quarter net profit $1.14bn
The rise attributed to increase in net interest and non-interest income.
- For the first six months of 2023, the net profit was $2.19 billion, up 7 percent from $2.08 billion.
- The company said the operating income was $1.82 billion, up 37 percent from 2022.
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.