Saudi Amiantit Q1 profit $0.5m
Business
Microsoft, G42 sign MoU
Business
SISCO to pay $8.6m dividend
Business
SEC to raise $2bn from sukuk
Business
Hotpack to build plant in KSA
Business
GKSD to invest in Middle East
Business
Petrofac shares surge
Business
Business
Bank ABC Islamic H1 gains hit $19.2m
The profit absorbed a one-off fraud-related impairment in 2020.
- The profit reflects the bank's success in returning to normal performance after absorbing the one-off exceptional fraud related impairment in 2020
- Other key highlights include the total operating income of US$21.5 million which is 8.1% lower than the same period last year
TikTok is most downloaded app
The Chinese-owned video app has surged in popularity
- The Chinese-owned video app surged in popularity despite efforts by former president Donald Trump to ban it or force a sale to US-based investors
- The app is believed to have one billion users worldwide including more than 100 million in the United States
Lincoln Middle East H1 sales rise 54%
Lincoln is the luxury-vehicle arm of US carmaker Ford.
- Sales of the Lincoln Corsair small SUV increased 98 percent compared to the previous year
- Meanwhile, sales of the mid-size Lincoln Aviator SUV grew 108 percent
Mulk JV to launch Alubond in US
The JV will launch Mulk’s Alubond brand of façade materials in the US.
- Mulk Holdings has joined hands with Park International Investments and Silver Heights Real Estate in the JV
- Alubond USA, the JV, has already secured supply contracts worth over $100 million involving five projects in the US
New Instagram tools to reduce abuse
Instagram's latest move comes after racist abuses during the Euro 2020 final.
- Instagram's latest attempt to curb hate speech came after racist abuse directed at UK footballers after the Euro 2020 final
- The Facebook-owned platform said it would start using "stronger warnings" when people post potentially offensive comments
Market Report
Gulf International Bank net up to $9.8m
For the first half of 2021, GIB reported a net profit of $17.7million.
- For the first half of 2021, GIB reported a net profit of $17.7 million attributable to the shareholders of the bank compared to a loss of $85.4 million in the prior year period
- The second quarter provision charge was $12.1 million, compared to a $49.6 million in the second quarter of 2020
Business
Jazeera Airways posts 138% growth in passenger traffic in Q2
The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect...
- The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect by the middle of Q3 2020
- The airline registered a net loss of KD6.5 million for Q2 on account of the higher costs due to increased operations and higher fuel prices
DP World to help SMEs with trade finance
This is part of its strategy to become a global trade enabler.
- DP World will connect companies needing trade finance solutions with financial institutions on its Cargoes Finance platform
- The platform will disseminate trade data to financial institutions, so they can assess credit and compliance risks
Science
Facebook removes accounts linked to smear campaign against Pfizer, AstraZeneca
The Fazze network offered to pay the influencers for reposting misleading content
- A network consisting of 65 Facebook and 243 Instagram accounts have been traced back to Fazze, an advertising agency working in Russia for an unknown client
- The Fazze network offered to pay the influencers for reposting misleading content
Science
China approves first mixed-vaccine trial as Delta spread
The trial will test the efficacy of combining an "inactivated" vaccine made by China's Sinovac with a DNA-based one developed...
- The trial will test the efficacy of combining an "inactivated" vaccine made by China's Sinovac with a DNA-based one developed by US pharmaceutical company Inovio
- Preclinical work has found that "two different vaccine applications... produce an even stronger and more balanced immune response"
Company News
LVMH posts Q1 revenue of $23.1bn
Business
Saudi Amiantit Q1 profit $0.5m
Business
Microsoft, G42 sign MoU
Business
SISCO to pay $8.6m dividend
Business
Latest News
Lufthansa to sell catering unit
Business
SEC to raise $2bn from sukuk
Business
Hotpack to build plant in KSA
Business
GKSD to invest in Middle East
Business
Goldman Sachs Q2 profits at $1.1bn
Profit fell due to anemic M&A market, weakness in trading.
Business
Microsoft, Activision gaming deal deferred
July 18 was the cut off point to finalize the $75bn deal.
Business
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Business
Almarai trust certificates raise $750m
The dollar-denominated certificates have annual return of 5.23%.
- Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
- The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.Â
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Business
ADIA acquires hotel portfolio
The portfolio comprises 27 hotels across Japan.
- The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
- The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.