Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Sipchem to pay 12.5% H1 dividend
Business
ADNOC L&S gets new VLCC
Business
Business
EZDubai starts four projects
It already has 1.3 million sq ft developed and handed over.
- EZDubai was launched in January 2019 by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum
- The 9,902,700 square-feet purpose-built ecommerce hub is designed to attract ecommerce companies
Business
Al Mazaya’s subsidiary to sell Saudi firm stake
First Dubai Real Estate Development Co. board cleared the $51.4m deal.
- The board also approved to set off its entire accumulated losses by reducing its capital to 74.129 million dinars from 100 million dinars.
- In May, Bait Al-Amar Al-Khaleeji General Trading and Contracting has purchased 60.029 million shares of Al Mazaya Holding.
Business
Qatar First Bank acquires office building in US
Fourteen555 is QFB’s eighth shariah-compliant real estate acquisition in the USA.
- The building becomes the first multi-tenant office addition to QFB’s now eleven-asset strong portfolio, the bank said.
- Major tenants of the building include billion-dollar revenue firms such as Moss Adams and Infor.
Business
Al-Nefaie named Seera Group CEO
He was appointed acting CEO of the group in April
- Majed bin Ayed Al-Nefaie succeeds Abdullah Al-Dawood.
- He has been the vice-president of the revenue department at Makkah Construction and Development Co.
Business
Mubadala mining JV unit sold
Matsa is a JV subsidiary of Mubadala and Trafigura.
- The deal is valued at €1.58 billion ($1.85 billion)
- It is expected to conclude in the first quarter of 2022
Business
Twitter to pay bitcoin tips
Twitter chief executive has endorsed digital currency
- Platforms like TikTok, Instagram and YouTube have built their popularity among young people in large part because of these social media stars
- Attracting and keeping creators and their audience has therefore become crucial for the tech companies battling to attract an audience—and advertising profits
Business
BitOasis to be registered in GoAML
BitOasis offers over 15 digital assets to trade against the dirham.
- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing — or AML/CTF — has welcomed the confirmation
- The registration is expected to help add yet another layer of security for both fintech startups and the national economy
Business
Union Properties exits Dubai shopping deal
The deal with an unnamed developer was valued at $114m.
- The company chairman calls the deal a part of the firm's plans for diversifying the real-estate portfolio.
- Union Properties posted a profit of AED 32 million for H1.
Business
Adnoc Drilling IPO increased
Adnoc Drilling will list on the ADX on or around October 3.
- The increase is expected to be from 1.2 billion ordinary shares to 1.76 billion ordinary shares
- However, the offer price of AED 2.30 per share remains unchanged
Business
Facebook hits back at scathing reports
The company is under pressure to guard against being misinformation platform
- The company is under pressure to guard against being misinformation platform
- One of the articles, citing Facebook's own research, said a 2018 change to its software ended up promoting political division
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Vodafone, Microsoft ink pact
Business
Latest News
Sipchem to pay 12.5% H1 dividend
Business
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
Business
ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
Business
Most Read
Business
Enbridge inks $14bn pact
The deal will make it North America's largest natural gas supplier.
- Enbridge, which operates the world's longest petroleum pipeline system, said it is doubling its gas distribution business with the acquisitions.
- The deal underscores the continued value producers are placing in natural gas even as countries strive to reduce fossil fuel dependence to curb greenhouse gas emissions.
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.