Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Vodafone merges with Hutchison
Business
Business
WhatsApp users may encrypt backups
FB was recently accused of breaching WhatsApp users’ privacy.
- Mark Zuckerberg has announced that WhatsApp will let users encrypt chats they choose to back up
- The facility will be available for users of devices that can run Apple’s iOS and Google’s Android
Business
TIER takes e-scooter service to Bahrain
This came as part of TIER’s ongoing expansion in the Middle East.
- Bahrain is the third country in the Middle East and 14th overall where TIER has a presence
- It launched in Bahrain by collaborating with the country’s Ministry of Transportation and Telecommunications
Business
Adnoc Drilling eyes $86m rigs
Adnoc, Adnoc Drilling, and H&P have formed an alliance for this.
- The rigs are expected to be delivered and commissioned in stages over a 12-month period
- The process is subject to acceptance upon successful completion of a final inspection on customary terms and conditions
Business
AD Ports plans new $154m terminal
The new terminal will be at the Khalifa Port in Abu Dhabi.
- The terminal will be managed by a joint venture where AD Ports Group will have a 30 percent stake
- CMA CGM’s subsidiary CMA Terminals will have a 70 percent stake in the JV
Business
Twitter tests Communities
When people join a Community, they can Tweet directly to that group instead of to all their followers
- When people join a Community, they can Tweet directly to that group instead of to all their followers
- Only members in the same Community are able to reply and join the conversation so it stays intimate and relevant
Empower cools Uptown tower
Empower is servicing 3,850 RT at the skyscraper.
- DMCC was keen to build the Uptown project according to the Leadership in Energy and Environmental Design gold standards
- As a result, it is now supplied with environmentally friendly cooling services of sustainable global standards
Chapman Taylor designs Jeddah park
The airport City Central Park is designed as a botanical garden.
- The Airport City in Jeddah is coming up adjacent to King Abdulaziz International Airport
- It is being projected as an upcoming destination for visitors from across Saudi Arabia and the GCC region
Business
Aramex creates two business arms
Company also creates regional structures, each headed by a VP.
- While Aramex Express will handle the business-to-consumer (B2C) operations, the Aramex Logistics will serve the business-to-business (B2B) segment.
- Each region in new structure will be led by a regional vice-president.
Business
GIG completes acquisition of AXA
The rebranding of AXA to GIG will happen in the next few months.
- At $474.75 million, the deal is the largest insurance acquisition in the region.
- The transaction expands GIG’s insurance business portfolio, bringing the Group into two new markets in Oman and Qatar.
Investigation
MENA firms: The public-private games go on
Two key Dubai firms — Dubai parks operator DXB Entertainments and Dubai ports operator DP World — have de-listed from...
- Companies in MENA region, once enticed by the prospect of growth, looked to be listed on global exchanges
- However, mandates like following transparency norms are putting them off even further
Company News
Jamjoom Tadawul debut on Jun 20
Business
Bupa renews contract with SABIC
Business
Latest News
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
Business
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Business
PIF to buy Hadeed, Rajhi Steel
New firm will help Kingdom’s steel-making capacity.
- The transactions are in line with PIF’s broader efforts to accelerate Saudi Arabia’s industrial development.
- Move will help in construction, automotive, utilities, renewables, transport sectors in line with Saudi Vision 2030.
Business
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.
- Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
- His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Business
Estithmar opens new subsidiary in Jordan
The subsidiary was set up in partnership with a Jordanian company.
- In August, Estithmar Holding subsidiary Elegancia Healthcare established a branch in Iraq.
- Estithmar Holding had signed agreements with the Iraqi investment authority worth $7 billion.