Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Al Zorah selling new Ajman plots
Th plots are part of phase 2 of The Fairways project in Ajman.
- This phase of the project is said to feature a total of 90 townhouses, 71 villas, and 33 buildings
- All of them will be overlooking the golf course and the Al Zorah Mangrove
Business
DP World, FESCO to study Russia berth
Vladivostok and Murmansk identified as transshipment hubs.
- The berth will help expand Vladivostok Commercial Seaport as a transshipment hub connecting cargo from East Asian countries to North-West Europe via the Northern Sea Route.
- A record 33 million tons of cargo was carried along the route in 2020.
Emirates Post names new chairman
EPGC has announced that Badr Al Olama is its new chairman.
- Badr Al Olama is the current executive director of the UAE Clusters at Mubadala’s Investment Company
- He also spearheads the organizing committee of the UN-backed Global Manufacturing and Industrialization Summit
Mubadala buys gas field stake
It has spent $1.03 billion to buy a stake in the Tamar gas field.
- Israel-based Delek Drilling signed a sale and purchase agreement with Mubadala
- As a result, the Abu Dhabi-based company now has 22 percent non-operated stake in the gas field
Aston Martin Vantage to police Dubai
The Vantage joins other sports and supercars of the police force.
- The Dubai Police Vantage’s custom number plate alludes to the UAE’s seven emirates and Aston Martin’s association with the James Bond franchise
- The 25th film in that series, No Time to Die, is expected to be released worldwide next month
New Oman mall to create 3,500 jobs
The Mall of Oman is said to be the country’s largest complex of its kind.
- The Mall of Oman has the only IMAX experience in the country
- It will soon have global cafés and restaurants that offer more than 50 dining options
LinkedIn to drop Stories format
Stories is expected to be removed from LinkedIn by September.
- In doing so, LinkedIn will follow Twitter, which earlier this year discontinued a similar experiment called Fleets
- One big way the Stories format differs from TikTok or Reels of Instagram is these short-video formats do not see the message disappearing after 24 hours
Business
Investcorp sells PRO Unlimited
EQT Private Equity has bought it from the Bahrain-based asset manager.
- The transaction was first announced on June 28, 2021
- The Bahrain-based asset manager had acquired PRO Unlimited in October 2014
Business
‘Fly Arna’ Armenia’s new national airline
The new national airline is a joint venture between ANIF and Air Arabia.
- The name was chosen by the joint venture company from over 500 suggestions
- ANIF and Air Arabia Group had agreed to launch Armenia’s new national airline in July 2021
Business
Burgerizzr sets IPO share price at $44
A total of 725,000 ordinary shares of the Saudi company were fully subscribed.
- The coverage ratio amounted to 6,646% of the total IPO shares.
- The company is yet to coordinate with Tadawul to finalize the date of the listing
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
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Company News
Vodafone merges with Hutchison
Business
ECI, KazakhExport ink MoU
Business
Latest News
HSBC relaunches SVB UK
Business
solutions signs $118m contract
Business
Inditex posts record profit
Business
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
Business
Most Read
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
- The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
- Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.
Business
ICIEC, SAPICO ink pact
Pact to enhance commercial activities between the two.
- The ICIEC is a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer.
- This partnership aligns with both parties' shared vision of fostering international trade and economic development.