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Company News

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Glencore 2023 profit down 75%

The company said lower energy prices cut into its profits.

Business

EDF’s net profit is $10.8bn

EDF cut its large debt by increasing nuclear production.

Business
Business

Majid Al Futtaim secures $1.5bn SLL

Women to form 30 percent of board members under agreement.
  • The revolving credit facility is the largest in the MENA region.
  • Company also plans to have all its malls certified LEED Gold or better.
Business

Saudi Arabia taps Alibaba to help Chinese tourists

Alibaba Cloud is expected to help promote Saudi Arabia as a tourist destination to travelers in the Chinese market.
  • The deal establishes the framework for a collaborative arrangement for Chinese tourists traveling to Saudi Arabia
  • The agreement is part of Saudi Arabia’s strategy to employ the latest technology to deliver seamless traveler experiences

Siemens hydrogen plant in Egypt

Siemens Energy expects to kickstart the hydrogen industry in Egypt.
  • Siemens Energy and EEHC will pursue the development of a pilot project, comprising 100-200 MW of electrolyzer capacity
  • This is will drive early technology deployment, establish a partner landscape, and set up off-take relations, among other things

Equate revenue surges 43% in H1

It saw $2.04 billion revenue in the first half of 2021.
  • The group reported a net income after tax of $543 million and EBITDA of $869 million in H1 2021
  • It has reported $124 million net income after tax and $409 million EBITDA during the same period last year

ACME ammonia plant in Oman

The plant will cost of $3.5 billion and be built in three years.
  • The plant will be an integrated facility using 3 GWp of solar and 0.5 GWp of wind energy
  • This will be used to produce 2,400 TPD of green ammonia with an annual production of 0.9 million tons

Oman Shell updates SME training

The new program will build the capabilities of entrepreneurs.
  • Oman Shell has designed the program to ensure that it aligns with Shell’s social investment strategy and Oman Vision 2040
  • It takes into consideration the aspirations of its partners and entrepreneurs, while empowering entrepreneurs and Omani businesses

Etihad arm to convert Boeings

Etihad Engineering will provide passenger-to-freighter conversions.
  • Etihad Engineering will use its expertise and capabilities for the specialized Boeing 777-300ERSF conversion
  • It will initially facilitate two conversion lines to accommodate multiple aircraft conversions per year

Qatar Petroleum begins expansion

It has awarded an contract to Madrid-based Técnicas Reunidas.
  • The expanded facilities will be utilized to handle liquid products from the four new LNG trains comprising the North Field East project
  • The facilities will also reportedly support two new LNG trains comprising the North Field South project
Business

ADNOC L&S acquires line boats

Boats used for marine services at Abu Dhabi petroleum ports.
  • All six vessels contracted from Sharjah-based Albwardy Damen.
  • ADNOC L&S says it is in the midst of strategic expansion program.

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

Glencore 2023 profit down 75%

The company said lower energy prices cut into its profits.
Business

Company News

Emirates NBD’s 2022 net profit $3.53 bn

Emirates Islamic 2022 net profit $337m

Nokia 2022 net profit $4.7bn

Boeing posts Q4 loss of US$634m

ASML posts yearly profit of $6.1bn

Latest News

SAMI launches radio systems line

PIF-owned SAMI will be partnering with the Ministry of Defense.
Business

NIDC drills 195 oil wells in 2 years

Wells were drilled in onshore, offshore operations.
Business

$202m contract signed for Jeddah project

The contract involves MEP works for Al Muhammadiyah Hospital.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

stc Group begins work in Europe

stc’s subsidiary TAWAL buys assets in eastern Europe.
  • TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
  • TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Business

Bing, LinkedIn vow more ads transparency

It comes as EU rules on tech platforms enter into force.
  • Internet giants must now enforce the milestone EU's Digital Services Act (DSA), which demands they protect users online from harmful content.
  • Microsoft-owned LinkedIn said in a blog post they had implemented this change for the desktop and mobile version of the network.
Business

Country Garden withholds repayment vote

The builder has accumulated debts of more than $150bn.
  • The company has asked to extend payment on a 3.9 billion yuan ($535 million) note until 2026, originally setting an online vote among bondholders to end on Friday.
  • Country Garden's cash flow problems have ignited fears that it could collapse and spread turbulence through China's economy and financial system.