e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Advanced secures $586m loan
Business
East Pipes net profit $26.63m
Business
Marafiq to sell power from Oman plant
The power production at the plant will start in November.
- The plant will have a capacity of more than 80MW and be built in Duqm
- It will aim to meet the energy requirements of Tanweer, which is part of the Nama Group
L’Oréal ME sales up 750% since 2018
The growth was driven by a partnership with CNNB Solutions.
- L’Oréal Middle East entered into a D2C e-commerce and e-distribution partnership with Dubai-headquartered CNNB Solutions
- CNNB developed a set of services, which include a model where it Solutions buys inventory from L’Oréal ME
Business
Empower buys 19 plants for $234m
Empower will as a result acquire all the assets of these systems.
- Empower is expected to manage and operate the plants, carrying out all of their activities, functions, operations, and obligations
- These plants have a total cooling capacity of 110,000 refrigeration tons
Business
Aldar launches Yas Acres Magnolias
The community consists of 312 properties available for purchase from September 4.
- The gated community consists of 312 villas and townhouses available for purchase from Sept. 4.
- Each unit has fixtures that reduce water and energy consumption, the company said.
Business
Bitcoin jumps above $50,000
The unit climbed around two percent to $50,249.15, its highest since mid-May.
- The cryptocurrency has now risen more than 70 percent from the six-month lows below $29,000 touched in June
- Bitcoin was tumbling on a range of issues including China's crackdown on cryptocurrencies since mid-May
Economy
Monopoly case against Facebook revived
The case was dismissed by a US federal judge two months ago.
- The lawsuit filed in federal court in the US capital said Facebook used “anti-competitive acquisitions” of potential rivals such as Instagram and WhatsApp to protect its dominance
- Facebook, which has long denied it maintains a monopoly, said in a statement, “We are reviewing the FTC’s amended complaint and will have more to say soon.”
Business
EGA refinances corporate facility
Emirates Global Aluminium has successfully refinanced US$5.5 billion of corporate debt.
- The move will deleverage and improve repayment terms to reduce costs and enable an optimal dividend policy in future years for shareholders.
- The term loan facility reduces by US$1 billion the size of EGA’s existing seven-year US$6.5 billion loan facility signed in 2019
Business
Shaker H1 net profit SAR 15.3m
The company attributes growth to robust sales in four quarters.
- H1 earnings per share improved to SAR 0.24.
- The revenue grew by 18.2 percent compared to H1 2020.
Science
Next Apple Watch could check for dehydration
With temperatures rising globally, this could be a useful feature for users of this Apple device.
- Apple has recently been granted a patent in this regard by the US Patent and Trademark Office
- The patent shows electrodes in the watch band, through which the electrical properties of sweat will be measured
Science
Elon Musk announces humanoid Tesla Bot
Musk said the robot would be five feet and eight inches tall, and that a prototype would be ready next...
- Musk compared the current fleet of Tesla cars to “semi-sentient” beings
- He then said whatever the vehicles are capable of could well be put into humanoid form
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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
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Company News
Advanced secures $586m loan
Business
East Pipes net profit $26.63m
Business
Latest News
Gazprom 2022 profit at US$15bn
Business
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
Business
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Business
Saudi EXIM Bank, Evonik sign pact
The insurance policy will protect the risk of non-payment.
- The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
- Al-Khlab said the collaboration is an extension of the bank's commitment to bolster the export endeavors of national institutions.
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
- Its Zalo is one of the most popular messaging platforms in the country, with 75 million monthly active users.
- VNG plans to sell nearly 22 million shares in the IPO, according to a US Securities and Exchange Commission filing, with the proposed price range not yet set.
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.