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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

stc 2023 revenues is $19.28bn

Gross profit for 2023 rose 1.1 percent compared to 2022.

Business

Google AI research hub in Paris to host 300 experts

The new hub part of a trend for big tech firms to base teams in European centers.

Business

Saudi Cement Q2 revenue up 17%

It registered revenue of SR348 million ($92.8 million) in Q2.
  • The final number was higher than the estimate of SR324 million by 7.6 percent
  • Growth in sales was supported by a 21.5 percent y-o-y growth in volume

Etisalat UAE gets new CEO

Masood M Sharif Mahmood has 20 years of experience in the industry.
  • Masood M Sharif Mahmood will report directly to the Etisalat Group CEO, a position currently held by Hatem Dowidar
  • He currently serves on the boards of Yahsat, the UAE Space Agency, and the Etihad Aviation Group
Business

Khalid Al Qubaisi new ADES CEO

Al Qubaisi served as a VP at Mubadala Investment Company.
  • ADES, a TAQA subsidiary, is responsible for retrofitting government and commercial buildings.
  • TAQA expects the appointment shows its ambition to become a champion for low carbon power.
Business

Rumailah Farm signs deal

The company will supply dairy products to Address Beach Resort.
  • Nestled in the scenic Hajar Mountains overlooking the Gulf of Oman, Address Beach Resort Fujairah officially opened its doors on Jul 15.
  • Rumailah Farm currently operates two coffee shops on the UAE’s East Coast, in Fujairah City and Dibba.

Apple defends anti-abuse features

Encryption, privacy specialists have said the tool could be exploited.
  • Last week, Apple unveiled two features to debut on iPads and iPhones in the United States
  • Encryption and privacy specialists have said the tool could be exploited for other purposes, potentially opening a door to mass surveillance

Ithmaar Holding gains $4m in H1 2021

This is a turnaround from H1 2020, when net loss was $1.29m.
  • The increase is reportedly due mainly to the performance of the company’s retail banking assets
  • EPS for H1 2021 was $0.14, compared to a negative $0.04 for the same period in 2020
Business

Adidas sells Reebok to Authentic Brands Group in $2.5bn deal

Adidas in 2006 acquired Reebok — till then an independent entity with a history that can be traced back to...
  • Reebok is the latest big brand under ABG, which already owns Arrow, Brooks Brothers, Forever 21, Sports Illustrated, and Van Heusen
  • It also owns the likeness rights or estates to celebrities like Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe

Chevron JV wins $240m Bapco deal

This is the largest catalyst management deal in Bapco’s history.
  • This is an exclusive five-year agreement, which includes an option to renew for an additional five years
  • The resulting plant would be known as 1RHCU when fully operational in 2023

Shareholders okay Arkan merger

Arkan will merge with Emirates Steel by the end of this year.
  • The key terms of the merger were proposed in May this year by Emirates Steel’s parent company Senaat
  • They are to transfer Emirates Steel to Arkan in consideration for the issuance by Arkan to Senaat of a convertible instrument
Business

Bank ABC Islamic H1 gains hit $19.2m

The profit absorbed a one-off fraud-related impairment in 2020.
  • The profit reflects the bank's success in returning to normal performance after absorbing the one-off exceptional fraud related impairment in 2020
  • Other key highlights include the total operating income of US$21.5 million which is 8.1% lower than the same period last year

stc 2023 revenues is $19.28bn

Gross profit for 2023 rose 1.1 percent compared to 2022.
Business

Company News

Al Seer Marine unveils MEGA II

DP World, Maersk sign partnership

TSMC posts Q4 profit of US$9.7bn

ALAFCO completes transfer pact

Rolls-Royce sells record cars

Latest News

e& capital invests in Maxbyte

The funding aims to expedite growth by bolstering sales team.
Business

Microsoft submits new Activision deal

A previous version of the acquisition deal was blocked.
Business

Sukoon Insurance sets up OIWSS

Aim is administration of Employee Money Purchase schemes.
Business
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INSEAD Day 4- 300x600

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Business

SAB sees $26m negotiated deal

The deal does not directly impact the last deal price.
  • A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
  • Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.
Business

Etihad Cargo flight lands in Hubei

Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
  • Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
  • Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.
Business

BAE to acquire Ball Aerospace

The value of the acquisition was reported to be $5.55bn.
  • The British firm BAE said it hoped to complete the acquisition of the aerospace firm in the first half of 2024.
  • The proposed deal will be funded by a combination of new external debt and existing cash resources, it added.