Thousands of carpets sunbathe at Turkish resort
From June-Sept, in harvested fields cleared of stubble, merchants bring their cargo to age in the sun, tempering the bright...
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Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
- The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
- Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
Business
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
- The aircraft are scheduled to be delivered in 2025.
- DAE owns and manages 96 737 MAX family aircraft.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
- The leasing of the warehouse marks the first phase of Tokai Optical's expansion in SAIF Zone, representing an investment of around $2.17m
- The firm figures among the top 5 lens manufacturers worldwide and is positioned among the top 3 companies in research and development
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
- Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
- The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.
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Perplexity eyes TikTok buy
Business
Dar Alarkan 2024 profit up 32%
Business
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Borouge proposes share buyback
Business
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
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Business
Goldwind 2024 revenue up 12.5%
The clean energy giant posted $7.8bn in revenue for 2024.
- Net profit last year also saw growth, rising nearly 40 percent percent to 1.9 billion yuan.
- China now dominates the global wind sector in terms of total installed capacity, aided over the years by generous strategic subsidies from Beijing.
Business
Emaar to pay $2.39bn dividend
The company had posted $19bn in property sales for 2024.
- Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
- Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase.
Business
Aramco acquires stake in BHIG
The 50% equity interest in BHIG is Aramco-APQ joint venture.
- The agreement brings together experts in their respective fields to provide the Jubail Industrial City area with hydrogen, including lower-carbon hydrogen, at scale.
- BHIG is expected to commence commercial operations to produce blue hydrogen in coordination with Aramco's carbon capture and storage (CCS) activities in Jubail.