Closure of Strait of Hormuz may trigger lasting shift in Gulf trade corridors: report
About $650 billion in trade flows are affected, with global maritime routes facing growing disruption and uncertainty risks.
Economy
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.
Business
Alaska Airlines’ Boeing 737 MAX9 resumes flight
The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
- The first trip was flight 1146 from Seattle to San Diego, which left 90 minutes past its scheduled 2:20 pm departure time and arrived in California at 6:14 pm
- Alaska Airlines said it expects inspections on its fleet of 65 MAX 9 planes to be completed by the end of next week, allowing for a resumption of its schedule
Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
- The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
- The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
- Vodafone Qatar’s net profit for the nine months ending September 2023 reached US$107 million.
- This reflects a growth of 17.3 percent compared to the same period in 2022, mainly driven by higher EBITDA.
Business
Microsoft lays off 1,900 staff
The move comes after Activision Blizzard gaming buyout.
- Alongside the layoffs, Blizzard president Mike Ybarra said he was leaving the company.
- Microsoft launched its blockbuster takeover in January 2022, an acquisition that made it the world's third-largest gaming company by revenue.
Business
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
- The unmanned VTOL systems will be manufactured by Switzerland-based EDGE entity, ANAVIA.
- In November 2023, EDGE acquired a 52 percent majority shareholding in ANAVIA, which manufactures unmanned helicopters.
Business
Jabal Omar secures $509m Murabaha
The financing agreement was signed with Al Rajhi Bank.
- The term of the facility is two years, Jabal Omar said in a statement to Tadawul, according to Argaam. Â
- The facility will be used to accelerate the completion of project phases under construction and pay financial obligations.Â
Business
Nokia sees ‘challenging’ 2024
Last year, the company reported a profit of $739 million.
- Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
- Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth
Closure of Strait of Hormuz may trigger lasting shift in Gulf trade corridors: report
About $650 billion in trade flows are affected, with global maritime routes facing growing disruption and uncertainty risks.
Economy
Company News
Emirates Islamic Q1 profit $394m
Business
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Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
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Business
Qatar Airways annual profit $2bn
This was a record 28% jump in annual net profit.
- Qatar Airways Cargo, the group's air freight service, saw revenues increase by 17 percent on the year before, the airline said.
- In 2024, the Qatari airline reported a $1.7 billion net profit following an annual increase of 39 percent, another record.
Business
Masdar issues $1bn bond
Its green bond program hits $2.75 billion.
- The bond was issued in two equal tranches of US$500 million, with tenors of 5 and 10 years and coupons of 4.875% and 5.375%.
- The bond attracted significant oversubscription with a peak orderbook of US$6.6 billion.