Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
QatarEnergy, Mitsui ink pact
Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.
- The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
- The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
Business
SABIC 9M net loss $277m
The company had posted a net profit of $4.32bn in 9M 2022.
- In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022, Argaam reported.
- SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).
Americana Restaurants reports $1,897m revenue
The company's adjusted EBITDA reaching $446.5 million.
- Profitability remained a key highlight, with the company's adjusted EBITDA reaching $446.5 million for the first nine months of 2023
- The company's steady expansion continued, adding 184 gross new restaurants, bringing the total portfolio to 2,338 restaurants
Business
e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
Business
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Vodafone Q3 revenue dips
Business
QatarEnergy, Mitsui ink pact
Business
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SAIB profit jumps 17% in 2023
Business
AD Ports Group, KPT ink pact
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
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Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
- The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
- The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
- Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share.
- A previous stock market document, out Wednesday, reported his intention to sell, next July, 50 million Amazon shares.
Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
- ESG’s total assets witnessed a massive rise, standing at US$833 million.
- This is a significant 168 percent growth compared to December 2022.