Business
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.
- The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
- The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Business
British Steel to cut 2000 jobs
British Steel is battling losses of $36 million a month.
- The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
- The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
Business
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.
- According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
- Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
Business
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.
- Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
- The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.
Business
Invest AD to launch debt fund
Invest AD Blackstone Debt Fund is an SCA-regulated fund.
- The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
- The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business
Yansab 9M net loss $134 million
The company had posted net earnings of $136m in 9M 2022.
- In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
- Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
Business
DP World, TPA ink pact
DP World will operate Dar Es Salaam Port in Tanzania.
- The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
- The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
Business
New CEO appointed in SRC
Majeed Al Abduljabbar will be the CEO from January 1, 2024.
- Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
- He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
Business
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.
- Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
- Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.
Company News
Masdar, 3 firms sign agreement
Business
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CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
Business
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Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
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.