Business
EasyLease Q3 revenue $57.66m
It's net profit was AED 26.5 million ($7.21m) in Q3 2023.
- it's net profit was AED 26.5 million ($7.21m) in Q3 2023, compared to AED 32.73 million ($8.91m) YoY over Q3 2022.
- Cost-effectiveness, exceptional maneuverability and expedited travel, are driving the popularity of two-wheelers in the UAE.
Business
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King Abdulaziz
- The zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
- It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Business
EU okays takeover of Seagen
Pfizer announced in March its deal with Seagen.
- The European Commission, the bloc's powerful anti-trust authority, said it had "unconditionally approved" the transaction after a market investigation
- The firm came to major drugmakers' attention with its work on antibody-drug conjugates that are "designed to preferentially kill cancer cells"
Business
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.
- Sales grew 7.6 percent to 10.5 billion euros ($11 billion) as a drop in volume was offset by price increases for its vehicle lineup
- But investors were not impressed as company shares fell more than seven percent in morning trading in the Paris stock exchange
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
Business
FAB net profit up $3.4bn in 9M 2023
The bank reported total revenue of $5.6 billion.
- The bank reported total revenue of $5.6 billion, marking a 38% year-on-year growth
- The return on tangible equity improved to 18.3%, with Group CET1 reaching 14.2% as of September 2023
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
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Sony to decide on Zee merger
Business
Maersk and Hapag-Lloyd ink deal
Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility 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.
Business
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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