Business
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
- This partnership will enable Obeikan AGC Glass to secure their international sales against non-payment risks posed by global buyers.
- This agreement significantly amplifies the prospects for growth and penetration into new regional and international markets.
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
- The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
- Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Business
EPI to make assembly parts for Raytheon
EPI is part of the Platforms Systems cluster within EDGE.
- EPI will supply prototype quantities of machined aluminium and assembly parts for the Coyote® Counter-UAS interceptor.
- The agreement supports the 'Make it in the Emirates' initiative, a comprehensive plan for developing the UAE's industrial sector.
Business
Tabreed 9M profit at $218m
This is due to the steady growth in its consumption volumes.
- Tabreed delivers strong growth, with revenue soaring 10 percent to US$490 million in January-September 2023.
- This is a 10 percent increase in revenue year-on-year, compared to US$460 million in January-September 2022.
Business
Siemens posts record profit
Its shares rose over 6 percent on the Frankfurt Stock Exchange.
- The company, whose businesses range from making trains to automating production processes, earned a net profit of $8.62 billion in 2022-2023.
- Sales, at $84.6 billion, rose 11 percent on the previous year while for 2024, the group expects revenue to grow in a range of between 4 and 8 percent.
Business
Alstom to cut 1500 jobs
Alstom said it aims to cut debt by 2 billion euros by March 2025.
- Alstom posted last month a negative cash flow of 1.15 billion euros ($1.25 billion) in the first half of its fiscal year.
- The group said it was working on a "comprehensive operational, commercial, and cost efficiency plan" to reinforce its balance sheet.
Business
ADNIC reports $82m profit
This marks 16% increase compared to the same period last year.
- The company's focus on market-leading underwriting and investment performance resulted in a net profit of AED 301.9 million
- ADNIC's recently announced its intent to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
- The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
- Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
- Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
- ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
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Masdar to buy stake in Terra-Gen
Business
Sovcomflot 2023 net profit $900m
Business
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Du, Samsung ink agreement
Business
DP World 2023 profit is $1.5bn
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
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Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
- The brand's presence is strongly felt in China, with its wide range of products spanning mobiles, tablets, smartwatches, headphones, scooters and, recently, electric vehicles
- The world's third-largest smartphone maker, Xiaomi reported revenue of 88.9 billion yuan ($12.5 billion) in the second quarter, an increase of 32 percent year-on-year
Business
Intel to slash workforce
The company to cut approximately $20 billion in expenses this year.
- The plan to cut approximately $20 billion in expenses this year came as Intel reported a loss of $1.6 billion in the recently ended quarter
- Intel reported having 124,800 employees at the end of last year, meaning the layoffs could hit about 18,000 positions
Business
Boeing guilty plea deal filed
The plea deal must be approved by a federal court judge.
- The plea deal must be approved by a federal court judge and it includes an additional $243.6 million to be paid by Boeing on top of a previous fine of the same amount
- Boeing conspired to defraud US air traffic safety regulators about the Max 737 while the aircraft was being certified, according to the filing